You have heard Mr. Wonderful say it, you have heard the Profit say it. Now I’m saying it. KNOW YOUR NUMBERS!!
Your numbers will help justify “gut” decisions that may need solid validation.
So I just discovered that by breaking down a product that I sell into free samples as a lead magnet (customer pays shipping and handling) I make more money than selling the product as a whole!
The profit on the whole product, $18.90. Profit on the samples, $47.20! Almost 3 times as much revenue for the same product! In addition, I will build my email list which was the purpose of the whole exercise. I will also learn my customer acquisition cost using this lead magnet which will then dictate how much I can spend on driving traffic to this lead page.
Takeaway – Look for opportunities that allow your customer to experience your product in a way they are not accustomed to. This tactic is not used in my industry at all. I borrowed it from the food business. They give free product samples all the time
Now off to test it out and see if prospects go for it, LOL.