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8:12 am
July 10, 2020
Offline
QuoteHey John,
Hope you're well!
As you suggested during the last coaching call, I've gone through most of MMM again, to try and really get my head around it all and have a refresher.
I'm totally clear on the importance of longterm monetization, etc and already have a few offers I can't wait to make in future.
But my main struggle at the moment is to know "what numbers to monitor, how and when". If that makes sense? I know everything was explained super well throughout the course but I can't seem to be able to find this information without going through everything again. Which I'm happy to do, of course but just wondered if there is a cheat sheet or flow chart I'm unaware of?
If not, I'm trying to put one together to have handy, so that when I monitor my stats I have something to follow along, step by step, to make sure I finally wedge this stuff into my brain.
I've watched the "what's normal" monthly training and went through some MMM videos but can't find how to monitor your aweber stats for some reason. (I'll keep digging).
Sorry If I sound super daft here but like I mentioned before, most things related to numbers just won't stay in my head easily, unless I've had a lot of repetition, so I'm working on that 🙂
I think my conversion ad which we set up on Monday is doing pretty good so far?
CTR is at 4.78%
Cost per result $0.94
I'm getting around 10 subscribers a day with a daily budget of $11.10 (converted from £ via google).
Also switched opt-in ON on Aweber, as you suggested.
I think so far, so good. Getting plenty of great feedback and shares. No blog comments or sales yet but I'm guessing it's pretty early days, given that the campaign is not even a week old and I think you mentioned before we need at least 100 people going through the funnel to see if it's working as it should (if I remember correctly).
The open rate of the Aweber campaign starts with 82% and stays above 50% throughout, with the exception of the last email in the funnel, which is at 48%.
Is there anything else I need to look out for at this point?
Apologies for this long post and as always, thank you so much for all your help!
Take care,
Mira
10:05 am
June 7, 2011
Offline
Hey Mira,
There is a lot you can monitor, but all you really need to monitor is your subscriber acquisition costs and your average subscriber value. And you just need to make sure subscribers are worth more than you are spending to get them. The only real variable here is how far out you want to measure subscriber value. The longer you wait to calculate value, the more risk you take, but the more true your subscriber value ratio becomes.
I typically recommend 3 - 12 month projections. So, say you went off of the 6 month value... This means that you take the amount of revenue you have made from subscribers that have signed up in the last 6 months, and you divide that number by the number of subscribers that have confirmed within the last 6 months. That figure is your subscriber value.
Naturally, the longer the window is, the more subscribers will be worth, but it also increases the amount of risk you take on, because you will be waiting (and spending) for 6 months before you know if something is profitable. So how long you wait is really up to you. It's great if you can profit early, but still calculate over a long period of time - say a year. That way, there is no real risk, but you calculate sub value more accurately. So having multiple calculations is also a good idea.
The reality is that subscribers will spend for many years to come, it just gets harder and harder to calculate because when you calculate lifetime value, the number is always rolling as there is a mix of old and new. But if traffic stays consistent, you should see consistent growth in your overall subscriber value.
Make sense?
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.
1:56 am
July 10, 2020
OfflineThat's super helpful, thanks John!
11:34 am
June 7, 2011
Offline
Great, glad I could help.
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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