Numa and the Power of Case Studies with Andrew Miller

This episode of Fractal Marketing features Andrew Miller, Startup Marketing Advisor & Coach at AndrewStartups. He discusses Numa, an AI that answers calls for businesses and the strategies they use to pitch to retail SMB’s. Gerard and Andrew take a closer look at their website and the ways Numa creates trust in their ideal customers.

Andrew details the way companies can utilize concepts like loss aversion and split testing to really figure out who they should be marketing to. He also provides actionable tips on outreach to provide real value in their messaging because the desire to help allows businesses to be aggressive in their marketing.


HIGHLIGHTS

01:01 Introduction to Numa: Andrew’s experience

06:35 Capitalizing on loss aversion and utilizing split testing

10:26 Examining Numa’s on-site tools and strategies

20:32 Outreach strategies: How to catching attention with value propositions

25:44 A desire to help enables aggressive marketing


QUOTES

06:22 “Numa’s a hundred bucks a month. It’s an incredible way for any business to get a couple more sales a month guaranteed for just a hundred bucks. It’s an easier pitch than you think now.”

12:55 “The bottom line is, if you’re a bootstrapped company, use every single opportunity to not pay for something.”

17:24 “Social proof is the reason why influencer marketing exists and sometimes beats paid advertising. We are social creatures. Even if it’s fake, we believe it. And we believe it more than if we just saw the company talk about it on their own.”

23:46 “I’m focused on what am I saying, how am I saying it, and is there a lot of value in my message. And if there is, I know it’s going to be received well enough. The same has been true with hundreds of companies I’ve run automated campaigns for.”

28:29 “When you really feel like you’re spending this time and this effort in your life trying to solve this problem, then you can be aggressive in the marketing. You’re always focused on helping this segment.”

25:44 A desire to help enables aggressive marketing


RESOURCES

Numa’s website: https://numa.com

Andrew’s website: https://andrewstartups.com

Andrew’s email: [email protected]

Andrew’s Book https://publishizer.com/0-growth/

25% off my course link and write up for the episode: https://andrewstartups.mykajabi.com/offers/LEyiwCGp?coupon_code=FRACTAL25

Kajabi picking a positioning fight with every B2B SaaS company – Guest Louise Flynn

This episode features Louise Flynn, Founder and Marketing Advisor at Rulu Marketing. She talks about Kajabi, an online business platform that replaces multiple tools and offers a full-stack solution to solopreneurs, and how it positions itself to this very specific target market.

Louise and Gerard discuss their free trial offer and the curious credit card requirement that comes with it. They also break down the company’s acquisition strategies, marketing funnels, as well as their incidental success with the world’s increased reliance on digital communication today.


HIGHLIGHTS

02:51 Kajabi: Offering a full-stack solution

08:06 Leveraging the community of brands that use Kajabi

14:53 Kajabi’s 14-day free trial and credit card requirement

19:45 Discussing acquisition strategies and marketing funnels

33:38 Product marketing successes


QUOTES

07:13 “For some who find the technology a little bit overwhelming, the aspirational brand messaging really brings them forward, brings them through and they begin to see the life with Kajabi in it.”

09:20 “They have a heroes program that they talk about where they’re constantly sending out merch just to reward people for hitting certain revenue targets on the platform. So they’re trying to actively engage the community.”

21:20 “I don’t see a lot of marketing outside of the website and I wonder why that is whether they just were used to being bootstrapped and they haven’t built a big enough acquisition funnel with enough different aspects to it.”

27:09 “If you pick a very specific persona, that promise has to really land. You can’t really build the huge dream. It’s got to be so relevant and they seem to be targeting a persona which is business-driven coaches and consultants.”

34:59 “Instead of trying to kind of be everything to everyone and not being able to secure any of the market, they’ve just decided on the type of person that’s interesting to them.”


RESOURCES

Kajabi demo (credit card required): https://kajabi.com/demo

Kajabi Access for $99: https://kajabi.com/access

Kajabi on Facebook Business: https://www.facebook.com/ads/library/?active_status=all&ad_type=all&country=ALL&view_all_page_id=113897981972497

Smart Passive Income: Building trust with transparency – Guest Jason Wright

This episode of Fractal Marketing features Jason Wright, New York Times Bestselling Author and Speaker, as he discusses the branding of Smart Passive Income (SPI) by Pat Flynn.
Gerard and Jason look at Pat’s success in blogging and podcasting, as well as break down SPI’s branding elements like their website and mission statement. They also discuss the relevance of social media platforms and how effective LinkedIn and Facebook groups are for particular niches.

