Lessons
Lesson Info
Research
as you're considering launching this new revenue stream, we have to think about the numbers, right. We want to make sure that whatever new revenue stream we are launching makes complete financial sense. So for me, when I launched a new revenue stream from my business, there were a couple of things that I did first. I tested it out, right? So I was actually the process of launching a new course. So what I did was took a small group of people and ask them, is this something that you're even interested in? Right? Trying to determine, Do my clients even want this? Do my customers want this? Do my, my loyal people that come and do they even want this information? Do they want this product? Do they want this service delivered in this way? Once I realized that there was a group of people that was interested in it, I put them in a bit of a beta group, right? And I tested out what I wanted to deliver to them and got feedback on their experience and said, what did you like about this? What did y...
ou not like about this? Um what would you pay for this? Is this something that you would tell your family or friends about? Right? So I did a bit of a test group before I even invested any money into launching this new revenue stream to make sure that it even made sense. And once I realized that this made sense and that my audience wanted this product, that's when I decided to take uh my really my time and energy and start investing into it too in creating this new product, Right? So you want to make sure, like I said that there's people that actually want what you want to sell, right, They want to buy what you want to sell and second that you are able to come up with great pricing. So I asked my people my audience what would you pay for this? Right. I got some amounts which actually was surprisingly higher than what I originally was going to charge, believe it or not, Right. So you'll be surprised sometimes the value that you put on something versus the value that someone else puts on something because they see it way more valuable than you do, right? So now you have determined what your product or virtual service, maybe you've determined a price. Now it's up to us to start marketing it.