5 Secrets to Successfully Launching Your First Paid Product

Now you may feel nervous about offering your first paid product. You think, “What if no one buys it? What if I screw something up? Will people think my product is good?” I promise those are all normal feelings to have. But I’m here to tell you that donating that first paid item doesn’t have to be scary. There is a secret to doing well and getting people to want to buy from you.

The secret is to make sure your first paid donation helps people in a meaningful way. If it does, people will be willing to pay. You just need to focus on the customer and their needs – don’t worry about the money or the sales part.

Let me make an example. Say you’ve been blogging for a while and you’ve built up your knowledge in the marketing space. Share lots of free tips and tools on your blog. Now you have come up with this great marketing course that will take anyone from a beginner to a Facebook advertising expert in just a few weeks. He filled it with checklists, examples, tutorials and more. You know this can help people grow their businesses.

In that case, putting the course behind a simple paywall at a reasonable price makes perfect sense. You provide real value and solve a problem for your audience. As long as it’s done right, people will happily pay for something that can really help their business grow. The secret lies in how you can use your talents and experience to help others – not just jump into sales for the sake of making money.

Related: 5 Ways Your Business Can Benefit From Offering a Free Product or Service

1. Choose the right type of product to promote

You will need to choose the best type of product to create based on your strengths and available time. Other options to consider are an eBook, online courses, a software tool or a membership community.

For a first-time entrepreneur with limited resources, an eBook or short video course is often the easiest to produce. You can use widely available software like Microsoft Word or Google Slides to easily write the content and format it into a good looking file.

While a membership community or sophisticated software may generate additional long-term revenue, the upfront costs and ongoing maintenance make this very difficult for beginners. Stick with options that you can create yourself or with a little outside help like hiring an architect. Simplicity is the key to your first paid offering.

2. Define clear benefits and marketing outcomes

Once you know the customer’s problems, explain the clear benefits and specific results they will get from your product when selling it. Avoid lofty and impersonal expressions that may seem suspicious.

Instead, cite real customer examples of problems solved and measurable results achieved, such as “reduced time on repetitive tasks by 50%,” “avoided $500/month in penalties” or “increased sales by 15% per month.” Customers need to visualize very clearly how their situation will improve after the purchase.

Back up claims with proof points like case studies, screenshots and before/after comparisons. Offer a money-back guarantee to alleviate any reservations about value. More specifically, you’ll convert skeptical prospects by allaying anxiety and compelling customers to take action.

Related: 5 Strategies for Getting More Customer Testimonials

3. The value of the product at a higher price and sale

Pricing is an area that entrepreneurs often miss when launching their first product. It is important that you find the right balance of providing good value to the customer while making a fair profit for yourself.

Research competitor pricing to understand industry standards for similar offerings. However, don’t just match prices — your particular solution is different, so your value proposition should demand a different positioning, too.

Consider both one-time purchase and monthly subscription models depending on product type and customer ROI. Create multiple purchase options like individual, bulk and annual memberships for flexibility, too.

Check with an introductory discount to confirm the value of your product before raising prices if sales justify the value. Customers may see lower prices on lower or higher ticket products, so aim for an attractive mid-range range.

4. Use social media and paid ads to promote yourself

Just having the right product is not enough – you need to promote it to gain awareness and attract buyers. Social media and paid advertising offer valuable ways to promote effectively on a budget – try using an integrated solution that can help with marketing, processing payments and managing customer loyalty programs.

Now you need to create high-quality, bite-sized content to regularly post on LinkedIn, Facebook and Instagram groups and profiles. Full-value videos, infographics and blog posts that are informative or entertaining will get organic reach and shares.

Google Ads and Facebook/Instagram Ads can be very helpful in accurately targeting potential customers by interest, behavior, location and other demographics. Set a daily budget and let the platform bid competitively for clicks and leads.

Tracking pixel data through purchase funnels is important. Monitor analytics to improve creativity, copy and targeting over time for better ROI. Promotion is part of the secret – donating at least 20% of the startup budget is important here.

Related: Don’t Leave Money on the Table – How to Find Out When You’re Under-Costing Your Products (and What to Do About It)

5. Deliver an exceptional customer experience after the sale

Once people buy, the work isn’t over — it’s just begun. Customers will judge you based on the overall experience, not just the first sale. Focus on delivering the best possible post-purchase experience, too.

By following the steps above – focusing on real value, making the purchase easy and vetting carefully at first – you’re putting yourself in the best position to succeed with that first paid offer. People will see that you have their real needs in mind and that you are a safe choice they can trust. And when you put customers first like that, the financial side tends to follow itself.