Product creation strategy:
Traffic Monetization Strategy
Visitors are buying print editions and ebook editions from the ecommerce site. The site has decent amount of traffic and is converting well. The objective is to introduce new products and make more money from the existing traffic. With our innovative ideas and product strategy, we “invented” the product “out of thin air” and started selling it. This product strategy out-performed every other product and became profitable in 3 months of its launch and brought over Rs. 30 Lacs of fresh revenue stream that didn’t even exist few months ago.
Products: Books, eBooks for competitive exams and olympiads
Visits per month
Unique visitors per month
Page views per month
Revenue up by Rs 30 Lac. Built new revenue stream, monetized existing traffic
This time the client had a different set of apprehensions. Visitors are already buying printed books and ebooks (introduced by us earlier). Why would they buy the same content in a different format? Will it not eat up the share of existing products as it is exactly the same content but in different format? Though the reluctance and apprehensions were there but they were quite feeble this time (after ebooks strategy).
Our strategy and recommendations
Yes, great questions! Why should visitors buy the same content in a new format when it is already available in print and ebooks formats? And yes it shall eat up the revenue from other products IF it is positioned to be competing against them.
The answer is understanding of visitor behavior and intelligent marketing strategy. In Olympiad exams, people would like to get their hands on everything that seems valuable and advantageous. So the 1st challenge was to make it look greatly valuable and 2nd challenge was to prevent it from competing against other similar products. We carefully created distinctions in the product which were not there in other products and built the comparison in a way that it would greatly help if the visitors buy all the products in the category the printed books, ebooks and the “new product”. And the greatest distinction was its delivery. It shall be delivered by email. Once you order this product you shall be subscribed to a membership site and you shall be Drip fed the subset of the product every week for next 8 weeks.
We got 150 orders in first 5 days and there was no looking back. It went on to become the best selling and most profitable product in its category. The product is highly scalable and can be scaled extensively to all classes and all 4 Olympiads and both levels of Olympiads. First year, we launched a pilot for 4 classes for 3 Olympiads and that alone fetched us Rs 30 Lac in revenue in its 1st year of its launch. Currently working on remaining 6 classes and remaining Olympiads.
Do you want to monetize your traffic or want to generate fresh streams of revenues from your traffic?
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