What's More Important To 300Editors, Affiliate Marketing w/ Rev Or A Freddy Negrete Tattoo Contest?

Tyler, how are you.

Doing? Great.

Sorry for keeping you on hold. So. So long, bro.

Hey, no worries.

So tell me about your business and your, your question.

Yeah, so essentially I appreciate you taking the time. So the business to give you just a little context is something we actually, we just acquired about a month ago, maybe a little more than that, but it's essentially a piece of software that sits on top of Google Docs. And essentially, let's say you have a doc pulled up, it allows you to pull a real time editor in and edit any content that you've written in Google Docs in real time, less than 10 minutes. You have a professional editor in your doc, editing, proofreading, anything like that. So pretty cool piece tool, real person, real time, the only real time editing service on the market. So we're excited about that. And the question is, I mean we acquired this business and it's getting a substantial amount of organic daily downloads just through the Add on marketplace. But many of those downloads are being, it's a mix of businesses, but a majority are students. And that was kind of where the, the business was kind of focused. But not a lot of them are actually turning into paying customers, students not having a ton of money. So we're just trying to get some clarity on. Yeah. How to niche down, how to focus the tool, whether it's towards businesses or if there's an angle towards students that we're overlooking or maybe even schools. What would be your best advice there? And just getting clarity on, on how to maybe niche down or better target the piece of software and tool.

How are you monetizing it right now? Like how do you charge for it?

So it's charge price per word. So we've set up, there's kind of an a la carte. So it's set up right now is seven and a half cents a word a la carte. And then if you buy a subscription, it's a flat five cents a word.

Okay, and how many of these dudes are you selling a day? Like what kind of volume are we doing?

Yeah, so we're getting about 30 to 50 downloads a day of the tool in Google Docs. And.

Right now, I mean, the software isn't bringing in a ton of money, but it's, it's closing about probably like one to three new customers a week.

And how many employees do you have that are these live editors?

The live editors, we've got about 50. And they're set up as kind of independent contractors that kind of like think Uber for editing. When a new opportunity is available. It pings everyone. And the first editor in that industry that takes it gets.

Gets the job.

Okay, so what about.

Well, what are your margins like? Let me understand your margin on an editor. How much does it cost you to have something edited and would the editors participate in a loss leader, do you think? Like if we did a thing where we said your first document is free, up to 200 words, but you have to subscribe, and we were only selling subscription instead of the seven and a half, so you had to sign up for the subscription. Like, I'll give you an example. Business Outlaws website. We give you a month free, but you got to put in your credit card. And then we're gonna, we're gonna charge you $7 a month. The stick rate is very high because the price is low. They get it for a month. They get to go in there and see the content that we have in there. If you did a document for free. And I, I want to talk about how we market this also. And you know what, what we're doing there. But what about an idea where the, where the editors took a little bit of a haircut on new members for, for one free document of 200 words to get them to sign up and then everybody's a subscriber.

Yeah.

Yeah. I think the goal is obviously we're trying to anchor the pricing to subscriptions. Maybe that's the only option. But where we do have a call to action and kind of a front end offer of right now it's 50 words for free. We were going to try to bump that up a little bit. That's how the software was kind of positioned when we took it over. So they do give you a baseline, kind of a free free word count to kind of test it out. But it's, I mean, you can just sign up for free, use the 50 words. You don't have to put in any information currently.

Make them put in information. And then what if we go to a real subscription model where it's, you know, 29.95amonth up to so many words. And then after that they, they pay per word. So everybody's automatically paying per month, like $10 or something. Maybe 29 is too high, but it's 9.99amonth. And then what would, how many words would you get for 10 bucks?

So is that 200 words.

Doing that? No, I'm not doing that. Right, right.

1,000 words would be 50 bucks.

So, yeah, it's 200 words, right?

Yeah, around 200 words. Okay, so what if you charge nine, 9.95amonth for the subscription that automatically renewed monthly. You got their information in their credit card and then they had up to 200 words and then after that they pay 5 cents a word.

So you're gonna have tons of people that are billing $10 a month that are then going to be reminded to use it.

