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.

Until the next PAREable..

Ideas from Peter Thiel’s TWIST Episode

In this 45 second PAREable, learn more insights that Peter dispensed in this Launch Festival interview.

Actionable Do:

  • The key to think about competition is to not compete at all. Aim to be a monopoly.
  • We are too prone to think what’s valuable is what the other person is doing. Do think in terms of this better question: what can your company do that nobody else is going to do.
  • Future is not fixed. The better way to think about future for entrepreneurs is, what is the future you want to build.

Thinkable:

  • Absolute rules are dangerous.
  • There are good short cuts, but too many short cuts will go wrong.
  • One of the things that led to Peter’s investment in fb at that time was intensity of usage and network effect.
  • Sometimes investors over-value things they use and under-value things they don’t use.
  • Learn how to identify what is core. iOS is core to Apple, Android is not core to Google.
  • The best idea is contrarian and true. Intellectually true and business sense true.
  • Three forms of innovation: continuous improvement, big breakthrough, and complex coordination (pulls various parts together in an innovative way).
  • Three essentials for any great company: talented team that works well together with its internal dynamic, product or technology is based on a kernal of a really good idea, and good business strategy. If you have all three, most other details won’t matter.

Live and apply these ideas with the FREE Mindmory app!

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

Peter Thiel on This Week In Startups.

Until the next PAREable..

Ideas from Eric Ries’ Clarity Chat

In this 45 second PAREable, learn what new insights Eric has came across since his book was released back in 2011.

Actionable Do:

  • If you do things with a scientific approach, it’s always better than if you do things ad hoc.
  • If you want to have continuous innovation, you have to be able to find new product-market fit over and over again.
  • Leader of a modern company needs to be able to speak to all four groups of people (ops, core, new and experimental). Communicate a common message and culture value without alienating a single group.
  • Include productive failure in metric review. Productive failure is either you learned something valuable and pivot into success. Or, you learned something that was a waste and eliminated.

Thinkable:

  • Entrepreneuriship is fundamentally a type of management. It’s about team building, team organization and growth.
  • The reason it is hard for a successful company to build startup within is because of the difference of requirements for a developed idea compare to startup ideas.
  • Entrepreneurship is a separate function, like sales, engineering, marketing and design.
  • 4 type of work within a modern company: operational infrastructure, post market-product fit core optimization, new strategic initiatives, and experimental R&D. First has no tolerance of failure. Second avoids failure. Third learns from failure. Fourth experiments and produces failure.
  • Business common sense can both hurt and help startups. It depends on your goal and your conviction of why you started this startup.
  • The Lean Startup mindset is just as powerful as the process and technique. It’s a powerful way to approach any problems.
  • Drive change into an organization: accountability (validated learning) -> process -> culture -> people.

Live and apply these ideas with the FREE Mindmory app!

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

Eric Ries – The Future of The Lean Startup.

Until the next PAREable..

Ideas From Eric Ries’ The Lean Startup

In this 45 second PAREable, learn how to develop a sustainable business model through rapid prototyping and feedback.

Actionable Do:

  • Focus the whole team at finding a sustainable business model. The faster the model is found, the likelier the start-up is to succeed.
  • Do learn through a scientific approach, constant validate your learnings.
  • Validate your hypotheses by speaking with real customers.
  • Move from believing to knowing by testing the value and growth hypotheses of your product.
  • Test the demand of your product by building a minimal viable product.
  • Build-measure-learn cycle as fast as possible will get you to your sustainable business model as soon as possible.
  • Split-test all your features to distinguish what would be valuable to your customers and what would be a waste of time.
  • Pick an engine of growth(sticky, viral, or paid) and focus.
  • Must examine the right metric, not superficial metrics that doesn’t help you towards your goal.

Actionable Don’t:

  • Start-ups cannot be managed by traditional strategies due to its lack of a past.
  • Don’t be afraid of pivoting your fundemental core assumptions.

Thinkable:

  • The main goal for a start-up is to find and build a sustainable business model.
  • Value hypothesis assumes a product will be accepted by early adopters.
  • Growth hypothesis assumes a product will appeal to a larger group of people later.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, check out Eric Ries’ The Lean Startup.

Until the next PAREable..

Ideas From Seth Godin’s Start Up Podcast On Telling A Story

In this 45 second PAREable, learn why telling a story is important.

Actionable Do:

  • Build a channel that has attention and trust, everything else will follow.
  • When ask for advice instead of approval, you want to expose the weakest part of what you are doing because the earlier the lower cost it is to fix the structure problem. Later stage is more expensive and you’ll instinctively want to protect the sunk cost.
  • Put on your show. It should be something where you care about the customers and you care about the work you’re doing.
  • Figure out how to focus your time on the story and mechanics.
  • Tell a story that matches our world view, whether it is our real or an imaginary world view.
  • Tell what it is you want to build.
  • Tell why is it important.
  • Tell you’re the one to build it.
  • Tell why it’s likely to work.
  • Tell what is scarce.
  • Tell what is hard.
  • Tell why the time for it is now.

Thinkable:

  • If you found a problem and have a specific solution, what one asset can you build and use that asset to teach the established solutions a lesson?
  • The long tail does not reward mass culture. It rewards indispensable micro culture.
  • How do you get to a micro group that is eager to hear from you that would pay you attention, time or money.
  • How do you create a story, so when you tell it, it instantly eliminates the risk for listeners. And listeners instantly trust that you’re going to solve their problem.
  • There are a lot of tribes out there that are eager to connect around something. The person that makes the most is the person that runs the show.

Live and apply these ideas with the FREE Mindmory app!

Check out the sixth part of his Start Up podcast here.

Seth Godin’s Start Up Podcast Part Six.

Until the next PAREable..

Ideas From Brené Brown’s TED Talk On The Power Of Vulnerability

In this 45 second PAREable, learn how embracing vulnerability can make you whole.

Actionable Do:

  • Have courage to be imperfect, to tell the story of who you are with your whole heart.
  • Have compassion, kind to yourselves to learn to be kind to others.
  • Embrace vulnerability, what made you vulnerable, made you beautiful. It’s the willingness to do something where there are no guarantees.
  • Be authentic, let go of who you think you should be in order to be who you are.

Actionable Don’t:

  • Don’t numb the feeling of vulnerability. One can’t selectively numb emotions. If you numb the hard feelings, you also numb joy, gratitude and happiness.
  • Don’t make the uncertain certain. It’s a vicious cycle of who’s right and who’s wrong.

Thinkable:

  • Connection is why you’re here, it’s what gives purpose and meaning.
  • The ability to feel connected is how we’re wired.
  • Shame can be easily understood as fear of disconnection, “Am I worthy of connection?” and “I am not _____ enough.”
  • The underpinning of shame is vulnerability, that we allow ourselves to be seen.
  • Blame is a way to discharge pain and discomfort.

Live and apply these ideas with the FREE Mindmory app!

Here is her vulnerably powerful TED Talk.

Until the next PAREable..