The value of a mentor
Joey wanted to get away from his 9-5 job and was looking for ways to earn money online. Before entering into the online marketing space, he looked for a mentor to help shorten the learning curve. He reached out to Alex Jeffreys who was selling coaching services at the time.
Alex had significant experience in the online marketing space though Joey couldn’t afford to pay him at the time. Joey suggested that instead of paying the fee he could make a promotional video for Alex as he has a background in videography. He showcased that skill to Alex who was blown away and that video ended up having a big impact on his business.
Alex advised Joey to start his own course and helped him get this set up…. and Joey launched his first information product in 2013.
How to convert one off customers into subscription revenue
Joey created a minimal viable version of Viddyoze and launched. He managed to earn half a million dollars and 8,000 customers in just 4 days. Joey nurtured this product and launched a new version every year. This model one time licenses to customers for $67, he then converted those lifetime customers into a recurring subscription by offerring more templates each month. To get new customers, he offered his affiliate partners 100% of the revenue on the front end and 50% of any recurring revenue.
Leveraging paid traffic to scale
Joey tried various advertising agencies to manage his paid traffic but they failed to give desirable results. He found an expert in the field and offered him a lucrative position in the business. Since then, his business has scaled significantly through paid traffic. He started from spending $2,000 to $3,000 on ads per day then scaled to $8,000 and is now spending around $80k each day on paid ads. He drives traffic directly to the sales page to convert on the lifetime offer.
How to take advantage of COVID-19
Joey is capitalizing on COVID-19 in a big way. He has increased ad spend as the cost per click decreases due to the fact that less people are advertising. He is converting around 1,200 customers and generating around 8 to 15K in recurring revenue each day with paid advertising. April proved to be his biggest month since the launch of the business and earned around $1.4 million, in May he is on track to break last months record reaching $3 million in revenue.
Focus on getting the customers
Joey’s advice for new entrants into the online marketing world is to focus on doing rather than planning. People should not try to perfect the product, they should just launch the product and get feedback from customers. Other aspects of the product will eventually improve with time. Their focus should be on how to get customers. You should find one method that works to get new customers and then use it again and again.