Tag: 12 Months to $1 Million

Learnings

Make Relationship Deposits

Chris Labs

Too many people try to make withdrawals from bank accounts they’ve never made deposits in. Just like a real bank account, that’s not how relationships work. Withdrawing from an empty bank account puts you in debt. The same is true with relationships; a relationship must have an equal flow of currency between two accounts, if not a positive balance in your favor. But how do you get there? Well, you have to start making deposits. You get there by giving. I’ve said this before, you always want to go for the give instead of the ask. If you go for … Continue reading Make Relationship Deposits

Learnings

Marketing like everything else, is building a committed relationship. But most people see it more like a one-night stand.

Chris Labs

Smart entrepreneurs put their money into customer acquisition and building a long-term relationship with them. If a customer stays happy, they will continue to pay you money over a long time. This type of thinking doesn’t make sense if you only sell yoga mats, or one product of any kind. If you spend $30 to sell a $30 yoga mat, you’re not going to make much money. But if you have yoga blocks, towels, mats, teas, clothes, and meditation cushions, then you will happily spend $30 to acquire a $30 customer – because they eventually come back and buy more. … Continue reading Marketing like everything else, is building a committed relationship. But most people see it more like a one-night stand.

Learnings

The Kickstarter algorithm prefers number of pledges over total amount pledged

Chris Labs

So, for instance, if you have ten pledges of $500, and someone else has a thousand pledges of $5, you’ve raised the same amount of money, but the other company will have gotten far more attention. We used this to our advantage. We had a one-dollar reward level on our project, and it skyrocketed us onto the platform. -Cathryn from BestSelf Co. -Ryan Daniel Moran, 12 Months to $1 Million, p.111 Continue reading The Kickstarter algorithm prefers number of pledges over total amount pledged

Learnings

In business, you win by going all in on your customers.

Chris Labs

In business, you win by going all in on your customers. If you focus on trying to “beat the winner”, the best you can hope for is getting caught up in a price war, which is a race to the bottom. Play your game, let competitors play theirs, and trust the system will take care of itself. In fact, if you’re correctly executing this process, you won’t even be thinking about the competition. You’ll be too busy talking directly to your customers, making sure you have a damn good product, and making sure they have a damn good experience. -Ryan … Continue reading In business, you win by going all in on your customers.

Learnings

When the chaos starts to get to you, take peace in the fact that your goal is incredibly simple…

Chris Labs

Your only job during this period (The Grind) is to take a sale. That’s it. You will feel tempted to make it complicated, to follow a slew of different people’s advice, or to create complex sales systems. Don’t. Again, you just have one job: take a sale. -Ryan Daniel Moran, 12 Months to $1 Million, p.79 Continue reading When the chaos starts to get to you, take peace in the fact that your goal is incredibly simple…

Learnings

Launch a succesful kickstarter

Chris Labs

You need a great video.The most important element is that the video communicates a specific emotion. Sophie’s video was recorded on her iPhone, but it was purpose-driven and rooted in emotion. At the very least, you need a video that explains what you’re doing, why, and where you’re going next. You need a list of at least ten ideal customers in your network (friends, co-workers, etc.) who are excited about what you’re doing. Ask them to share your Kickstarter with their networks, which means their friends, their church groups, their fans, and especially their social media followers. This will be … Continue reading Launch a succesful kickstarter

Learnings

When pitching to an investor, do not ask them for money, ask for advice

Chris Labs

Tell the investor you’ve been pursuing an opportunity, and explain the momentum that you have. Tell them that you’ve run into funding challenges. Tell them that you want to place larger inventory orders to serve your growing audience. Then tell them how much money you think you need. Finally, ask them, “How would you fund the growth of this business if you were me?” Asking for money puts people on the defensive. Asking for advice opens them up. Watch how fast money shows up. -Ryan Daniel Moran, 12 Months to $1 Million, p.67 Continue reading When pitching to an investor, do not ask them for money, ask for advice

Learnings

What are you actually selling? And who’s your customer?

Chris Labs

It’s crucial to determine rightfully what’s the market you’re in and who’s the customer. E.g. James had launched blue-blocking glasses and it was a great success. Then the time came to launch more products. Well, James had bought into the belief that he was selling glasses, not helping people with sleep problems. He had focused on the product, not the person. He needed to discover that he was a sleep company, not a glasses company. -Ryan Daniel Moran, 12 Months to $1 Million, p.34 Continue reading What are you actually selling? And who’s your customer?