Fun fact: Today is my one year anniversary at @Baremetrics!
I thought I'd share 12 things I've learned the last 12 months 🙃
Thread below... 👇
I thought I'd share 12 things I've learned the last 12 months 🙃
Thread below... 👇
1. Economics matter
After seeing many different businesses and really digging into metrics, it's clear that there are winning combinations and losing combinations
baremetrics.com/open-benchmarks is a good place to start
Can't ignore fundamentals like ARPU, Churn, LTV, Quick Ratio, etc
After seeing many different businesses and really digging into metrics, it's clear that there are winning combinations and losing combinations
baremetrics.com/open-benchmarks is a good place to start
Can't ignore fundamentals like ARPU, Churn, LTV, Quick Ratio, etc
2. Customer research is vastly under-utilized
I now classify businesses into two buckets:
1. Those who do customer research, &
2. Those who guess
Avoid guesses, assumptions, and hopeful thinking like the plague.
Need more of this 👇
I now classify businesses into two buckets:
1. Those who do customer research, &
2. Those who guess
Avoid guesses, assumptions, and hopeful thinking like the plague.
Need more of this 👇
3. Focus on increasing your "Price-to-Value Ratio"
You need to price based on value, but people still need to feel like they're getting a good deal.
There are 100+ ways to increase value, and only one way to decrease price (discounting)
You need to price based on value, but people still need to feel like they're getting a good deal.
There are 100+ ways to increase value, and only one way to decrease price (discounting)
4. You don't have to reinvent the wheel
Early on I collected a list of mental models, frameworks, and resources I could reference when I felt stuck, unsure, or like an imposter.
That list would eventually evolve into mentalmodelsformarketing.com
Create your own "swipe file"
Early on I collected a list of mental models, frameworks, and resources I could reference when I felt stuck, unsure, or like an imposter.
That list would eventually evolve into mentalmodelsformarketing.com
Create your own "swipe file"
5. Think outside the box
Being unconventional can be a competitive advantage. Stop looking, sounding, and acting the same as everyone else.
And don't be afraid to try new things. Challenge conventions. Ask why.
Look to others pushing the envelope.
Being unconventional can be a competitive advantage. Stop looking, sounding, and acting the same as everyone else.
And don't be afraid to try new things. Challenge conventions. Ask why.
Look to others pushing the envelope.
6. Do things that don't scale
It's nearly impossible to measure, but one of my main goals has just been having conversations and building real relationships.
It's hard. And it doesn't always seem worth it. But how far are you willing to go for your customers?
It's nearly impossible to measure, but one of my main goals has just been having conversations and building real relationships.
It's hard. And it doesn't always seem worth it. But how far are you willing to go for your customers?
7. Values are overlooked in marketing
Marketing is inundated with tactics and hacks and all sorts of "best practices."
But you have to ask yourself, "Does this fit who we are?"
Values don't have to be a limiting factor. They can also be a source for creativity.
E.g. 👇
Marketing is inundated with tactics and hacks and all sorts of "best practices."
But you have to ask yourself, "Does this fit who we are?"
Values don't have to be a limiting factor. They can also be a source for creativity.
E.g. 👇
Baremetrics has always been about transparency — Open Startups
Drift is heavy on self-improvement, personal growth, and learning from others — Seeking Wisdom
ConvertKit's mission is to help creators make a living — sharing how others have actually done that
Drift is heavy on self-improvement, personal growth, and learning from others — Seeking Wisdom
ConvertKit's mission is to help creators make a living — sharing how others have actually done that
8. Product/market fit is mostly a lie
At best, the concept helps founders build products that fit the market needs.
At worst, it pushes founders on a treadmill chasing after an unreachable carrot.
Growth is far more complex than PMF implies. It's reliant on many more factors.
At best, the concept helps founders build products that fit the market needs.
At worst, it pushes founders on a treadmill chasing after an unreachable carrot.
Growth is far more complex than PMF implies. It's reliant on many more factors.
9. Positioning is the most important job of marketing, yet is the most difficult to do well
Been both really inspired and challenged by @aprildunford's Obviously Awesome (which is a must-read)
If you can't clearly articulate why customers should choose you, you have a problem
Been both really inspired and challenged by @aprildunford's Obviously Awesome (which is a must-read)
If you can't clearly articulate why customers should choose you, you have a problem
10. Not all work is created equal
Consider the impact vs the effort, as well as whether that thing is an innovation or an optimization.
It's easy to regress into doing things that are easy, but make ~no difference.
When was the last time you asked yourself, "Why am I doing X?"
Consider the impact vs the effort, as well as whether that thing is an innovation or an optimization.
It's easy to regress into doing things that are easy, but make ~no difference.
When was the last time you asked yourself, "Why am I doing X?"
11. Take time to think
Before I started at Baremetrics, I managed to steal some time from @AsiaMatos and she really encouraged me to set aside time to just think and ponder.
I used to go to the zoo for an hour or two (walking distance from home) and need to get back to it.
Before I started at Baremetrics, I managed to steal some time from @AsiaMatos and she really encouraged me to set aside time to just think and ponder.
I used to go to the zoo for an hour or two (walking distance from home) and need to get back to it.
12. Teamwork makes the dreamwork
It's funny how little you can do alone. A company is a company for a reason. You each have unique talents, skills, and aptitudes.
Thankful we have an amazing team of *seriously* smart people 💪
baremetrics.com/about
It's funny how little you can do alone. A company is a company for a reason. You each have unique talents, skills, and aptitudes.
Thankful we have an amazing team of *seriously* smart people 💪
baremetrics.com/about
Meant to attach a couple of illustrations here 👇
