I don't know if this 100% belongs here, but I'm working on this challenge I created for myself, based on a conversation that came up in a marketing group I'm a member of.
For the past two years I've been launching my business www.sadhanacatalog.com but haven't made much money yet. I am so right there, ready to make money, though, with several e-learning courses in the pipeline.
What happened was I'm participating in the Digital Marketing facebook group, which I find very useful because I'm exploring how to run ads online, etc, these days.
A poster there applied for a digital marketing job. They asked: If you had a week to find a product and sell it, make $3500 off of it, and spent only $150 in advertising, what would you do?
Well, man, if you can do that, you can leave your day job, you know? That's a real business.
I love that it's just so short term and concrete.
I am working with a friend to complete a course that we are selling for $27 on a simple breath technique. It's like meditation but there is no fluff, no new agey words. The whole technique is just breathe in for 6 seconds and out for 6 seconds precisely. You just count your breaths. It's very science based. Within less than 10 minutes all the rhythms of your body - your breathing, your heart rate, your brain waves, your digestion, all start moving a harmonious rate that is a state of relaxation.
It's a perfect technique for a corporate environment, or people who are not good at sitting still and meditating, or people who have anxiety and need to keep their mind focused on something simple.
Joe, my friend, already has a beautiful recording done with a professional sound engineer of him guiding the technique, and also a 30 minute atmospheric music track with no voiceover that counts the appropriate breathing rate using gongs. It's just lovely, lovely, lovely. He was previously selling this as a CD but we turning it into an e-learning course.
We are doing some interviews with potential customers to figure out what issue they are worried about, and then creating some additional material specifically addressing their need to turn it into a short course. I'm selling it using my Invanto course platform that I purchased recently, which does all the hosting and payment processing.
We plan to have the course developed by end of the week.
So, I am accepting any and all ideas of how to generate $3500.
My cost is $18 for the course ($9 to the instructional designer/$9 to the sound engineer). My markup is $9.
To cover $150 in advertising, making $9 per course, I have to sell 405 courses - or 58 courses a day.
I have gotten some feedback to up the course price and add some elements in like videoconference calls to teach this more indepth. I am learning that the market for this is executive coaches who want to use it with their customers. It has been suggested to create an affiliate program with someone with a big email list willing to promote my product and give them a huge cut of the profits. I have someone in mind who I think is a good fit. I like the idea of focusing my energy behind one person and making sure we support her to give her customers a good experience.
If anyone has experience or ideas, I am just opening myself up to anyone who wants to help this week and want to try promoting next week.