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The 5 most common mistakes founders make when trying to grow their subscription business – Email edition
- Not enough fresh Lead supply
If your list is not being constantly refreshed with fresh leads, you’ll struggle to maintain a steady stream of new customers from your email strategy
Leads go cold. The median time between joining our list and signing up is 29 days
Most people buy within the first month
Some stragglers do buy after years on the list which is great
But the bread and butter comes from converting fresh leads into subscribers
If your email list is full of years-old leads from a social media giveaway
They are unlikely to ever convert to customers for your subscription
- Not utilising Sales sequences
It’s vitally important to follow up with your email leads, particularly warm leads as soon as possible
They’ve shown intent to sign up to your subscription so we want to keep the fire burning
Give them the info and persuasion they need to make a buying decision
Your sales sequence should begin within 3 hours of someone leaving you their email on your site
In the space of 4 emails over 4 days
Remind them of the great offer, show them exactly what they will get, show proof and great reviews, add a dash of urgency to inspire action
- Not sending sales broadcasts
Just because someone doesn‘t buy in 4 days doesn’t mean we forget about them forever
It’s critical to send regular broadcasts to your entire list
I recommend 2-3 emails per week to drive sales
How can we keep emailing them regularly?
Keep things interesting by switching up your offers, email designs and messaging
Leverage current events and seasonality to stay relevant to their lives
Stay on the beat and don’t bang the same drum over and over again
- Not sending Survey sequences
One of the most overlooked uses of email marketing is for free market research
Not sure why your customers buy? (even though you think you are) – survey them and ask
Not sure why your site doesn’t convert? Ask leads why they didn’t buy after visiting
Not sure why people are cancelling your subscription? Ask churned customers why and make them an unbeatable offer to come back
By automating this process you build up a literal treasure trove of data you can refer back to at any time
Ask your customers and leads literally anything you’re curious about and you will find the answers for free
- Not using Win-back sequences
Reactivating past subscribers is the easiest and cheapest way to grow your subscription business
Read that again
When you find out the reasons people are cancelling, fix those reasons and reach out to them to get them back
Create an automation to open up dialogue, make them your unbeatable returning customer offer
And turn $0 into free reactivated revenue
No advertising, tiny CAC, and bringing previously loyal customers back into the fold
Win-win-win
Lesson I learned this week
You could be on the verge of making a game-changing discovery.
Could be a new offer
Could just be a new idea
I had a hit of inspiration this week when it comes to content creation
I created this email hoping to pass on the favour to you and help you with your own business