The Growth Newsletter #163 Sales-to-Fulfillment Continuum. Milkshake's Job. Dynamic repurposing. |
St Patrick's Day is this weekend 🍀🌈🥇🍀 There are only 5M people in Ireland and 1.8M in Northern Ireland. Yet there are over 70,000,000 people worldwide with Irish heritage, including me. Happy St Paddy's to everyone this Sunday :) Topics for the day: Sales-to-Fulfillment Continuum. Milkshake's Job. Dynamic repurposing. Let's dive in 🍀
– Neal O'Grady |
Thanks to our sponsors for keeping this newsletter free for all of you! Check them out :) |
|
|
Bought to you by Insense—the influencer marketing software with a human touch. No design team? No problem! Source UGC footage at scale on the Insense platform And use their in-house post-production team to transform the footage into high-converting UGC ads. Book a free strategy call and get $200 for your first campaign until March 29. |
|
|
Brought to you by Vidico Creative is the number one way to influence the profitability of a campaign. And a video is far more impactful than an image. But so much harder to get right. That's where Vidico comes in. They craft best-in-class videos that ensure your brand shines like the next unicorn without breaking the bank. Try them out risk-free: Join a 1-on-1 video strategy session and get a free video script worth $500 tailored to your audience. You'll walk away with a ton of value in just 20min. |
|
|
Want to be featured in front of 95,258 founders and marketers? Learn more here–booking into Feb. |
|
|
Do I hire a marketer or an agency, or try to do it myself?
It's a common question for many early-stage founders.
We firmly believe hiring a marketer or agency too early can hurt your startup. They can cost you tens of thousands of dollars, and they're not set up to: - Figure out your strategic direction
- Get their hands dirty and optimize all your funnels
- Launch all your marketing channels
They just want to do what they're good at (ex: SEO or ads) and move on. That's why we created the Growth Program: to teach founders step-by-step exactly how to do all that themselves. It's all action, no fluff. The goal is to help you find your scalable growth engine so you can bring in an expert to do that really well. We're doing our biggest sale on the Growth Program ever. Get $300 off until Mar 21st. 1. The Sales-to-Fulfillment Continuum Insight from $100M Offers by Alex Hormozi. A common mistake service-based founders make: "I currently charge people $$$$ for my expertise, and it's a ton of work. I'll make a $49 course and sell it to a LOT of people. It's scalable, and they're getting a big discount." Sadly, in most cases, that does not work. Here's why: the Sales to Fulfillment Continuum (from $100 Offers by Alex Hormozi): |
Let's use an example to illustrate this. You're a busy founder. You know the importance of growing a personal audience. You see two people online that can help you with it: - For $10k/mo, Person A will 100% do it all for you: come up with ideas, write the content, engage, DM people, and set up meetings. All you have to do is answer questions upfront, meet new people, and sell them. They'll start posting next week, guaranteeing you at least 10k followers and 10 leads/month in 6 months.
- For $100, Person B has a 50-hour video course that teaches you everything you need to do it yourself. However, it will take you 10+ hours per week at minimum, and there are no guarantees it will work.
Unfortunately, option 1 would sell much more revenue than option 2 (and be a nightmare to fulfill as it scales). Sure, fewer founders could afford it, but it's a way easier to sell because: - They're experts, and they guarantee results (high perceived likelihood of success)
- More followers + leads (tangible dream outcome)
- You don't have to do anything (no effort or sacrifice)
- It starts next week, and results guaranteed before summer ends (short time delay)
Whereas option 2 will take you hours to get through the content, there's a low chance you'll succeed (in fact, you haven't finished most courses), and it'll require a ton of effort and time away from your business and family. According to the Value Equation, that makes Option 1 a lot higher value in your eyes: |
It might be tempting to create a DIY product or course so you can stop doing service work, but it'll be a hard sell. Only those with large audiences or a ton of existing demand can pull it off. Here's a way to do it instead: - Start with a "Done For You" option. Try to systematize and simplify things as much as possible and document how to do it.
- Switch to "Done With You" 1:1 coaching. Give them your systems and help THEM do it. Iron the bugs out.
- Then, offer DWY small group coaching.
- Then, create a cohort course that many people can take at once, with less individual help from you.
- Then, create a self-serve version (with accompanying tools/templates).
