The one trait that will take you further than any degree.

Being likable.

7 ways to get people invested in your success:

"You shouldn't care what others think about you!" = TERRIBLE advice.

Success, to a great extent, relies on other people enjoying your company or rooting for you.

Nobody makes it to the top alone.

Here's how to become more likable:

Have no agenda:

Most people are always looking for an angle or a way to profit from an interaction.

Ironically, being genuinely interested and "in the moment" can be sensed and leads to exciting opportunities.

Honesty when it's hard:

Nobody enjoys delivering bad news or owning up to a mistake.

People lie because they feel stupid or they falsely believe others don't make errors.

But since everybody makes mistakes, we all know how uncomfortable it is to own up to them.

The universal apprehension for owning the unpleasant truth is your opportunity to turn a negative into a positive.

We all respect those who can do it without hesitation.

With all the great things President Lincoln did, his enduring nickname is "Honest Abe."

No coincidence!

One company increased sales 262.5% with this pricing strategy:

The Decoy Effect.

What it is & how to use it: 🧵

Companies like AMC, Starbucks, & "The Economist" use psychology to maximize profit.

They leverage behavioral science to shift buyer preferences from the buyers needs to their highest margin products.

Here's how it works ⬇️ ⬇️ ⬇️

The human mind is exceptional at comparing two items.

But, the presence of a 3rd option causes a short circuit.

With a 3rd option present, the mind begins comparing options against one another.

This shifts focus from fulfilling ones needs to finding the best value.

Companies include "decoy" options to highlight the value of their target (usually highest margin) options.

There is little to no intent to actually sell the decoy.

So, what does a decoy look like?

It's similar, but slightly less appealing than the target.

Movie theatre popcorn is a classic example.

The large size is the target option - it's the most expensive & highest margin.

Without the medium, movie-goers are making a decision based on how much they want to eat.

But, add the decoy (medium)...

The best startups test new ideas rapidly and inexpensively.

Over-commitment to a losing idea can be devastating.

A tactical approach to finding winners: 🧵

With limited financial & human capital, ideation and testing require efficiency.

Startups don't have unlimited resources to waste pursuing ideas that aren't winners.

Don't launch products or features without some certainties.

(Or strong supporting data)

But how?

Ask the market its opinion BEFORE creating.

Most founders falsely assume products need to be created, then demand tested.

Knowing speed is everything, the best startups reverse this process:

Test, then create.

⬇️ ⬇️ ⬇️

1. Landing page

When an idea is deemed worthy of testing:

Use WordPress, Webflow, or Carrd to mock up a landing page for the idea.

This should take 1 day, and insinuate the product is ready or will soon be ready for purchase.

It's not disingenuous, it's market research.

2. Call to action

With a well-designed landing page, make it conversion-ready with a strong CTA.

The CTA should request the visitor purchase, enroll or sign up.

Once the CTA is clicked/completed, let prospects know that the product/service is "coming soon."

Sam Walton died with a net worth over $25 billion.

But years earlier, an unforeseen threat left him with NOTHING.

Here's how to identify & neutralize risks coming for your business:🧵

Sam Walton built Wal-Mart from concept to the largest retailer on earth.

With $559B in sales & over 2.3M employees (2021), the magnitude of his creation is hard to comprehend.

But all of this success isn't random, it can be traced back to a turning point in 1950.

5 year earlier, in 1945 Walton purchased a Ben Franklin Variety franchise in Newport, Arkansas.

Undeniably ambitious, his goal was to have the most profitable Ben Franklin within 5 years.

He smashed his goal & earned $250K in revenue with $40K in profit ($400K in 2021).

With 4 young kids, a loving wife, and a thriving business, he had it all.

Until he didn't.

In 1945, an eager Walton signed a 5 year lease with an opportunistic landlord.

It had no option to renew -- Walton had unknowingly handed the landlord leverage.

Then in 1950 with the lease expiring, Walton received unexpected news.

The landlord would not renew at ANY PRICE.

Impressed by Walton's success, the shark-minded landlord used his leverage against him.

I've created $10,000,000 in traffic value:

Here's everything you need for a *simple* SEO strategy that works: 🧵

The secret for SEO success is not advanced strategies & cutting edge ideas.

It's a simple plan paired with consistent execution.

To succeed, view SEO through the proper lens -- building equity into online presence.

It takes time & effort.

