What we cover on Episode 37
In a growing company there is no end to the opportunities you can invest time and effort in, so just how do you decide on the ones worth that investment?
We talk to Garrett Moon, CEO, and Co-Founder of the rapidly growing CoSchedule about his 10X formula for growth.
We talk about:
- How CoSchedule's content marketing strategy was successful because they focused on what their competitors weren't doing.
- How CoSchedule turn the demand they create from content marketing into paying customers.
- How the CoSchedule team prioritizes their investments using the 10X formula.
[2:00] We talk about all the reasons you should love North Dakota, including weird food and rolling plains :)
[7:47] Garrett gives an overview of CoSchedule, who the product is for, how their growth journey started on Wordpress and current number of employees.
[10:02] CoSchedule's primary growth channel was content marketing. They were successful by identifying competitors weaknesses, spotting content gaps and doubling down on those things to differentiate what they were publishing.
[12:30] CoSchedule think of each blog post as a product. They care about how they can differentiate the content they're publishing from what competitors are doing. Garrett gives examples of how they do that.
[15:28] Garrett talks about how the blue ocean strategy is applicable to content marketing and how you need to find what differentiates your content from competitors.
[17.52] Garrett thinks it's pretty hard to find opportunities in content marketing that are untapped. The right thing to focus on is how your content can meet Google's users demands better than the competition.
[20:00] Garrett still sees a lot of opportunities for CoSchedule to invest in content marketing to keep fueling their growth, but also plans to diversify more into paid, events and other channels.
[22:50] CoSchedule have a 14-day free trial. They've had that conversion path since they launched. There is a team who constantly optimize and improve that path. Garrett prioritizes what his team work on by asking is this a potential 10X improvement for our business or is it a 10%. Garrett talks about some of the optimization efforts for their trial.
[25:54] The funnel team are responsible for the 14-day free trial. It's a cross-functional team. You have a short amount of time to show users the value of your product. Garrett talks about their most important usage events to get their users to take during that trial period.
[29:16] The 10X formula is a mindset to focus on the things that actually matter. Garrett gives examples of things he feels the 10X formula will cause you to deprioritize.
[33:18] Would CoSchedule ever consider Freemium as a 10X opportunity? Garrett talks about why freemium isn't something they would consider as it wouldn't help to solve their biggest challenges. It's on their hell no list :). CoSchedule does have free tools that help them to acquire new users.
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