Ideas from Peter Thiel’s GA Discussion

In this 1 minute PAREable, discover more thoughts on great ideas and great companies during a discussion session with Peter Thiel in General Assembly.

Actionable Don’t:

  • Don’t use buzzwords or trends. Because all trends are over-rated. If you use trends as factors for your company, it tells people that there are no differentiating factors. Your company is just one of many of its kind.
  • Don’t glorify failure. Because when you fail, you never really learn much from it. There might be six independent reasons that caused the failure and if you can identify one, you still missed the other five causes.

Thinkable:

  • How to get to the differentiating unique element?
  • Business point of view, how to get to the unique element is to ask, what great company is no one starting?
  • Intellectual point of view, how to get to the unique element is to ask, tell me someting that is true that very few people agree with you on.
  • All happy companies are different, and all unhappy companies are alike in that they failed to escape the essential same-ness that is competition.
  • It’s not enough to be the first mover, the aim is also to be the last mover in terms of you have to maintain a sustainable advantage for quite some time.
  • Two team dynamics that are important. How they came together and the pre-history between the individual. What was their previous working environment that shaped their entrepreneurship believes and the lessons they learned.
  • For vice related industry businesses, you have to explore how they’re able to make money within the current grey area in order to evaluate its validity.
  • Goal for a startup is to create a successful company, not to “disrupt” an existing industry leader.
  • Negotiation for startup to raise funds, the valuation discussion has been focused on premium of the past, when it should be discount of the future.

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Don’t just take my words, watch this discussion.

Peter Thiel’s Discussion with General Assembly.

Until the next PAREable..

Ideas from Ryan Holiday’s Growth Hacker Marketing

In this 45 second PAREable, discover new techniques of marketing to reach and grow customers.

Thinkable:

  • Product itself is the best way to capture new customers. Use technology to answer “How can I get customers?” by tracking behavior and iterate the product ASAP.
  • Development process is a mixture of marketing and product development. Through each iteration of the process, both are refined.
  • The product doesn’t have to be perfect at launch. It is optimized afterwards.
  • Having a product people want, to establish product market fit. Does it respond to a need? Is it useful? Does it enhance user’s lives?
  • Reward your user for learning how to use your product.
  • Satisfied customers will spread words of mouth and reduce the cost of marketing.
  • Creating customer awareness is an essential part of the growth strategy. I.e. Dropbox started with invite-only to create a virtual waitlist.
  • Target early adopters because they are more receptive to try new things. I.e. Uber gave away free rides during SXSW 2013 instead of pay for ads.
  • Virality, make your product worth sharing and encourage sharing.
  • Incentivize sharing and create noticable elements are also key to boost brand awareness.
  • Sustainable growth is achieved by keeping your existing customers after they’ve became your customers.
  • Find the right metric to measure conversion rate and stickiness. So you can improve your service and turn inactive users into active users.
  • ROI and profit margins are generally higher with existing customers compare to new customers.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, check out Ryan Holiday’s Growth Hacker Marketing.

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Ideas from Jeff Weiner’s TWIST Episode

In this 15 second PAREable, learn what five elements make for a world class product.

Actionable Do:

  • Great product delivers on a singular value proposition. Do one thing extremely well with a laser focus on that one thing. I.e. Google’s search box.
  • Great product is simple, intuitive and at its best, anticipate the user’s need. I.e. Waze detecting you going home.
  • Great product exceeds expectations. Because when it happens, user will not forget. I.e. when Virgin America first came out.
  • Great product resonates emotionally. How it makes you feel. I.e. driving a Tesla feels like driving the future.
  • Great product needs to meaningfully change and improve your life.

Thinkable:

  • Always ask yourself, what’s the value proposition you’re providing?

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, watch this chat.

Jeff Weiner on This Week In Startups.

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Ideas from Planet Money’s The Curse Of The Black Lotus Episode

In this 30 second PAREable, check out lessons from a company which print cards that battled the science of bubble and kept the fad going for 20+ years.

Actionable Do:

  • When fighting a bubble, drive the speculators out.
  • Focus on the core audience, those that sticks with your product for its essence, not its value.
  • The monetary value of the product exists, but the product should stay at the front and center.
  • Aim for targeted, sustainable growth instead of huge spikes.

Thinkable:

  • Bubble pops hard, Wizards of the Coast focused its strategy on the long term instead of grabbing cash during the bubble.
  • Bringing the value of the cards back to a reasonable level that people can buy by printing lots of new sets of cards. When a pack of cards is sold for more than retail, print more.
  • Older, powerful and valuable cards were banned effectively by starting a Pro League where Wizards of the Coast dictate the rules of play.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, check out Planet Money’s Episode #609: The Curse Of The Black Lotus.

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Ideas from Nir Eyal’s Hooked

In this 1 minute PAREable, find out how to get people addicted to your product, in a good way.

Thinkable:

  • Habits are activities you perform without thinking. It emerge because your brain want to save time and chooses what has worked for you the last time.
  • Change is hard because of your pre-existing habits.
  • Easiest way to adopt a new habit is to repeat an action frequently. If can’t be repeated, then it has to be extremely useful to be adopted.
  • Most successful products are habit-forming.
  • Because habits are hard to ditch, the customers will likely use the product for longer time and increase their lifetime value. They will also talk about it and doing your advertising for you.
  • Habits are also a competitive advantage. Because it is hard for the competitor to sway customer’s habit unless the competitor provides quantum leap in advances.
  • The way to make habit-forming product is to repeat the four stages of Hook Model: the trigger, the action, the reward and the investment.
  • The external trigger, or call to action, must offer a simple choice of action to take.
  • The internal trigger is developed by connecting your product to a desired solution to one of user’s problem.
  • Increase users’ ability to use the product or increase users’ motivation.
  • General motivation consists of, seeking pleasure and avoiding pain, seeking hope and avoiding fear, seeking social acceptance and avoiding rejection.
  • The product needs to produce results that are in line with expectation in order to sustain motivation.
  • Variable reward for actions is crucial because of the anticipation.
  • User investments will lead to more usage later on because value of self involvement, tendency for behavior to be consistent and adjusting world view from our behavior.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, check out Nir Eyal’s Hooked.

Until the next PAREable..