2015! Not the greatest year, but not the worst year either. I learned a ton, and set myself up for a HUGE Year in 2016. As long as you are learning and growing, the year is always good for me.
Let’s get right into it..
My Biggest Mistakes in 2015
- Not testing the prices in my funnel fast enough and having a really good look at the actual numbers. If you have a recurring upsell in your Sales Funnel you need to be able to track, what percentage of payments go through on the 1st payment, the 2nd payment, 3rd, where the churn is, what the refund rate is, the actual collected EPC’s of the upsell, then you’re going to struggle to really get the most out of your Sales Funnel.You should have a data analyst be able to put something like this together so you can see what’s going on:
You can see the total invoiced, total actually paid, failed payments, 1st payment, 2nd payment, 3rd (most didn’t get recharged at this point) your LTV through 84 days (for initial funnel, not talking about backend) plus more.When you have a data analyst that actually knows what he’s doing, you can put together charts like this and see what is actually going on. So if your Cost Per Acquisition for a buyer is $40, and your Average Cart Value is $35 right out of the gate, you just need to make up that $5 over time, which isn’t that hard. Then you can really dive into the numbers and see where you’re breaking even, when you’re making $10 on your ad spend, etc..
2. Not knowing my market well enough for price elasticity on my High Ticket offer. So my main market is the Internet Marketing/Make Money Online Crowd, and my bread and butter is Solo Ads. So a lot of the people on these lists aren’t business owners, and don’t have a crazy amount of money to throw around. So for most of the year, the price on my High Ticket product was way too high, sure we closed a nice 6 Figures worth of High Ticket, but we would of tripled it if we would of lowered the price at the begining. I know believe I have the High Ticket price in the sweet spot, plus it’s not totally reliant on me, I moved to a model that’s more Webinar based and doesn’t take that much of my time.
3. Not launching more products. I only launched HydroFunnels 2.0, and I should have launched at least 2 other products. Either internally or at least on JvZoo with a few affiliates. I need to hire a Product Launch Manager to get that in linefor 2016. I know even if I can do an extra 500 – 750 customers for each launch, it’s worth a lot of money to my company.
My Biggest Wins in 2015
- Finally getting over the hump with one of my Sales Funnels. I was working on this one funnel for the past year, testing tons of different things, new prices, different offers, page layouts and more, and I finally got over the hump by fixing some things on the upsells. I believe the upsells are some of the easiest things to have drastic improvements too because the buyer is already in the buyer mode, and little changes to the price, the layout, the copy can have huge effects on your bottom line.
- Getting my High Ticket program up and running with solid SalesPeople. So I started doing High Ticket Sales in 2014, but I always had problems finding solid Sales People and actually getting a long term commitment from them. It was always a hiring problem on my end. I wasn’t putting them through enough interviews, checking out their references, or really seeing if they were legit. (I go over my Sales Superstar Hiring Process Here)Sales people are a fickle bunch and you need to make sure you can train them, have a sufficient amount of leads to give them, and properly challenge them to do better then what they are doing currently. You want to hire WINNERS. People who have won in life, have positive mindsets and are a little bit cocky. Those Sales People are going to come in and crush it for you. If a guy isn’t doing it for you on the interview, don’t hire them. You’re going to waste your time training them, having them quit after a few tough days, and then have to do it all over again later. Stay stringent with your hiring process so you get it right the first time.
- Hiring more people to get more things off my plate, so I can focus on the things that are going to grow the business. Your job as the CEO is to figure out the vision for your company, drive sales, and to lead the ship. You should not be doing customer service, copywriting (unless you are extremely good at it), technical work, or anything else that you can get someone else to do for you.When you hire as well, look to hire for something long term, or keep them in the loop so you can consistently use them all the time. If you can’t, you’ll constantly have to go through a Hiring process which takes up time where you could be doing other things that are a better use of your time.
Currently I’m scaling my one Sales Funnel very hard. Hiring more SalesPeople, and expanding hard into 2016. The key is when you’re having success, you need to keep your foot on the gas pedal. If you get complacent, success will pass you by, so just think when you’re on a roll, the time is not to relax and enjoy, it’s time to put the pedal down harder and keep going. That’s when you start to get exponential returns because everything is firing on full cylinders.
If you’d like to work with me in 2016 with building out your own 7 Figure Sales Funnel: Click Here