Every month I publish an income report…why? Good question
With all the shiny objects out there it’s easy to spend WAY more than you’re earning. Luckily I realized this early on and I’ve kept detailed records of my expenses ever since. That being said, I know that there are certain expenses that are NECESSARY when running a business. As much as I don’t want to pay for them, I need to pay for my email autoresponder, website hosting, and video hosting every month. It’s just a part of doing business. There are other things that I buy as well, but I try my best to keep my expenses SIGNIFICANTLY LESS than my revenue. If I can do that then I’m ahead of the game.
On my show I ask my guests a lot of personal questions. One that frequently comes up is “How much do you make?”. I feel like I need to reveal my own income if I’m going to be asking others the same question. It only seems right.
There are a lot of online marketers out there who fake-it-till-they-make-it. In other words, they fudge their numbers and exaggerate their earnings in order to establish false authority in their niche. My goal is that by watching my income grow slowly over time you’ll realize that there is no get-rich-quick button.
Here’s my results for March, 2015.
50,296 page views (-50,053 from February)
29,284 Youtube channel views (+3,424 from February)
196,503 minutes watched (+64,973 from February)
Aweber subscribers: 6,599 (-9 subscribers from February)
GetResponse subscribers: 6,421 (+873 subscribers from February)
Total email list subscribers: 13,020
Accountant: $600 – I had to get my taxes done
oDesk Virtual Assistants: $466.23 – I have some workers helping me with daily tasks that don’t need me. I’m trying to outsource more and more daily.
Lead Pages: $197 – I’ve been using Lead Pages for a while now…and it’s one of my top tools
GoToWebinar: $150 – I use this for live webinars and training
Aweber: $69 – This is my list building software that allows me to email everyone when there’s a new interview
Facebook ads: $65.31 – Ad money spent for misc. FB ads
GetResponse: $65 – This is the autoresponder I use for my buyer’s list
Traffic Planet Hosting: $50 – The hosting account that I recently switched to. It’s super fast and I’m very happy with it.
Wistia: $46.78 – This is how I host my sales videos and course content. Normally I pay a lot less, but I had some spam traffic that unfortunately I have to pay for.
Improvely: $29 – This is a tool that I’m using to track the lifetime value of leads
Resell Rights Weekly: $19.95 – Reoccurring membership fee for the bonuses I add from my interviews and reviews
Schedule Once: $19 – A tool I use for scheduling coaching calls
WuFoo: $14.95 – A tool that allows me to take applications for my coaching program
Skype: $9.99 for premium – I do all my interviews with Skype and Ecamm call recorder on a Mac.
Sendgrid: $9.95 – This integrates with Easy Webinar 4.0 and allows me to send reminder emails to my registrants in a timely manner
Amazon S3: $3.67 – I use this to host images and videos
Total expenses: $1,815.83 (+$431.65 compared to February)
Webinar Fusion Pro: $2,305.57 from review and interview with Dwayne Golden
Affiliate Arbitrage Blueprint (CLOSED): $2,106.68 from review and interview with Zak Loveday
Solo Ad Arbitrage 2.0 (CLOSED): $1,551.02 from review and interview with Andrea Fulton
Video Ad Rival: $1,347.53 from review and interview with Peter Beattie
CPA Vid Krakken (CLOSED): $990.50 from review and interview with Saul Maraney
WP Dollar 3.0: $941.58 from review and interview with Abhi Dwivedi
Zero Bounce: $880.07 from review and interview with Ankur Shukla
AmaSuite 4.0: $848 from review and interview with Chris Guthrie
Five Figure Secret (CLOSED): $840.75 from review and interview with Bill Hugall
Five Figure Funnel Profits: $765.21 from review and interview with Thomas Owen
Funnel Trax (CLOSED): $758 from review and interview with Mark Thompson
Dark Post Profits 2.0: $594 from review and interview with Chris Record
Click Back Rewards: $583.88 from review and interview with Brett Rutecky
Buzz Ignition (CLOSED): $573.20 from review and interview with Neil Napier
Digital Software Lab (CLOSED): $563.32 from review and interview with Josh Ratta
Seamless SEO 2.0 (CLOSED): $543.22 from review and interview with Radu Hahaianu
List Building for 2015 (CLOSED): $527.49 from review and interview with Fergal Downes
