Hi John –I wonder if you can help. I am reposting this as requested as I posted it in the Welcome area by accident... Sorry!
Here is a snapshot of things for you so you can get an idea of my situation...
I’m getting about 25-31 percent conversions on the squeeze page. Cold leads are costing me under $1 an email - as low as $0.55. So far so good!
However not - so many people are actually buying anything. I've had roughly one $10 sale per week - with a few weeks of $0.
My list has about 960 subscribers and about 2/3 of these were acquired using MMM techniques plus a few of my own twists since April - so about 650 ish are newish leads.
I’m doing a weekly newsletter -and two Facebook Live events per week that they can attend - and I'm following it up with Facebook ads targeted at Engagers (as an alternative to sending more newsletters).
My best response was when I used a buy one get a mystery one free offer that was time limited - but I can't do this too often for fear of devaluing the promotion.
The newsletter is only getting about 17percent open rate - and it's very gradually slipping by under 1 percent every week.
So the strategy for acquiring low cost subscribers is going really well - my list is growing by about 6.5percent per week - but yet at the final hurdle - getting them to purchase - it's less impressive - barely covering costs.
Any advice for getting them to put their hands in their pockets- without going full on Sales Funnel on them?
Thanks in advance and sorry about the long email. To summarise my question...
What percentage of my 660 should be buying stuff?
How can I improve the 17 percent open rate?
Do you have any ideas for closing sales without having to send repeated emails every day - it feels too spammy for my audience (especially in Britain where we are generally a bit less hard sell).
Thanks loads
Tiger 2 (reposted from the welcome forum).
Hi Michelle,
Can you tell me the exact total number of sales you have received, and the exact number of subscribers (Your FB stats should show you that number) that have gone through your funnel? That is an important metric that is needed before I can respond.
I'll be happy to offer some advice, once I am clear on the precise numbers.
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Hi Jon
Thanks loads I really appreciate it.
OKay - I have 33 sales - 29 customers in 15 weeks.
Total sales is $498 gross - $420 net after paypal commission and shipping and subscription cost.
Total ad spend is $340.
And I have 644 new subscribers in the period who have gone through the funnel (I also have another 350 who have not gone through the funnel that i had before I started).
I hope that's what you want.
Hi Michele,
Ok, thanks. Those numbers paint a very different picture...
If you have spent $340 and made $420 then this is a very successful funnel, especially given that it sounds like you have not focused much on upsells or additional promotions yet. So from my perspective you are doing absolutely great and should be focused on scaling up.
And your sales conversion rate is 5.1%. Normal is 4% - 6%, so you are right in range.
Your open rate is pretty low. That could be because you have confirmed opt in turned off and are attracting lower quality leads, or it could be because your music or presentation is polarizing in some way. I have no doubt you could improve your numbers further with additional optimization, but right now, things looks pretty great to me, especially as a starting point.
If you are profiting on your initial funnel then you are doing excellent. Now, all money you make from this list in the future is pure profit.
If you haven't watched it already, take a look at the latest lesson, "The MMM Model". That talks a lot about how important long term monetization is.
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.