I’m the CEO of a $100 million business.
But I’ve tried (and failed) to build 10+ startups before.
Here are 14 pieces of non-obvious advice after two decades of entrepreneurship:
But I’ve tried (and failed) to build 10+ startups before.
Here are 14 pieces of non-obvious advice after two decades of entrepreneurship:
1) If everyone’s doing it, you’re late
When we started AppSumo, I paid Tim Ferriss $5,000 a month to sponsor his website.
We did that for 2+ years and made millions from it.
Fast forward to today - Tim charges a MINIMUM of $50,000 (!!) per podcast.
When we started AppSumo, I paid Tim Ferriss $5,000 a month to sponsor his website.
We did that for 2+ years and made millions from it.
Fast forward to today - Tim charges a MINIMUM of $50,000 (!!) per podcast.
In marketing, there’s a concept called The Law of Diminishing Returns.
When everyone is using the same marketing strategy, it’s hard to get a great return on your marketing budget.
Instead, seek ways to do things differently.
How?
When everyone is using the same marketing strategy, it’s hard to get a great return on your marketing budget.
Instead, seek ways to do things differently.
How?
2) Pay attention to what captures your attention
Ignore follower count. Ignore views. Ignore likes.
Who’s putting out stuff you enjoy?
Prefluencers most likely won’t be found on your For You page.
Once you’ve found someone who puts out stuff you like, TELL THEM!
Ignore follower count. Ignore views. Ignore likes.
Who’s putting out stuff you enjoy?
Prefluencers most likely won’t be found on your For You page.
Once you’ve found someone who puts out stuff you like, TELL THEM!
Feel free to steal this simple template:
“Hey [Name] - absolutely loved [thing you love]. [Reason why you loved it]. Keep crushing! 👊”
Get in the habit of reaching out to people when you don’t need anything from them.
“Hey [Name] - absolutely loved [thing you love]. [Reason why you loved it]. Keep crushing! 👊”
Get in the habit of reaching out to people when you don’t need anything from them.
3) Build selfishly, share selflessly
After doing a bunch of giveaways, we created software to make it easier for ourselves.
Then we turned that software into a product called KingSumo for other companies.
KingSumo blew away all expectations.
After doing a bunch of giveaways, we created software to make it easier for ourselves.
Then we turned that software into a product called KingSumo for other companies.
KingSumo blew away all expectations.
So we repeated this for other areas:
• TidyCal (Calendly alternative)
• SendFox (MailChimp alternative)
• And a DocuSign alternative (coming soon)
Now, our AppSumo Originals products are the #1 driver of NEW customers (Over 30% of ALL customers have come from them).
• TidyCal (Calendly alternative)
• SendFox (MailChimp alternative)
• And a DocuSign alternative (coming soon)
Now, our AppSumo Originals products are the #1 driver of NEW customers (Over 30% of ALL customers have come from them).
It doesn’t just have to be software.
It can be as simple as a template, checklist, or piece of email copy.
The key is that you’re solving your own problems and then sharing the solution.
It can be as simple as a template, checklist, or piece of email copy.
The key is that you’re solving your own problems and then sharing the solution.
4) Use frameworks to help prioritize
Frameworks help you make better decisions without the mental strain.
We use 3 filters:
1. Do we want this solution?
2. Does it have word of mouth built in?
3. Is there a high-cost alternative that isn’t super established?
Frameworks help you make better decisions without the mental strain.
We use 3 filters:
1. Do we want this solution?
2. Does it have word of mouth built in?
3. Is there a high-cost alternative that isn’t super established?
5) Build for your CORE customers
If you build a solution that attracts the wrong people, it won’t help your business.
Ask yourself, “Who is the target customer I’m trying to attract?”
New entrepreneurs focus on customer acquisition.
Experienced entrepreneurs focus on customer retention.
If you build a solution that attracts the wrong people, it won’t help your business.
Ask yourself, “Who is the target customer I’m trying to attract?”
New entrepreneurs focus on customer acquisition.
Experienced entrepreneurs focus on customer retention.
6) Build WITH public, not in public
Over the past 5 years, we’ve built 6 other software tools that no one uses because we didn’t involve our customers in the process.
Rather than hope your customers will like your solution - build WITH your customers.
Over the past 5 years, we’ve built 6 other software tools that no one uses because we didn’t involve our customers in the process.
Rather than hope your customers will like your solution - build WITH your customers.
A recent example:
We created a group of ~1,000 people to read early versions of Million Dollar Weekend and give feedback.
We created a group of ~1,000 people to read early versions of Million Dollar Weekend and give feedback.
7) Look outside your own industry.
A while back, I was browsing through a women’s website (don’t ask me why haha) and saw that they were giving away a free trip to Italy.
“I wonder how we could do something like that for AppSumo?” I thought to myself.
So we ran the math...
A while back, I was browsing through a women’s website (don’t ask me why haha) and saw that they were giving away a free trip to Italy.
“I wonder how we could do something like that for AppSumo?” I thought to myself.
So we ran the math...
We decided to give away a lifetime subscription to Dropbox ($100/year x 70 years = ~$7000).
Only a few days later, we received 250,000 email signups!
Since then, it’s generated over $15M in revenue (We’re still paying for this person’s Dropbox 😅).
Only a few days later, we received 250,000 email signups!
Since then, it’s generated over $15M in revenue (We’re still paying for this person’s Dropbox 😅).
Seek inspiration in wildly different verticals:
• Read luxury wine blogs
• Talk to strangers on the street
• Sign up for a children’s toys newsletter
To think differently, consume differently.
