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In today’s episode, we give you an update on our passive income experiment, as discussed on our previous episode, the The PIE Episode | How To Source and Sell Products Online. We give you a summary of what our experiment is. We share that the product we chose to do our experiment with is a 10” acacia wood kitchen turntable (https://www.amazon.com/Lipper-International-1301-Kitchen-Turntable/dp/B073SBDZSH?th=1). We created our Facebook ad, and found that over the course of a few days, 500 people clicked on the ad. We explain how with that click rate, if 10 people buy the product, it fits within our model as a promising customer acquisition cost. However, we found that out of those 500 clicks, we didn’t have a single sale. Even after adjusting our click funnel -- including the images and price of the product, and the design of the page -- we couldn’t get a single sale. Using the eye-tracking tools on Crazy Egg (https://www.crazyegg.com/), which helps you track a website’s operation, we found that no one even entered their name in the first field. We then determined that we weren’t selling to the right demographic, considering that we had a high-selling product on Amazon, and that our sales funnel looked great. We talk about how we’re going to double check that our product is priced right as an impulse buy, and target our ads to the right demographic, and structure our funnel differently and involve discount codes and email address collection.

Recap of Product Launch Idea 0:31
Update on Our Experiment 2:05
Tuning Our Website for the Right Demographic 7:27
Our Strategy Moving Forward 10:45

“If you’d like to know exactly how much those products generate in revenue, you can just go to Viral Launch, or Helium 10 -- get a one month subscription for like 60 bucks -- and you can enter the product number, which is called the ASIN, and it will tell you exactly how much the product sells for. And the idea was to be able to locate a product that sells really well on Amazon -- to verify that there is demand -- and then create Facebook ads to drive people to your own little one or two page website where you are selling that product.” 0:45

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