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:
NeilPatel.com
Quick Sprout
Growth Everywhere
Single Grain
Twitter @neilpatel
Twitter @ericosiu



Learn more about your ad choices. Visit megaphone.fm/adchoices

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: <ul> <li>[00:27] Today’s Topic: 7 Marketing Lessons We Learned From Running Software Companies
</li> <li>[00:43] A lot of the lessons Eric and Neil learned, could work for ecommerce and other internet-based businesses.</li> <li>[01:05] #1: It’s not all about the conversion plan. Optimize for lifetime value.</li> <li>[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.</li> <li>[02:17] #2: It’s all about on-boarding.</li> <li>[02:40] First impressions matter and that applies to software, as well.</li> <li>[02:53] #3: You end up losing about 5% of your revenue because user’s credit card numbers expire.</li> <li>[03:08] To fix this, companies like GoDaddy sign up for a service called <a href="https://usa.visa.com/dam/VCOM/download/merchants/visa-account-updater-product-information-fact-sheet-for-merchants.pdf"> Visa</a> and <a href="https://developers.mastercard.com/product/automatic-billing-updater-abu"> Mastercard</a> Updater; Visa and Mastercard will automatically update user’s credit card details for a small fee.</li> <li>[03:50] #4: Use the “<a href="https://strategyn.com/customer-centered-innovation-map/">Jobs to be done</a>” framework.</li> <li>[04:40] Set aside time for customer development.</li> <li>[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.</li> <li>[05:07] First opinions tend to stick in the software world.</li> <li>[05:42] <a href="http://buzzsumo.com/">BuzzSumo</a> and <a href="https://ahrefs.com/">AHREFS</a> did well because they created exceptional products.</li> <li>[06:30] #6: Get your pricing right!</li> <li>[07:03] Everyone is going upmarket. Charge for the value you think you are delivering.</li> <li>[07:23] #7: Pay attention to market trends and conditions.</li> <li>[07:30] KissMetrics was getting trounced by a competitor and didn’t adapt quickly enough.</li> <li>[08:01] That’s it for today!</li> <li>[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 <a href="http://singlegrain.com/survey">Singlegrain.com/survey</a> and help us gain some insight into what matters to our listeners.</li> </ul> Leave some feedback: <ul> <li>What should we talk about next? Please let us know in the comments below.</li> <li>Did you enjoy this episode? If so, please leave a short review.</li> </ul> Connect with us: <ul> <li><a href="http://neilpatel.com/">NeilPatel.com</a></li> <li><a href="https://www.quicksprout.com/">Quick Sprout</a></li> <li><a href="http://growtheverywhere.com/">Growth Everywhere</a></li> <li><a href="http://www.singlegrain.com/">Single Grain</a></li> <li><a href="https://twitter.com/neilpatel">Twitter @neilpatel</a></li> <li><a href="https://twitter.com/ericosiu">Twitter @ericosiu</a></li> </ul> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

Neil Patel and Eric Siu bring you daily ACTIONABLE digital marketing lessons that they've learned through years of being in the trenches. Whether you have a new website or you're an established business, you'll learn the latest SEO, content marketing, social media, email marketing, conversion optimization and general online marketing strategies that work today from people that actually practice marketing and operate businesses.
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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...

7 Marketing Lessons We Learned From Running Software Companies | Ep. #723

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