CPA Niche Jacker (CLOSED): $492.93 from review and interview with Jon Smith
Lead Monster (CLOSED): $465.66 from review and interview with Karthik Ramani
Commission Vance (CLOSED): $428.91 from review and interview with Yair Dolev
How To Get Free Traffic From Affiliates and JVs: $388.87 from review and interview with Reed Floren
Arbitrage Underdog RELOADED: $318.57 from review and interview with Tom E
Video Maker FX: $242.60 from review and interview with Peter Roszak
Digital Millionaire Mastermind (CLOSED): $202.94 from review and interview with Alex Jeffreys
Online Wealth Academy (CLOSED): $202.50 from review, interview, and webinar with Mikael Dia
Zapable (CLOSED): $202.50 from review and interview with Chris Fox
Tube Sniper Pro 3.0 (CLOSED): $202.24 from review and interview with Joshua Zamora
2015 Traffic and Conversion Summit Notes (CLOSED): $197.40 from review and interview with Tim Castleman
The Fiverr Handover (CLOSED): $181.05 from review and interview with Fergal Downes
CTA Bar (CLOSED): $175.30 from review and interview with Sam Bakker
My Squeeze Page Builder: $158.80 from interview with Jayson Benoit
Tee Profits Recipe (CLOSED): $147 from review and interview with Demian Caceres
Explaindio: $124 from review and interview with Nick LaPolla
How To Get Traffic From Facebook Ads: $117.71 from review and interview with Reed Floren
Weird Niche Content: $107.88 from review and interview with Mark Bishop
Local Reputation Hero: $72 from review and interview with Matthew Ianotti
Vidlify (CLOSED): $71.64 from review and interview with Radu Hahaianu
Crowd Search Me (CLOSED): $69.75 from review and interview with Daniel Anton
HydraVid: $66.94 from review and interview with Walt Bayliss
Screencast Pro: $54 from review and interview with Joey Xoto
Ultimate Traffic Monster (CLOSED): $52.56 from review and interview with Naidy Phoon
Easy Profits Explosion (CLOSED): $49.65 from review and interview with Stefan Ciancio
IMNow Webinar (CLOSED): $48.50 from review and interview with Keith Lynch
InstaHook Video Backgrounds: $47.60 from review and interview with Brad Scott
Video Jacker: $47.50 from review and interview with Chris Fox
Tee Blueprint (CLOSED): $41.02 from review and interview with Manny Hanif
SEO Catalyst (CLOSED): $37 from review and preview
WP Profit Builder: $33.84 from review and interview with Sean Donahoe
Vidneos: $33.50 from review and interview with Ben Murray
TreasureCoach Linkedin (CLOSED): $31 from review and interview with Maksym V.
Kindle Money Mastery: $30.46 from review and interview with Stefan Pylarinos
Socialite Pro: $28.50 from review and interview with Luke Maguire
Fresh Store Builder (CLOSED): $28.50 from review and interview with Carey Baird
Tee Cash Boot Camp: $25.90 from review and interview with Andy Berard
Simple CPA Siphon (CLOSED): $24.47 from review and interview with Stephen Gilbert
Kindle Sales Rank Superhero: $24.17 from review and interview with Mike Balmaceda
Hero Tower (CLOSED): $23.50 from review and interview with Ross Carrel
1K Whirlwind (CLOSED): $21.28 from review and interview with Barry Rodgers and Andrew Brocklehurst
Operation Solo: $17.97 from interview with Anthony Tilley
Creative Post: $17.55 from review and interview with Guillermo Mata
iPocket Video: $16.20 from review and interview with Joey Xoto
Funnel Vision (CLOSED): $14.97 from review and interview with Dr. Ben Adkins
Smart Blog Networks (CLOSED): $13.62 from review and interview with Simon Warner
Kindle Marketing Magic: $13.31 from review and interview with Mike Balmaceda
Bing Brings You The Bling: $11.86 from review and interview with Rob Stafford
Solo Ad Business Blueprint (CLOSED): $11.60 from interview with Kate Rosenberg
Mobile Lead Monster: $10.80 from review and interview with Kevin Zichermann
Solo Ad Professor: $8.77 from review and interview with Paul Nicholls
Ad Factory (CLOSED): $8.10 from review and interview with Russ Schneider
Long Tail Pro: $7.60 from interview with Spencer Haws
Solo Ad Escape: $7.48 from review and interview with Kevin Fahey
Inner Circle Solo Ads 3.0 (CLOSED): $4.50 from interview with Rob Stafford
Total revenue from interviews: $22,204.49 (-$2,148.98 from February)
Private Coaching students: $3,994 – In this program I teach how to make money from affiliate marketing, list building, and product creation. If you’re interested in joining you can APPLY HERE.