Yeah, now that's, that's a good point as well. To kind of get a base, a base subscription and then they can kind of add words from there.

Okay, and then why don't we do. So this has happened to me before and I on you know what I'm going to sign up for, for this too because I have some employees that will send emails to clients that if I read them, you would, you would laugh out loud. I wish I had them. I didn't know you were calling me. But what if you run a contest online as a marketing tool for the most embarrassing email that you sent without a proofreader and you just agitate how embarrassing it is like you know, college graduate and look at all these typos kind of a thing and really run a contest where you give away a prize.

You know, driving traffic back to subscriptions and try it. Don't. You know.

I like that. Now that could, that could be really cool as well. That's nice marketing.

That's what we're trying to avoid, right. Is like embarrassment of colleagues or clients going, you know, and also talking about deals that it cost you because who's gonna give, you give a hundred thousand dollar contract to somebody who can't spell or can't. Doesn't know how to use grammar. Like it's the, it's, you know, it's costing you deals, it's costing you revenue and it's embarrassing. And so running a contest like that. But.

Yeah, I think going to the.

Same point, definitely.

Subscription model of 9.95amonth which gives you 200,000,000 words. But the first, you know, whatever is free. And you could go 15 days on that too. You don't have to go 30 days. Like you can play with it sometimes the free trial, seven days and then you charge them after seven days and then be put it, put an email sequence in place or you're emailing them all of, you know, and having a contest where people are sending you emails that they get from other people that have typos.

Yeah, no, I like that.

Okay, so you could start that you're indoctrinating everybody who's opting in to the fear of hey, don't let this happen to you.

Yep.

You, you could 30 or 50 downloads a day. I bet you half of those stick in the subscription and in no time you'll be billing. You'll pay for. I don't know what you paid for this company when you bought it, but you could pay for it in 90 days. With the, with that model, go seven days. I would go seven days. That's what I would test. Seven days free first 200 words and then 9.95amonth after that.

Make them opt in. Is that something that is easy for you to program in?

Yeah, it's set up in an interesting way because you, you kind of. You opt in with your Google account and it adds the add on at the same time. It's like adding a Chrome extension. So you're essentially adding a Google Doc add on and then it opens the add on on your computer. You just can't use it unless you have X words. So we could have a welcome kind of button. You know, try the service. 200 words for free. Subscribe now for a dollar or something.

So there could be a way to kind of position that.

Yeah.

Okay, I like that.

I think free still works better if you get them to try it. The thing is, you want to get them to try it once and see how good it works, but okay, yeah, yeah.

You'Re gonna have, you're gonna have a high stick rate just because of the fact people forget. I mean, nobody wants to say that, but the truth is these subscription models, like I go through my account like every couple months and I'm just like, holy cow. Like I paid for a gym membership in Chicago for like four years because I just never saw that it was going through and it was small enough that it was never on my radar. And I didn't even have a house in Chicago anymore. So, you know, I do that on itunes too now. Itunes, everything's a subscription. So you have to go in and clear them out.

No, the same thing on my end. So I'm curious. Obviously majority of the people who are trying it out. I'm just trying to see like one is our targeting. A lot of them I'm seeing are students. They're getting thesis edited.

Or the pat all the customer base that's previously downloaded this just not seeing a lot of them convert over to paying subscribers. So just trying to see like if we did niche down our marketing efforts, we target businesses, agencies, PR firms that could really use this or is there a play at schools and students, maybe just different demographics that could afford or Use it.

