The $100 MBA Show

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MBA1586 Should You Offer a Lifetime Deal? Aug 06, 2020

Show notes

The lifetime deal: smart strategy, or slippery slope?

Many companies with monthly or other recurring-revenue business models consider this trick. You simply offer a great deal that never expires — ever.

Customers are locked in at a certain rate, for as long as they’re alive.

This can backfire.

Today, we do the math on lifetime deals. Is there a version of this that doesn’t eventually cost you more than it brings in? Can you craft a lifetime offer that actually makes sense for you in 10, 20, 50 years?

Can you reap the benefits of attracting all that business, without the cost catching up to you in a bad way? Tune in, as we weigh the real implications of this strategy. Click Play!

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MBA1585 Q&A Wednesday: How do I pivot my business without upsetting current customers? Aug 05, 2020

Show notes

You’ve gotta do what’s best for your business. But you also have to do what’s best for the customers — especially the ones who supported you early on..

What happens when those two principles conflict?

It’s Q&A Wednesday, and we’ve got a listener who wants to niche down their coaching business — which would mean leaving some happy clients behind. Can you do this without hurting your reputation and damaging the business you’re trying to grow?

Yes you can. We’ve done it. Omar’s changed businesses more than once in his entrepreneurial career.

Today, we discuss how to do so in a way that’s forthright, ethical, and results in a net positive. Learn how to grow and evolve without alienating those who won’t be coming along for the entire ride. Click Play!

To submit your questions, visit 100mba.net/q.

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MBA1584 Should You Outsource Your Paid Ad Marketing? Aug 04, 2020

Show notes

You’re ready to spend money on advertising.

The question is: do you know how to get the best results? And if not, should you learn, or should you put that advertising budget into the hands of a pro?

We had to ask ourselves those questions as our business grew. Paid advertising is complex, and only getting moreso. Whether it’s social media advertising, Google ads, or sponsoring things like podcasts, it’s…tricky.

So what’s a better investment: the time and money it takes to upskill yourself, or the cost of outside help?

Today, we’ll do the cost/benefit analysis on having someone handle your paid advertising. We’ve tried it every way, from learning the ropes and experimenting on our own, to trusting our money with experts in the industry.

Hear what it can cost, what your options are, what we experienced, and what we recommend. Click Play!

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Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

MBA1583 Must Read: How We Decide by Jonah Lehrer Aug 03, 2020

Show notes

Why did I do that?

It’s a question we don’t ask ourselves enough. As small business leaders and entrepreneurs, it’s crucial to understand the human decision-making process. This week, we take a look at a Must-Read that does exactly that.

Jonah Lehrer’s How We Decide challenges the myth of rational, logical, even self-serving decision-making. Instead, it delves into the emotional reasons we do what we do.

Understanding the emotional basis of our choices doesn’t mean we’re powerless to act rationally. In fact, by embracing it, we become better decision makers — and better business people.

Tune in, and hear the most powerful insights from this thoroughly researched look at what makes us tick. Then, apply them to your business. Click Play

How We Decide by Jonah Lehrer

Discover all our must-read book reviews at https://100mba.net/bookreviews.

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Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

MBA1582 Why Your Business Needs an Enemy + Free Ride Friday Jul 31, 2020

Show notes

Every brand needs a story.

Every story needs a hero.

And every hero needs a villain.

Don’t get us wrong; we’re not talking about “vilifying” the competition. We’re talking about differentiating. To build your brand’s narrative and stand out, you have to tell the world what you’re doing differently.

In other words, you need contrast.

Consumers are triggered to action by their “pain points,” the things that make doing whatever they want to do difficult or impossible. Whatever your competitors aren’t doing is the space your company fills.

Lean into that. Celebrate it. Today, we’ll explore how.

By choosing an “enemy” to contrast your company with, you show consumers what you’re really about. By opposing your brand to others, you avoid a “me too” mindset and focus on what makes your company truly special.

