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QuoteHey again,
So a question about optimising, and apologies in advance for asking a 'how long is a piece of string' question. I just wanted to see if you had anything to say about this that I haven't thought of.
As mentioned before, I'm yet to get my audiences down to the dollar mark and I can see how easy it would be to spend a lot more time and money testing for this. So I'm wondering whether perhaps a better approach is to accept that (at least some of the time) I'm getting my subs at more like $2, and focus instead on optimising my funnel more. Is $1 per sub a bit of a holy grail that most people don't actually reach?
I'm currently getting sales in at around 5%, so if I accept I'm getting in subs for $2, I could aim to optimise sales conversions at 10%, then the figures would still work out ...
I was thinking with the new split testing abilities of Aweber, maybe this is a better use of my time. It looks like I'm going to be creating videos of me chatting etc for the main sales funnel and for my patreon funnel, so I'll have stuff to play with.
Any thoughts ?
Thanks,
Karen
12:02 pm
June 7, 2011
Offline
Hey Karen,
$1 is not a holey grail figure and many people obtain it. Many do even better. However, it is challenging and it is not essential that you hit it. I often don't.
Many people are happy to run their funnel's at a loss, knowing that they will make their profit deeper in the subscriber lifespan. What is most important is that you know what your subscriber acquisition costs are and what your subscriber value is. If they is only in a slight deficit, then a single promotion should get you into profit.
This is really a long term strategy. While we certainly want to try and profit off the initial funnel, it is more important that this is looked at as a situation where you are buying, or investing in, an audience that you can profit from for many years to come.
But yes, you could also try and improve your sales conversion rates, however I find that harder than simply optimizing the squeeze page and ads.
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Thanks for this perspective.
It feels freeing to remember to take the long view...
Weighing this up, I still feel like I want to crack the code and get to the dollar mark with a big audience. I'll be happy if I break even including the patreon thing ...
I feel like I've had a bit of bad luck with ads recently, but I just have this feeling I won't have to go into debt for this ...
Thanks again for the perspective.
Karen
12:49 pm
June 7, 2011
Offline
Funnel support ads will introduce a new level of things to worry about. You might wait until you feel like you have your primary ads dialed in. A simpler alternative might be to just create a traffic based campaign that targets only people that have been on any page of your website in the last 30 days or so, and drive people to your sales page. Just be sure to exclude people who have landed on the customer thank you page or who are on your customer mailing list.
This way you can at least be reminding people that you have an album for sale and making a few additional impressions on your sales page. I take this approach on a lot of projects.
Having trouble with your marketing? Wish you could have an experienced direct-to-fan marketing expert look over your actual campaigns, music, or content and offer feedback? Or perhaps you’re just looking for a little one-on-one assistance so you can ask questions that pertain to your specific goals and get a second, more experienced, perspective? Click here to book a session with me now.
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