🔑 Key Takeaways
- Trusting your intuition and understanding what interests your audience is key to maintaining their trust and keeping your content fresh and engaging. Regular feedback and conversation with your audience can help you remain true to your original mission while still introducing new ideas and topics.
- It's important to foster connections and celebrate active members within your community, rather than resorting to easy growth tactics. By providing high-quality content and treating your audience with respect, organic growth can lead to long-term success and revenue.
- Conduct in-depth research, explore multiple platforms, improve skills, ask for help, and find your obsession to succeed in business. Doubling efforts every year can help measure progress.
- Focus on sustainable growth and build long-term relationships with sponsors. Certification is key for attracting customers. Price appropriately for the value created. Don't be afraid to have leftover funds, it's a sign of success.
- Focus on your core competency and outsource non-core activities to experts in order to add value and provide peace of mind. To succeed in a saturated market, breaking traditional rules can be helpful, but having a clear and sustainable competitive advantage is crucial for scaling a business.
- Empower community leaders, focus on creating value, avoid user hostility, and analyze creatively to build power and durability unique to your business for sustainable growth.
📝 Podcast Summary
Maintaining Creativity and Trust in Podcasting
When starting a creative idea, it may take some activation energy to get over the hump of the default state doing nothing. As the Acquired podcast evolved over time, the founders were super conscious of not becoming bland and maintained the job to be done with their customers through conversations with their audience and just trusting their gut. For the Acquired podcast, this job to be done was to tell the stories of great businesses, how they came to be, and analyze their strategy, which started with a focus on acquisitions before expanding to IPOs, company stories, and pop stars. Trusting their gut and understanding what was interesting to them helped them maintain their audience's trust.
How Acquired Podcast Built a Strong Community through Positive Behavior and Organic Growth Tactics.
Acquired podcast grew a successful community by modeling positive behavior and avoiding easy growth tactics like grabbing at controversial trends. They fostered connections by highlighting and celebrating active members within their community. Acquired's dedicated research and curating audiences as smart people resulted in gradually doubling their subscriber base year on year for seven years, without ever feeling like a smash and grab job. Despite being a tiny bootstrap venture initially, they gained over 250k subscribers, each episode getting about 100k downloads just in the first three months. The podcast has ramped up revenue, to becoming the forefront of the hosts' careers, all through treating their audience with respect and providing high-quality content.
The Benefits of Going Beyond Surface-Level Research for Successful Business.
Going the extra mile in research pays off. By looking beyond the surface and exploring different platforms, you can find more unique information that others may not have found. Practicing and constantly improving your skills is also essential for success. Asking for help and shortcuts from others can also be helpful in finding the narrative behind an interesting business. Doing something you are obsessed with and doing it with good friends can lead to success. It takes time and effort to establish and grow a podcast or a business, and doubling each year can help measure progress.
Building a Successful Business Without Heavy Funding
It is possible to grow a successful business without raising a lot of money. The founders of Vanta consciously focused on their own success and had the cash to sustain it, rather than relying on shiny VC. They picked their sponsors carefully and built long-term relationships with companies that they felt would work for their audience. Sticky certification is essential for attracting customers, and it is challenging to price for businesses like Vanta. However, they believe it is a tremendous opportunity to capture an appropriate amount of value that they're creating over time. The founders were proud and mortified that they couldn't spend all their money in the early days, but David now recognizes that this is no longer funny.
Outsourcing Non-Core Activities and Building Sustainable Competitive Advantage
Focus on your core competency and outsource non-core activities to experts, which could add value to a company and also give peace of mind to the leadership team. In the crowded market of podcasts, being different and breaking the traditional rules can make your podcast more appealing. A better user experience or UI might help to establish your presence in a market, but it's not a durable competitive advantage, as profits will eventually get competed away. Therefore, it's important to have an unless factor in your strategy that can provide a sustainable competitive advantage. Starting a SaaS company is easier now, but scaling them is more expensive than ever, and it's crucial to have a clear competitive advantage to succeed.
Building Power and Durability for a Startup
Creating power and durability for a startup is a whole another mountain to climb after achieving product-market fit. The Seven Powers framework can help in analyzing which raw ideas could create power in a business. Empowering passionate channel leaders within a community is an experiment that succeeded. Creating more value for customers and ecosystem than extracting is the key to sustainable growth and power. Lock-in comes from growing the pie of value and making it sustainably grow, not from doing things that are user hostile. The longer a company exists, the more valuable it becomes to its customers. Building power and durability is unique to every business and requires creativity and analysis.