QUOTES

05:48 “He was really early on the podcast scene. So his podcast, you kind of scroll down the main page, 60 million-plus downloads. That alone, it’s nuts. And he’s able to drive so much traffic in all of his affiliate offers.”

12:27 “It doesn’t strike me that his site has been built for acquisition. It feels to me like it’s about conversion. In other words, if you’ve got 60 million podcast downloads, you’ve got that rate.”

12:49 “I don’t think this website anymore is designed to draw new people in. I think people he’s got, I think this is about building up his personal brand and trust.”

17:02 “Video allows people to watch and say, do I believe this person? Do I think they’re full of crap or do they seem honest? You can pick up on a lot of that through video so I think anything with video is going to remain relevant.”

23:45 “I get very little through LinkedIn so for my business it’s not a significant platform. It’s like Facebook really. It’s really a pay to play space now. It doesn’t have the reach it used to have.” —————————–

 

HIGHLIGHTS

03:56 Smart Passive Income: Building trust with transparency

10:57 Breaking down SPI’s branding and website

16:03 Discussing video in digital marketing

19:13 Critiquing SPI marketing strategies

22:54 LinkedIn: Is it really effective? ——————————

 

RESOURCES

https://www.smartpassiveincome.com

https://patflynn.com/

https://intentionallyinspirational.com/

https://www.facebook.com/groups/funnelbuildingforprofit

Fall Guys Marketing Launch Review with Daniel McGowan

In this episode of Fractal Marketing features Daniel McGowan, Co-Founder at Humble Links, discusses the almost overnight rise to fame of Fall Guys: Ultimate Knockout. Today, Daniel introduces what makes the game so unique and its appeal to gamers. He explains the role of their Twitter in growing the brand and how having a gamer manage it had been central in communicating the language of gamers to gamers. Daniel also explores the advantages of indie game developers and how the stage is set for them to achieve massive success moving forward.

RESOURCES
https://twitter.com/fallguysgame
https://www.youtube.com/watch?v=AyADwdiW7rQ
https://www.youtube.com/watch?v=vXdeNa9d9sg
https://www.linkedin.com/in/daniel-mcgowan/
https://www.hmbl.ink/directory

QUOTES
01:23 “It’s kind of like those original Japanese game shows where they put their contestants through hell, except these ones are like jelly beans with legs.”
04:19 “They just had a really good Twitter account. They really pushed memes everywhere and I think it really captured their audience because their audience, gamers, are just who they are.”
16:13 “Most of the user content has come from people griefing other people. Like there’s a special stage where there’s only one little bridge and people can stand on that bridge and other people try to get on it, they get knocked off.”
21:57 “Any branding, or any marketing for any company, is community. Community with a face. Not so much community but a community with a face. Having someone behind who is driving your community that everybody knows. And independent studios get to do that.” 22:54 “I think indie developers are in a really good position to be able to use that to push forward that thing.”

 

HIGHLIGHTS
01:07 Introducing Fall Guys
04:08 Utilizing “memekating” and TimTheTatman’s accidental influence
11:37 Putting a gamer in charge of the Fall Guys Twitter
20:07 Indie game developers: Growing the community and finding success
26:57 Humble Links: Cultivating influencers and their relationships with brands

Koala Mattresses: A Brand Strategy Review with Melissa Packham

This episode of Fractal Marketing is called “Koala Mattresses: A Brand Strategy Review” with Melissa Packham, Chief Brand Strategist at A Brand Is Not A Logo. Today, Melissa starts off with Koala’s name recall and going international.

They then discuss Koala’s guerilla marketing choices, their disruption of the industry with superior offerings, and their success in challenging titans in the business. Melissa also unpacks Koala’s logo and their choice to be transparent as an ethical and socially-conscious brand.

HIGHLIGHTS

01:38 Analyzing Koala as a brand name 

07:00 Disrupting the industry and challenging the competition 

13:53 Discussing traditional marketing channels and Koala’s logo

21:52 Embracing the future and being a socially-conscious brand

QUOTES

02:35 “It’s obviously a strong hook for them overseas because the association with cuddly koalas and Australia is so strong.”

