240+ Thoughts

240+ Thoughts

Chris Murphy · 14 December, 2020

Summary: These are notes – from reading, from watching, from listening… – that I'm formatting as tweet-length thoughts for publication on Twitter and Instagram.

Each of the following chunks is a possible tweet, but also a chunk of thought that I could expand into a post for the website.

Process

What’s the customer journey?

Whether you run a studio of one or a studio of hundreds, think of your business as a customer journey.

How do you onboard your customers? What touchpoints do you use.

Pricing, Positioning

The traditional ‘big launch’ is dead, here’s how you launch today:

  • Build an audience.
  • Earn that audience’s trust by giving them value.
  • Identify opportunities (X, Y, Z…).
  • Transfer X, Y, Z… to audience, they transfer £ in return. *
  • Happy customers tell others.

\* Trust.

Sell value, not time.

The trouble with selling time as a business model is that it ties you to time, and time is finite.

If your business is products that capture the value you offer, you’re no longer a prisoner to the zero sum game.

Ask for money.

You won’t know if your startup’s going to work until you ask for money.

People will tell you all kinds of nice things about your startup. Money, however, speaks considerably louder.

If people won’t pay, go back to the drawing board.

The first principle of pricing: Charge more.

Start high. Get uncomfortable with your price. Don't start low. Once you're low it's hard to move the price to where it needs to be.

You can come down from a higher price.

Take that price… and use it to think about:

How do I create value that's worth £2,400… It forces you to raise your game.

Money = Attention

When people pay, they pay attention. When people pay more, they pay more attention.

If you’re building a community-focused business charge for access and your users will invest (more time, more energy) in the community.

Higher Price, Higher Value

Don't tie your price to what it's costing you (marking up). Tie your price to what its value is.

Charge a higher price and focus on delivering to that value.

Marketing

Marketing, Stories, Social media, Testimonials

Life Work Balance

Put life first and you change everything.

The order in which you list items fundamentally alters the meaning:

  • work-life balance
  • life-work balance

I used to be work-first, I'm now firmly life-first.

Successful founders are like professional athletes.

Professional athletes:

  • train hard;
  • they embrace the support of a coach;
  • they celebrate their wins;
  • they learn from their losses; and
  • they build in time to rest.

To build a successful business, do all of the above.

Learn from professional athletes.

• Training • Winning • Recovering

You need to be doing all three.

Don't get lost in the 'one more feature' trap.

If you can't sell, you can't sell. Fundamentally rethink. Don't get lost in the 'one more feature' trap.

What's the one tweet version of your business?

What's in your manifesto?

Your manifesto should share the mission that you're focused on. It should clearly define what you're trying to change.

Don't cynically shrug this off. I encounter so, so many people who can't quickly and clearly communicate what their business does.

You can only change something if you acknowledge it. This is one of the biggest barriers to progress I encounter.

Useful list here.

Writing

I’ve booked hotels on my last two books, worked a treat, but the cost adds up.

I now drive to remote locations – almost daily – and write there: space for thought, limited internet, limited distraction.

Car parks, park and rides, often free or subsidised, are perfect.

#writing

Pay attention to spelling and grammar. If you ignore the little things you might also ignore the large things.

<!— Amazon One-Pagers: People will think that if you ignore the little stuff, you are probably also careless with the big stuff. —>

To improve as a writer, you need to be writing every single day.

The more you write, the more your confidence grows (and… the more you write, the more your confidence grows).

It's a flywheel.

Links to others’ work…

If you haven’t seen @asburyandasbury’s ‘Text Radio’:

Note to Self (TK's AMA)

TK's videos…

Watch TK's video on building an unstoppable sales funnel (it will help you grow revenues). Also watch the entrepreneur law of attraction video (will get your mindset in order).

Question for TK:

I’m running The School of Design and I’m in a quandary. I want to help as many people as possible, but helping founders properly takes considerable amounts of time. How do I square that circle? I’m starting to think I can mentor a maximum of 18 people a year, is that sustainable?

I think I need a set of additional – infinitely sellable – smaller educational packages. I give these to members of The School of Design (insiders?), but sell them to non-members (outsiders?).