Strategy Session: How to Increase Revenue by $25K/mo with Jasmine Shea
For today’s show I wanted to share with you a strategy session I recently had with a member of my Accelerator Group Mastermind who is looking to increase her monthly revenue by $25,000 – in addition to what she is generating right now in her business. Jasmine Shea is the founder of Your Dinner Is Planned, the easiest and most affordable way to cook healthy dinners for your family. Her thriving online membership brings brand-new, healthy recipes to its members each week, along with organized and portioned grocery checklists, and much more. Jasmine is very active on Instagram, and right now she is doing her launches on that platform. She’s been launching quarterly, where the doors have been open for 3 days, and then she builds a waitlist for her membership. Very recently she closed the cart on a $1 trial where new members get access to her content for 7 days, and she signed up 218 new members, with an impressive 74% of those people staying on for full payment after the 7-day trial. Jasmine’s launches have been consistent, as last quarter she saw 206 new members join, but her top priority now is getting new members and seeing a significant increase in these numbers the next time she launches. We also talk about some other priorities for her, including how she wants to enhance her customer experience, and further improve her already strong retention numbers (and lifetime customer value). As you’ll hear, there is a lot that Jasmine is doing right at the moment, and she really knows her numbers. I’m going to be recommending some strategies that she can try that will help her reach her goals faster though, including a new way that she can launch monthly, instead of quarterly, without the launch process taking up all of her time and being stressful and overwhelming. At the end of the episode I detail the next steps for Jasmine, and she’s already working on integrating the strategies that we talk about here. She’s an action taker, and I have no doubt that she’ll continue to test and tweak her strategies, and the results will follow. My hope is that you too can gain valuable insights for your next launch from this strategy session! Before we start the show, I’ve got something to ask. At this time we have over 500 5-Star ratings and reviews on Apple Podcasts, which is great, but I’ve set a goal to get 750 of them by the end of Q3, Sept 30th, 2019, which is just a few short days away. If you’ve gotten value from this podcast, I’d really appreciate you subscribing and leaving an honest rating and review. Take a screenshot, share it on your Instagram Stories and tag me, @rickmulready. When we hit the 750 ratings and reviews, I’ll be raffling off a book bundle of my top 10 business and mindset books for one lucky winner. If you’ve already left a rating and review, just take a screenshot and tag me on Instagram, and you’ll be eligible to win as well! Want to win a 30-minute strategy session with me? I’ll be drawing one winner at random each month, and all you have to do is give me your feedback on this podcast over at http://rickmulready.com/messenger, telling me what you’d like to hear more of - including topics you’d like to see covered, guests, style and frequency of the show! On the Show Today You’ll Learn: A breakdown of Jasmine’s current numbers, including the churn rate for her membership, her average lifetime customer value, and how she looks at deciding on an ad budget to acquire new customers Why she switched to the $1 trial launch using Instagram, after previously running Facebook ads to cold traffic How Jasmine’s content to members is currently delivered, and a breakdown of her Instagram strategy and pre-launch phases A video strategy that I recommend where she can use what she already has created to leverage Facebook and Instagram targeting What offers Jasmine could use for her re-targeting ads A rundown of her ideal customer, “Katie”, and some additional ways that I think she can reach her (including lookalike audiences she can create and ways to test different audience sizes) What a simplified monthly launch strategy could look for Jasmine and how I think it could help her achieve her vision for the company and her brand Which audience I feel Jasmine should start focusing at this time, and the next steps for her to take - with deadlines!