Let’s look at this.
How much does it cost to get all those people to sign up for a free strategy session?
How many people actually show up for free strategy sessions? (Some studies say there is as high as a 50% no-show rate.)
And how many of them are actually great prospects worth the time it takes to have the conversation?
Now, product launches.
Last we checked, hiring a DECENT product launch hired-gun could easily run you $10,000 PLUS perpetual revenue share.
A REALLY GOOD one is a LOT more.
And that only works after you invest tens of thousands more building up an enormous and highly-responsive list, and then testing your offer again and again and again to build up enough statistics to persuade a potential affiliate who can actually deliver sales to even take your call.
Let’s go micro and look at the supposed low-cost strategy of networking, you know, like meeting someone for coffee.
Did you know that a “quick networking coffee” can easily cost you $1,500?
Let’s say your hourly rate is $500, and then do the numbers:
- One hour of time total lost in ramp-down before you head out, and ramp-up after you get back to the office.
- This is backed up by studies, such as one that shows something as simple as grabbing a quick phone call can cause you to need 23 minutes and 15 seconds to get back to whatever you were doing before you took that call!
- Then you have 30 minutes of round-trip travel time – IF the coffee shop is close by, there’s decent parking, and you don’t run into yet more road construction
- Hopefully the meeting only takes 90 minutes, but you know how it goes between waiting in line for the coffee, the 20 minutes of “did you find the place okay”, and everything else.
3 hours total x $500/hr = $1,500.
Meanwhile, you can brew a whole pot of coffee at home for about $1.03.
Furthermore, with studies such as one conducted by Vouchercloud, considered by some to be the UK’s largest money saving brand, showing the average working person has 2 hours and 54 minutes of productive time per 8-hour workday… that could mean your whole day is shot.
Stack that up against the hour (or less) it takes to have a conversation you can have from the comfort of your home or office, then either post the episode or delegate someone else to do it – where both you and your guest will promote the episode and gain marketing benefits from that same conversation that otherwise never would have made it out of the coffee shop!