how was everyone’s B
[2022-12-01 05:22:25 PM] : how was everyone’s BFCM, if you celebrated? :joy:
who’s working on their plan for the new year?
2 Replies
[2022-12-02 12:15:24 AM] : Hi amy this was my first BFCM.
I created a tiny product about 12 months ago (an eBook) for $59 and this BFCM was my third launch of the product.
It was the biggest discount I’ve offered at 50% off. The second launch (about 3.5 months ago) was at 20% to trigger a doors closing event, and the first launch was full price.
I’ve updated the eBook only once to keep up with industry changes, and my launch sequence has only had small incremental changes.
Total revenue is low (something I need to start addressing), but I’ve been happy with my subscriber to purchase conversion rate.
I’m also pleased with the amount of subscribers that have consistently stayed on my list through out all 3 of these launches. The majority of my audience are definitely receiving the same launch sequences without jumping ship at an alarming rate (or firing off angry emails).
So maybe I’m on the right track?
Adding more value to this offering by packaging it (videos, worksheets, guides, etc…) is something on my mind to test this audience with bigger ticket items. Driving more revenue is a priority for me.
Here are screenshots with results for all 3 of the launches. Any feedback / thoughts / comments are uber welcomed :pray: [File hidden by Slack limit] [File hidden by Slack limit] [File hidden by Slack limit]
You've wasted days and still can't set up a simple Webhook!
Quickly snap together Webhooks and use them as your "secret advantage" with my simple, straightforward eBook.
[2022-12-02 10:02:05 AM] : Chris Drit I feel like I've asked you this before but I can't remember: how is list growth between these launches?
[2022-12-02 04:58:17 PM] : looks like you’ve paid for 30x500! nice work!
[2022-12-02 04:59:10 PM] : generally discounts can only drive so much sales… they’re like a desperation button. they work but it’s a diminishing return. i’m with alex, we need to know more about your traffic and list growth to give any advice
[2022-12-03 06:34:45 AM] : Hi Amy! I haven’t done much this year at all (or lat year) because I was focused on our immigration goal.
But since last month I went back to the beginning and started safaring and writing again, currently working on my plans for the new year to come and it’s mostly a negotiation with my family to make sure I have 6-8h/week to work on 30x500 :raised_hands::skin-tone-4:
[2022-12-04 07:10:00 PM] : amy alex you’re correct Alex, you did indeed :smile:
Here is that breakdown…
On the previous launch (my 2nd of 3 total launches) I had averaged about 1 new subscriber per day from the first launch to that second launch. That batch was easy to identify purchases from new subscribers (versus existing subscribers) within ConvertKit. The vast majority of purchases were new subscribers garnering about 5.5% conversion rate (2% overall) from those new subscribers. I’m very happy with that!
My issue back then was the low volume of new subscribers and low volume of purchases from existing subscribers.
On this third launch I averaged about the same, 1 new subscriber per day for a total of about 100 new subscribers. Unfortunately, this batch was difficult in understanding who was new to the list and who was not within ConvertKit. But applying the same math as my previous launch it would have been 85% of purchases being from new subscribers. If thats correct… an outstanding 14.5% of new subscribers purchased the product (of course that’s only a guess based upon history).
If my historical assumptions are correct, my issue is the same as the previous launch. Low volume of new subscribers to my list, and low volume of purchases from existing subscribers.
Thinking this through a bit, it seems to me that gaining new subscribers is more difficult than keeping existing subscribers. Existing subscribers appear to be responding well and staying engaged. For example I have a catalog of 6 months worth of weekly evergreen emails that a new subscriber receives, i’m consistently receiving positive emails from my list (I encourage them to hit reply on those emails), and my overall unsubscribe rate seems acceptable. Over the last year I’ve had a total of ~80% of my subscribers staying on my list. So, for every new 100 subscribers I keep 80 over a one year period.
My immediate goal is to increase revenue.
I’m trying to look at this from many perspectives. As
one example, creating a $150 product and keeping my overall 2% conversion rate (across my entire audience, new and existing subscribers), and launching this 4 times per year would generate $12k in revenue with my current list size. Or $20k with a $250 product. Not where I need to be, but better than where I currently am.
Thoughts, feedback?
[2022-12-05 03:05:43 PM] : this is a great analysis, I think, and working on higher-value products makes a LOT of sense on multiple levels...also to give you some confidence in what (some) folks your list will spend!
[2022-12-05 03:06:45 PM] : if you can only do one thing at a time (which is understandable!) I'd agree about doing a low-upfront-effort product that's in the hundreds of dollars (i.e. a live workshop) that you can later adapt into an off the shelf workshop after doing a few times live.
[2022-12-05 03:10:01 PM] : I'd also look for some low hanging fruit to boost subscribers. what are your best traffic sources & pages, and make opting-in so high value and obvious that it's a no brainer.
[2022-12-06 05:29:16 AM] : We've just welcomed a new baby into our lives so I kind of forget BF/CM was coming, then remembered, then scrambled to dust off last year's offer and ran with that again (with a few tweaks) :sweat_smile:
Sent it to approx. 4k subscribers and it slightly underperformed last years (but not by much).
Total sales: $3,346.
Included in the bundle is a video replay of a four hour workshop I ran last year, which isn't usually available for sale. I think that helps ensure the bundle has value, even for people who own most of the rest of the bundled items (I offered a further discount for people who already own some or most of it).
https://practicaldotnet.io/blazorjumpstart [File hidden by Slack limit]
[2022-12-06 05:31:42 AM] : Incidentally, the screenshot shows the internal names of those emails, which all tally with the subject line of the sent emails except "Two common mistakes". The subject for that was actually "Do you make either of these mistakes with your Blazor apps?"