• Read luxury wine blogs
• Talk to strangers on the street
• Sign up for a children’s toys newsletter
To think differently, consume differently.
8) Double down on what’s working
The term “Double down” gets thrown around a lot - so most ignore it.
But the simplest way to get better results is to do more of what’s already working.
After the Dropbox giveaway, we realized how powerful this marketing strategy truly was...
The term “Double down” gets thrown around a lot - so most ignore it.
But the simplest way to get better results is to do more of what’s already working.
After the Dropbox giveaway, we realized how powerful this marketing strategy truly was...
So we did lifetime giveaways every week for the next year. We did Netflix, Evernote, and Spotify.
And we’re STILL doing giveaways 15 years later.
Sign up for AppSumo.com - we’re giving away a CYBERtruck for Sumo Day 🤗
And we’re STILL doing giveaways 15 years later.
Sign up for AppSumo.com - we’re giving away a CYBERtruck for Sumo Day 🤗
9) Be Public
Back in 2000 (when I had luscious locks), I started blogging on okdork.com about things going on while I was in college.
24 years later?
Back in 2000 (when I had luscious locks), I started blogging on okdork.com about things going on while I was in college.
24 years later?
I’m STILL tweeting, blogging, and creating videos online.
Being public has generated me more money than everything else on this list COMBINED.
Being public has generated me more money than everything else on this list COMBINED.
10) Follow The Law of 100
If you don’t know what your unique angle or story is - follow The Law of 100:
• Put out 100 videos
• Write 100 newsletters
• Create 100 blog posts
Bottom line: Just start putting stuff out there. (You can use lawof100.com to help)
If you don’t know what your unique angle or story is - follow The Law of 100:
• Put out 100 videos
• Write 100 newsletters
• Create 100 blog posts
Bottom line: Just start putting stuff out there. (You can use lawof100.com to help)
11) Own your distribution
For the first 12 months of AppSumo - every time we launched a deal, I had to beg for press. It was terrible.
Then my friend @hnshah suggested that we start collecting our customers’ emails.
That piece of advice changed everything...
For the first 12 months of AppSumo - every time we launched a deal, I had to beg for press. It was terrible.
Then my friend @hnshah suggested that we start collecting our customers’ emails.
That piece of advice changed everything...
Fast forward 15 years later, we generate nearly $50M a YEAR in revenue just from our email list.
Relying on social or paid media is like building a castle in the sand. You don’t really control your connection.
Email allows you to own the connection between your customers.
Relying on social or paid media is like building a castle in the sand. You don’t really control your connection.
Email allows you to own the connection between your customers.
12) Create repeatable systems
50% of AppSumo’s email revenue is from email flows.
Email flows are an automated set of emails that get sent to new subscribers.
That way we don't have to write a new email every time.
Don’t just work hard. Work smart.
50% of AppSumo’s email revenue is from email flows.
Email flows are an automated set of emails that get sent to new subscribers.
That way we don't have to write a new email every time.
Don’t just work hard. Work smart.
13) Don’t just sell, educate & entertain
A good rule of thumb for email marketing:
Even if people don’t buy, will they learn something or enjoy reading?
Nobody likes feeling sold to. Everybody likes learning new things and feeling entertained.
Craft your emails accordingly.
A good rule of thumb for email marketing:
Even if people don’t buy, will they learn something or enjoy reading?
Nobody likes feeling sold to. Everybody likes learning new things and feeling entertained.
Craft your emails accordingly.
14) The more shots you take, the ‘luckier’ you get
At AppSumo, we’ve failed hundreds of times before these 5 strategies took off.
Successful entrepreneurs view failure as feedback. They know that true failure is never starting.
At AppSumo, we’ve failed hundreds of times before these 5 strategies took off.
Successful entrepreneurs view failure as feedback. They know that true failure is never starting.
Try lots of things.
Throw shit at the wall. Most won’t stick. Some will.
The ones that win pay for the losses 10x over.
You only need to be right ONCE to win.
Keep starting!
- Noah
Throw shit at the wall. Most won’t stick. Some will.
The ones that win pay for the losses 10x over.
You only need to be right ONCE to win.
Keep starting!
- Noah
PS.
Every week, I write a newsletter on entrepreneurship, marketing, and productivity for 350,000+ entrepreneurs.
I’ve failed MANY times over the years. I want to help you skip my mistakes.
Sign up here: noahkagan.com
Every week, I write a newsletter on entrepreneurship, marketing, and productivity for 350,000+ entrepreneurs.
I’ve failed MANY times over the years. I want to help you skip my mistakes.
Sign up here: noahkagan.com
14 pieces of non-obvious advice after two decades of entrepreneurship:
1. If everyone's doing it, you're late
2. Pay attention to what captures your attention
3. Build selfishly, share selflessly
4. Use frameworks to help you prioritize what to build
5. Build for your CORE customers
6. Build WITH public, not in public
7. Look outside your industry
8. Double down on what's working
9. Content is an opportunity magnet
10. Follow the Law of 100
11. Own your distribution
12. Create repeatable systems
13. Don't just sell, educate & entertain
14. The more shots you take, the 'luckier' you get
1. If everyone's doing it, you're late
2. Pay attention to what captures your attention
3. Build selfishly, share selflessly
4. Use frameworks to help you prioritize what to build
5. Build for your CORE customers
6. Build WITH public, not in public
7. Look outside your industry
8. Double down on what's working
9. Content is an opportunity magnet
10. Follow the Law of 100
11. Own your distribution
12. Create repeatable systems
13. Don't just sell, educate & entertain
14. The more shots you take, the 'luckier' you get
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