Exploring Sparkloop with Account Manager Cole Bridges

Meeting summary for Sparkloop Writer MBA Membership call (02/20/2024)Quick recapThe team explored various strategies for monetizing their subscribers, such as a partner program, magic links, and referral programs. They also discussed the effectiveness of targeting "whale readers" on Facebook and the potential of combining fiction and non-fiction content. Additionally, they discussed different ways to monetize their book-selling business, including sponsorships, products, and subscriptions. The challenges of earning through referral links and the cost and benefits of subscriber acquisition in the nonfiction space were also discussed.SummaryCross-Promotion and Monetization StrategiesRussell proposed the use of magic links for cross-promotion among fiction authors, highlighting that the earnings could vary depending on the number of subscribers. Monica raised questions about the cost and potential return on investment, which remained unresolved. The team discussed various strategies for monetizing subscribers on their email list, including a partner program and the use of magic links and partner links in emails. The importance of understanding the subscriber's profile, interests, and demographics was stressed. The idea of targeting 'whale readers' was also discussed.Facebook Ads, Network Fee, and Revenue GenerationThe meeting focused on the advantages of targeting "whale readers" on Facebook, emphasizing its effectiveness and potential for generating revenue, particularly for those just starting. The team also discussed the implementation of a network fee model that would generate revenue from advertisers, highlighting no upfront costs and fees from Stripe and a network fee. Monica and Russell also discussed the potential for authors to generate additional revenue through the Earn side, without a focus on growth. They explored the possibility of combining fiction and non-fiction content and the potential for authors to be successful in multiple partner programs. Cole highlighted potential complications depending on the email platform used, but confirmed the possibility with ConvertKit. The group also discussed changes in pricing, with Cole mentioning the removal of platform fees. Russell emphasized the low-risk nature of this strategy, especially for those with a large subscriber base. Monica concluded by summarizing that the Creator Pro account is still required for the referral program, but there is no additional fee.Referral Program and Sparkloop Partner DiscussionThe team discussed a referral program that incentivizes users to share newsletters with friends and family in exchange for rewards. Cole clarified that the program is a growth tool that can be integrated with other vendors, reducing the need for physical merchandise. Monica, new to the platform, found the program names and offerings confusing, but appreciated the clarification. Cole agreed to send out an email detailing the platform's specific offerings. Russell shared his experience with the Sparkloop partner program, highlighting its benefits and the rigorous approval process for platform users. He also emphasized that users are only charged if they meet the set qualifications, and there is no charge for unsubscribed, non-opening, or disqualified users. Cole was about to present Russell's account details on screen for a more detailed discussion.Publisher Onboarding and Ad Spend Cap DiscussionThe team discussed the onboarding checklist for publishers, with Cole explaining the process and setting payment preferences. Russell inquired about the minimum ad spend per month, to which Cole confirmed a $2,000 cap with a light partner program in the works. The conversation also touched on the impact of the cap on lead quality and screening, and Cole explained their strategy to optimize based on performance. Monica asked about recommended screening methods and email campaigns. Cole suggested a sequence of 5 emails to optimize click rates and mentioned that they provide templates for these sequences. The team agreed to continue the discussion via email. They also discussed the potential for fiction authors to benefit from networks like Bookbub and acknowledged the diverse interests of many readers.Subscribe Autopilot Feature DiscussionRussell, Monica, and Cole discussed the functionality of their partner network, focusing on the "Subscribe Autopilot" feature. Cole clarified that this feature automatically adds all publications within their network, allowing users to choose specific ones if they prefer a curated list. The team concluded that this feature is useful for optimizing revenue per subscriber and adaptable to user preferences. The team also discussed setting up and managing accounts on Sparkloop and ConvertKit, with Russell expressing concerns about users not opening important confirmation emails. Cole emphasized the importance of having a dedicated account representative, with the team also discussing the potential of using ConvertKit for cross-promotions among authors.Monetizing Book-Selling Business StrategiesMonica and Cole discussed various ways to monetize their book-selling business, including sponsorships, products, and subscriptions. They also considered the use of a low ticket/high ticket product framework. Russell emphasized the importance of having a large mailing list for sponsorships to be profitable. The topic of using Sparkloop for monetization was also discussed, with Cole explaining how it can automatically reject certain subscribers to avoid costs. The group also explored the idea of a self-liquidating offer as a potential strategy for monetization. However, Cole mentioned that they currently lack data on the timing of when subscribers make purchases.Health, Welfare, Relationships, and Strategic Content PackagingMonica and Cole discussed various categories that fall under the umbrella of health, welfare, and relationships. Cole shared insights from Justin Welsh about these categories, suggesting that content should be packaged strategically, keeping in mind the cost and value it provides. He also emphasized the importance of being specific when solving a variety of problems. Towards the end, Cole invited attendees to reach out to him via email for further discussions and assistance. Russell concluded by highlighting the benefits of Sparkloop for advertising and marketing, emphasizing its cost-effectiveness and ability to maximize returns.Subscriber Acquisition and Monetization StrategiesRussell and Monica discussed the cost and potential benefits of subscriber acquisition in the nonfiction space, suggesting that a cost of around 50 to 60 cents per subscriber is reasonable. They also touched on the challenges of earning through referral links, with Russell mentioning that he had a low success rate. Monica emphasized the importance of monetizing their current audience and using advertising to grow. They also discussed the potential of low ticket offers, with Russell suggesting that a series of books could be a good low ticket offer. The conversation ended with Monica emphasizing the importance of creating a self-liquidating offer.Self-Liquidating Offers: Challenges and StrategiesMonica and Russell discuss the challenges of creating successful self-liquidating offers for retailers and the importance of self-optimizing offers for authors. They talk about the difficulty of creating self- liquidating offers and the need to find a way to grow an author's career by becoming revenue-neutral or making a profit from a series. Russell explains that self- Liquidating offers are the only game in town for authors, and he hates audience growth and optimization. Monica shares her experience with this approach and how it can be exhausting for her. They agree that the best way to achieve self-Liquidating offers is to find an offer that is expensive enough to drive traffic for free and keep scaling up until it becomes profitable.Next steps• Cole will share the hub of email templates with Monica for their email after the meeting.• Cole will work on getting data on the timing of when someone joins a newsletter and when they make a purchase.

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