Monthly Archives: September 2014

Getting Started With Customer Churn Analysis

TMBA 249: Getting Started With Customer Churn Analysis
Date: 2014-06-19
Link: Tropical Talk Radio
Churn will sneak up on you.
Your churn rate will be much less useful if you aren’t creating cohorts (groups of subscribers).
If your group is too big you can’t get good information from it.
Collect the basics (data).
Premium product tiers can change everything.
Retention is more important than virality because if your users don’t stick around then they’re not going to tell others about it.
Have a deliberate referral strategy.

The “Steak Dinner Problem” and Polyphasic Productivity

TMBA 248: The “Steak Dinner Problem” and Polyphasic Productivity
Date: 2014-06-12
Link: Tropical Talk Radio
A lot of what we call work is noise.
Define a rock-solid and simple team communication S.O.P.
Work on your business rather than in your business.
The rule of six is that you can only have a productive working relationship with six people in your life. Have an S.O.P. on how you interact with all six of those.
Book: The One Thing
You have to be staring down one path to be effective at anything.
Know what you want to accomplish with your life and the lifestyle you want to have.
Find your muse and go after it.

Should You Be Blogging?

TMBA246: [From the Archives] Should You Be Blogging?
Date: 2014-05-29
Link: Tropical Talk Radio
A blog gives you all the wrong feedback for amateur pursuits.
It is going to hinder your ability to spend your time on your business.
The best strategy for networking is to do great work.
It is very cheap to come up with a good premise.

The Tao of the Sale

TMBA245: The Tao of the Sale
Date: 2014-05-22
Link: Tropical Talk Radio
The deal with the devil is doing one thing so you can do another.
Artists do art and entrepreneurs build enterprises.
Time is the most critical investment.
Discounts are not going to get you a high-end audience.
If you can sale you’re in business.
Record your phone calls.
The action is in the details.
You learn by doing stuff and make what you do count.
Let silence happen.
Sell everything (you do).
Indifference sucks.
Start on the phone and then translate that relationship to the page.
The best thing you can do is have your customers sell your product for you.
Discounts tend to cheapen the deal. It devalues your product.
Sales fills the holes that marketing and distribution have left.
Ask the most basic questions.
Good brands have legacy marketing value.
Stories lead to sales.
The best place to make sales is with your current customers.
Do things that don’t scale.
Start with one customer.
Cold email works. Cold email works better than calls because it isn’t a disrupter.
You have to give to get.

“I Got My First Monies, What Should I Do Now?”

TMBA244: “I Got My First Monies, What Should I Do Now?”
Date: 2014-05-15
Link: Tropical Talk Radio
Making money from your business is easier than making money from your money.
Dissociate your personal income from your business income.
Profitability is a green flag for reinvestment.
Have a portfolio of small businesses.
Book: The Intelligent Investor
If you’re going to be an investor treat it as a business.

The “Knowledge Gap” Fallacy

TMBA243: The “Knowledge Gap” Fallacy
Date: 2014-05-08
Link: Tropical Talk Radio
Out of the gate you need to have the confidence to focus on the premium end of the marketplace.
The number one problem is personal confidence.
Good clients make the decisions for the long term.
Don’t go into a business and assume you know what they need.
The way to win is to have the best product.
Recognize that the real value you’re providing to higher end clients is saving them time.
The Internet gives special priority to mini-monopolies.
As an entrepreneur you can be more successful as the matador than as the bull.
Have a plan that pushes you to the edge of the value chain.
Products are becoming cheaper to manufacture across the board.
Industrial goods are more and more getting sold on the Internet and less through middlemen.
Make sure you have a real brand.

How 1,000 True Fans Can Work in Practice

TMBA 242: How 1,000 True Fans Can Work in Practice
Date: 2014-05-01
Link: Tropical Talk Radio
Passive income is income generated from assets and assets are hard to grow.
A thousand fans are hard to find.
Turn the funnel upside down.
Your time is not free.
You can skip a couple of phases if you have money.
Look for the sweetest section of the market at the beginning.
When you’re digging deep (to get the first ten clients) a lot of good information can come out.
It takes a while to get to a thousand true fans.

The Road to IPO

Title: The Road to IPO
Date: 2014-05-14
Speaker: Geoff Donaker (Yelp)
Link: Entrepreneurial Thought Leaders
Venture capitalists have a ten year time horizon.
Two ingredients for you to not sale (when receiving an offer for your company) are that your investors and board have deep enough pockets that they don’t need to sell and that they believe enough in the story and that it is going to be worth more two or five years from now.
When you have a sustainable $100 million in revenue and positive cash flow you’re ready to start thinking about going public.
The roadshow is a two or three week marketing period.
Hot deals are always going to be oversubscribed.
Having a stock price can be distracting.
If you’re going to an earlier stage company you’re going to get a lower cash salary and in exchange for that you get options.
Having a distribution strategy that is cost effective and can scale is harder than it looks.