Income report: $0.0
Some have said you need to spend money to make money. In this case it might be true.
I have reached out to the community, ran contests, and promoted my products like crazy. Yet I have no sales at all.
This has been a failed attempt at making passive income. But the journey continues.
I do feel a bit frustrated at the situation. Spending my whole day working and getting no sales at all. But this is only the beginning. Even though I did not succeed in making any money, I did learn a whole lot from this.
Heres what I learned from 5 days of this project:
1. Social media marketing has its limits (reach)
Twitter and Facebook was great for getting the word out there. But for a newly made twitter account, I was only able to get about 20 followers in 5 days. I did get a few retweets and replies but they were mostly from other t-shirt users who wants to promote their shirts.
2. Spend money to make money
There is not enough reach no matter how much I’m posting. I realize I am wasting a great deal of time on forums, communities, and social media marketing (maybe about 2-3 hours a day). Instead of spending that time looking everywhere, I could have used that time towards something productive. At the end of the day I might have only reached (my guess) 200-300 people. Whereas, if I spent 5 bucks on Facebook Ads, it might have reached 5,000 people in a single day.
In short, time equals money. We only have so many hours in a day. I need to use my time wisely and outsource the small things and focus on the big things.
3. Market Validation
Spending money on advertisement can make you money. Thats only true if people actually want the product. I was still unsure if people really wanted a work out tank that makes them seem ‘fat’.
For me, I personally would wear it cause of the minimalistic design, plus, I don’t mind being associated with fat food when I work out. Its like saying “yeh, I eat junk food, but I’m still fit”. But junk food conflicts with exercising and working out. What do people actually think? This concept has yet to be validated. Thats why I am hesitant in marketing it with money.
4. Facebook Ads
I have been researching on how to use Facebook Ads, and Google Adsense. From the highly successful products and tutorial I’ve seen using Facebook Ads, they do one thing really well. They know their niche and are able to narrow it down to target some specific keywords.
I wasn’t able to define my niche as clearly as I thought. Are they work out junkies or are they foodies that just exercise occasionally? Depending on which category I choose, the keywords will be completely different.
5. This isn’t Passive Income
Yep, it ain’t passive income. Not yet at least. Or at least not what I’m doing here at the moment. Ideally, I need a product people actually want to buy. Everyday, I spend $5-$20 on advertisement and the returns are greater than what I spend on advertisement. This process will be automated and I will occasionally do some marketing and run some contest. This is the goal of this project.
6. Is it time to pivot?
No, not yet. Not until I get some market validation. Maybe it has potential or maybe it doesn’t. I spent too much time to just dump this project and start over. I will validate with some advertisement.
Yes, if no one wants the product than I’ll know with the lack of sales. But its better to validate than to scrap the whole thing.
Before I dump my money into Facebook Ads, I need to rethink my niche. Who am I targeting and what do they want to be associated to? This will help me target the right audience and make future t-shirts more relevant to my niche.
I will give myself 3 days before I scrap it and move on. If I don’t make any sale at all then its better to let it go then to waste more of my time and money on it.
My plan for the next 3 days
- validate my concept and understand my niche. Redesign some tanks if I have to.
- learn Facebook Ads and spend a some money on advertisement.
- cut down on unnecessary time spent on social media marketing.
- Make a couple more designs in this category
- Adjust and lower pricing of tanks
Now wish me luck on trying again.