There’s one critical metric that nobody talks about…
That is one of the biggest revenue drivers for your online business…
That allows you to scale your business much, much faster…
That will help you attract and serve new audiences…
Solve more of their problems…
Add more value to them…
Create and nourish more raving fans…
Increase your average order value and lifetime customer value…
Avoid list burnout…
As well as offer decay (your launches generating progressively less revenue)…
It’s such a critical metric, and yet, I haven’t seen a single person in the marketing space talk about it.
It’s one of the key things that helped us build a $1.4m online business (from scratch), in 2.5 years…
It’s one of our key competitive advantages (that I never shared with anyone before)…
And if you start using it in your own online business…
You can use it to at least 2-3x your revenue (AND profits) this year.
So today, I’m spilling the beans.
This overlooked metric is called TTL (Time To Launch).
You see, the faster you can develop new products…
And the faster you can bring them to market…
The faster your business will grow…
The faster you’ll become the #1 authority in your niche…
And the more you’ll help your prospects.
At the same time, you’ll benefit from everything I wrote above – you’ll increase your AOV and LTV, avoid list burnout, and ultimately scale your business.
And this is where most online entrepreneurs mess up.
They spend months (or even years) developing and selling their products…
And if they do well, it’s great – they see a big spike in revenue when they launch them…
But then, if their audience isn’t growing exponentially, they quickly experience Offer Decay, where each of the subsequent launches generates a fraction of the revenue of the previous one…
And this way, even a $100k launch can turn into a $10k launch (or less) over the course of 3-4 launches.
In the worst case scenario (when they miss the mark on the market/offer), their initial launch already flops…
Which means that they’ve spent all their time, effort and money creating an offer that turned out to be a waste of time…
And you can imagine that’s something you want to avoid.
On the flip side, in our online parenting business, we developed 35 (!) new products over the last 2.5 years…
We developed 17 of those in 2022 alone…
Which means our TTL was less than 3 weeks.
It took us less than that to go from an idea to bringing a product to market…
Which helped us generate $711k revenue last year…
Or, in other words, $41k average revenue per new product developed.
You’ll be hard-pressed to find a better activity to spend a few weeks of your time on ;).
By the way, it would be fair to think we had a team of 50 people developing our products…
But we did all of that with just 6 employees…
And only 2 of them were focused on product development and sales.
So, how did we do it?
Here are the 3 key principles that helped us get there:
#1 – Debottlenecking
First, we identified all the bottlenecks in our businesses…
We asked mercilessly asked ourselves questions like:
- “Why is this taking so long? Where EXACTLY is the bottleneck?”
- “How can we make this simpler and better (without sacrificing product quality)?”
- “WHO is the bottleneck in our business? How can we help them?”
And then strategically removed our bottlenecks until…
They ran like clockwork, which brings me to principle #2.
#2 – Clockwork Processes
One of the key decisions that helped us shorten our TTL was to stop reinventing the wheel every time we developed or launch a new product.
We created a bulletproof product development and launch process that we repeated over and over again…
We created templates for parts of the process that could be templated (like our sales e-mails, parts of our sales pages, even product structures)…
And we automated everything that could possibly automate (especially things that took WAY too much manual labor, like creating a reporting spreadsheet with Facebook and Google analytics).
With these three activities, we developed processes that ran like clockwork, trained our employees how to use them, and put the pedal to the metal.
#3 – Result Amplifiers
Finally, we asked ourself one critical question every time we developed a new product…
Which is: “Which part of this product will be responsible for the biggest results?”.
So, instead of trying to answer all the questions our customers had…
Instead of giving them all the knowledge we had…
Instead of trying to make the most complete or comprehensive product on the internet (which most people wouldn’t follow through with anyway)…
We focused on 3 types of results:
- First Day Results (we wanted to make sure our clients get a quick win the very first day they get access to the product, within the first few minutes of using it)
- 7-Day Results (we created our products in a way that would transform the lives of our customers within 7 days)
- Lasting Results (finally, we created frameworks that would help our customers keep their results over an extended period of time, which helped us turn them into raving fans and future buyers).
At the end of the day, those are the 3 most important indicators of a successful product…
And a product that’s leaner, easier and quicker to consume can be much more effective and valuable than a gargantuan product that takes months to get through.
Besides, it’s much more compelling to say “with our product, you’ll experience this result in 7 days”… than it is to say “you’ll experience these results after investing 50 hours of your time”.
Now that you have access to the TTL framework…
Think about how you can apply it to YOUR business.
How can YOU debottleneck your business?
How can YOU create more Clockwork Processes?
How can YOU include more Result Amplifiers in your products (and less of unnecessary fluff)?
Think about it…
ACT on it…
And, as always, hustle hard.
-Primoz
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