Episode #723
7 Marketing Lessons We Learned From Running Software Companies
July 24, 2018

In episode #723, Eric and Neil count out the 7 lessons they learned from running software companies. Tune in to hear what lessons apply to your business.

TIME-STAMPED SHOW NOTES:

  • [00:27] Today’s Topic: 7 Marketing Lessons We Learned From Running Software Companies
  • [00:43] A lot of the lessons Eric and Neil learned, could work for ecommerce and other internet-based businesses.
  • [01:05] #1: It’s not all about the conversion plan. Optimize for lifetime value.
  • [01:25] People typically pay for software on a month-to-month or annual basis and people often have to renew plans; this is a consistent revenue stream.
  • [02:17] #2: It’s all about on-boarding.
  • [02:40] First impressions matter and that applies to software, as well.
  • [02:53] #3: You end up losing about 5% of your revenue because user’s credit card numbers expire.
  • [03:08] To fix this, companies like GoDaddy sign up for a service called Visa and Mastercard Updater; Visa and Mastercard will automatically update user’s credit card details for a small fee.
  • [03:50] #4: Use the “Jobs to be done” framework.
  • [04:40] Set aside time for customer development.
  • [04:48] #5: You only have one shot with customers. If someone uses your product and doesn’t like it, they will never come back.
  • [05:07] First opinions tend to stick in the software world.
  • [05:42] BuzzSumo and AHREFS did well because they created exceptional products.
  • [06:30] #6: Get your pricing right!
  • [07:03] Everyone is going upmarket. Charge for the value you think you are delivering.
  • [07:23] #7: Pay attention to market trends and conditions.
  • [07:30] KissMetrics was getting trounced by a competitor and didn’t adapt quickly enough.
  • [08:01] That’s it for today!
  • [08:03] If you could take two minutes out of your day, we are trying to improve the listening experience for you, so go to Singlegrain.com/survey and help us gain some insight into what matters to our listeners.

Leave some feedback:

  • What should we talk about next? Please let us know in the comments below.
  • Did you enjoy this episode? If so, please leave a short review.

Connect with us:

Discover Latest Episodes

Episode
You Have Been Thinking About AI The Wrong Way – You’re Missing the Big Picture #2470
June 01, 2023

In episode #2470, we explain why you’ve been thinking about AI the wrong way, and how you should approach it instead! While using AI for content creation is an incredible advancement, it still requi...

Episode
How We Optimize Our Travel For Maximum Output #2469
May 31, 2023

In episode #2469, we talk about how we optimize our travel for maximum output. Conferences and travel go hand in hand and we’ve figured out a few ways to ease the journey and curb jetlag. Tune in to...

Episode
My Favorite Marketing Hack When Speaking at Conferences #2468
May 30, 2023

In episode #2468, we break down our favorite marketing hack when speaking at conferences. We’ve been on the circuit for a few weeks and want to share our approach to marketing at events. Speaking, t...