Affiliate Income Secrets: $1,602.22 – My product teaching how I make money from affiliate marketing
Traffic Planet Hosting: $150 – This is the hosting that I use for all my websites
Resell Rights Weekly: $59.38 – This is a website that has a ton of products that you can use as your own
Kindle earnings: $18.20
Total from OTHER streams of income: $5,823.80 (-$1,399.03 from February)
Total Revenue: $28,028.29 (-$3,548.01 from February)
Total Profit: $26,212.46 (-$3,979.66 from February)
March was definitely a STRESSFUL month for me.
In my February income report, I talked about how I needed to make almost $50,000 in March and the first two weeks of April in order to pay off my tax bill. Well, I did it…but it took a lot out of me.
I was STRESSED in March. I got headaches. I was worried. But fortunately everything worked out fine 🙂
That being said, I never want to put myself in that position again. In 2015 I’m making estimated tax payments every quarter so I’m never in the same position again where I have to pay out such a big amount.
Zero Cash Flow to “Play with”
I’m a big fan of testing out different methods of making money online and investing BACK into my business. I haven’t been able to do that for a while now as all my cash has been earmarked to buy my apartment. Well, I’m REALLY close to being able to start “playing” again, and I’m excited about it.
I’ve built up a loyal audience who purchase through my affiliate links, and I want to reward them by investing some of those profits BACK into my business so I can LEARN, APPLY and then TEACH by showing real case studies of my results. It’s something that’s been missing from MikeFromMaine.com for a while now, and I want to bring it back.
The $10,000 Solo Ad Experiment
I need your input.
I plan on spending $10,000 testing out different solo ad sellers. I’ll be sending traffic to a funnel that I specifically created in order to make my money back in the quickest time from this investment.
I’ve been planing this out for quite a while now. And I’ve been running the numbers over on paper, but without a REAL test I won’t be able to tweak anything and improve on it.
So here’s what I’m thinking:
Spend $10,000 on traffic. At an average of around $.40 per click I should be able to get 25,000 clicks. If my squeeze page converts at 50%, that means that I’ll get 12,500 new subscribers on my email list.
These 12,500 new subscribers will see a $17 offer ,with a $27, $37, and $47 upsell.
If 1% buy the $17 offer that means 125 people will buy. That equals $2,125.
Of those 125 who buy the front end offer, if 20% buy the $27 first upsell, that means 25 people will buy. That equals $675.
Of those 125 who buy, if 10% buy the $37 second upsell, that means 12 people will buy. That equals $444.
Of those 125 who buy, if 5% buy the $47 third upsell, that means 6 people will buy. That equals $282.
If these numbers are correct, that means that I’ll immediately make back $3,526.
These 12,500 new subscribers will then be invited to a webinar where I sell my coaching program. That sells for $1,997. If only THREE people join, I’ll add $5,991 to the $3,526, thus equalling $9,517…which almost covers the full $10,000 ad spend.
Now there is ONE number I am VERY interested to figure out:
How much is ONE subscriber worth PER month acquired through these methods?
The industry standard is that you should earn $1 per subscriber per month. However, that number can vary based upon multiple factors including the origin of the subscriber (did they buy something…or are they just window shopping?), the offers you promote to them (it takes 285 $7 sales to equal just ONE $1,997 sale), and the marketer’s skill and experience.
If we assign a value of $1 per subscriber per month to these 12,500 new subscribers, then I would spend $10,000 to acquire them all day long. But I’m pretty sure that their value is LESS than that. How much less?
