Just thought I'd share some of my Promote data. It might be helpful to other Pros.
I'm a videographer based in St. Louis, MO. I have profiles in 27 different markets.
I have Promote turned on for 7 of my profiles since 2/18/19.
***Updated/Corrected*** on 3/30/19. I forgot to include manually sent messages I wasn't charged for because the customer never responded.
Since 2/18/19, I have bid on a total of 102 jobs.
I have been hired for 2 jobs where first contact was made on or after 2/18/19.
I was hired for 1 job through Promote.
I was hired for 1 job where I manually reached out to the customer first.
I've been Promoted 15 times. So my hire via Promote battting average is .0666*.
I've reached out to the customer manually 76 times. My hire via manual bid batting average is .0132.
I've had 4 customers respond to me out of those 76. So my response batting average for that is .0526**.
Customers have reached out to me (in markets I'm not running Promote) 11 times, but I have not been hired for any of those jobs yet.
*It should be noted that I probably would have contacted the customer for a good portion of these jobs I was Promoted for, if I didn't have Promote turned on in that market.
**I do think this low rate is due to the fact that manually sent messages are essentially hidden from the customers.
I got refunds for 5 of the conversations/contacts.
Of the 95 remaining jobs, I have received 1 "Customer Name cancelled their project" notification. I have not received any "Customer has hired another Pro." notifications. So I think it's reasonable to say that these customers:
A) Weren't serious buyers to begin with.
B) Had serious sticker shock when they found out how much pro video production costs.
C) Aren't seeing the quotes from the Pros they didn't reach out to directly.
Thanks for sharing!!
I'm doing my own Promote data research as well, and will have those results soon. Looks like your manual batting average is much better than Promote. Can't wait to see my batting averages and compare.
2 Questions, how long did it take for refunds to be given? And was the process easy?
@DJStevie I'm not sure how long it took to receive refunds because I didn't keep track of that. Maybe a few days at most. Yes, I think the process was easy, but I still think the whole "...>Report" section could be cleaned up more. Some duplicate or confusing options IMO.
Thanks for sharing @StoriesUpSTL.
May I ask, what your lead cost as a percentage of lead revenue is since 2/18/19?
For example, if since 2/18/19 you spent $500 on Thumbtack and two of the leads you purchased hired you bringing in say $5000 total revenue then your lead cost as a percentage of lead revenue would be 10%, i.e. $500/$5000.
No need to specify the actual figures if you don't want; just the percentage. That's the best indicator of whether the money you spent on Thumbtack has been money well spent. Fingers crossed in the weeks/months ahead you will convert some more of those leads into customers. From little acorns do mighty oaks grow.
@Lar, I've spent $531.58 on leads since 2/18/19. The gross for the two jobs I was hired for is $3650. So my spend to gross is 14.5% which I think is pretty good and close to what I have gotten historically with Thumbtack. The problem is, my spend per month is way down, so therefore my return is down.
I also just realized my batting average numbers are off because I forgot to include the 72 other leads I manually bid on and didn't get any response from the customer (and didn't get charged for). I was pulling the data from a spreadsheet I use for keeping track of charges.
It's only a six week sample so you'll get a more accurare picture of where you're at in six months time.
You paid for 25 leads, closed 2 of them, that's an 8% close rate (1:12.5). That's really good when most leads you're paying for are just 'ghosts' and 'tirekickers' anyway. It shows that you're closing them well and possibly not getting as many 'ghosts' and 'tirekickers' as other folks.
While the number of leads you're receiving is down (which is pushing your revenue down also) at least you're holding your own in terms of your effective Thumbtack 'finders fee' at 14.5%.
A good target for your effective Thumbtack 'finders fee' would be 10%. Your average spend per lead so far is roughly $21. If you had been paying $15 a lead on average instead of $21 then your overall spend would have been $375 instead of $531. You brought in $3650 worth of business and if your average cost per lead had been $15 it would have made your Thumbtack 'finders fee' almost bang on 10%.
As a matter of interest if you were to take the 25 leads you quoted and added up the amount you quoted on each one, what would be the total amount you quoted?
Looking good so far @StoriesUpSTL, keep it up.
@Lar The$531.58 figure factors in the refunds, so I guess that's the number you are asking about. $531.58 paid for 25 leads.
But I'm actually more intersted/concerned about the 70+ manually sent quotes I was never charged for. I've been banging that drum for a while, now. For my original post, I was so focused on the spend, I totally forgot about all those other manually sent quotes.
Thumbtack hides the manually sent messages from the customers. All of their focus is on Promote. But these customers aren't hiring other Pros on Thumbtack. So even if you consider 90% of those 70 to be tire kickers, there are still a good 7 leads from serious buyers who haven't hired yet.
Because most of my work is in the $1000 - $3000 price range, adding 1 job can really change the "finders fee" data significantly.
So, your jobs are usually in the $1000-$3000 price range ... let's say the average job is worth $2000 to you then.
Using that average job value I'd estimate that you quoted $50,000 worth of potential business with your 25 leads, at a cost of $531.
Your 'cost per lead' as a percentage of potential revenue is around $531/$50,000 = 1%. That's a great 'cost per lead'.
With a 1% cost per lead, if you wanted to aim for an effective Thumbtack 'finders fee' of 15% then you need to be closing at least 1 in 15 leads = (1/15)*100 = 6.66%. You're doing that at the moment because you're closing 8% of them. You're right on track.
With a 1% cost per lead, if you wanted to aim for an effective Thumbtack 'finders fee' of 10% then you need to be closing at 1 in 10 leads = (1/10)*100 = 10%. You're almost at that point which would be super.
If your 'cost per lead' was higher than 1%, let's say it was 2%, and you wanted to aim for an effective Thumbtack 'finders fee' of 15% then you'd need to be closing at least 2 in 15 leads = (2/15)*100 = 13.33%. Getting to a closing rate like that would be tough because of all the 'ghosts' and 'tirekickers'.
If your 'cost per lead' were even higher, let's say at 3%, and you wanted to aim for an effective Thumbtack 'finders fee' of 15% then you need to be closing at least 3 in 15 leads = (3/15)*100 = 20%.
@StoriesUpSTL, when you say...
Thumbtack hides the manually sent messages from the customers.
...what do you mean? Hides them how? Aren't your leads able to find the manual quotes you are sending them?
@Lar Read this entire thread. I think you'll see what's going on after you read it.
Thumbtack has since updated the system with a green "Shown Interest" marker for Pros that sent a quote manually, but the messages are still not going into the customers Thumbtack inbox.
This is great to know and I was afraid something like this was happening.
Now, this user was in the app... I wonder what happens if the user just stays in the web-based TT and doesnt actually load the app on their phone. I have a suspicion since a lot of the people looking for pros are just doing this every now and then, they do not load the app.