Leah and C.J. practically give you gold in this week’s episode on metrics, where they discuss nine different metrics you will find in any successful ecommerce business.
What are metrics? Metrics are a mode of measurement that you need to be aware of and be tracking in order to be a profitable musician.
The dirty details of “business” analytics can be off putting to a creative soul, but if you’re going to succeed in this new music industry, then you need to know and understand the basic metrics that will propel your music career forward.
What are you supposed to be measuring? Tune in to Episode 83 and find out!
Key Points From This Episode:
Email is still King “What is The Metrics?” Cost of Goods Sold Gross Margins General Overall Conversion Average Order Value Customer Acquisition Cost Lifetime Value Customer Retention Rate Abandoned Cart Rate Return On Ad Spend Tweetables:
“If you have 10,000 email addresses, that’s a potential of $10,000 a month.” - @LEAHthemusic [0:03:07]
“The goal is get those email open rates up.” - @LEAHthemusic [0:03:20]
“This has everything to do with how do you make money online, how do you advertise, all the principles of good marketing. But you put music in it and now we’re just in a new industry. - @LEAHthemusic [0:03:07]
“In e-commerce, you’re going to see anywhere between 1 to 3%. That’s a normal conversion rate…. So that’s going to give you an idea of how much traffic you really need to be getting to your shop in order to be profitable.” - @LEAHthemusic [0:15:42]
“If you want to become good at this, start becoming fascinated by psychology, because that’s all this is. It’s what makes people do certain things.” - @LEAHthemusic [0:18:28]
“Your money’s not made on the front end. It’s made on the back end. All the emails, those abandoned carts, those upsells, those relational emails. It’s all email and retargeting, showing people ads later on.” - @LEAHthemusic [0:22:40]
“If you listen to somebody’s early work, it doesn’t sound as good as the stuff they write now, and why? Because they grow as an artist, and you’re going to grow as a marketer. You have to give things time to work.” - @metalmotivation [0:33:16]
Links Mentioned in Today’s Episode:
Book a Call With Us — http://www.CallSMA.com
Andre Tempfer (Elite Student) — https://www.facebook.com/dretamashi/