Joey Xoto, Co-Founder at Viddyoze joins Hammad Akbar in this episode of Launch Legends Podcast.
When entering into a new business, always look for mentor
Joey wanted to get away from his 9-5 job and was looking for ways to earn money online. Before entering into the online marketing space, he looked for a good mentor to guide him. He reached out to Alex Jeffreys who was selling coaching services at the time.
Alex Jeffreys was quite an experienced guy in this field and Joey couldn’t afford to pay for the course. Joey suggested that instead of paying the fee he could make a promotional video for Alex. Joey had a background in videography and he showcased that skill to Alex who was blown away. That video ended up making a big impact on his business.
Alex advised Joey to start his own course and helped him set up his first course. This was the starting point of his journey. Joey launched his first information product in 2013.
How to convert lifetime customers into recurring customers:
Joey created a Minimal Viable Product and launched it. He managed to earn half a million dollars and got 8000 customers in just 4 days. Joey nurtured his product and launched a new version every year. He sold one time license to customers for $67 which was a nominal cost and then converted those lifetime customers into recurring by giving more templates every month. To get new customers, he offered his affiliates 100% one time license revenue and 50% of recurring revenue.
Leveraging Ad spending to generate revenue
Joey tried various advertising agencies but they failed to give desirable results. He found an expert in the field and offered him a lucrative position in his business. Since then, his business grew with paid advertising. He started from spending $ 2000 to $ 3000 on ads per day to $8000 and now spending around $ 80K per day on ads.He used paid advertising to drive people directly to the sales page without distracting them with any free trials.
How to take advantage of corona situation:
Joey is capitalizing on the Corona situation in a big way. He has increased ad spending as the ad rates have declined and big brands are no longer spending money on paid advertising. He is getting around 1200 customers and generating around 8 to 15 K recurring revenue everyday with paid advertising. April proved to be his biggest month since the launch of the business and earned around $1.4 million whereas he is about to break the last month record as he is expected to earn around $3 million this month
Focus on getting the customers
Joey’s advice for new entrants is to just focus on doing rather than planning. People should not try to perfect the product, they should just launch the product and get feedback from the customers. Other aspects of the product will eventually improve with time. Their focus should be on how to get customers. You should find one method that works to get new customers and then use it again and again.
