7 Marketing Lessons We Learned From Running Software Companies | Ep. #723

<p><span style="font-weight: 400;">In episode #723, Eric and Neil count out the 7 lessons they learned from running software companies. Tune in to hear what lessons apply to your business.</span></p> <p><strong>TIME-STAMPED SHOW NOTES:</strong></p> <ul> <li><span style="font-weight: 400;">[00:27] Today’s Topic:</span> <em><span style="font-weight: 400;">7 Marketing Lessons We Learned From Running Software Companies</span></em></li> <li><span style="font-weight: 400;">[00:43] A lot of the lessons Eric and Neil learned, could work for ecommerce and other internet-based businesses.</span></li> <li><span style="font-weight: 400;">[01:05] #1: It’s not all about the conversion plan. Optimize for lifetime value.</span></li> <li><span style="font-weight: 400;">[01:25] People typically pay for software on a month-to-month or annual basis and people often have to renew plans; this is a consistent revenue stream.</span></li> <li><span style="font-weight: 400;">[02:17] #2: It’s all about on-boarding.</span></li> <li><span style="font-weight: 400;">[02:40] First impressions matter and that applies to software, as well.</span></li> <li><span style="font-weight: 400;">[02:53] #3: You end up losing about 5% of your revenue because user’s credit card numbers expire.</span></li> <li><span style="font-weight: 400;">[03:08] To fix this, companies like GoDaddy sign up for a service called</span> <a href= "https://usa.visa.com/dam/VCOM/download/merchants/visa-account-updater-product-information-fact-sheet-for-merchants.pdf"> <span style="font-weight: 400;">Visa</span></a> <span style= "font-weight: 400;">and</span> <a href= "https://developers.mastercard.com/product/automatic-billing-updater-abu"> <span style="font-weight: 400;">Mastercard</span></a> <span style= "font-weight: 400;">Updater; Visa and Mastercard will automatically update user’s credit card details for a small fee.</span></li> <li><span style="font-weight: 400;">[03:50] #4: Use the “</span><a href= "https://strategyn.com/customer-centered-innovation-map/"><span style="f