The Yottled Journal – September
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 firstname.lastname@example.org and Will’s email is (you guessed it) email@example.com.
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 work full time at Cisco and StockX and this is a side project we work on during PTO, at night, and on the weekends. 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.
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): $45.86
- Cost to acquire a credit card: $132.19
- Customer acquisition cost: $187.28
- Goal for September: Get a paying customer. We achieved our goal! We messed with a lot during the initial few weeks including price and ads. We’ve settled in at a price of $9.99 per month and $99 per year.
- Goal for October: Reach $3k in ARR.
Quick review of our metrics:
Our metrics are changing like crazy since we’re still in high learning mode. We expected our CPL to rise since we move our email entry form. It did.
- CPL: We estimated a CPL of $40 and. we’re at $45.86. What we did not expect was that a credit card entry would have a significantly higher close rate. Leads are one thing…getting that credit card is another. We have a pixel that tracks when we get a credit card entered. We hope to focus on the credit card entry only.
- CAC and Cost to get a CC: We’re seeing a large variance week to week on getting customers and credit cards. One week we see a massive volume…another week..it’s slow. We’re hoping to have it level out in the month or two
The other main thing we’re always looking at is active users. We use Google Analytics and look at the “Active User” graph and also the “Cohorts”. Since we started charging, active users in both areas have increased. In our cohorts, active users have almost doubled. We are attributing this to our users having the perception of an investment in the product after paying and want to see it succeed.
What did we do last month?
Our goal last month was to get customers. We achieved our goal. Customers pay for our product. Now it’s about reducing costs, improving our CAC, and above all – delighting our customers.
Price changes: We originally launched our product at $29/month and then quickly reduced to $19/month and then $9.99/month. At $9.99, we immediately started seeing sign ups. We learned that customers are most likely to sign up for an annual plan during initial sign up so we also changed our default plan to the annual plan offering a 15% discount.
Manual onboarding: All customers, free and paying, are offered a free, 1:1 onboarding session with an online yoga instructor. We hired one of our users to work part time for us. Amanda attends one or two classes for our clients to make sure things are going well and answer any additional questions. Since she is also a coach, she’s able to relate more effectively. For the most part, the majority of users still opt to onboard on their own.
Product changes: Amanda and our users noted several usability and product improvements. In addition, we had users request features in order to commit to an annual plan. We made the features to quickly sign the customers and get the revenue. All the features were firmly inline with our product direction.
What are we going to do in October?
Our goal in October is to scale our learnings and reach $3,000 in ARR. We’re dealing with limited budget and need to be careful with how we spend. In addition, we’re looking to deliver some feature requests and improve on the usability of the application. Our main goal is to super serve the active users to ensure the love our product. We are focus on the retained users.
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