I have been reading a lot by Ryan Diess for the past couple of months, but haven't purchased his training.
I feel like I "get it" from his free material for a while, but also feel like a lot of the tactics apply a lot better to shady products with free trials.
It exploits commitment and consistency, which is great. But people who generally drive the profits for things like the Survival Knife don't understand the LEVEL of commitment they are facing by just clicking an "add to cart" button.
The truth of the matter, though, is that there are only about 5-6 ways to scale a business to infinity. This article sums up 4 of them nicely. I quote from there:
So when you go that route, it's good to have an understanding of how funnels work overall...but you need to have the bank roll to fund all your mistakes. And, chances are, you can hit profitability and sustainable growth before you try to blast open such a high-risk-high-reward channel.
F*&K, maybe I was just completely off topic here. But I felt like it needed to be said.
I feel like I "get it" from his free material for a while, but also feel like a lot of the tactics apply a lot better to shady products with free trials.
It exploits commitment and consistency, which is great. But people who generally drive the profits for things like the Survival Knife don't understand the LEVEL of commitment they are facing by just clicking an "add to cart" button.
The truth of the matter, though, is that there are only about 5-6 ways to scale a business to infinity. This article sums up 4 of them nicely. I quote from there:
- Paid acquisition. If your users give you money, then you can buy users directly through ads. Usually companies try to maintain a 3:1 CLV:CAC ratio to keep their margins reasonable after other costs. (eBay, Match, Fab, etc.)
- Virality. If your users love your product, then you can get major “word of mouth” virality driven by a high Net Promoter Score. If you can get your product to spread as a result of users engaging with the product, you can further optimize the viral loops using A/B tests to generate even more virality. People often measure “viral factor” to see how effectively existing users attract new users, and of course, you want your viral factor to exceed 1.0. (Facebook, Instagram, Twitter)
- SEO. If your product creates a ton of unique content, in the form of Q&A, articles, long-form reviews, etc., you might end up with millions of unique pages that can in turn attract hundreds of millions of new users who are searching for content via search engines. (Yelp, Rap Genius, Stack Overflow, etc.)
- Sales. For startups targeting SMBs or the enterprise, you’ll end up fielding a large sales org to handle both inbound and outbound. This is especially true for companies targeting local SMBs, where telesales becomes the only option. Of course, to make this work, you’ll need to generate a multiple in revenue of what you pay them.
- Other. There’s the odd partnership, like Yahoo/Google, that can help make or break a startup – but these are rare and situational. But sometimes it happens!
So when you go that route, it's good to have an understanding of how funnels work overall...but you need to have the bank roll to fund all your mistakes. And, chances are, you can hit profitability and sustainable growth before you try to blast open such a high-risk-high-reward channel.
F*&K, maybe I was just completely off topic here. But I felt like it needed to be said.
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