Let’s assign an estimated value of $.30 per subscriber per month. In that case, this list would make $3,750 in the first month. Then, probably $3,000 in the second month. And then $2,500 in the third month. Only in the FOURTH month would it start making a profit over the original $10,000 spent.
Ok, so that’s ONE way of testing out the traffic. There’s a couple more that interest me as well.
Sending Solo Ad Traffic to an Automated Webinar
I’ve been toying with the idea of skipping the previously mentioned sales funnel, and simply sending traffic to an automated webinar instead that sells my $1,997 coaching program.
If I spent $10,000 and got 12,500 subscribers…only FIVE would need to sign up for me to make my money back. Plus, I’d only need to do the presentation ONE time and the subscribers could watch it when it was convenient for them. It would definitely be the most PASSIVE way of doing things.
Sending Solo Ad Traffic to a LIVE Webinar
It makes sense that doing a LIVE webinar would have the highest conversions. However, I’d need to coordinate it so all my traffic was delivered on a Tuesday, so I could have the webinar on a Wednesday, and then do phone calls with the prospective coaching students on Thursday and Friday. In my experience, people forget about these things very quickly, and if you don’t talk with them promptly then they will lose interest. It’s just human nature.
The industry standard says that about 30% of webinar signups actually attend the event. So, if I got 12,500 people to sign up, that would mean that 3,750 would attend. When doing a webinar for 200 people, on average FOUR new students sign up at $1,997 per person. If those numbers hold true, that would mean that with 3,750 attendees, 75 new students would sign up for a total of $149,775 in sales.
Now, I know that number is super high. And another variable is that it’s based on doing a webinar to a list of people who have bought something from me or someone else, so the numbers are skewed. But even if I did one-third, I’d be signing up 25 new students, bringing in $50,000 in revenue, and $40,000 in profit, plus building a list of 12,500 subscribers.
It’s all a GUESS until I actually take action
I’ve been running these numbers over and over again on paper for the last 6 months. It’s driving me a little crazy 🙂
Maybe ALL of them will work. Maybe NONE of them will work.
But the truth is that I won’t know until I try.
So, here’s the plan of action:
I’m going to buy $3,000 worth of solo ad traffic and send it to my funnel to test things out. I’ll do a webinar for these subscribers and see what kind of a response I get. This will at least give me an idea of what my numbers should be if I start scaling.
So that’s it for this month…it’s time to take action!
Watched your webinar on promotion affiliate offers, brilliant. Thanks. Too bad I already have a coach.
Thanks, Ram. Glad to hear you have a coach 🙂
Am excited for you bud and amazed at the hard work that you do on a daily basis. You are a source of inspiration for me!
And you for me, Karthik.
I always wondered the same thing with Solo ads. I started running a private webinar at $197 averaging around (30%) attendee rate with a 31% conversion rate on a live call. Which is awesome numbers.
I thought if I pay average of $2 per click spend $1,000 on solo ads. Close 31% on a live call.
So 500 people click.
250 opted in at a 50% conversion rate from click to opt in
150 registered after opt in if I have a page DEDICATED To pushing webinar registrants
45 Attend of the 150 registered
14 sales at 31% average conversion on live call
$2,758 – $1,000 = $1,758 profit.
Replays = 8 – 14 extra sales depending how hard I push it.
Total with 8 sales on replay: $3,334 profit.
Now I have segmented the 20(something) people that purchased and move them up a level to a $497 program ~~~~OR~~~~ the future of IM.. SAAS or Monthly Membership with community based as the backend.
However, these are my #’s that I have generated so now its time to test since we know #’s. Its really all about knowing your #’s and then getting the RIGHT traffic source to make it convert.
What I’ve noticed recently is that when you give the subscriber 5-7 days worth of VALUE content leading up to a webinar it converts like WILD fire. I’ve also noticed that STORY based email leading up to a webinar is the HIGHEST converting (for my list at least).
Good luck Mike and hoping to see your results very soon!
Congrats with your webinar. I added webinars to my business at the end of 2014 and they are by far the most POWERFUL selling tool I’ve seen online.
