Early January 2016 John Lee Dumas launched a Kickstarter campaign to promote and pre-sell a product called â€œThe Freedom Journalâ€ and the stats Iâ€™m about to share are from 4th February, 2 days before the campaign closed.
By all accounts the campaign was very successful and a great testament to having a responsive list and professionally executing a great campaign.
For me it was an interesting marketing campaign and well worth studying however it quickly became obvious that it also highlighted the power of print.
The product provided for electronic download of the book or you could upgrade to the printed book or multiple printed books.
At the time of writing this, the numbers tell the story
- 1,326 sales generating $26,832 in revenue
Options for the printed book(s) upgrade
- 4,819 sales generating $391,117 in revenue
Having a printed book option clearly was a key strategic decision that underpinned the success of the campaign:
- Over 3x the number of customers
- Over 14x the revenue
Now revenue is one thing but we all know is that it should be all about the profit. Electronic options do have a cost but for this exercise lets assume that the cost is $0 and the cost of the book I estimate to be about $10ea but lets assume a worst case $20ea for this exercise thus the gross profit generated was:
- Electronic Option: $26,832 gross profit
- Printed book options: $294,737 gross profit
With these results Iâ€™m very confident that all John Lee Dumasâ€™ future products will include printed upgrade optionsâ€¦he would be crazy not to.
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