Feb. 23, 2021

Episode 19: The simple mistake that cost me $51,000

Episode 19: The simple mistake that cost me $51,000

Ever had to learn a lesson the hard way?

Last summer, I learned a really valuable lesson by losing out on over $51,000 in potential revenue.

On today’s episode, I am sharing the simple mistake I made that cost me thousands, but how it was one of the most valuable lessons I’ve learned in my business.

BY THE TIME YOU FINISH LISTENING, YOU’LL DISCOVER:
  • The mistake I made that cost me $51K 
  • How to avoid making the same mistake with your messaging
  • The importance of linear messaging and following a north star
  • How to tell if something is out of alignment with your messaging

My mentor, Brandon Lucero, will be releasing his video series called “The Content Revolution” that can help you change the way you create contents in your business. He’ll be releasing the videos on March 1, so head on over to jessoconnell.com/content now to get on the waitlist. 

Check out the shownotes so you can get access to bonus materials and related blogs and videos!! www.thelaunchfixpodcast.com/51k-mistake-messaging/

When you finish listening, I'd love to hear what you think! Take a screenshot of you listening on your device, share it to your Instagram stories and tag me, @jess.oconnell_ ! Or join us in the Facebook group to share your takeaways! 

Or, slide into my DMs, I’d love to hear what your biggest takeaways are!


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Transcript

Sometimes we have to learn lessons the hard way. And on today's episode, I'm sharing how I learned a very important lesson by losing out on almost $51,000 in potential revenue. Want to avoid making the same mistake? Stay tuned.

I'm Jess. After launching dozens of courses and generating multiple six figures in Revenue Online, I have learned the right and wrong way to launch an online course. And in the last two years, I have helped my friends and clients generate more revenue with less stress using my aligned Launch Formula. On this podcast, I'm sharing with you my simple strategies and systems so you can make more money online and make a bigger impact on the world. Keep listening for the Launch Fix Podcast.

Hey, welcome back to the Launch Fix Podcast. My name is Jess and I am so excited to share with you today. This lesson that was not necessarily the easiest one to learn.

Honestly, I feel like the lessons that are the most important to learn in your business are the ones that come with a little bit of pain. And this lesson that I learned is absolutely that. So last summer, I had a $70,000 launch, which is an amazing launch. By all accounts, it was really great. But it had this weird thing in the middle, where I lost a lot of people along the way. And it had kind of a lower conversion rate of the people who watched the video series, which I'll get to more in just a second with the numbers. Only 4.66% of people converted, which honestly is about average, like three to 5% is average. 4.66 isn't terrible. It's low for me, though. But out of everybody who opted in to any point in the launch, only 1.94% of people converted.

And so, what caused that discrepancy? That's what I'm going to talk about today.  So, the mistake that I'm going to share with you that I made in this funnel caused 85% of people to fall off before the video series. So, the way that I ran this funnel, and this is how I recommend most people run a funnel, I start a launch with a lead magnet that starts to build and qualify your audience. And then from the lead magnet, you move people through into your launch mechanism. And for that launch, my launch mechanism was a video series.

And I found that in that launch, 85% of the people who opted into the lead magnet did not opt into the video series, which is fascinating to me. And it was something that I didn't realize until I did a launch debrief. And you've heard me talk about launch debriefs before. But I cannot stress the importance enough of actually sitting down and looking at your numbers. Because had I not taken a look at that and had I not really dug into that I wouldn't have seen this mistake. And they would have made this mistake over and over and over again. Because honestly a $70,000 lunch, you would think that's a pretty good funnel.  But it wasn't until I noticed these discrepancies and then talk to my mentor Brandon about it, that I started to see what really happened. And that's when you start to grow. Right? That's when you start to fix the areas of your funnel that are broken, so that you can generate more revenue and increase that conversion rate.

So first, I want to talk about how do I figure that I lost 51 K, I did not like actually have this $51,000 in my hands. It's not like I made it and then I spent it on something bad. So, I lost it. This is potential revenue that I missed out on because of this mistake that I'm going to talk about today. And so, I wanted to make that clear, I did not like misplace $51,000 I lost out on potential revenue. And here's how I figured that out in case you are wondering. And you want to see these painful numbers of what a mistake that you made cost you here's how I figured this out. So, if all of the people who made it into the free lead magnet had made it through the video series, I would have had 1742 leads for that instead of just 642.

So, I had 13,042 people opt into the lead magnet and only 242 of those people made it into the video series. That's crazy. That's 15% of the people who opted into the lead magnet made it into the video series. And I bumped on that when I did my launch debrief, I thought that was really, really weird. And I'm going to talk about how I figured that out a little bit later in the episode. And so, then I also ran ads to just the video series. And I got another 400 people who opted in directly into that from the ads, which 400 plus 1342 equals 1742. And that's how I figured out that number. So, I would have had 1742 people going through the video series instead of just 642. And like I mentioned, that video series converted at a rate of 4.66%, which is fairly average, when I factored in those 1300 people was when I got that lower 1.9% conversion rate.

So, if I had the same conversion rate of 4.66%, with the video series, and 100, or 1742, leads going into it instead of just 642 that would have resulted in 104 sales, rather than just 32 of that offer. I hope that that math makes sense. And that loss of 72 potential sales is what equals 51 K. So that was how I got to that number.

So, realizing that and like that kind of added that little twinge of pain to what I actually saw going on. But so, what happened to kind of rewind to that launch debrief is I had a free, like lead magnet that was all about running challenge launches. And then my video series was about standing out as a CEO. And in my brain, they worked together really well, because challenge launches was a part of my framework that I was teaching in the standout CEO. And so that part made sense in my mind, but for an observer, they would opt into something that teaches them about challenge launches. And then something that talks about standing out as a CEO in that did not create a linear path.

