WEBVTT NOTE This file was generated by Descript 00:00:00.309 --> 00:00:00.880 Hey everyone. 00:00:00.910 --> 00:00:04.720 Blake Oliver here, founder at Earmark CPE, and in this video, 00:00:04.720 --> 00:00:07.660 I'm going to go over the results of the survey I sent out last week. 00:00:08.050 --> 00:00:11.290 Last week, I sent a survey to all of you asking, "What would you be 00:00:11.290 --> 00:00:15.580 willing to pay for an unlimited subscription to earmark CPE that 00:00:15.580 --> 00:00:18.340 includes the following: Unlimited CPE. 00:00:18.800 --> 00:00:19.840 A Media Player. 00:00:20.290 --> 00:00:21.670 And Premium Content. 00:00:22.240 --> 00:00:27.880 And an incredible 157 of you responded to this survey, which is 00:00:27.880 --> 00:00:31.840 a lot, considering that it only went out to about 1700 or 1800 of you. 00:00:32.260 --> 00:00:37.210 I want to get into the numbers, but first, my takeaway from the feedback 00:00:37.210 --> 00:00:38.590 that you gave me in the notes. 00:00:39.460 --> 00:00:43.630 My big takeaway is that the unlimited CPE is what you're here for. 00:00:43.900 --> 00:00:46.120 That makes sense because that's what we offer right now. 00:00:46.450 --> 00:00:49.870 The Media Player and the Premium Content, not so important. 00:00:50.590 --> 00:00:54.460 You're listening to podcasts in your podcast player of choice, and you're 00:00:54.490 --> 00:00:56.379 watching YouTube videos in YouTube. 00:00:57.010 --> 00:00:58.900 You don't really see the need for the media player. 00:00:59.170 --> 00:01:00.430 Premium Content, same deal. 00:01:00.430 --> 00:01:01.510 We don't have it right now. 00:01:01.780 --> 00:01:03.490 So it's not really part of your thinking. 00:01:03.910 --> 00:01:06.790 So I'm just stripping that out from this whole discussion. 00:01:07.120 --> 00:01:10.060 And we're just going to look at the pricing for this Unlimited Subscription 00:01:10.330 --> 00:01:12.370 in the context of Unlimited CPE. 00:01:12.550 --> 00:01:13.510 What you're getting right now. 00:01:14.290 --> 00:01:18.220 And then as we add the Media Player and the Premium Content, maybe we'll add 00:01:18.220 --> 00:01:22.940 additional tiers to capture the value of those additional options, those 00:01:22.960 --> 00:01:24.670 additional features once we have them. 00:01:25.810 --> 00:01:29.260 So back to the numbers, 157 responses. 00:01:29.800 --> 00:01:32.080 What was the most that anyone would be willing to pay? 00:01:32.290 --> 00:01:33.700 That was $600. 00:01:33.820 --> 00:01:34.270 Wow. 00:01:34.750 --> 00:01:38.710 There were three of you that were willing to pay $600 and hey, that 00:01:38.710 --> 00:01:40.420 makes me really happy, really excited. 00:01:40.780 --> 00:01:44.170 The median, or the middle value, was a hundred dollars. 00:01:44.860 --> 00:01:48.880 The minimum was $0 or close to it because you couldn't actually put in zero. 00:01:48.970 --> 00:01:49.600 My mistake. 00:01:50.270 --> 00:01:52.640 Plenty of you said, "Hey, I get free CPE now. 00:01:52.640 --> 00:01:56.780 I love Earmark, but I'm fine with just getting free CPE. 00:01:56.780 --> 00:01:57.920 I don't want to ever pay for it. 00:01:58.340 --> 00:01:59.360 And that I can respect. 00:01:59.660 --> 00:02:03.500 Uh, and that's okay because we currently generate revenue from advertising. 00:02:03.950 --> 00:02:07.490 And so I'm happy to have you as part of the Earmark Community because 00:02:07.520 --> 00:02:10.700 we'll make money from advertising and use that to create CPE. 00:02:11.100 --> 00:02:12.360 And we're not going to exclude you. 00:02:12.736 --> 00:02:15.646 We're always going to have a free option for earmark that 00:02:15.646 --> 00:02:17.356 will be supported by sponsors. 00:02:17.596 --> 00:02:21.326 Now the average, the average was $122. 00:02:21.866 --> 00:02:25.166 And the standard deviation was $117. 00:02:25.586 --> 00:02:30.806 And so if we add 122 and $117, it suggests that our upper limit 00:02:30.866 --> 00:02:35.996 on the price for an Earmark subscription currently would be $239. 00:02:36.446 --> 00:02:39.536 Whereas the lower would be close to zero. 00:02:41.216 --> 00:02:47.006 I grouped all of the responses into buckets of "Would pay X amount or more." 00:02:47.606 --> 00:02:53.096 So based on the value that you put into the survey, would you pay $49 or more? 00:02:53.396 --> 00:02:56.306 There were 125 of you who said "Yes." 00:02:56.546 --> 00:03:00.746 So if you put in $80, you're in that bucket of $49 or more, if you put in 00:03:00.746 --> 00:03:02.816 $600, you're in that bucket as well. 00:03:03.356 --> 00:03:04.916 Here's the percentage of the total. 00:03:05.576 --> 00:03:09.386 And then over here in this column, we've got the ARR value. 