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Kandungan disediakan oleh Tim Conley. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Tim Conley atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.
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Apps, Advertising, and Celebrities - MFF033

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Manage episode 38919076 series 30645
Kandungan disediakan oleh Tim Conley. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Tim Conley atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.

In today’s episode we talk about the tech fad of building apps, depending on ad revenue, and using celebrity endorsements to tweet about your company. Jack tells a classroom of Penn State Telecommunications Majors, who are working on a business idea, that not all problems can be solved with apps. Your success in business should not be dependent on software, or the next cool platform for users. Recognizing a trend versus a fad can determine a long-term success, or short-term failure. Find customers or other businesses in a similar market, and find out what their needs are. Try not to assume that a bundle of software will fix everyone's issues.

Many developers and new companies will turn to technology to begin profiting. In the age of advertising, many of these entrepreneurs will depend on ad revenue for all, or a majority of their income. This results in the advertisers becoming the customer, and the users feeling neglected. You are required to maintain a relationship with ad buyers, as well as continue to funnel views and clicks. Why not instead, create a product or service that helps the user, which you can also sell directly to them?

Pitfalls in business ideas:

• Relying on Ad Revenue to sustain profits.

• Depending on celebrity impact and flash popularity as a long-term marketing model.

• Believing that software can fix any problem for a person.

• Thinking that apps and digital services are a one-and-done business plan. Like many businesses, software takes constant maintenance.

Listen to the show at: http://marketingforfounders.com/celebrities/

  continue reading

35 episod

Artwork
iconKongsi
 
Manage episode 38919076 series 30645
Kandungan disediakan oleh Tim Conley. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Tim Conley atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.

In today’s episode we talk about the tech fad of building apps, depending on ad revenue, and using celebrity endorsements to tweet about your company. Jack tells a classroom of Penn State Telecommunications Majors, who are working on a business idea, that not all problems can be solved with apps. Your success in business should not be dependent on software, or the next cool platform for users. Recognizing a trend versus a fad can determine a long-term success, or short-term failure. Find customers or other businesses in a similar market, and find out what their needs are. Try not to assume that a bundle of software will fix everyone's issues.

Many developers and new companies will turn to technology to begin profiting. In the age of advertising, many of these entrepreneurs will depend on ad revenue for all, or a majority of their income. This results in the advertisers becoming the customer, and the users feeling neglected. You are required to maintain a relationship with ad buyers, as well as continue to funnel views and clicks. Why not instead, create a product or service that helps the user, which you can also sell directly to them?

Pitfalls in business ideas:

• Relying on Ad Revenue to sustain profits.

• Depending on celebrity impact and flash popularity as a long-term marketing model.

• Believing that software can fix any problem for a person.

• Thinking that apps and digital services are a one-and-done business plan. Like many businesses, software takes constant maintenance.

Listen to the show at: http://marketingforfounders.com/celebrities/

  continue reading

35 episod

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Have you ever asked yourself, what happens to your business if you get hurt or really sick? We break down the necessity to build systems in your company that allow you to take a hiatus, without slowing down progress. Jack speaks about his experience with Ruby and touches on outsourcing any sections of your business that cause you stress. In the long run, your decision to do everything, may hurt the success of your business. More importantly, you can’t outsource your vision. Focus on what will be the most productive, not what could save you the most money. In the instance that you have to take a hiatus, do what you can to ensure the direction and focus of your business are maintained, and the vision of your company is not lost. In some cases, a break may be exactly what you need to focus. So on that note, we want to end the show with a fond farewell, and we will return soon! We are sad to say that our amazing and talented host Jack, has been diagnosed with an illness, but will be returning in the fall to start back up again. Thank you for listening, and stay tuned for our return to Marketing for Founders! Listen to this episode here: http://marketingforfounders.com/hiatus/…
 
