The Yottled Journal – November

The Yottled Journal – November

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 trevor@yottled.com and Will’s email is (you guessed it) will@yottled.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’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:

• The Yottled Journal
• July
• August
• September
• October

Metrics:

Since we have launched, we’re now looking at a bunch of different items. It’s important for us to note…we tried and changed so many things in our flow that our CAC has been so skewed. While it’s high…we’re trying things. Our M/O right now is…try things, fail, iterate.

• Cost per lead (total): $37
• Cost to acquire a credit card: $198
• Customer acquisition cost: $558

Goals:

• Goals for November: 
  • Aggressively, we think we can hit $10k in ARR. ($833 in MRR).
    • We didn’t hit this goal. We ended at $600 in MRR. We know what we did wrong and what we missed.
  • Launch a beta for a new edition:
    • Done.
  • Meetings booked.  This is an internal KPI that we’ve started tracking.  Our main goal right now is laser focus on features to make our users successful.  Ruthless prioritization.
• Goals for December
  • Launch a new edition
  • $1k in MRR
  • More organic growth

Quick review of our metrics:

November was a rough month. Will and I were distracted with trying to fundraise and our customers seemingly were distracted by the election. At the same time, we decided to launch a new marketing site to try and reduce our CPL and CAC. Unfortunately, we made an error with our A/B testing and everyone saw the same new page. Mistakes happen, so you learn and improve.

1. CPL: We launched a new marketing page and saw a demonstrable better CPL. It was reduced to around $22 from $40. We had originally aspired to wait to get funded however decided that we were being penny wise and pound foolish. The new landing page significantly helped with our business.
2. CAC and Cost to get a CC: We made a mistake with our A/B testing which was corrected the first week of December. Our goal is to get paying, converted users. Our CAC in November increased significantly, but we have attributed that mostly to seasonality of the election.

The interest in our Memberships beta continues to increase. We also believe this will help facilitate more usage in the core components of our product. For us, core components are money made by our coaches, meetings booked, and active users on our site.

What did we do last month?

November was the first month Will and I were working full time. We focused in 3 main areas: fundraising, product changes, marketing site.

Fundraising: We’ve been bootstrapping this so far. Every day has been spent with VC’s. Our goal is to close a round of funding before the end of the year.

Product changes: While we thought we’d be hitting the gas on product changes, it turns out that fund raising takes a lot of time. Some days were completely consumed with venture meetings. We ended up getting some key items done but we’re still low and slow.

Marketing site: We hired Carsten Hinz to re-do our marketing site. He brought a new level of elegance and proof to our site, reducing our CPL by almost 50%. We’re excited to continue working with Carsten to see how we can improve the app and increase conversions.

What are we going to do in December?

We have three main goals for December.

• Launch our new upsell called “Memberships”. Memberships allows our coaches to create their own monthly revenue without any technical knowledge. Name the price, number of classes/private sessions per month, and we take care of the rest. Memberships starts at an additional $25 per user per month.
• Get funded.
• Get to $1k in MRR with no increase in ad spend

As always, if you have advice for us, send us a note to hello@yottled.com and we’d love to hear from you.

Best,

Trevor and Will