FIO Project (revised)
Drew Breaux
Revising my original FIO project (installing metrics alerting and reporting system) to an FIO that I already posted this quarter. Revising below with latest revenue numbers and projections from the project.
Problem:
After running a couple of these promotions, we noticed a pattern of having more students who applied but never paid their $100 application fee than actual students who full paid the $500 seat. An example of this is 46 non-deposit applications in CA3 and a total of 26 full pay students. In PA-7 we had 41 full pay students and 72 non-deposit applications.
This signals that there's significant interest in the product, but also significant friction in the process we're using to sell.
Solution:
Remove all the friction (the 2-step process, application, application fee, and high price) in order to provide a buying experience that customers are already used to - see something interesting, click to learn more, click to buy it - done.
We then would route the purchaser to a thank you page with a CTA to book a call with the sales team. This was done in an attempt to make revenue on the front-end of the accelerator before the students go through the class.
Results:
338 purchases: $33,462
109 calls booked
62 showed up to call
9 SQLs
5 Closes: $36,794
Total revenue (front-end): $70,256
How does it compare to the "old way"?
Latest Accelerator: PA-7
41 purchases: $20,500
29 calls booked
19 showed up
11 SQLs
5 Closes: $36,365
Total revenue (front and back-end): $56,865
Total revenue projections:
Conservatively, I would project 15-20 SQLs out of the 220 (7% SQL rate) remaining students after the class is completed as students roll-off onto GU calls. Based on our close % for SQLs on the front end, this would equal 7 to 10 GU sales, which is additional revenue of $48,650 to $69,500 (with price of $6,950).
This would bring total revenue for this project to a range between $118,906 to $139,756
Problem:
After running a couple of these promotions, we noticed a pattern of having more students who applied but never paid their $100 application fee than actual students who full paid the $500 seat. An example of this is 46 non-deposit applications in CA3 and a total of 26 full pay students. In PA-7 we had 41 full pay students and 72 non-deposit applications.
This signals that there's significant interest in the product, but also significant friction in the process we're using to sell.
Solution:
Remove all the friction (the 2-step process, application, application fee, and high price) in order to provide a buying experience that customers are already used to - see something interesting, click to learn more, click to buy it - done.
We then would route the purchaser to a thank you page with a CTA to book a call with the sales team. This was done in an attempt to make revenue on the front-end of the accelerator before the students go through the class.
Results:
338 purchases: $33,462
109 calls booked
62 showed up to call
9 SQLs
5 Closes: $36,794
Total revenue (front-end): $70,256
How does it compare to the "old way"?
Latest Accelerator: PA-7
41 purchases: $20,500
29 calls booked
19 showed up
11 SQLs
5 Closes: $36,365
Total revenue (front and back-end): $56,865
Total revenue projections:
Conservatively, I would project 15-20 SQLs out of the 220 (7% SQL rate) remaining students after the class is completed as students roll-off onto GU calls. Based on our close % for SQLs on the front end, this would equal 7 to 10 GU sales, which is additional revenue of $48,650 to $69,500 (with price of $6,950).
This would bring total revenue for this project to a range between $118,906 to $139,756