Where are you currently getting traffic from for your webinars? One of the sources that I hear about over and over again is driving traffic with FB ads as you can target a specific audience. The difficult part for me is that it’s more difficult to send traffic from Facebook as they don’t allow income claims like “How I made $XXX online”. There are ways around it….and I’m in the process of hiring a specialist to find a work around.
I’m looking forward to watching your progress!
I am currently using FaceBook ads and retargeting 😀
You are right there are ways around it but you NEED TO be creative about it. You need to go ‘layers’ deep in order to get the attendee to register. The hardest part will be getting someone to subscribe to your email list because no claims or anything.
What I tend to do is giving something of value for the email. Once they get into the email I segment them into either FB list (to promote FB Ad Machine via webinar @ $197) or I put them onto a “affiliate marketing” email list where I push them Affiliate Super Class ($997). I have 2 things I can do now. Sell one of them on FaceBook ad machine and the other on a different program. However, the ad is VERY important.
When I create my ads now the banners are VERY simple. This is an ad I ran for folks who were on a retargeting list for paid traffic: http://prntscr.com/6wqeko as you can see it STOOD out and had an AMAZING ctr (around 14%) and 9/10 relevance score. I was getting about $0.33 per click to a landing page that was covering at around 60%. The only problem is… my audience was about 3000 people. Now that is big don’t get me wrong but its VERY limiting if I want to scale. So in essence after segmenting and spending a few hundred dollars on ads I will profit nicely… Then I have to figure out… Okay… where can I get more traffic to build up a pixel base again.
Here is how I run my traffic (feel free to use it to how you like).
I have an email list that opens my stuff. I can either A) promote to them or B) give them some sort of value for 3 days… Within those 3 days I try to MAXIMIZE all my total clicks to a certain ‘value’ page. That value page has a pixel to just track all those people. Now that I have their attention and provide them value via email they will either A) open my next email and get more value all the way up to webinar B) not open my email and get hit with a retargeting ad to sign up to a webinar. Now what I tend to do is on Day 2 of my ‘value spree’ I include ANOTHER pixel. Now… I create a brand new ad with those pixels and then EXCLUDE it in the pixel from the day before. So essentially the audience gets smaller, more targeted, and more responsive and I can cater ads around them once I know they have seen day 1 but not day 2.
I will create an ad that says something like “well you missed the 2nd part… come and see it” (while staying within the 20% rule – LOL).
It works WONDERS! The bigger the list the better the results.
I tend to stay away from promoting affiliate products to my list, rather ‘promote’ value and pitch via ads.
Hope that made sense 😀
Good effort on the income. I really do like to see how you get on with the new funnel and high solo ad spend.
I noticed you use (correct me if I wrong) thrive leads which popped to the right but with regards to your funnel are you using your “affiliate income secrets”?
If not check out Lee Murray’s “21 and done” which It what I building my new funnel on.
Take care Mike and wish you all the best
Yes, that’s the funnel I’ll be using. There are still MILLIONS of people who have never seen the sales page 🙂
I love reading these income reports every month. It’s nice to see how far you’ve come from the very beginning. You are an inspiration to many up and coming marketers like myself. Unfortunately I had to take a few months off to prepare for my wedding, but with that out of the way, it’s time now to start taking major action and ramp things up a bit. Thanks for always being upfront with everything you do. You are an inspiration!
Congrats on getting married…now you can concentrate on your business. I’ve made more money since hitched than I ever had in my life before…coincidence? 😉
I’ve purchases hundreds of solo ads over the last couple years. My subscribers (from solo ads) make me nowhere near the $1/month per subscriber. If they did, I’d be a very wealthy dude.
That being said, I don’t have a really high ticket product in my funnel. I’m very interested in seeing your results!!
If you want purchase a solo from me for the case study, I’d be happy to be apart of this.
Thanks for your contributions,
Thanks for your input, Brendan.
So nowhere near $1/month, eh? That makes sense. My estimate is $.30 per month per subscriber as I recall speaking with some solo ad sellers with 10,000 subscribers lists that were making around $3,000/month.
What do the numbers look like for you, if you wouldn’t mind sharing?
