SCALE 1/10 HOW DID YOU FEEL THE LAST WEEK WENT
Ben – 6
Rich – 3 (it’s been a tough week, Rich down to a 1/10 – would be an all time low if hadn’t been there before many times! Desperation mindset kicked in)
03:05 – RP makes the point that he feels stronger every day in terms of skill set yet at the same can feel like a loser due to events outside your control – strange dichotomy of entrepreneurship, similar to poker.
04:05 – BP list of points we have learned:
1) Flip flopping on ideas serves as a distraction rather than propelling you forward
RP states it’s really underrated how much time it takes and how much luck is a factor in getting traction quickly / getting the right niche
2) Trying to solve a problem that people are not actively looking to solve requires a ton of education
RP spending too much time educating but have to do it until get the right product / market fit.
3) Focussing on market segments & industries with poor margins is basically setting you up for failure
RP aware of this now after starting with charities and then the ski niche with snowbistro.com and chose accountants due to the higher LTV and stickiness of customers.
4) Testing assumptions is a requirement because most ideas fail
Amazon has 50% failure rate on improvement, 10% of Google improvements worked etc. RP thinks can get feedback from the act of prospecting vs a separate research project
5) Need to stop focussing on sales and start focussing on value
BP – growth hacking is great but first need a great product or service and a hungry market. An existing user base from a lower price point is more valuable than short term monetization. RP agrees – started pithing 4 fig retainers when started prospecting with accountantengine.com and that price point has dropped in order to pick up first client for the case study and feedback.
6) If you’re in a rut it’s hard to get out, to get unstuck. While you’re in the rut it’s easy to lack focus and objectivity, it’s easy to miss opportunities and it’s easy to forget about your goals (and it’s easy to screw stuff up)
BP – once you’re down it’s really hard to get back to a happy place again.
RP – it’s kind of out of your control as well – Rich got an inbound lead and got invoice paid and is back but those were out of his control. “Long term there is no luck in poker, short term there is so much variance, same in business”
18:36 – RP emailed out his list a sales email launching a course on how to sell where he screwed up the merge / personal tag in Drip and got the response from one ex subscriber (he lost 10% of his list):
You lost me at subscriber.first_name