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Blog Fireside Chat

🔥 Fireside Chats🔥 Startup money

“Startup money” - why no one gets it right

Key takeaways:

  • You need money to start your business.
  • If you have a pile of cash, and/or a side hustle, or other sources of income, great! You might need more.
  • The #1 area people underestimate the money needed to build a profitable business? Marketing.

There’s no such thing as, “If I build it, they will come.”

Otherwise, you stay in the “swamp,” a bleak place where you squander valuable time because you don’t have enough people looking at your product to know… does the market want what you sell? Or, have you simply not yet reached enough people to know? You need to make a splash 💦 and bring in the visitors, with marketing.

Questions, comments? Just drop them in the comments.

It’s BYOMB….  Bring your own marshmallows, baby. 🍢

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Blog Fireside Chat

🔥 Fireside Chats🔥 Why we hate social media

Why we hate social media (but love email)

Key takeaways:

  1. Email converts. Social media does not. 

  2. Your email list is an asset that you own. You don’t own your social media, they can change the algorithm or shut you down any time.

  3. Emails are read one at a time — you get dedicated attention. Social media posts get buried in an endless scroll of noise. 

  4. As head of marketing for various orgs, Jen has spent a lot of money on social media in the past and she would like all of it back.
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Blog Fireside Chat

🔥 Fireside Chats🔥 Grokking your conversion metrics

Grokking your conversion metrics

Key takeaway:

A conversion rate is a percentage of people that went from X to Y.

For example, when a website visitor completes something, such as filling out a form, subscribing to your list, or making a purchase – that’s a conversion.

If 100 people hit your website, and 5 sign up for your email list, your (opt-in) conversion rate is 5%. If 10 people click to buy, and 1 actually buys, your (sales) conversion rate is 1%.

So use your actual data, or estimates using industry norms if you don’t have any yet, to determine if something is worth the effort versus winging it.

Want some very broad stroke industry norms?

  • From viewing an ad to website visitor = .05 – 4.5%

    Note: this is referred to as “Click Through Rate” and they can very low if your ad stinks or it gets lost on a page of tons of other ads, or it can be very high if say you’re doing a non-skippable video ad on YouTube, which is of course much more expensive.

  • From visitors to a landing page with a “lead magnet” to signing up to get the free digital gift = 1% – 5%.

    Note: we’ve seen these conversion rates as high as 65% on our own landing pages and on those of students because there are lots of ways to optimize the design of the page and creating a really attractive offer.

  • From website visitor to a sale = 1% (if lucky).

    VS
    From email openers to a sale = 5% – 20%.