My numbers from solo lists are worse than that. My open rates have really gone down hill, though. I built up a 30K list in Aweber. I was making about $3,000 per month by selling solos and promoting products. Many solo sellers send multiple emails per day. I was not.
Now I’ve cleaned house quite a bit. Removed over 20k leads from Aweber to get under the 10K pricing cap. I currently make about $1,200 per month from this Aweber account, but I’m moving over to the “add-value” type of business. My YouTube channel: http://youtube.com/user/macbr9 is growing at about 30-50 subscribers per day. My plan is to build the relationship with these videos. And hopefully help people out in the process.
I’m also going to be going on a solo ad spending spree. But this time, I’m going to focus on building relationships in order to have a more sustainable business model.
Thanks Mike, as always, for your dedication to transparency. Really looking forward to your results.
I don’t check your income report monthly, even though I know you do publish it monthly. I do watch the Mike From Maine Show and have enjoyed every episode I’ve seen. The willingness to post your income AND lay out your plans with options takes major guts (keeping it nice here). It sure seems to me you aren’t looking for any defined destination, but rather are tasking time to enjoy the journey. And before someone says it, I’m quite sure you have goals written down to keep you motivated. Good job Mike. Thanks for all you do!!!
These income reports are as much for ME as they are for you. I think it’s important to sit down and reflect upon what you’re doing AT LEAST every month. I recommend that all my students do they same. Plus, documenting your journey in a public setting creates a “story”…and that makes it much easier to develop your own brand. Brands with stories SELL 🙂
As Brendan said, solo ad subs are indeed lower quality. I spent a lot of money on solo ads, but nothing beats buyers or subs that came from my blog.
If I were you Mike, I would rather invest that money in outsourcing product creation, JV manager and similar stuff.
Just my 2 cents.
I 100% agree that buyers are MUCH better than solo ad subscribers as far as monthly income is concerned. However, I also know from experience that there are buyers on solo ad lists. My goal is to siphon them off and introduce them to my brand. My responsibility is to deliver more value to them then they’re getting from others, and make them a loyal lifetime customer.
Outsourcing product creation? Hmmm, perhaps in the future. But I need to tackle the solo ad industry first and deliver some REAL numbers back.
By outsourcing product creation, I meant a WP plugin or a software.
Anyhoo, let us know how things work out with the solo ads if you decide to do that experiment.
Keep paying your taxes! Lol
Haha, I will.
I am happy to hear about your new test.
I want to ask one thing about this your statement:
“If we assign a value of $1 per subscriber per month to these 12,500 new subscribers, then I would spend $10,000 to acquire them all day long. But I’m pretty sure that their value is LESS than that”
Here, you have a list of about 13k subscribers, but you’re earning about $ 2 – $ 3 dollars each month for any subscriber.
You are always earn $ 20,000 – $ 30,000 (or more) per month from your list.
Why do you say that a subscribers in your list will worth only $ 0.30?
Thank you for your clarification.
Good question, Stefano,
That $.30 per subscriber number is a guess. I don’t know what it will be. It could be more…and it could be less.
Why is my estimate so low?
The common belief is that people on solo ad lists are what is called “freebie seekers”. They are used to receiving free gift after free gift, and thus they are less likely to pull out their credit cards.
Also, they are most likely on a TON of email lists. The more lists someone is on, the less likely they’ll open up YOUR email since their inbox will be full of offers from other marketers.
I’m going to test that assumption and get some solid numbers. I’ll be tracking both sales of my OWN products AND affiliate sales.
Ok, now I totally understand your point Mike.
The problem is that the costs of acquiring a lead increases considerably by using other traffic sources.
It is not hard to get to pay a $ 3 – $ 4 – $ 5 if you use FB Ads or Google / Bing.
Ofen you can pay $ 0.70 – $ 1 per click, and the optin rate is significantly lower than the average obtained with solo ads.
This brings a CPL (cost per lead) of $4 – $5.
100 leads will cost you $ 500.
You will understand that it is a forced choice to use webinars in your sales funnel.
What do you think about my view on this?
I think is a necessary step to dedicate one or more traffic sources if you want to scale this business.
I’m looking forward to reading your results on your solo ad experiment.
I have dabbled but no where near on this scale.
Good luck Mike!