Episode 112 “Derick Favored Ice Cream”
And we’re live! Derick says he is going to raise his prices on Watch Me Code. Derick talks about getting some ideas from the guys at egghead.io. Derick wants to experiment with annual subscriptions and maybe stop the monthly subscriptions. Derick get ideas to possibly try a 6 month or quarterly type subscriptions if the annual model does not work out.
John suggest doing an annual plan with a shorter term model. Josh asks about the turn rate. Derick says he has a 10% turn rate. Derick thinks at least half dozen people are signed up for the entire year. According to the turn rate, the annual plan makes sense for Derick subscriptions. Derick thinks this is going to change the overall message to the corporate organization who pay for their employee’s subscriptions.
Josh suggest outlining a ‘battle plan,’ so the EntreProgrammers can help him keep on track. Derick says he wants to try this plan for 2 months, which is fair enough to lose sales for 2 months until things pickup on the new model. Derick plans to create some special video content for the on-boarding of new signups.
John is concerned about not having a monthly plan. Chuck thinks he should have a baseline for sure. John thinks that $15 verses $50 means those who are willing to pay more are serious about the subscription. Josh suggest a lifetime subscription at $997.
Josh says the 3-4 month customer lifetime is normal for this kind of site, and increasing that is difficult. Josh thinks the revenue will let you know which model or models to go with. John suggests a type of community forum as apart of the new plan. Derick thinks using a Slack channel or using a Facebook group.
Derick say he needs to go back to PayPal integration in Drip, and creating an automated system to invite people to Slack when they signup.
John says he is into the bookkeeping or digging deep into his bookkeeping. John says he is following what his current bookkeeper is doing. John mentions he wants to switch to a cash base accounting. John thinks this will streamline the bookkeeping system.
Chuck talks about the numbers in his bookkeeping. Chuck thinks he may have to ask his bookkeeper some questions. John says it is important if things are categorized to track what is making the revenue. The EntreProgrammers talk about how to check on bookkeeping and understanding how how numbers are defined. Chuck talks about having to let go of one of his Rails developer.
Chuck talks about his experiment with WordPress and building out a site. Chuck mentions he got more done with his WordPress site this past week. Derick mentions that EntreProgrammers no longer have Nird as a sponsor.
Derick plugs the book “Death by Meeting” by Patrick Lencioni. The EntreProgrammers talk about their experience at Micro Conf. and being recognized by tons of fans.
Derick shares a story about trying to get into the Ghost Bar with John. “What happens in Vegas gets broadcast on Youtube.”
John mentions doing a talk at Micro Conf., especially about 401k and real estate. Chuck ask what was one of the biggest take aways after attending Micro Conf. Chuck talks about his conversation with Kai Davis and his key take aways. Derick talks about putting names to faces and finally meeting Rob Walling, and his takeaways for Micro Conf. John talks about not really have a list of things, but making tons of connections. Josh mentions that he is still not in the spot to where the situations apply to him at this in his business.
Josh thinks that the Life Style business idea is a cope out and explains why. EntreProgrammers discuss a what a competitor is on a smaller scale. John says it’s hard to create 500 dollars of passive income, but once you start creating 3000 dollars of passive income, its not hard to create 10,000 dollars thereafter.
Thoughts for the Week
Derick - Stop making excuses…and get your product out the door.
John - Always face the truth.
Josh - Get to know your customers
Chuck - Get comfortable being Uncomfortable….