9/22 Update: This project is now live at BuyMyFuture.com
The Worst Case Scenario
As I’ve been recording podcast interviews (more about podcasts in Day 5), a question has come up multiple times from podcast hosts:
“Jason, what happens if you put in all this work and no one purchases what you are offering with Project Galaxy?”
I plan for the worst case scenario with every project I undertake. But that planning typically includes hedging my bets and ensuring some level of success. So how am I hedging with Project Galaxy?
#1 Customer validation calls
I’ve mentioned this before, but I’ve been having actual phone calls with customers who have purchased other products from me. On those calls I’m giving them the scoop on Project Galaxy and asking them the question: Would you buy this right now? Feel free to be 100% honest.
Over 75% of my initial phone calls ended in a YES. While that’s great, the “yes” doesn’t put money in my bank account. And I’m certainly not going to rely on conversations that happen multiple weeks away from launch.
But I am going to increase my audience size. My goal is to have 100 customer validation calls before September 22. After next week I will be at least 50% of the way there. My thought process is that if I can talk to 100 people on the phone and 50–75 of them say they would purchase, I’m almost (almost) guaranteed that 10% of them will buy.
Let’s assume customer validation calls are going to guarantee 5–7 purchases. That’s not anywhere near my low goal of 100, but it’ll be money in the bank and will cover the expenses of Project Galaxy.
If you’re working on a project of your own and don’t have existing customers to reach out to, I’d recommend trying to reach out to potential customers in two ways: 1. Go to your email inbox and scroll down. There are a ton of people you could reach out to right at your fingertips. 2. Go where your customers go (blogs, FB groups, tags on Medium, etc) and try to create interesting content for them to attract their attention.
Sheer audience numbers
There has yet to be a project that I’ve launched that hasn’t had at least 1–2% conversion in sales from my email list. My email list is currently sitting at 8,210 subscribers.
Let’s be extremely conservative and say I only convert .05–1% with Project Galaxy (again, we’re talking worst case scenario here). That’s still another 5–7 purchases.
My audience alone should guarantee 5–7 more purchases. We’re not near 100, but we’ve reached profitability!
Profitability is intentionally vague because I haven’t said what I’m selling yet or how much it will cost — that’s coming in a few weeks!
All other marketing efforts combined!
Between partners, podcast interviews, social media, word of mouth, and this journal, I’m willing to bet the shirt off my back I’ll land a few more sales. How many? Oh, let’s just say 5–7 again…
So all my other marketing efforts should guarantee 5–7 more purchases. With 15–20 total purchases, Project Galaxy did not hit the low goal, but covered all expenses and was a profitable project!
If my absolute WORST case scenario is profitability, then I’m in a good mental place. Stress easily occurs when you can’t hedge your bets and you have absolutely no clue if a project will make any money or not. I’ve been there before with a previous project (BuyMyLastName). It’s not fun. Which is why I’m spending the time working out a plan to make sure this project ends up in the black, no matter what.
When your worst case scenario simply isn’t a worse case scenario, you’ve already achieved success.
I feel like Project Galaxy is in a really great place. I know there are some bumps in the road ahead, especially as we get into website development stuff, but writing out this journal entry itself has given me a sense of calm. It has helped me get through some nagging “what ifs” and self doubts.
I hope in whatever project you’re working on, you can plan for and create a worst case scenario that isn’t actually all that bad.
Day 35 >>
This entry is part of a 60-day journal I’m writing that will share all my planning, strategies, pre-launch efforts, and marketing tactics leading up to a big crazy project codenamed Project Galaxy. Start reading here.