TheWiseGuy
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Okay, so about a month ago I launched my business after 3 months of development.
My overhead per month is roughly about €70 (Squarespace + Custom Form App) this doesn't include advertising spend (more on that soon).
I've made two sales worth €70, "netting" me about €30 after production. I've spent around €95 with ads on TikTok / Meta & have been averaging around 90 link clicks per advertisement.
While my cash flow is negative, I expected that when starting any venture. What's worrying me is the awful conversion rate. I use Lucky Orange to analyse what users are doing on my site, they average around 2 mins of clicking time & seem quite interested. In saying that, I have 1 conversion via ads. Not great, at all.
I posted a thread a few weeks back looking for landing page feedback. I got some great feedback & was on course to implement new things. That is, until I came to the realisation.. it's possible the quality of my product is the issue. Not my copy or my target audience (not that I'm perfect at these things either).
Each book costs around €11 to produce & costs around €8.50 to ship, I offer "free shipping" and include it in the price. Thus, if I sell a book for €40, I make around €20 per book.
As the concept is on a print on demand basis, I can't bulk order (each book is different based on the user's inputs & uploaded photos).
My idea was to rotate profit into scaling & POSSIBLY investing in my own printing tech OR investing in a higher quality manufacturing company, specialising in keepsake books. The print on demand industry is lacking in keepsake book quality material & specialise in normal hardcovers only. I don't quite have the financial power right now to achieve both of these things.
I wanted the advice from people on TFLF when weighing the options I have set for myself:
• Pivot (I still think its a good concept)
• Price my product LOWER (maybe €25-27) & take a miniscule profit of €5 on each sale. (This is risky, but customers may consider this is a good offer for the quality).
• Continue doing what I'm doing, despite a worryingly low conversion rate. Yeah, the landing page could be improved- but I feel there's more at play.
I could even cross-sell items to antidote my low profit per sale, but it may dilute my brand image. (What does he specialise in, books or freaking trinkets?!)
Any and all advice is appreciated. Sorry if my post isn't very clear, I'm writing it in a rush. I can provide more info in the replies if needed.
Thanks everybody
My overhead per month is roughly about €70 (Squarespace + Custom Form App) this doesn't include advertising spend (more on that soon).
I've made two sales worth €70, "netting" me about €30 after production. I've spent around €95 with ads on TikTok / Meta & have been averaging around 90 link clicks per advertisement.
While my cash flow is negative, I expected that when starting any venture. What's worrying me is the awful conversion rate. I use Lucky Orange to analyse what users are doing on my site, they average around 2 mins of clicking time & seem quite interested. In saying that, I have 1 conversion via ads. Not great, at all.
I posted a thread a few weeks back looking for landing page feedback. I got some great feedback & was on course to implement new things. That is, until I came to the realisation.. it's possible the quality of my product is the issue. Not my copy or my target audience (not that I'm perfect at these things either).
Each book costs around €11 to produce & costs around €8.50 to ship, I offer "free shipping" and include it in the price. Thus, if I sell a book for €40, I make around €20 per book.
As the concept is on a print on demand basis, I can't bulk order (each book is different based on the user's inputs & uploaded photos).
My idea was to rotate profit into scaling & POSSIBLY investing in my own printing tech OR investing in a higher quality manufacturing company, specialising in keepsake books. The print on demand industry is lacking in keepsake book quality material & specialise in normal hardcovers only. I don't quite have the financial power right now to achieve both of these things.
I wanted the advice from people on TFLF when weighing the options I have set for myself:
• Pivot (I still think its a good concept)
• Price my product LOWER (maybe €25-27) & take a miniscule profit of €5 on each sale. (This is risky, but customers may consider this is a good offer for the quality).
• Continue doing what I'm doing, despite a worryingly low conversion rate. Yeah, the landing page could be improved- but I feel there's more at play.
I could even cross-sell items to antidote my low profit per sale, but it may dilute my brand image. (What does he specialise in, books or freaking trinkets?!)
Any and all advice is appreciated. Sorry if my post isn't very clear, I'm writing it in a rush. I can provide more info in the replies if needed.
Thanks everybody
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