EasyCourse

Hey

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MBA1581 How to Run a Paid Live Workshop or Course Jul 30, 2020

Show notes

Teaching, training, and coaching online: everybody’s doing it for a reason.

It’s one of the most profitable ways to monetize your expertise. But that comes with a downside — a ton of competition.

With so many courses, webinars, and videos out there, how can you stand out?

Today, we’ll explain exactly how to set up your own paid, live workshop or course. We’ll discuss what tools to use, how to market it, and how to make it worth every cent. Specifically, we’ll explore why live courses are so much more valuable than the pre-recorded kind.

Whatever you have expertise in, your students are out there somewhere. Now more than ever, consumers are looking for ways to learn online. Get in on the action with a course that’s uniquely valuable. Click Play!

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Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

MBA1580 Q&A Wednesday: What’s a good email open rate for my business? Jul 29, 2020

Show notes

*Checks notes*

Yep, the money’s still in the list.

Email is everything when it comes to marketing. It’s the #1 way to nurture leads, and move them closer to becoming customers. But how do you know if you’re…y’know, doing it right? How do you measure the success (or failure) of your email campaigns?

Open and click rates, of course.

It’s Q&A Wednesday, and we’ve got one listener who isn’t quite sure what a “good” open rate is. Spoiler alert: most of your emails won’t get opened. But there are industry standards, benchmarks you can work towards as you grow your business.

Today, we’ll discuss the two big email metrics, what numbers you should shoot for, and what factors affect those numbers.

With reliably sourced data, we’ll explore the marketer’s never-ending quest to get those emails opened, read, and clicked. Click Play!

Campaign Monitor Email Benchmarks

To submit your questions, visit 100mba.net/q.

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Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

MBA1579 Lessons Learned From Basecamp’s “Hey” Launch Jul 28, 2020

Show notes

Want to innovate your marketing? Study marketing innovation.

That’s what we’ve been doing, as we followed the launch of HEY, a new take on email from the guys who created Basecamp.

And no — we’re not affiliated with Hey in any way.

We just paid close attention to Hey’s pre-launch marketing strategy, and felt compelled to share it with you. We’re not discussing Hey as a product. We’re discussing what made Hey’s marketing campaigns so creative, original, and effective.

It’s enough to make you believe they really can take on Gmail.

Hey’s launch proves that there’s always a new niche, a new way to approach even the most crowded industries. By daring to differentiate, Hey attracted, nurtured, and converted new legions of fans — even as they navigated unexpected roadblocks.

What can you learn from Hey? Click Play!

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MBA1578 Guest Teacher – Erin Corn – How To Succeed With Paid Social Ads Jul 27, 2020

Show notes

No more “post & pray.” It’s time for a strategic approach to social media.

Social media advertising is a tricky business. But right now is a great time to get into it — costs are down, and folks are spending more time than usual scrolling around.

So how can you get the most out of your ad budget?

Erin Corn of Shorebird Media is here to help.

Corn knows what works in the world of social. Today, she’ll discuss how to set the right goals, execute your plan, and track your success. A performance marketing expert, Corn isn’t here to get you “likes” and shares.

She’s here to help grow your business in meaningful, measurable ways.

Get past the vanity metrics, and take a practical, goal-oriented approach to social media — in particular Facebook and Instagram. Click Play!

Shorebird Media Comprehensive Advertising Guide

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Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

MBA1577 Is It Worth It To Switch Providers to Save Money? + Free Ride Friday Jul 24, 2020

Show notes

If you’re cutting costs this year, you’re not alone.

One of the easiest ways to boost profits is to cut down on overhead. But lowering expenses can cost your business in ways you might not realize — especially when it comes to ditching providers and suppliers in favor of cheaper options.

Whether it’s digital providers (of things like CRM software), or suppliers of physical materials, breaking up is hard to do.

So should you?

Today, we discuss how to calculate whether severing a B2B relationship is the right move. With examples from our own business, we’ll explain why we stayed when we stayed, and why we left when we left.

If you’re considering a provider switch, give this episode a listen. Click Play!

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Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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