Your av. LTV with Your SVOD users (Case Study) Part 2
Part 2 of 4
Anyways, this was a brand new client of mine. We had no previous working relationship. We had never met before.
(If you’re reading this as a consultant and interested in what I did to find & win the client, then I’ll write about that in a separate article here).
Regardless of whether you want to run this process for your own membership, or bring someone else in to run it for you, I’d recommend the following bit of prep work:
Plan and run a workshop.
Here’s the overview — free pdf (email not required).
Have a quick skim through that — but download it / save it for later. Then you’ll want to come back here and carry on.
It’s worth knowing these 2 acronyms:
AIDA and AARRR
They get talked about on MBA programmes and in startup circles. They relate to your funnel.
People have slightly different meanings for each of these pieces, but I like to think of them as (loosely) tying together as you can see from the whiteboard drawing in the workshop with my client.
AIDA is sort of your top of funnel.
Attention, Interest, Desire, Action
Then after someone becomes aware of you, pirate metrics come into play (a term coined by Dave McClure of 500startups).
Another way of “bucketing†areas of your funnel is by thinking of “Get, Keep, Growâ€. That’s courtesy of Steve Blank (& the lesser-known Bob Dorf), authors of the Startup Owner’s Manual.
The funnel is useful to draw out because then you can use whatever simple analytics tool (or even spreadsheet) to see where the bottlenecks are. i.e. where are people dropping out of the user journey.
When you plan a growth initiative for your business, it normally makes sense to focus on just ONE area of the funnel at a time.
(I’ll show you later on how to set up a “Growth Lab†to plan, execute and track all your great and whacky ideas for growing your business… it’s not as hard as you might think).
And then we mapped out the “value ladder†to get a sense of the overall business architecture. If you haven’t yet done this for your business, then take a moment now to draw your own value ladder. Or “Value Staircase†as my client pointed out it looks more like.
Don’t worry about what goes on the steps. That’s what this article is all about.
You can see one of the co-founders reflected in the whiteboard, renaming the value ladder. I’ll show you a really great tool for mapping out sales funnels, a little later on in this case study.
End of part 2 of 4.
To continue reading, kindly click on the link below.
https://storythis.com/svod-case-study