In todays episode Tim and Jack discuss the differences between good money and bad money. Your host debates what type of startup money is safest, and what kind of cash can get you in a lot of trouble. Often when we start new businesses and ideas, it requires some sort of startup investment. It is easy to go directly to family or to sources of quick income to get your company lifted. However, we as smart entrepreneurs, must have a plan and action for the future, and a way to pay that investment back. Customers, research, and a sales funnel are some of the things you will need to get going. Bad money is any type of cash flow that can be traced to a personal emotion. Ask yourself what life might be like, if your company fails and you lose your families money. Bad money is also taking investment without a plan of action, or any customer relations. Good money is not only about where it originates, but how you spend it. Good money comes in many forms such as, venture capitalists, savings from previous work, and revenue flow before you quit your day job. We define good money by security, consistency, and coming with a backup plan. It may not always be the “rocket fuel” you are looking for, to explode your business into the green, but it will keep your life intact, and your stress levels relatively low. Types of Good Money: • A loan from a bank spent on equipment and gear. This can be used as collateral in a bankruptcy. • Venture Capitalist investment comes with a time frame, so meet it with a plan to ensure the money is back before the time is up. • Earning money while your business grows is the “best money.” No need to quit your day job until the revenue is enough to sustain your normal life. • Having a runway. A savings account with the cash you need for at least 1 year into your startup. Types of Bad Money: • Investment related to your personal life. There is no collateral, and your failure will affect relationships. • Any money that forces you to make emotional decisions, unrelated to the success of the business. Listen to this episode at: http://marketingforfounders.com/good-money-bad-money/…
 
In today’s episode we talk about the tech fad of building apps, depending on ad revenue, and using celebrity endorsements to tweet about your company. Jack tells a classroom of Penn State Telecommunications Majors, who are working on a business idea, that not all problems can be solved with apps. Your success in business should not be dependent on software, or the next cool platform for users. Recognizing a trend versus a fad can determine a long-term success, or short-term failure. Find customers or other businesses in a similar market, and find out what their needs are. Try not to assume that a bundle of software will fix everyone's issues. Many developers and new companies will turn to technology to begin profiting. In the age of advertising, many of these entrepreneurs will depend on ad revenue for all, or a majority of their income. This results in the advertisers becoming the customer, and the users feeling neglected. You are required to maintain a relationship with ad buyers, as well as continue to funnel views and clicks. Why not instead, create a product or service that helps the user, which you can also sell directly to them? Pitfalls in business ideas: • Relying on Ad Revenue to sustain profits. • Depending on celebrity impact and flash popularity as a long-term marketing model. • Believing that software can fix any problem for a person. • Thinking that apps and digital services are a one-and-done business plan. Like many businesses, software takes constant maintenance. Listen to the show at: http://marketingforfounders.com/celebrities/…
 
In todays episode Tim and Jack discuss placing all your eggs in one basket, and how to recognize when you are losing focus. A successful startup will require as many resources as you can divulge. Time, money, or a mixture of the two. Many new businesses find themselves chasing after short-term traction, and losing focus on long-term sustainability of the company. Don't get captivated by “shiny objects.” The most focus is found when you are excited about one project or idea. Mentally preparing throughout your day, and then progressing every time you work on it. When you have multiple projects, some ideas will get neglected, or they will never see the finish. What are some ways to stay focused? • Using extrinsic motivators: outside forces such as monetary, deadlines, or the need for a fancy car. They can drive us to focus, but can sometimes be stressful. • Using intrinsic motivators: internal forces set by yourself. They include facing challenges, being goal driven, or using your own vision for the future to motivate yourself. • Focus on one project at a time. Work with it all the way to failure, or success. • Chaos in business is bad, don’t make things harder than they should be. Systemize all the processes that encompass your business and chaos gets reduced. Listen to the show at http://MarketingForFounders.com/focus…
 
In this episode Tim and Jack discuss a few classic mistakes in their careers launching products and online companies. Every market receives information in a unique way. Understanding how to communicate with your customers is the first step to surviving a launch. Tim tells us about his huge mistake of using an email marketing campaign on a customer base that hardly ever checks their email. Once your product is live don’t forget about it. Collect feedback from your users and customers on how to improve features. If that doesn’t work, kill a section or product to allow time to explore new strategies. Remember, sometimes as an entrepreneur, you have to choose between really, really, really bad, and really bad… Some Do’s: • Set internal deadlines to ensure your product is ready to go, well before any real deadlines. • Research your market, and learn the best way to communicate with them. • Be prepared to refine or delete sections of your company/product. • You’ll never get it perfect. Launch it, and let your users find the remaining bugs. Some Don’ts: • Never blindly follow a marketing formula expecting it to work for every industry. • Don’t tell the press until you’re ready. • Failure to continue marketing after you launch. You can’t quit and expect to keep making money Listen to the show at: http://marketingforfounders.com/launch-mistakes/…
 