00:03:09.656 --> 00:03:12.836 So this is if we took the number of people who said they would pay 00:03:12.836 --> 00:03:17.606 that much or more, and multiplied it by the value of the subscription. 00:03:17.606 --> 00:03:21.116 That's how much annual recurring revenue, annual subscription revenue 00:03:21.116 --> 00:03:23.186 we would generate every year. 00:03:23.744 --> 00:03:26.294 And, right away, something stood out. 00:03:27.044 --> 00:03:32.684 In the $99 or more, we had the biggest chunk of recurring revenue. 00:03:33.224 --> 00:03:36.674 And it represents 45% of the total possible ARR. 00:03:37.664 --> 00:03:45.064 The $19,167 is if we took all of the responses and value priced you all. 00:03:45.164 --> 00:03:49.294 So that would be, if we just took the number that you put in and charged 00:03:49.294 --> 00:03:54.374 you that as your subscription, we would generate $19,000 in ARR. 00:03:55.304 --> 00:04:01.004 So the $8,613, that represents 45% of it. 00:04:02.054 --> 00:04:04.064 So that seems to be the place where we should start. 00:04:04.094 --> 00:04:06.014 If we're going to have one subscription price, this is going 00:04:06.014 --> 00:04:07.214 to generate the most revenue. 00:04:07.574 --> 00:04:09.224 But it also shows there's a gap. 00:04:09.254 --> 00:04:14.690 We could be making 55% more money if we figured out how to also create cheaper 00:04:14.690 --> 00:04:17.330 plans and more expensive options. 00:04:17.870 --> 00:04:19.040 We're going to figure that out. 00:04:19.750 --> 00:04:21.670 So that's where I'm starting. 00:04:22.120 --> 00:04:24.040 $99 per year. 00:04:24.430 --> 00:04:28.450 Because 55% of you said, "I'm happy to pay that." 00:04:28.630 --> 00:04:30.940 Now again, we're not going to take away the free option. 00:04:30.970 --> 00:04:32.320 We'll still have a free plan. 00:04:32.710 --> 00:04:37.600 So hopefully the 45% of you who aren't willing to pay $99 per year. 00:04:37.990 --> 00:04:41.470 Uh, will be happy to stick with Earmark on our free plan as well. 00:04:42.430 --> 00:04:47.980 So the plan is start at $99 per year, offer the Unlimited CPE, continue to 00:04:48.010 --> 00:04:51.820 add interesting new shows, courses. 00:04:52.030 --> 00:04:54.520 We're adding five to ten per week. 00:04:54.808 --> 00:04:58.439 Now there's one thing that I want to add into this, and that is a Member Community. 00:04:58.999 --> 00:05:03.889 So as part of the subscription, the annual subscription, you will get access to a 00:05:03.889 --> 00:05:10.729 community of fellow Earmarkers who can talk to the Earmark Team, including me, 00:05:10.969 --> 00:05:14.269 and tell us, what do you want in Earmark? 00:05:14.269 --> 00:05:15.349 What kind of content? 00:05:15.349 --> 00:05:17.689 What kind of authors, what kind of features? 00:05:17.929 --> 00:05:20.089 You can help guide the development of this app. 00:05:20.989 --> 00:05:25.399 And while the ARR, it doesn't seem like much to start. 00:05:26.059 --> 00:05:31.369 If we can increase our membership by 10 times, hey, that's $80,000 per year. 00:05:31.369 --> 00:05:36.709 And then if we can add some additional features that creates a $199 per 00:05:36.709 --> 00:05:40.879 year subscription, or perhaps a $299 per year subscription, or maybe 00:05:40.879 --> 00:05:43.819 we start selling premium courses, then we've got a real business. 00:05:43.819 --> 00:05:47.329 We could have a hundred thousand, $200,000 in annual recurring revenue 00:05:47.632 --> 00:05:53.002 and that would be at this point, uh, enough to fund the CPE creation 00:05:53.092 --> 00:05:57.082 and a good chunk of the development of this app to make it even better. 00:05:57.290 --> 00:06:02.550 That's my hope is I want to make this a member driven organization and then 00:06:02.550 --> 00:06:06.330 we can also have sponsors supporting the app as well, but we don't have 00:06:06.330 --> 00:06:08.160 to be beholden to our sponsors. 00:06:08.160 --> 00:06:12.957 And I think that's really important when it comes to upholding the quality of the 00:06:12.957 --> 00:06:17.967 educational content that is on this app when it's a member driven organization. 00:06:17.967 --> 00:06:20.457 So, again, thank you everyone for participating. 00:06:20.888 --> 00:06:24.848 Thank you for watching and nerding out with me on the metrics. 00:06:25.498 --> 00:06:27.338 If I missed something, hey, let me know. 00:06:27.338 --> 00:06:28.988 Maybe I'm analyzing this wrong. 00:06:29.348 --> 00:06:31.274 But, uh to me, it's pretty encouraging. 00:06:31.484 --> 00:06:37.124 So I look forward to continuing to build Earmark with you and with the team. 00:06:37.544 --> 00:06:42.584 And I'll come back to you with more, as we move forward to launching the 00:06:42.584 --> 00:06:45.044 subscription, hopefully in June.