That was the mistake that I made was that my messaging between the lead magnet which initially attracted people, and then the video series, which is where I took them after that did not have a straight line. And the reason that I lost all those people was exactly that reason. And I didn't realize this until I did that launch debrief with my mentor Brandon Lucero. And he pointed out that that messaging was completely out of alignment.

And now that I can look back and see that, I completely see that right, I completely see that if I was brought into somebody launch around a challenge launch, like learning how to run five-day challenges. And then they directed me towards something about standing out and messaging, I totally would be confused to write as a consumer. But I didn't realize that it was completely blind to me, because in my own little bubble, it made sense in my brain. And you might be making this mistake to and not even realize it and that's what was really interesting to me, is I didn't even see that they weren't linear, because in my brain they connected, but we can be so close to our messaging and so close to our methodology, that we don't see that bigger picture, we don't see it as a consumer season. So that was really interesting to me.

And so, your messaging should be linear, it should effortlessly flow from one piece to the next down your funnel. And if it doesn't, like mine didn't, it's kind of like having a water slide where the pieces don't quite Connect. And you can imagine some people who are going right down the middle totally make it down the water slide, right. But the people who are on the sides, they fall out of the water slide and like hit the pavement and it's not good. And so, my funnel was a broken water slide basically. And I was losing people left and right 85% of people did not make it through this water slide. And that's staggering. That's a lot of people. I mean, that's over what is that 1100 people bananas, that did not make it through my waterslide which not only resulted in a loss of revenue, but also like a loss of my ideal client, right. I had attracted them for one thing, and then steered them left into this other thing, and there's really no coming back from that. There's a lot of people who don't keep what following after that. They're like, Oh, nope, this isn't what I thought it was. I'm out. And so there was long term loss there. too.

And so, this is definitely something that paying attention to in your messaging is really important. And what's really funny about this is at the time, I had already been working with Brandon, I already had his program video forex. And I already knew about his concept of the North Star, that your content and your messaging should all point toward a North Star. And that really just means creating linear messaging that moves people effortlessly through from start to finish. So that people make it all the way through. And I totally thought I had that. But it turns out that I did it. And that's why people were falling through the cracks. And this mistake is something that can cost you actual money and conversions like it did for me, all of our predictions were that this would be an easy six figure launch. And it totally would have been had I not made this simple mistake. And so that's why I'm pointing it out to you today, your messaging should all lead to your signature solution. And if you don't have a signature solution, if you are still out there being a short order course creator, creating whatever your audience wants, this is probably why your messaging falls flat.

Because if one month, you're launching something about like growing your Instagram, then you're going to attract people who want that. But then if the next month, you're launching something about launching, those are not necessarily the same people. And so, people are like, well, we're over here, oh, gosh, we're over here. Oh, gosh, now she's talking about Facebook ads. Oh, gosh, now she's talking about email marketing. And they don't know where you are, and they don't know where you're going. And so, they're getting lost in the curves of your waterslide, they are falling through the cracks in hitting the pavement. And that's costing you money.  And so, by creating a signature solution and having a signature method, in moving people toward that thing, that becomes your Northstar, that becomes your guiding light when creating everything, creating your freebies creating your launch mechanism, creating your content, all of it leads to that one thing, all roads lead to that signature solution, and you become known for that thing.

And so, it doesn't matter when somebody hops into your waterslide, they could hop in, in your free lead magnet, they could hop in with your messaging, they could hop in at your video series or your launch mechanism, they could hop in it your content, they could read your blog, and all of it leads people to your signature solution. And when you do that, you create a really tight waterslide where people make it all the way to the bottom, and not so important for conversions and for growing and scaling your business. And so, all of your messaging is consistent in leads toward the same place this signature solution.

And because mine didn't, I lost so many people. And like I said you might be making this mistake without even realizing it. Because if you don't know what you are known for, you're just building a broken waterslide. And so, I want you to really think about this and ask yourself, Is my messaging from top to bottom linear? Is it clear? Do all roads lead to my signature offer? Do all roads lead to my methodology? And if they don't, it's probably time to start thinking about what are you known for. And what do you want to be known for? I'm sure you did not create your business or start your business to create whatever your audience wanted. This really is the mindset of an influencer, right? influencers are people who create the content that their audience wants. So, they get more of an audience. And they create more content that their audience wants and not works. If you are an influencer, who's working with brands and making money in that way.

But if you're an entrepreneur, and you're selling your ideas, and you're looking for thought leadership not influencing, that's a totally different vibe. That's a totally different way to build a business. And you cannot build thought leadership by thinking like an influencer. And if you are still looking to your audience for what they want to create it, then that's why you don't have the level of true influence and thought leadership that you desire. Because you're really struggling through that journey of being a shorter course creator. And so, by creating that signature method, by having that Northstar, by creating messaging that leads people from each piece down a very simple road or down a waterslide. That's how you create consistency. That's how you create results. That's how you scale your business. And that's how you become a thought leader in your space.  So, my mentor Brandon, who helped me see this and helped me shift my messaging so that I wouldn't make that mistake again, is releasing his video series called the content revolution on March 1, which is super soon and it totally changed the way that I create content in my business. And I know that it's gonna change the way that you do it too. 

So, I'm really excited to share it with you it completely changed my business and you can get on the waitlist at Jess O'Connell dot com slash content. So, c o n t e n t to get on the waitlist for that. By the way, I would love it if you would share today's episode if it resonated with you take a screenshot and share it on Instagram and tag me at Jessica O'Connell underscore also if your content is falling flat, you're likely missing one of the three types of content your business needs to stand out. Next week I am sharing all three and why they are so important to converting your followers into clients. So, stay tuned and I will see you in the next episode.