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The highest converting marketing campaigns all share this one trait:
They relentlessly run messaging experiments to describe the customer's core problem BETTER than the customer can. And when it hits, conversions go through the roof.
What are you doing in your marketing to show customers that you FULLY understand their pain point?
Here’s a helpful checklist to run your team through. If there isn’t a high level of congruency, then there’s an opportunity to make your marketing better:
❓How intense is the problem you're solving? Describe it in detail.
❓How frequent does the problem occur? Define when it's MOST frequent.
❓What are their alternatives today? Bonus if you can list alternatives outside of direct competitors.
❓What's the internal, personal reason that's stopping them from using your product TODAY? Jump in the shoes of your customer. Get real here.
❓How does your product enhance at least one of the psychological values? Save money, save time, add social proof, add entertainment/dopamine.
☝ Then, describe how are these being applied to your marketing campaigns today. Run this exercise every quarter to make sure your marketing is constantly adapting.
Attached a fun example of how we used this principle to create a high converting ad in a larger growth marketing campaign with steezy.co!
Check it out if you're looking for a more engaging and entertaining way to workout. Even better if you're looking to prepare some new grooves for your next wedding reception 🕺
#growthmarketing #adcreative #digitalmarketing #influencers
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Jack Chen retweeted
happening now: sam’s back in the building, satya mediating with board on new board members (presumably over microsoft teams), bret taylor is on new board, by 5pm the board must capitulate or sam’s walking.
sam’s holding all the cards. only one way this will end.
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Love this answer.
Q: Do MVPs still work today since people are accustomed to higher-quality products?
@lennysan posed this question to the creator of the MVP concept and author of the revolutionary book The Lean Startup, by @ericries.
"MVP is simply for whatever the hypothesis is that we're trying to test, what is the most efficient way to get the validation we need about whether a hypothesis is true or not?"
The key is understanding "what are the demands of customers in our market."
Even in markets with very high standards, Ries argues, "the cost of offering someone to buy something that they don't like, it's really not that high. They just say no."
The real goal of an MVP is "establish a baseline" to measure progress.
As Ries explains, "Quality is defined by the customer. And if we don't know who our customer is, we literally don't know what the word quality means." An MVP validates "that we improve from" understanding what quality means to users.
"Go find 10 customers, not 10 million. Get them to use the product and have them tell you what's awful. Building a high-quality wrong value prop is nothing to be proud of. There's no craftsmanship in that."
TL;DR
• MVPs are about efficient hypothesis testing, not any specific tactic. Understand your customers.
• The cost of early user dissatisfaction is low - they just say no. Contain risk.
• Engage 10 users, not 10 million. Get feedback and establish a baseline.
• Quality is defined by the customer. MVPs validate you're building the right thing.
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When it came to fundamentals in life and any field, my mentor @TheSeantourage would tell me:
“The amateur says, ‘I already know that’. The pro says, ‘Thank you for the reminder’”.
The more I experience life, the more I see the absolute truth in that quote.
The building blocks will always steer you back on course. 🙏🏻
#personaldevelopment #growth #Entrepreneurship
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Jack Chen retweeted
Interest Rates on Deposits, by Bank:
1. Wells Fargo: 0.15%
2. Citibank: 0.05%
3. Chase: 0.01%
4. Bank of America: 0.01%
5. US Bank: 0.01%
Rates on Alternatives to Bank Deposits:
1. CDs: 5.0%
2. Money Market: 4.5%
3. Treasury Bonds: 3.0%
This is the real reason why a record $1 trillion has left banks over the last year.
The era of "free" money for large US banks is coming to an end.
They must raise interest paid on deposits or capital will continue to leave.
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Jack Chen retweeted
🚀 Latest podcast talking better decisions, career strategy, and values with @lennysan 🐐
- Curiosity loops to make better decisions
- Values and how to map them
* "Explore and exploit" strategy for careers
* "Eating your vegetables"
& more
Here: lennyspodcast.com/how-to-mak…
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Jack Chen retweeted
2023 tech reality check:
1. Nobody owes you $2 million for having an idea
2. DCFs are easy when interest rates are 0
3. Value creation != valuation capture
4. Stock based compensation is still compensation; dilution isn’t free
5. Margins matter
6. Narratives create 5% of long term value; cash flow does the rest
7. Playing musical chairs work; until the chairs evaporate
8. Blitzscaling doesn’t mean you can Facebook advertise your way to growth
9. Giving away money to customers is great for getting customers; not for keeping them
10. Topline growth isn’t a substitute for bottomline endurance
11. Hope doesn’t translate to terminal value
12. 4 hour work week never made sense
13. Series A startups having a “corporate venture fund” didn’t either
14. Title inflation is toxic and breeds entitlement
15. $20M preseed SAFEs are dead
16. You can’t meme your way to (long term) success.
17. Loss ratio discussions are coming back
18. Sometimes a tech-enabled disruptive bank…is just a bank.
19. Every (tech) business you love is going to hike prices
20. Tokens are not equity. Tokens are also not not equity.
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Jack Chen retweeted
Midjourney v5 is here! (for real this time, lol)
Here are some side-by-sides of my prompts, v4 vs v5, as well as some new prompts and crowd shots. I'll add more to this as I experiment.
🧵
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Jack Chen retweeted
It’s incredible that all of us on Twitter created and successfully defused a bank run, all in 72 hours.
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Jack Chen retweeted
Holy crap.
Bloomberg reporting SVB closed by regulator - deposits will be moved to protected accounts by regulators.
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$SIVB
"SVB Financial has hired advisors to seek a sale, CNBC says"
Looks like it’s Goldman Sachs helping facilitate the deal.
Important move to stop the bleeding.
#SiliconValleyBank #SIVB
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My ELI5 for why the bank run happened on Silicon Valley Bank (SVB) 👇🏻
#siliconvalleybank #svb $SIVB #silvergate #tech
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TLDR; Basically, management didn’t think rates could go this high and now they need liquidity to stem deposit outflows.
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