How to properly execute an MVP…In todays episode we explore some common mistakes made by new businesses on a path to success. Startups often fall into the trap of trying to “do it all.” In these moments of frustration, when the wheels feel like they’re spinning in place, we must ask ourselves the following questions. Do I want to be a business owner? Or do I want to be a designer, or developer?Today Tim and Jack discuss the power of your MVP. Are you creating a concierge MVP, a Frankenstein MVP, or a Wizard of Oz? Understanding the key differences between each type of minimum viable product will give you the knowledge for selecting the right one for your business.Which MVP should your business focus on?• Using existing online and offline tools to find and land sales, such as Mail Chimp.• Hand testing and delivering products to your customers, such as an ice cream subscription.• Hiring a designer and/or developer to create a software that does the work for you. In which you can also outsource help to manage the manual aspects of the software, ie. customer service, returns, etc. Listen to the show at: http://marketingforfounders.com/execution/…
 
Turning Waste Into Fortunes In this episode we explore ways to increase profitability by selling your waste, literally. Tim and Jack discuss the importance of understanding and locating potential wastes which your business can profit from. Jack is working on an interview training service for university students where they do a phone interview and get feedback on how to improve. Through building this service, he'll gain knowledge that is just sitting around only getting used by the people who use the service. He can take this knowledge and package it into an interview course that students (or better yet, universities) can purchase. It could take the form of a live workshop, or a live virtual workshop, or simply online videos and exercises for them to watch and implement. Or perhaps, you might find profitability from another business' waste. Sometimes one man’s trash in another man’s treasure. Tim saw an episode of Dirty Jobs With Mike Rowe where a hog farmer near Las Vegas take the waste of casino restaurants to feed his stock with high-quality food while lowering his costs. How do you identify a waste product of your business? How do you profit from your own byproduct, or those of other businesses? Take a listen to this week's episode to find out! http://marketingforfounders.com/byproducts/ Links Mentioned In This Episode Jason Fried Making Money From Byproducts…
 
A Postmortem Of A Startup Postmortem In todays episode we examine the final “nail in the coffin” of bad business marketing, margins, mistakes, and quality control, as we dive deep into online and offline business strategies. Are you making enough money to hire contractors or employees? Which should you choose and why? We break down the necessity of training employees to carry your brand and franchise in order to capture and grow long-term customers. What are activation business models? And how can they help you grow your customer base? Tim and Jack discuss the relevant and key pieces needed for maintaining viral businesses when and if you hit a lottery. How can you be prepared for the unthinkable? Will you ultimately make money or lose out on a one time home-run, without catching any of the cash? Listen now to find out the biggest killers of both online and offline business strategies. Listen to the show at: http://MarketingForFounders.com/postmortem…
 
The mind of an entrepreneur is a powerful thing. Often times our brain gets far ahead of us, trying to organize and attack many ideas at once. Are you asking yourself the most important question of your business? What are the 20% of the things you do for your business that make the largest impact in growth? This question is one that haunts many business startups, and even businesses that have been running successfully for years. It is important to track and analyze the marketing tactics, email makeups, and information you are spreading to your potential customers. What works and what doesn’t? Above all, hard work, consistency, and testing will ultimately lead you to growth. The idea that “doing” as many things as possible will bring you success is highly unlikely. Almost all businesses are started and built on market research, and determining what on your list of “things to do” is most successful and powerful to your growth. Listen to the episode on Marketing For Founders: http://marketingforfounders.com/entrepreneurial-mind/ ‎…
 
A sales funnel is the mechanisms you create or don’t create that guide people to your buy button. What techniques, materials, information, media, and marketing are being used to convert a potential customer into a buyer? Are you using explainer videos, info graphics, email marketing, image marketing, free books, or other free materials? What are the most important pieces to a successful sales funnel? The first steps to a good sales funnel: 1) Craft your position. Sift sort and screen the potential customers by taking a stand in your market. Wether you are the BWM or the Rolls Royce of your niche. 2) Find out what sources are your most reliable from your marketing mechanisms. 3) Track and measure your sales funnel, and determine where potential customers are leaking out. 4) Reach out to your buyers and continue to sell them new products. 5) Finally determine where to direct your funnel. Decide what potential customers are the highest converters. Test, test, and test again and you will find a growth pattern in your conversions. Follow the data and track everything possible. Listen to the show at http://marketingforfounders.com/funnels/…
 
