The Yottled Journal – October
If you’ve landed on this page and you’re a coach, we can’t thank you enough for helping us achieve this. It’s because of you that we will be successful. If we can help you in anyway, if this is confusing, you have questions, or want us to learn something from you, Trevor’s email is email@example.com and Will’s email is (you guessed it) firstname.lastname@example.org.
What is this?
Will and I thought we would take the time to share what we’re doing from the business perspective. What we’re learning each week, trying to do with our customers, and how we’re trying to make Yottled successful.
Who is likely to read this?
We would expect anyone in the tech industry to benefit from this blog. It’s an update of what we’re trying.
Some context before reading further
Will and I are two people that want others to succeed. Our goal is to enable others to make money…and we want to make money too. We’re investing our own money and time to make this as delightful as possible. We don’t know if we’ll be able to “get funding”, turn this into something profitable, or…who knows what…but at the very least…maybe someone else can benefit from our learnings.
As of the last week in October, Will and I are now working full time on Yottled and seeking a seed round. Interested in participating in our round? Send us a note to email@example.com!
What has been done so far?
Check out our previous posts:
Since we have launched, we’re now looking at a bunch of different items.
- Cost per lead (total): $41.34
- Cost to acquire a credit card: $181.88
- Customer acquisition cost: $360.35
- Goal for October: Reach $3k in ARR. We achieved our goal! Foundationally, we’re still trying to achieve baselines and we have proved customers are willing to pay for the product.
- Goals for November:
- Aggressively, we think we can hit $10k in ARR. ($833 in MRR)
- Launch a beta for a new edition
- Meetings booked. This is an internal KPI that we’ve started tracking. Our main goal right now is laser focus on features to make our users successful. Ruthless prioritization.
Quick review of our metrics:
Our main goal right now with charging customers is to establish baselines for the eventual goal to drive CAC as close to $0 as possible through referrals and strategic partnerships. We’re demonstrating success with a fremium model. Over 80% of our purchases come from seeing our pricing page more than once, which indicates they try the free then come back for that ultimate buying decision.
- CPL: We’re seeing our cost per lead settle around $40 per lead. We think we’ll only be able to improve on this with partnerships and referrals.
- CAC and Cost to get a CC: Our only goal here is to establish baselines. As we see referrals and partnerships on the horizon, we think we can bring this down significantly. Some quick statistics:
- 22% of our free users try the paid version
- 12% of our free users convert to being a paid customer (this would be higher but we have delinquent cards that we can’t process)
- 50% of our users are on an annual subscription, 50% are on a monthly subscription
Active users by weekly cohort have been increasing as we listen to our users, prioritize features to increase meetings booked, and get on the phone to hear about problems to solve. After week 6, we want to see 10% to 15% active users. For our coaches, we’re trending in the right direction but not there yet.
Our weekly and daily active users are vanity metrics but fun to look at. Purely to see an up and to the right, we’ve provided the chart:
What did we do last month?
Our goal last month was to see just how many customers we could acquire. Could we reach a forecasted milestone of $250 in MRR? Yes. During the month of October, Will and I were still working full time at Duo and StockX, so each customer was acquired via self serve, limited product changes, and no ad spend increases.
Product changes: We had to be selective about our product changes due to limited time and evening hours. Most of the changes were centered around bug smashing and ease of use releases. We’re going to be hitting the gas in November.
What are we going to do in November?
Our goal in November is to prioritize features to delight and retain users. Our main metric that matters is meetings booked. We’re starting to tag features based on “does it increase meetings booked”. If it does, it goes to the top.
The second goal is to deliver a beta version of the most requested feature: upload recorded videos and provide an avenue to charge for them. Our ultimate vision is to scale horizontally across other industries. We see this firmly in line with other ideas like content libraries for product teams, how to videos for customer success, demo videos for sales, and more. We’re excited to have this up and running this month.
Last and most importantly, as our users that are the most successful use and find needs of the product, we prioritize and deliver those. We over index on our adopted users to ensure they have the best experience possible.
As always, if you have advice for us, send us a note to firstname.lastname@example.org and we’d love to hear from you.
Trevor and Will