The 5-Step Simple SEO Strategy:

1. Keyword Research:

Identify the search terms that have a combination of search volume & intent.

Intent = why is this being searched?

Types of Keyword Intent:

Information: Shoes
Brand: Nike Shoes
Purchase: Best basketball shoes

Mix in all 3 -- to drive traffic & conversions.

The further down the funnel, the less volume, but higher purchasing intent.

2. On Page SEO:

Insert keywords into the proper places, so search engines understand site topic and target keywords.

- Page Titles
- Meta Descriptions
- Alt Text
- Content Structure (H1/H2/H3)

These are signals that algorithms use as information to influence rankings.

The #1 reason a company fails:

Cash flow issues.

Track this metric to thrive:🧵

There are 2 types of operators:

Those who...

1. Track everything
2. Track nothing

Whether ignorance or information overload - neither is ideal.

Instead, choose fewer, but more meaningful KPIs.

Cash Conversion Cycle (CCC) is simple, but has far reaching application - that's why I like it.

The info can be applied to:

1. Finance
2. Operations
3. Customer Management

One centralized KPI keeps departments working together.

The best part?

It's centered around cash.

What is CCC?

The time (in days) it takes a dollar to go from product or service to cash in the bank.

Note: CCC is used for inventory investments, but the service equivalent is called:

Service-to-Cash Cycle.

Same principles, so we'll use CCC for simplicity.

How is it measured?

In days, and...

Above 0 = longer to sell & collect cash than to pay vendors.

Below 0 = faster to sell & collect cash than to pay vendors.

The lower, the better.

Higher numbers indicate current or future cash flow issues.

We've been told having a job is safer than entrepreneurship.

But that's a lie.

10 reasons to bet on yourself:

More value capture:

As an employee or an owner, income is a function of value creation.

The only difference?

Some (or most) of an employee's value flows upstream to ownership.

Owners capture ALL of the value they create, and even more from their team's output.

Income diversification:

Entrepreneurs spread income across several accounts/business units, acting as insurance against total income loss.

Employees have a single income source AND are exposed to factors out of their control:

- economy
- corporate pivots
- budgets

Low downside:

In the past you needed an investment or debt to start a business.

In 2022 you need an internet connection, creativity, and consistent effort.

EX: you can start a 7-figure agency business (65%+ margins) for a few hundred dollars per month in software fees.

Time freedom:

Successful entrepreneurs use leverage (labor, capital, technology, audience) to disassociate their time with income.

Employees are required to be present in-person or on calls/video, making it hard to use leverage to get more done with less time.

11 pricing strategies so effective customers will line up to pay you:

Price Anchoring:

Anchoring is a psychological bias that overemphasizes the first piece of information received.

Here's how its used:

Sellers show prospects a high number and then follow it up with a lower price to increase perceived value.

More value = more sales

Decoy Pricing:

It's common to see pricing options that comes in three's.

One of the options is a "decoy" or a fake designed to increase sales of a cheaper plan.

For example:

The presence of the £1680 plan increases the sales of the £560 because its relatively cheaper.

Freemium Pricing:

Companies allow partial use of their products in exchange for creating an account.

Typically, top features are restricted or the user cannot have their experience ad free.

Free versions are effective at "warming up" prospects to become paid users.

Price Reframing:

Divide the monthly or annual prices by the number of days in that period to show the daily price, or smallest number possible.

Also, compare pricing to everyday objects like a cup of coffee to make bigger costs more palatable.

Lower number = less friction.

Tinder used this phenomenon to turn college hookups into $1.4B in sales:

Network Effects

What they are & how to use them: 🧵

In 2012 there was a need for an easy-to-use "dating" app for millennials.

The large players (Match, eHarmony, etc.) had ignored the college market.

But 18-24 year olds were craving a mobile-first option that didn't require an annoying questionnaire to get started.

Tinder created the solution that the market wanted but faced a challenge.

Early users.

No one would use a dating app that had few eligible candidates on the platform.

Traction is an issue that every platform business must overcome.

It's a classic "chicken or egg" problem.

But if the problem is solved it unlocks a powerful law of growth called network effects:

It's when the utility of the platform becomes greater with each new user.

As the user base gets larger each user receives additional benefit (more dating options) leading to rapid growth.

Conventional wisdom would suggest: target ads at college students and watch the registrations roll in.

But tapping a network effect is much more nuanced than that.

There needs to be:

A high degree of trust, common interests, and incentive to tell others about the platform.