You're receiving this because we've had a real conversation.
It's easy to get trapped in the race to acquire new customers, but as hard as you're working to get them, you need to work twice as hard to keep 'em.
Over a 13-year journey running CoachNow, we almost lucked our way into this belief because we simply didn't have marketing dollars to acquire new customers for years on end.
We did everything in our power to deliver the best service and value possible to keep our customers happy and make sure they would tell other people about what we're doing.
The real benefit of this was that when we did finally get the resources to market, we had our systems down to ensure that once we got a new customer, we could keep them happy and grow the average value per customer year over year.
While the video above talks a lot about SaaS products. Keep in mind that no matter what you're building, retention is always the name of the game.
Tool Rec
A few of you have been asking how we're editing the videos.
I've got an amazing new full-time teammate named Gulnura, she's been working with me off and on for years and just officially joined the team this month.
The tool is Descript.
The killer feature is editing video through the transcript.
At this point I can't imagine creating video content without it, especially when you're working collaboratively. You can record directly in the app, import existing footage, even record podcasts. I recorded my audiobook using Descript and honestly have no idea how ANYONE did audiobooks before this.
But the best part about Descript? Their customer support and product education. Talk about a retention focused business. 1st class all the way.
Insights from this week's one-on-ones:
💵 On early revenue: "Annual subscribers who aren't using it, just paid, and ditched it. That's where the money part becomes less important in the early days since they won't be renewing anyway."
We're not turning the money button back on until we have enough people hammering on the product to actually tell us what to talk about and how to talk about it.
🧱On building before you have data: "I can't tell you how many things we built over 13 years that we thought were awesome and nobody used."
Don't build anything more until you have the data to justify the decision.
🚨 On poor offers even if you have distribution: "More often than not those are wasted eyeballs. Because you have nothing real to offer them."
Getting views means nothing if you can't make people a "no-brainer" offer. What's the point?
We're testing out polls this week.
From what I can see, not only can you give us a high-level answer, but you can add additional context once you vote. Since we're here to help, please give us any insight you're willing to share on how we can best do so.
Be honest. Right now your biggest problem is:
Keep fighting the good fight. See ya next week 👊
-Spencer
(P.S. Hit the poll. Seriously.)