At each step, move forward when you have proven demand and customers are seeing results. If not, keep tweaking it. |
|
|
2. The Job-to-be-Done of a Milkshake Insight from Clayton Christensen. What job do you hire a milkshake to do? Your customers "hire" products to do certain "jobs" for them. Often, they're not consciously aware of this. The milkshake example is from a restaurant client of Clayton Christensen's. To sell more milkshakes, the restaurant polled customers to see what attributes of the milkshake they liked best and what could be improved (chocolateiness, thickness, etc.). They improved all of the most common answers. Nothing happened to overall sales. Unsurprisingly, customers didn't have insight into their purchase preferences. Instead, the answer was much deeper. So, Clayton's team dove into WHO the customers are, WHEN they're buying milkshakes, and WHY they're buying them at that moment. Here's what they found: - 50% of milkshakes sold before 8AM to solo customers who drove off in their cars.
- After confronting customers in the parking lot to ask them WHY they were doing it, they eventually determined they used it for breakfast during a long commute.
- The milkshake optimally achieved that because it fit in the car's cupholder, required only one hand, was clean, and lasted throughout the commute.
So compared to most other breakfast items like bagels, muffins, fruit, cereal, a plate of eggs, and doughnuts, milkshakes (and likely smoothies) performed that job best. Knowing what customers cared about made improving the product and marketing it easier. Here's Clayton's famous talk about his so-called Jobs-to-be-Done Framework: |
Examples of famous products' non-obvious jobs: - Rolex/Ferrari: Make me feel like I've succeeded and signal that to others.
- Doordash: I'm too exhausted to cook tonight or go out to eat; bring me food.
- Slack: Email crushes my soul. I want to feel like I'm texting with my team.
- Duolingo: I want to feel smart, but I want it to be fun and easy.
- Airbnb: I don't want to feel like an annoying tourist. I want to feel like I live there.
- TikTok: I don't want to do this thing I'm procrastinating on.
|
|
|
3. Repurpose content into a dynamic database Insight from us. Newsletters are ephemeral. People do not re-read old emails. Once they're sent out, reads trickle in only for a few days. If you put your newsletter on your website, you get additional longevity from people promoting it, bookmarking it, stumbling upon it, or finding it via Google. Or, if you're lucky, you earn backlinks with steady referral traffic. But for that, it needs to be a thorough guide (like our Growth Guide and my 10 Ways to Hook People) or reference material, like Lenny Rachitsky's benchmark articles: |
Our newsletter isn't conducive to any of those. It's three separate tactics in one edition, and as a result, it receives little organic traffic after it's sent out. How we're solving that problem: The Growth Vault |
Instead of hiding our tactics across 163 newsletter pages, we've created a searchable and filterable database of 435 startup growth tactics (and counting). Not only does this provide additional value to subscribers, but it's also something: - People can bookmark.
- We can share on social media.
- We can launch on Product Hunt.
- That can earn organic backlinks.
- That can generate even more subscribers.
If you generate content on an ongoing basis, find better and better ways to package it and let people consume it. Check out the Growth Vault, and bookmark it :) |
|
|
Quick question: You are a...? |
|
|
Your response will help us personalize the content you receive from us :) |
|
|
News you can use: Tool we recommend: Ortto Marketing without proper attribution is a big waste of money. Ortto just added even more attribution settings to their feature-packed marketing analytics platform. Control whether you want to track campaign attribution against email sends, opens, or clicks and track progress in easy-to-build reports and dashboards. Ortto brings your customer data, marketing automation & analytics together for more effective marketing. Sign up for a 14-day free trial today and see why they're rated highly for ease of use. (No credit card required). Sign up or Book a 1-on-1 demo *Sponsored by Ortto |
|
|
Want to be featured in front of 95,258 founders and marketers? Learn more here–booking 4 weeks in advance. |
Something fun From @Cokedupoptions. If normal people's jobs were announced like sports contracts. |
|
|
What did you think of this weeks newsletter? |
😍 Loved it: Forward to a friend, or send a reply—a simple 😍 will do! If really helps. 🤷♀️ Meh: You can unsubscribe here, or manage your subscription here. 🤔 I'm new here: You can join the party here. |
|
|
In case you're new: Who's Demand Curve? We're on a mission to help make it easier to start, build, and grow companies. We share high-quality, vetted, and actionable growth content as we learn it from the top 1% of founders and marketers. |
|
| © 2024 Demand Curve, Inc. All rights reserved. 4460 Redwood Hwy, Suite 16-535, San Rafael, California, United States
Unsubscribe from all emails, including the newsletter, or manage subscription preferences. |
|
|
|
_01HRSXV320A1Y3KY9819NNGCE5.jpg)
No comments:
Post a Comment