Nothing without your principles

Nothing without your principles

04 May 2018

Nothing without your principles teaser
 
 
Smashed like avos

What a week! Heaps of interesting things happening here at Integral. Always good when the engines are humming and the team is pushing the envelope, aye?

Today's newsletter is about nailing customer (stakeholder) desires even when it seems absurd, a MUST read on Principles and tips for building a business.
 
Give the people what they want...sometimes
 
 
True story on customer nirvana
I go to a lot of weird events. You never know what you'll stumble into or learn along the way. Two days ago, I was at Morning Startup, a free weekly talk about a topic (not always start-up related). This week's talk was on a company called TrackMySubs (TMS), a Perth based tech company that tracks those annoying subscriptions that often auto renew and chip away at your credit card.

They told their story and landed on a fantastic example of nailing customer attitudes to create bliss. The problem they kept hearing from some customers: "I want to be able to track my lifetime subscriptions". MADNESS! Who tracks a lifetime subscription? You literally own the piece of software for life...

Rather than labelling them as insane or out of touch, TMS got stuck into customer interviews (a good tactic for sparking innovation) and found the underlying reasons for the demand.
  1. I want validation - customers who tracked lifetimes subscriptions valued the validation from knowing they saved money in lieu of paying monthly or annually.
  2. I want to win - these same customers tended to be coupon cutters. Coupon cutters love the hunt and the subsequent win of having found the best deal. They love to brag about it to their friends.
  3. I want to save - these customers were frugal and valued savings. Money saved tied back to validation and winning, plus it helped the bank account.


To nail these aspirations and create delight, TMS decided to build a lifetime savings calculator formula on the back-end. This meant taking the monthly / annual figure and then extrapolating it out to a lifetime savings. Explained simply, if the software is normally $50 a month and I bought it for life of 40 years, I would have paid $24k, but I instead bought it for life for $499 which means I saved $23,501. A coupon lovers delight. BOOM.

TMS rolled this feature out and it was their most popular feature, gained heaps of marketing traction organically and delighted customers. The lesson? Understand your customers goals and aspirations and get focused on creating delight. Don't just simply ask them what they want.

Bargain mate, bargain
 
How to build a company where the best ideas win | Ray Dalio
 
Principles
I saw a copy of Ray Dalio's Principles pop up in a few places. I'm about half way through, and its gold. Can't recommend it highly enough. Find it here. I will cover more on that in another newsletter, but watch the Ted Talk video above on more about culture and radical candour. 

In life, all you have are your principles...and taxes
 

Building a Business (originally featured in the Morning Brew)

We don't often use direct content from other sources, but I liked this crisp simple set of advice from the Morning Brew CEO Alex Lieberman. It won't resonate with everyone, but it's good. 
"For 3 straight years (since starting Morning Brew), I've tried to keep a journal and chronicle the entrepreneurial experience. But all I'm left with are too many thoughts and an empty notebook. Better late than never to share some takeaways...
Spend time on hiring: Take your time, create strict hiring criteria, do tons of outreach, and make sure every candidate concern is mitigated before extending that offer.
Thrive in the gray: No decision is black and white. You constantly work with imperfect information, and therefore, must be comfortable making decisions in the proverbial "gray."
It's not about being the smartest: It's about being the most curious. Allstars are afraid of intellectual blind spots and spend countless hours reading, studying, and asking the right questions to fill them in.
Nothing preps you for this: Building a business is hard. Neither college nor a corporate job fully prepare you for this. Just accept it and plan for it. Know that you will make mistakes, but you will learn from them."

I live in the gray...
 

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Make Shift Happen. Happy Friday!

Love,
Travis
@Travis
 
 
 
 
 
 
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