So here's what I would do. I have a book coming out, and it's called 101 Ways to Get crazy results in your business right now. And I thought would be cool if I got somebody to tattoo that on their body. And I took a picture of that, and that was the COVID because I wanted the COVID to kind of be cool. So I ran a contest. I said, I'll give $5,000 for anybody who will tattoo this. Send me a picture of your chest. And I had 1700 people apply, and girls and guys sent me pictures of their chest. The girls, obviously, were more interesting than the guys, but I'm not joking. 1700 people. There's a screenshot in the trailer for the book that we're putting up. I got. Got this kid from Kansas, special forces, great kid, comes in. We have the famous tattoo artist Freddy Negretti come to my Office and Tattoo 101 Ways to Get crazy results in your business right now. A crossed his chest, like, you know, in Freddy's type font, and we took a picture of it, and that's the COVID of the book. And I got to think that if you said, we'll give $5,000 to whoever can send us the best letter with typos, it's the most embarrassing situation. And you. You start having them share it. And part of it is that they got to share it, and it goes viral on the Internet. You're going to get business people. You're going to have examples, and you're going to. You're going to attract business clients. You're going to attract students. But I don't know that. I don't know that until you do that. You know where the niche is, see where that takes you and where the niche comes. But you're going to get a lot of business people that accidentally send emails. You're not looking for the emails where you accidentally sent your mom a picture of your junk. You're. You're looking for business emails or presentations or, you know, white letters or, you know, things that have typos in them. I'll enter it because I have some employees that have. Have copied me on emails to clients that just, like, literally, if I wasn't on the first floor of my building, I would have jumped out a window. They were so bad and embarrassing.

So I think that a contest like that online would tell you where the hungry crowd is.

Maybe we don't know right now as we sit here. We'd be speculating, but there's nothing better than real, you know, real Answers. And I was surprised, like 1700 people in. In a contest that only went like three weeks applied that they would tattoo the name of my book on their chest. And you're just talking about, you know, business. Business letters, you know, presentations, things like that with typos or bad grammar. I would think you'll. You'll get tens of thousands of people, and then you can start, you know, reverse engineering what they do, where they came from, and you'll have a good sense from the entries. And then it's a great ad campaign because then you can repurpose that stuff online.

And by the way, like, you with.

That's a cool angle I didn't really think of.

Yeah, yeah, no, that's why they call me the Business Whisperer.

Tyler. That's. That is why they call me the Business Whisperer. No, I was going to say there's other streams of income for you here, too, that we haven't talked about. But if you have these editors like this in a system where you can ping them all, you could be doing this online. Where people need. When we need something proofed, like, I'm not joking, like, I'll have a book proofed. It takes a week. If you could, if you had editors right now, that would do it. I would pay you to do that. So there's a whole another stream of income that has nothing to do with Google Docs that you can add to this.

Because you. You have an infrastructure. Let's use that infrastructure for. For proofreading everybody else. Their proofreading takes forever. Like, look at the model of Rev.com who transcribes. Have you seen his model?

I have. Yeah. Yeah, yeah.

That's a model for you. You could be doing the same thing online, separate from Google Docs. Because if I upload something right now to Rev, I get it back in like 10, 20 minutes, depending how long it is transcribed. So that's, you know, that's how I do a lot of things. I just dictated into my phone, I upload it to Rev, and boom, it comes back transcribed. And now I got a document. And you could be doing the. Then I could be. You know what? Rev might be an affiliate for you, because the one thing Rev doesn't do is edit that stuff. Why don't you go to him and say, hey, we can add on to our. To the dictation is, do you want it proofread? Do you want it edited by a real editor? It's an extra blah, blah, blah, blah, blah. But there's so many streams of income we could come up with for you because you have this infrastructure of these 50 editors.

Yeah, we're adding on to them, too, just to build up a really strong base of editing and editing teams. So our goal is to, by the end of the year, have over 100.

These are native English editors as well. So these good, good stuff.

They make your head spin, Tyler.

Yeah, definitely. A lot of. A lot of stuff going, man. I really appreciate it.

So the. The first thing we want to do is we want to figure out how we get those subscriptions to stick, because that's revenue right now. So figure out some sort of loss leader that automatically opts them into $10 a month, and then, you know, they pay so much more after that. And then start thinking about other streams of income that you can plug into that system.

But that you would.

You know, I think that's a great first play. Okay, I'll send you guys info on the company and everything as well.

Yeah, we'll sign up for it. Tyler, we're work. We're candidates for your services for sure. So I love it. Thank you. And keep. Please keep us posted what you do. I'd be really curious in your conversions, like how you convert to the subscriptions. I'm guessing it's 50 or more, but I'd love to know.

Yeah, definitely. I'll keep you. Keep you updated. I appreciate the. The advice, man. Super helpful.

Okay. Thanks, Tyler.