07:49 “They set out not with the intention to launch a mattress, they set out to disrupt a category by improving customer experience.”

20:19 “The lower case kinds of suggests that it’s more approachable and modern than a very Times New Roman kind of Serif typography choice there. In terms of visual, it’s already saying that it’s a modern brand.”

22:30 “The reason more businesses are stepping up to the plate on doing social good is because, quite frankly, consumers are demanding it and have been demanding it for years. And it is definitely the global majority now.”

27:00 “People trust brands. They trust brands to take action and so that’s why they’ve trusted brands for so long and now they’re actively choosing brands that align with their values. And, in fact, they trust them more than governments.”

Allbirds: Marketing Analysis with Iain Calvert

Today, Gerard Doyle features Iain Calvert, eCommerce Consultant at Boom Ecommerce training, to talk about the branding success of Allbirds in carving out its own niche. 

They identify Allbird’s key strengths and discuss the brand’s core messaging. They further break down the brand’s strategy to create buy-in, its solid value proposition, and the simple yet effective use of online tools, with Shopify in particular. 

QUOTES

06:07 “The core message is they’re really comfortable, simple, straightforward shoes that pretty much anybody can wear. It’s not a case of the pure runners that you try and run marathons in them.”

14:19 “Businesses or manufacturers have this ability to sell directly to customers, not having to sell to retailers and take a wholesale margin, because you’ve got systems like Shopify.”

22:57 “I implore anybody that is thinking about setting up an e-commerce business or building theirs, is to not copy what other people do but to use the tools, apply it to their strategy.”

31:54 “Because people like that brand, they’re more likely to open the email, so the delivery rate is going to be higher. And because it’s a high profile client, MailChimp probably looks after them.”

32:19 “If you do not spend time developing the products, the brand message, and you spend all your time picking the tech stack and what platform you’re going to go on and all these bits and pieces, you’ve actually missed the point.”

HIGHLIGHTS

02:52 The origins & core message of Allbirds 

09:05 Buy-in & the California tech influence 

14:10 B to C brands thriving through Shopify

20:13 Exploring Allbirds SEO and MailChimp email marketing

32:36 A good product will sell

——————————

RESOURCES

https://www.boomecommerce.com.au/

Don’t fear your Trumpian brand

In the US, voting is optional, just like our consumer spending is.

And Trump (maybe unwittingly) has discovered that it doesn’t matter how many people hate you, just how many people love you. Because if your ‘love’ something, then you get out and vote for it. or you’ll get out and buy it.

 

In this short podcast episode, I discuss why great brands will always attract some haters, and we need to learn to embrace that.

How to launch a product with a latent need

This episode of Fractal Marketing with Gerard Doyle is called “How to launch a product with a latent need” with Maree Beare, the CEO and Founder of consumer health app Wanngi. Maree explains that Wanngi functions like a digital wallet and that its primary use is to manage difficult-to-access health records.

Maree also shares the marketing journey of Wanngi and the obstacles of brand awareness for a product for a latent need. However, she shares their great success with blog content and the value of being recognized by Forbes and CNET in their quest to go global and penetrate the US market.

QUOTES

17:43 “The government has announced a grant for researching into the impacts of the bushfire smoke, not only bushfire smoke but people’s mental situation after the bushfires. So we propose that people could use our app and monitor their symptoms then track what’s happening to them over that period of time and share that information.”

19:56 “We are placing a focus on the US. They have a significant problem. It’s worse than in Australia. They don’t have essential government record as an option, which we do. They don’t really have a medicare that’s like our public system.”

26:13 “Instead of bringing your folder with you, you’re going to start accumulating this information electronically, safely, in a secure place in cloud so that no matter where you are, you can show this to the doctor, no matter where you are. And in whatever language.”

33:52 “One of the problems is that it’s actually very difficult to get a hold of your health records and your medical documents in the US. And in Australia, by the way, you don’t seem to have ownership on often very easily or you may have to pay for them. So we’ve written some articles on how to do this.”

36:41 “If I could go back in time, I would think that we could have acted sooner to start understanding the market straight after that because a week from launching, the government decided it was too early and they closed the mobile API gateway down.”