The are many key components to creating a successful podcast. From the technicalities of recording the audio to the format of the show. Asking the right questions before you sit down to create your podcast, is the first step. Determining the information and content of your show, will ultimately determine how well it sells your products or services. When beginning your show you will need the following: A uni-directional USB Microphone. An acoustically quiet environment. A computer to record your audio. Components to determine before recording: What is the length and format of content that your market prefers? What are your call to actions? What will be your show format? Cold Start, Music intro, Humor? Is there any time sensitive material in the script? When podcasting it is important to note that anytime you use time sensitive material, it is important to maintain and manage your library of podcasts. In many cases you will need to remove those shows to ensure your audience is not listening to out of date content. Finally, podcasting will build authority among your peers and audience, so start and end your shows with calls to action, and drive listeners to your website. Listen to the show at Marketing For Founders: http://marketingforfounders.com/podcasting/…
 
When You Came Up With Your Idea Was It Love At First Sight? Many entrepreneurs believe that their next big business plan is as easy or hard, as coming up with an original idea, and putting it down on paper. What many don’t realize is new markets don’t often blast off into riches. Many great businesses start by finding an opportunity for growth and improvement, and doing it better than all those before. Too often, entrepreneurs are blinded by ideas, and become easily attached. When the reality is, there are tons of limping or old foundations in place for businesses, that with the right ratification, could create a ton of cash. Today, we will discuss the best way to get on the right track to a new business idea. Identify a need or opportunity in a market. Create a question, that if answered would solve a problem in a market or industry. Continue to refine and build upon that idea, until it shows signs of success. Tip: Don't waste too much time trying to come up with original ideas, they often end in bloodshed. Listen to the show (and nickname Jack) at: http://marketingforfounders.com/idea-romance/…
 
Most startups enter the world of SaaS (Software as a Service) thinking everything is going to be rainbows and gold coins falling from the sky; where you upload your final code and watch the money pour passively into your Cayman Island bank account every single month without lifting a finger. Turns out this is NOT the case (Tim and I can both say from personal experiences). Running a SaaS product is extremely difficult, but sometimes the majority of that difficulty is self-inflicted. Common wisdom says that it should be a long, slow, painful, ardous process, but we disagree. Tim and I will discuss a couple reasons why we believe most startups end up in the Long Slog SaaS Ramp of Death: Not understanding the market Not solving a paindful enough problem in that market Only using one marketing channel to reach that market Being passive rather than active in your marketing and sales Having a crappy pitch, and blaming it on your feature set Failing fast in a binary way Links mentioned in the show: Gail Goodman, Constant Contact. How to Negotiate the Long, Slow, Saas Ramp of Death Amy Hoy – Sales Safari in Action Patrick McKenzie – Long-Term Revenue Growth Is Harder Than Short-Term Revenue Growth Justin Wilcox – How I Interview Customers Listen to the show at http://marketingforfounders.com/saas-ramp-of-death-mff023/…
 
Knowing How To Increase Your Revenue Starts With Knowing Where To Look… Many startups know to track Cost Per Click (CPC), but not what to do with that knowledge. CPC really isn't that important until a startup needs to optimize their costs. What is really important is how much a new customer costs to acquire (CAC) from that ad spend and whether the company can afford it. If an average customer has a high lifetime value (LTVC) then a company can afford to spend a lot to acquire a customer. But... That pesky thing called cash flow gets in the way. A self-funded startup can't afford to wait years or even months to get its money back where a funded startup may have enough cash in the bank to keep running until the high lifetime value pays off. How Much Can You Afford To Acquire And Keep A Customer? What is your cost of acquisition? What is your churn rate and churn points? Lifetime value of a customer is an estimate, but a critical one. Do you know your cost of goods sold? How much and when you charge a customer is critical to startups. Get additional insights from links mentioned in the show by going to: http://MarketingForFounders.com/marketing-metrics/…
 
Because Having A List Doesn’t Mean Much If You Never Use It… As most online startups by nature require an e-mail signup, chances are you’ve already got yourself an established mailing list. In many cases though, startup founders fail to actually contact these potential or current customers, and if they do they’re usually not doing it very effectively. But don’t be fooled into thinking list building is only useful for an existing product or service. Maybe your company is pre-launch, in which case it’s the perfect time to start thinking about what kind of lists you want to build, then leveraging these to test your market and build a buzz surrounding your upcoming service. Whatever your situation, effective communication with your existing or potential customers can make or break the future of your company. So it’s critical to understand the various types of lists and the different ways in which we can give maximum value to those we wish to see as return customers for years to come. How Much Can You Afford To Give A Perfect Experience? What type of lists do we want to build? Building lists pre-launch. Purchasing lists and what to avoid. How many mailings is too many? Building loyalty and creating a habit. Converting initial customers into return customers. Spending money to make money. http://marketingforfounders.com/building-profitable-lists-and-how-to-convert-them-into-sales-mff021…
 
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