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EXECUTION Creating my own product in eCommerce

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Jeannen

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29/06/2021

I created a survey to know the market & problem better

I'm going to run ads on it. $100 should already give me some good answers if I can get a $2/completed form, that will be 50 answers.
I'll post results of this experience here
 

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Jeannen

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You might be aware of this already but I came across the idea of the "Mom Test" on another thread, might come in handy when creating your survey!
Yes, very good one ! I actually use this method for my form !

I don't talk about the product at ALL in my form, I don't even have a lead gen or anything, I'm just looking to see if the problem I solve can be important for my target

I started the ads, 1 campaign, 1 adset with a super-targeted audience, with 3 image ad I made on Canva
Total is $50/day
 

Jeannen

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My CPM is extremely high ($50) because I used a very targeted audience. The CTR was high too (8%) but it's not worth it

I broadened the audience, from 200k to 3M, should make things better
 

Jeannen

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Shit, July already
Even by broadening the audience, the CPM is still incredibly high ($40). So far, I got 3 answers, which suck for $60 spent

It's probably because of the current period and the fact the ad account is pretty new.
In the meantime, I also made the landing page I'll use to generate leads. I just need to add a few tweaks and that will be good
 
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mdot

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Even by broadening the audience, the CPM is still incredibly high ($40). So far, I got 3 answers, which suck for $60 spent
Holyyy

Your CTR is high but you are only getting a few answers? How long is your survey? Maybe roll the survey into an email list collection and offer a raffle ticket for some sort of prize upon completion (check local laws first though).
 

Jeannen

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Holyyy

Your CTR is high but you are only getting a few answers? How long is your survey? Maybe roll the survey into an email list collection and offer a raffle ticket for some sort of prize upon completion (check local laws first though).

Yeah, good CTR but retarded CPM lol
I think I'll directly go to the text step for now, which is promoting the landing page and start lead acquisition. That will directly tell me if I'm wasting time on this product or not
 

woken

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Does anybody answer survey questions honestly?

That’s a rare event in my opinion.

Was going to suggest lead collecting and crowdfunding but I went back and re read everything again, and you mentioned it.

I’ve launched a store not long ago.
I collected 5k leads at £0.25/lead.( not for crowdfunding, just store launch)

I had a referral campaign where people
could share their link and when somebody signed up they earned points towards rewards( discount, more discount, free product).

When doing this it’s important to bear in mind perceived value.

Launch day comes, some orders come in.
I had around 50 people supposed to order it for free(not even pay shipping). Only 3 of them ordered.

I still don’t understand why on earth you would sign up 50 people(that was the referral threshold) and never order your free product worth £50?

Nonetheless, after a couple months I decided to put the remaining 47 people through an email campaign flow.
33 people ordered with a 10% discount.

Let me repeat.
They wouldn’t order it for free but they paid for it almost full price.

I thought I’d share this as I found it interesting and can’t 100% understand what happened here.

All the best with your project !
 

Jeannen

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Does anybody answer survey questions honestly?

That’s a rare event in my opinion.

Was going to suggest lead collecting and crowdfunding but I went back and re read everything again, and you mentioned it.

I’ve launched a store not long ago.
I collected 5k leads at £0.25/lead.( not for crowdfunding, just store launch)

I had a referral campaign where people
could share their link and when somebody signed up they earned points towards rewards( discount, more discount, free product).

When doing this it’s important to bear in mind perceived value.

Launch day comes, some orders come in.
I had around 50 people supposed to order it for free(not even pay shipping). Only 3 of them ordered.

I still don’t understand why on earth you would sign up 50 people(that was the referral threshold) and never order your free product worth £50?

Nonetheless, after a couple months I decided to put the remaining 47 people through an email campaign flow.
33 people ordered with a 10% discount.

Let me repeat.
They wouldn’t order it for free but they paid for it almost full price.

I thought I’d share this as I found it interesting and can’t 100% understand what happened here.

All the best with your project !
The method of ''the mom test'' make it basically impossible to not answer honestly, unless they really want to lie and f*cks up the survey (rare)

As for the free VS paid offer, tbh sometimes it's stupid

On my store (other one), I split tested price
Normal price: 35
Test 1: 30, same conversion rate but lower average order value (so, bad)
Test 2: 40, more conversion, more average order value

It's all about perceived value lol
 

Jeannen

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02/07/2021

I finished the landing page copy and design (so, it's live) along with the first email sequence.

Here is the funnel:
  1. Facebook Ad
  2. Landing Page without price + CTA to sign up for the waitlist
  3. Email Sequence 1 presenting the product
  4. Landing Page with price + CTA to reserve the product
  5. Email Sequence 2 thanking them for the reservation + asking for interviews (to improve the product and see what matter to them)
 

Jeannen

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Roadblock:

So, if I start the funnel, there is no going back.
The problem is that I have absolutely ZERO experience in manufacturing. I have no idea if my product would cost $10 or $30, but I need to indicate a price for the funnel to work.

So, feel like I'm a dead end here. The program I'm following, of course, has very little information about this.
I'll figure it out, but that might take lots of time. In the meantime, I think I'll focus on my other brands.

Edit: I still made research, and apparently I need a "Tech Pack", or a document with all technical specifications for the product, send it to suppliers to get an approximate quote. The guy I've used to make my 3D render was supposed to do it but didn't. Lesson learned. I can either start to run ads for the product or hire someone to make one. I'll start ads and see if I get any sort of traction before spending more $ in product developpement.
 

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ElleMg

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Roadblock:

So, if I start the funnel, there is no going back.
The problem is that I have absolutely ZERO experience in manufacturing. I have no idea if my product would cost $10 or $30, but I need to indicate a price for the funnel to work.

So, feel like I'm a dead end here. The program I'm following, of course, has very little information about this.
I'll figure it out, but that might take lots of time. In the meantime, I think I'll focus on my other brands.

Edit: I still made research, and apparently I need a "Tech Pack", or a document with all technical specifications for the product, send it to suppliers to get an approximate quote. The guy I've used to make my 3D render was supposed to do it but didn't. Lesson learned. I can either start to run ads for the product or hire someone to make one. I'll start ads and see if I get any sort of traction before spending more $ in product developpement.
Do you have an update? I'd love to hear!
 

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