HIGHLIGHTS

02:24 Introduction to Wanngi

12:45 Caregivers as a potential app user pool

19:23 Going global & using Wanngi overseas

28:25 Marketing Wanngi & creating content

35:34 Maree’s advice & working with the government

RESOURCES

Maree on Linkedin

Wanngi.com

Apple App Store

Google Play Store

How to be unique in a booming niche like craft beer

This episode of Fractal Marketing is called “How to be unique in a booming niche like craft beer” and today’s guest is Richard Jeffares, founder of TWØBAYS Brewing Co, is a pioneer of gluten-free, vegan, and lactose-free craft beer in Australia.

Richard starts by laying the context for a gluten-free product, and for TWØBAYS, that is the niche of coeliacs. He then discusses the early successes of the brand and their plans for brand awareness and expansion in 2020, including social media and word of mouth marketing

QUOTES

05:19 “It’s just not the same as sitting there at the bar and you’re drinking the cider while everyone else is drinking beer, for me anyway. You feel different. And unless you love cider and don’t like beer, which I don’t, you want to fit in with everybody else. So that’s really been the crux of it is, just want to be inclusive.”

06:55 “So we then negotiated the exclusive rights to import millet, buckwheat, and rice from these gluten-free malt houses in the US and bring them in by the containerload. So we’ve got, I think it’s 11 or 12 different millet malts, 1 buckwheat and about 6 or 7 different rice malts that we can use to make the beers that we have at the tap or even in package.”

12:11 “So from April to December, we got to about 750 locations around Australia, so anywhere from Port Douglas, Hobart and Perth and probably of those, I’d say 250, probably 200 of them are the big guys and the other 550 are independents. And so we’ve really wanted to make sure we try and do both strategies.”

27:30 “We’re 100% dedicated brewery and no barley comes in, sort of a no gluten allowed setup. So if you then go to a contract brewer, which is what these big guys are doing and say hey, brew me a gluten-free beer, then that contract brewer is going to make sure that throughout their whole manufacturing process, they are doing everything to avoid gluten.”

28:19 “We do offer it to other breweries if they want to but when they realize the price of that malt compared to barley, they’re kind of go, uhh. Then we talk about how they’re going to clean their mill, which you can’t do, so how are you going to mill that barley to brew with it? How are you going to clean your tanks? All those sort of things. And I say, well, why don’t you just buy my beer?”

Background

TWØBAYS Brewing Co was born from the need to avoid gluten and a trip to America which opened the eyes of Founder, Richard Jeffares, to breweries in Portland, Seattle, Denver and Montreal who were crafting high quality, gluten-free beers, so he decided to bring high-quality craft beers to Australia.

HIGHLIGHTS

01:49 Introduction to TWØBAYS

05:41 Creating gluten-free beer in Australia

09:23 Marketing TWØBAYS

16:27 Expansion and markers of success

25:07 Competing with the big names

RESOURCES

https://www.twobays.beer/

https://www.instagram.com/twobaysbeer/

https://www.facebook.com/twobaysbeer

How the Sunk Cost Fallacy Causes You to Make Bad Decisions

 

  • Sunk costs are a necessary part of business and life. Embracing them helps you spend money wisely and make the best decisions for your professional and personal paths.
  • The “endowment effect” is an evolutionary concept that causes people to overvalue something just because they own it.
  • The “sunk cost fallacy” causes people to become committed to something they’ve already spent money on, even when continuing to pursue it is no longer a rational decision.

 

Often when people hear the term “sunk cost,” they think of losing money. That’s a mindset we need to change.

Sunk cost is actually a necessary and rational part of business and life. Trying to avoid it is what leads to irrational decisions and wasted money. Embracing the concept can help you spend money more wisely and keep yourself on the best personal or professional path.

I’ll show you how.

What is sunk cost?

“Sunk cost” is an expense you’ve already incurred and cannot recover. These are in contrast to prospective costs, which are future expenses you may avoid if you change course.

Sunk costs, for example, may be:

  • The $1,200 fee I paid to cancel my family’s trip to Japan to avoid coronavirus.
  • College tuition, especially for a field you don’t or can’t pursue after graduation.
  • The money a startup invests in creating a product before pivoting.

