How I’m Making Five-Figures A Month Off Bootstrapped Products • Hacker News Board

Re: How I’m Making Five-Figures A Month Off Bootstrapped Products

#21

Post by rexreed » Sat, Oct 13, 2012, 3:34 PM UTC

bdunn wrote: post #4

As always, available to answer any questions or share any metrics.

How did you determine pricing for your workshop? As an outsider without interest in the particular coverage area of your workshop, $999 seems steep to me. Are you comparing your workshop with others to determine price?

Also, how did you market your eBook? Solely through your mailing list? And just a question on eBook mechanics - how are you selling it (through Amazon or something else?) And also determination on pricing - same here that $49 seems high, but not as high as the workshop. I can see that price being justified, but I'm still curious as to how you set it.

Finally, how did you go about starting and building your list? Did you post to specific user groups / forums? Speaking at other events?

Inquiring minds want to know!

Re: How I’m Making Five-Figures A Month Off Bootstrapped Products

#22

Post by rexreed » Sat, Oct 13, 2012, 3:39 PM UTC

munyukim wrote: post #3

Quite an innovative way of making runway money

Agreed. While there's a concern that non-product development activities are a distraction from product development and marketing efforts, I can tell you from experience that raising money and managing investors is a MAJOR time drag. It can consume 3+ months of your life in doing nothing but chasing meetings, crafting presentations, and satisfying the puzzling whims of different investors.

Then you have to work with lawyers to draft and finalize terms. And once you are done, you aren't done. The monthly/ quarterly investor presentation dance and the associated mental stress is just as defocusing as putting together a workshop or writing an eBook.

On the whole, I actually think having a complementary side-business to your main business, especially something that has some scale to it like workshops and/or e-books makes a LOT of sense. Especially when you combine it with the fact that software startups nowadays require less capital than ever to start.

Re: How I’m Making Five-Figures A Month Off Bootstrapped Products

#23

Post by bdunn » Sat, Oct 13, 2012, 3:45 PM UTC

rexreed wrote: post #21

bdunn wrote: post #4

As always, available to answer any questions or share any metrics.

How did you determine pricing for your workshop? As an outsider without interest in the particular coverage area of your workshop, $999 seems steep to me. Are you comparing your workshop with others to determine price? Also, how did you market your eBook? Solely through your mailing list? And just a question on eBook mechanics - how are you selling it (through Amazon or something else?) And also determination on pric…

How did you determine pricing for your workshop? As an outsider without interest in the particular coverage area of your workshop, $999 seems steep to me. Are you comparing your workshop with others to determine price?

I'm targeting established consultants and small business owners who want to scale their consulting practice and avoid VERY costly mistakes. Pricing is also a way to qualify the right kind of customer.

Also, how did you market your eBook? Solely through your mailing list? And just a question on eBook mechanics - how are you selling it (through Amazon or something else?) And also determination on pricing - same here that $49 seems high, but not as high as the workshop. I can see that price being justified, but I'm still curious as to how you set it.

I promoted the book via Twitter and with a few incidental mailings to my Planscope list (then 2k members.) I've already received a few dozen testimonials (see the sales page) with people who have applied the book to their freelancing business. The cost of the book is a drop in the bucket compared to the financial upside they're now experiencing.

Finally, how did you go about starting and building your list? Did you post to specific user groups / forums? Speaking at other events?

I promoted a pitch page for Planscope to the audience that had the pain points I was tackling. And it grew from there.

Re: How I’m Making Five-Figures A Month Off Bootstrapped Products

#24

Post by bdunn » Sat, Oct 13, 2012, 3:47 PM UTC

pault wrote: post #17

bdunn wrote: post #4

As always, available to answer any questions or share any metrics.

How do you market to someone that is immediately skeptical of any long form sales letter promising five figure a month income?

For every 1 person who fits that profile, there are 10 that don't :-)

I meticulously track the results I'm getting, and have tested a variant that ISN'T a long form sales letter. Guess which won out?

Re: How I’m Making Five-Figures A Month Off Bootstrapped Products

#25

Post by bdunn » Sat, Oct 13, 2012, 3:51 PM UTC

harscoat wrote: post #12

bdunn wrote: post #4

As always, available to answer any questions or share any metrics.

Can you tell what type of clients you got more at 1st the small or the big ones (25$/mo or 100$/mo)? Where do you want to focus your efforts (the small medium or "consultancies")? Edit: Q is for Planscope

Most of my initial customers were freelancers. The problem is labeling - some go by "freelancer", others "contractor", "consultants", and so on. I decided early on to focus on freelancer, and got what I aimed for.

Now I'm getting some enterprise accounts (like, universities) who fall off the pricing grid, and quite a few former freelancers and bringing in their contractor friends and upgrading to the team or consultancy tiers.

Re: How I’m Making Five-Figures A Month Off Bootstrapped Products

#26

Post by bdunn » Sat, Oct 13, 2012, 3:54 PM UTC

atomical wrote: post #16

How much time do you spend on SEO for Planscope? What percentage of paid customers sign up through organic search?

About 25% of accounts find Planscope organically.

Honestly, I don't spend much time on SEO itself. I follow standard best practices, write content targeted to my audience, and let the Googles figure out the rest.

Re: How I’m Making Five-Figures A Month Off Bootstrapped Products

#27

Post by rexreed » Sat, Oct 13, 2012, 3:55 PM UTC

bdunn wrote: post #24

pault wrote: post #17

Earlier quoted context omitted.

How do you market to someone that is immediately skeptical of any long form sales letter promising five figure a month income?

For every 1 person who fits that profile, there are 10 that don't :-) I meticulously track the results I'm getting, and have tested a variant that ISN'T a long form sales letter. Guess which won out?

Just out of curiosity, and if you still have it around, I'd love to see the non-long form letter. I wonder if it would appeal to the other demographic.

Re: How I’m Making Five-Figures A Month Off Bootstrapped Products

#28

Post by JimWestergren » Sat, Oct 13, 2012, 3:59 PM UTC

Looks very interesting, just bought your book.

Re: How I’m Making Five-Figures A Month Off Bootstrapped Products

#29

Post by bdunn » Sat, Oct 13, 2012, 4:02 PM UTC

nathanbarry wrote: post #19

Brennan, congratulations! It is well deserved. I've had a lot of success selling a book, but now it is time to make the switch to recurring revenue.

They both have their places.

You can budget against recurring revenue - it generally just takes time to ramp up.

Infoproducts require constant tending (marketing), but when life happens and you need some cash, you can run a sale.

Also - mailing lists glue it all together - best decision ever.

Re: How I’m Making Five-Figures A Month Off Bootstrapped Products

#30

Post by joshcrews » Sat, Oct 13, 2012, 4:14 PM UTC

on getting out of consulting-- wouldn't that slowly age your relevance on marketing products/workshops/ebooks as an expert on running a consulting company? Why not keep some consulting business to stay 'in the game'?