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Studying the best marketer on the planet. Translate findings for software devs/agency. Managed a service firm with over $1M in ARR.

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Just finished going through @patticus 's The Guide to Competitor Intelligence and Research.

All I can say is Wow! It'll probably the only I'll need for competitive research. Thanks alot Pat! Great work as always.

You can find it here: https://t.co/paeguPTAW6

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@ENowoslawski Hahaha. I find {Their Company Name} x {Your Company Name} does well. What's been your go to subject line Eric?

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Contrary to popular belief, the most lucrative software projects don’t always come from flashy industries.

Often, they're hidden in plain sight in the most mundane sectors.

Here's how I would find them:

1. Research Lesser-Known Industries: Dive into industries that aren't typically known for their online presence. Think agriculture, local manufacturing, or regional tourism.

2. Network with Non-Tech Professionals: Engage with professionals outside the tech sphere.

3. Explore Local Niches: Start with your community. Local businesses, schools, and non-profits often need help automating parts of their work but don't know where to start.

[Top @topparkp]

@nathan_theking Nice!

[Top @topparkp]

There's one metric that can transform the way you do business, but most dev shops overlook it.

In today's, Metrics that Matter, we're gonna talk about...

LTV (Lifetime Value)💵

What happens if you don't know your LTV?
-You could overspend on customer acquisition and erode profits.
-Budgets for marketing could be blind guesses, not strategic investments.
-Growth strategies may lack direction and efficiency.

Formula: LTV = Average Customer Value X Average Customer Lifespan

Example: You charge your average client for $5000 for custom ERP system and $500/month for maintenance.

Your client kept you for 2 years.

Your LTV = $17,000

So, a client on average is worth $17,000 over their time with your agency.

Here's what you can do knowing this:
-Out spend your competitors in client acqusition
-Add more backend services to build expansion
-Optimize your customer success so that your client can stay longer

Understanding and improving LTV is an ongoing journey that can lead to greater profitability.

What other metrics are you curious about?

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@SimonMaughan Thanks Simon. I agree. It's defnitely is better to be conservative.

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@jpdemas Definitely JP. Couldn't agree more 😀

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In the competitive world of dev agencies, have you ever wondered why some proposals win big clients while others don’t even get a second glance?

The problem often isn't about the price or even the technology itself.

It's deeper.

We see dev shops pour hours into perfecting the technical details, showcasing expertise, and competitive pricing.

Yet, they miss a crucial element —
understanding and addressing the client’s core needs.

It's like prescribing medicine before diagnosing the ailment.

Clients today face unique challenges. They grapple with rapidly changing tech, market pressures, and the constant need for innovation.

When your proposal just talks tech and costs, you're essentially telling your story, not theirs.

This misalignment is where many proposals fall flat.

They fail to resonate, to speak directly to the beating heart of the client’s problem.

Here’s where the game changes.
The secret ingredient...

Empathy.

Begin with a deep dive into understanding your client’s world.

What keeps them up at night?

What challenges are they facing in their industry?

How does this project fit into their bigger picture?

🎯Once you’ve unearthed their core challenges, tailor your proposal to address these specific issues.

Narrate a story where your client is the protagonist, and your tech solution is the hero they’ve been waiting for.

Explain not just the ‘what’ of your services, but the ‘why’ and the ‘how’.

How will your technology alleviate their pain points?

Why is your approach more suitable than the conventional route?

This strategy transforms your proposal from a mere document into a mirror reflecting their own needs and how you can fulfill them.

Then conclude with confidence.

Provide a clear, concise roadmap of your solution, backed by data, case studies, or testimonials that reinforce your understanding and capability.

Show them a future where their problem is no longer a blocker, but a stepping stone to greater achievements through your partnership.

Your proposal is more than a sales pitch.
It's a bridge between their problems and your solutions.

By making this shift in your proposal strategy, you position your dev shop not just as a service provider, but as a visionary ally, leading your clients towards success and innovation.

[Top @topparkp]

@KateBour Gold as usual Katelyn!

[Top @topparkp]

@MicManiscalco Boom! 💣 That's right.

[Top @topparkp]

@SimonMaughan Thanks @SimonMaughan. Definitely! Your target is always the protagonist of the story.

[Top @topparkp]

@jpdemas Thanks JP 😀

[Top @topparkp]

Here’s how FITBIT saved me from looking like a loser…

In 2017, I was about to graduate.

Most of my friends got job offers from prestigious firms.

Think…Delloite…KPMG…EY…

But I didn’t.

You see. 3 months before graduation, I had made my first $25 online and I was hooked.

Why graduate from a business school without even trying to start your own business.

I wanted to take a shot at this thing called “entrepreneurship”.

But I was still struggling. I made $50 here. $100 there.

But it wasn’t anything substantial.

How do I tell my parents that I haven’t filled out any job applications yet.

Would my friends think I’m a loser?

Did I just make an irreversible decision?

The closer I got to graduation the more I sweat. Like new shirt every 3 hours sweat.

Something needs to happen fast.

Well something did happen.

I talked to this guy who was mentoring me on dropshipping at the time.

He said, “You’re only selling trinkets and cheap stuff. You need to sell a more expensive item.”

I said, “Like what?”

He said, “Like a Fitbit”

“Fitbit?! Isn’t that super high tech stuff? How do I even get people to make those for me?” was my thought.

Well, what do I have to lose? I searched up “Fitness Tracker like fitbit” on Aliexpress.

To my surprise…

There were hundreds of results. So I contact the seller with the most reviews. Ask him if he ships to the U.S.

He said, “Yes”

I set up a Shopify store that night. Went to Facebook and set-up an ad campaign.

My target: Male and Female 60+

Product: Fitness Tracker

I figured this group would have the most disposable income.

I put my credit card in. Set the budget to $25 per day.

I clicked publish then went straight to bed. The stress was eating me up.

I woke up. I made 1 sale at $75.

I scaled the budget to $50 per day.

I made $150. Scaled the budget $150 per day.

I made $450. By the end of the month,

I made over $30,000.

I finally did it. I finally have substantial proof to show my friends and family.

I AM AN ENTREPRENEUR!!!!

Little did I know, I had made one of the biggest mistakes ever!

But that’s a story for another time. 😉

[Top @topparkp]

@SimonMaughan There wasn't any real stigma I would say. A lot of it is definitely mental obstacles that I had to overcome. But there was definitely external pressure there!

[Top @topparkp]

@nathan_theking Thanks Nathan. I'm glad you enjoyed it. 😀

[Top @topparkp]

@MicManiscalco I'm glad you enjoyed it Michelle :)

[Top @topparkp]

@willposk So true! I'm hooked

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@jpdemas Amazing 😀

[Top @topparkp]

Only large agencies get the best deals...

🧐

[Top @topparkp]

@SimonMaughan Definitely one of the most common push backs

[Top @topparkp]

Here are 5 surefire ways to run your web-development shop to the ground:

[Top @topparkp]

@SimonMaughan Thanks Simon 😀