It's the "One Thing" on the GrowthTLDR where the hosts (Kieran Flanagan, Nicholas Holland, and Scott Tousley) cover an idea or observation they feel is worth sharing with the podcast listeners.
Each week we scour all of the information we've consumed for the best lessons and bring them to our audience. They get all of the information without needing to do any of the research.
What you'll learn on this weeks episode:
- Why all great outputs in media need great inputs. We cover a recent interview from Bob Pittman, the CEO of iHeartMedia, about successfully growing a media empire. We also cover why the next generation of software companies will need that growing empire.
- Why you should be intentional about your 1:1 meetings. We cover why it's imperative to leadership to run effective 1:1 meetings and the common mistakes people make.
- The rising cost to acquire a customer. In a recent post from Reforge.com, they highlighted the increasing costs for all companies to acquire customers. What does it mean for the future of marketing?
The 'One Thing' Lessons
1. Lesson one: Why great outputs need great inputs
Each media property has a list of inputs that matter to its success. You need to understand what inputs matter to the media property you're trying to grow and prioritize those. For example, you might create a grid-like this to start figuring out what inputs matter to your success.
We cover other common examples where you need to be more intentional about determining the inputs that matter to your success - in building products, generating organic traffic from Google, and creating a successful freemium go-to-market.
2. Lesson two: Why you should be more intentional about your 1:1s
How much of our work life is spent meeting with people across our workplace?
Meetings are at the heart of how companies work. But too often, we're not intentional about how we run those meetings.
We get into some examples of how you can make your meetings better - sharing gratitude, giving space to air frustrations, asking what's the one thing I can do to help you?
3. Lesson three: Your cost to acquire a customer will increase; you should expect it and plan for it
All businesses will face rising costs to acquire a customer as they grow; it's inevitable. But, so many companies fail to plan for it.
The main ways to navigate the rising costs to acquire customers are expanding internationally, improving your retention, selling more products, and increasing your prices.
We debate if companies should be comfortable continuing to spend paid advertising dollars even when your cost to acquire customers increases.
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