We face sunk costs like these in both our professional and personal lives every day, and they can be beneficial. They become a problem only if we approach them with the wrong mindset.

The sunk cost fallacy

The problem with sunk costs is their tendency to convince us we have to forge forward because we’ve already invested too much to quit or change direction.

Say, for example, you’ve gone to law school and earned a law degree. Once you graduate, you decide you don’t want to be a lawyer but instead write a novel or return to school for marketing.

That shouldn’t be a bad thing.

The sunk cost fallacy is the mindset that you’ve just got to take on the burden of being a lawyer for the rest of your life because of the time and money you’ve sunk into law school. But why would you spend the rest of your life in a career you don’t like just because of three years in a particular pursuit?

Businesses can fall into this same trap. You might spend months and thousands or millions of dollars pursuing a product or project, and then realize it’s no longer the best path forward for you or the business. 

At that point, you can accept the investment as sunk cost, but many people are compelled to continue pursuing something solely because they’ve already put so much into it. Even if it won’t pay off best in the long run — even if you could earn above and beyond your sunk cost — you feel the need to stick to what you’ve started.

The endowment effect

This mindset about sunk costs comes from a psychological concept called the endowment effect. This is our tendency to overvalue something just because we own it.

Business Insider illustrated the endowment effect with an experiment in its series “Why Are We All So Stupid?” where host Sara Silverstein offered to buy people’s lottery tickets for two or more times their purchase price.

In the experiment, 78 percent of people refused to sell their tickets, concerned they risked selling a winning ticket. One man even replied, “Do you have $700 million?” demonstrating how highly he valued his ticket, as opposed to about $5 he’d sunk into buying it or $10 he could earn selling it to Sara.

Psychologists believe humans are hard-wired to this kind of loss aversion due to evolutionary pressures on losses and gains.

Consider that, for a hunter-gatherer society, the loss of a day’s food or water could mean consequences as severe as death. Gaining an extra day’s food is not very useful — traveling around with extra food on your back is actually a burden for a nomadic community. 

Evolutionarily, we learn that loss is greater than potential gain, so we overvalue what we already have.

This innate loss aversion leads to the sunk cost fallacy: We don’t want to lose what we already invested, created, or own, even if it’s no longer a rational pursuit.

The rational sunk cost mindset

You might be hard-wired emotionally to avoid sunk costs, but economically rational thinking can help you accept and embrace them.

Here’s a great example of that rationality: I started to work with someone last year on a website build with a $12,000 budget. About halfway in, when we reviewed what he was getting and why, it no longer made sense for his business.

He realized all he really needed was a simple website he could probably create through Wix or Squarespace and maintain himself — after he’d already spent about $6,000.

The loss-averse human might think you absolutely need to finish this project; you’ve already spent $6,000 on it! But he decided to stop and accept that sunk cost.

Here’s why: The prospective costs of stopping then were much lower than if he continued with the website we were building. He would have spent another $6,000 on the project, plus future maintenance costs. Stopping meant a $6,000 sunk cost, plus maybe $30 or so to set up the website he actually needed.

An economically rational mindset doesn’t see a wasted $6,000 on an unused website. It sees this client spent $6,000 to end up with a website that was perfect for him, instead of spending $12,000 plus future costs on a website that didn’t serve him at all.

You can apply this mindset to any sunk cost:

  • For my $1,200 sunk cost on the Japan trip, I gained peace of mind and safety for my family, plus a Cavoodle puppy I could buy with the $5,000 I didn’t spend on the trip.
  • For the sunk cost of a law degree, you might gain unique expertise and potential greater earning opportunities for pursuing a career you’re passionate about.
  • For the sunk cost of pivoting, a company might gain millions of dollars in sales pursuing a more fitting line of business.

Where are your sunk costs? 

I challenge you to look at the decisions you make in your business, career, and personal life. 

Ask yourself whether there’s anything you’re doing now simply because you’ve sunk time or money into it.

Are you pursuing anything you no longer have a rational reason to pursue?

Try to approach that thing with an economically rational mindset. Can you change course now and accept the sunk cost as a victory?

This is based on an episode of Fractal Marketing, the podcast for entrepreneurs who want to grow their company through smarter marketing. Subscribe and leave a review through Apple, Google, or wherever you listen to podcasts.