In this episode, we discuss platform risk and how to protect and hedge against it when building a business. We also chat about the importance of diversifying lead sources, experimenting with different channels, and building an "owned audience." Finally, we share updates on our respective businesses, including the importance of delegation, the current trend of vertical video content, and increasing revenue by offering on-demand services instead of just subscriptions.
If that sounds like something you'd be interested in, you should give it a listen.
Timestamps:
(0:00:05) - Risks of Relying on One Platform
(0:10:50) - Business Owners Balance
(0:17:00) - Exploring YouTube Shorts for Content Creation
(0:21:58) - Video Content Marketing
(0:30:35) - Increasing Revenue With on Demand Services
(0:35:11) - Building Out Offer Ladder for Customers
Key Ideas:
(0:00:05) - Risks of Relying on One Platform (11 Minutes)
This conversation is about platform risk and how to protect and hedge against it when building a business. It is important to diversify one's efforts and move from rented platforms to owned platforms to reduce the impact of unexpected changes. The example of Twitter's recent changes and the impact that it has had on businesses is discussed. Additionally, the importance of diversifying and hedging against risk is emphasized, alongside the idea of experimenting with different channels and building one's own platform. The example of Slack communities and how they can be used to acquire leads, build relationships, and land jobs and clients is also discussed'
(0:10:50) - Business Owners Balance (6 Minutes)
This conversation discusses the varying opinions on utilizing one versus multiple channels for marketing and reaching a milestone of one million dollars. The speaker suggests a balanced approach in which one channel is firmly in the wheelhouse and two others are more experimental. The speaker also advises listeners to take into account the risk profile, the length of time available, and the perspective of the person giving the advice. Finally, the speaker mentions the milestone of one million words edited and sets a goal of four to five million words edited for the upcoming year'
(0:17:00) - Exploring YouTube Shorts for Content Creation (5 Minutes)
This episode focuses on the importance of planning and delegation. The speaker has recently rolled out a new homepage and has noticed that having customers in their Slack channel keeps them engaged and increases their lifetime value. They have also been using Codeable to hire WordPress developers for focus tasks and projects. The speaker also discusses YouTube Shorts, a new feature on YouTube that allows people to post stories and get hundreds of thousands of views. The speaker is considering playing around with it, but is curious to hear what the participant thinks of it'
(0:21:58) - Video Content Marketing (9 Minutes)
This conversation covers topics related to the current trend of short and vertical video content. It is discussed how short form video can be used as top-of-funnel content for service businesses, and how storytelling techniques can be used to create engaging videos. It is also noted that some videos with looping content may not be as successful, and that repurposed content may not perform as well as natively created videos. Additionally, the participants discuss the upcoming December for Castway, and how MRR is expected to reach $4,000.
(0:30:35) - Increasing Revenue With on Demand Services (5 Minutes)
This conversation focuses on the progress made towards reaching a one year revenue target of one hundred thousand dollars when taking the podcast seriously. The nine months of progress have seen fifty to fifty-five thousand dollars in revenue, and there are three months left to get back on track. Additionally, the conversation discusses the upcoming launch of on-demand services, which will offer one-off services at a three-figure price point and a service catalog for recurring revenue. Lastly, a Black Friday offer is being prepared and a sponsor is lined up for a twelve-episode podcast'
(0:35:11) - Building Out Offer Ladder for Customers (5 Minutes)
This conversation centers around building an offer ladder, selling single documents and subscriptions, and introducing a free tier with a login feature. The speaker proposes using a credit card authorization system to make it easier for people to submit one-off documents, as well as upsells and menu options. In order to maximize customer lifetime value and dynamic segmenting, the speaker suggests pairing an onboarding survey with an affiliate program and marketing automation. The speaker also notes that it will take several weeks to a couple of months to launch the catalog and start messaging it'
