Main learnings from mastermind Biz Strategy Session 2024
Guess what I did this Saturday?
I attended Biz Strategy Session 2024 with 8 founders to analyse this year’s progress and make big plans for the next.
It has been such a valuable experience as we deep-dived into each of our businesses and discussed our:
- a) Strengths
- b) Weaknesses
- c) Opportunities
- d) Threats
For me, it’s super-valuable to get in a room with smart people who are also practitioners in business to learn from each other.
As I got so much value out of this, I want to share with you the TOP 10 things I learned this Saturday:
1) The core of every business is an offer
2) Find partners that have an entrepreneurial mindset
3) Expectation management – Overdelivery over time
4) The consultant is a teacher
5) Focus on partnerships & oversimplification
6) Mission critical – focus on the end goal
7) Social proof will make or break your business
8) Think about how to make it scalable
9) If you have two things that you want to choose from, 1st go with the one that has more traction already, scale it, and then do the 2nd one
10) Keep connecting and keep learning
How about you? How often do you get in the room with smart people who will challenge what you are doing to gather feedback so you can upgrade?
I highly recommend doing it at least once per quarter.
Receiving feedback and brainstorming together have completely changed my mindset and business.
TO wrap up this blog, I want to share with you my…
5 ugly truths about ECOM ads no one is talking about:
- Under 10% of creative tests will work
It’s going to be frustrating and discouraging because 90% will fail.
But that’s the whole point.
What to do: test multiple variations, optimise and roll out your winners.
- 100% clear Attribution is a dream
You’re never going to have the perfect attribution.
Chase it and you’ll waste a lot of money allocating budget on the wrong channels.
What to do: focus on improving all channels cohesively, not one single channel.
- ROAS is not the primary metric you should follow: your profit is
ROAS alone will lead you down a dark path and give you a false sense of success.
Not good.
What to do: Prioritise your profits so you can make better long-term marketing decisions.
- CAC is getting higher
Marketing expenses are going up, but targets are failing to be hit.
The fallout of expectation post-COVID is hitting companies hard.
What to do: focus on retention and improving your product
- Paid social can’t fix a broken business model
It’s just one part of your whole business.
Paid social alone won’t make your problems go away.
What to do: regularly evaluate your overall business model – product, offers, pricing, customer experience, journey, value props. Build a business to sustain long-term success.
TL;DR:
- Under 10% of creative tests will work
- 100% clear Attribution is a dream
- ROAS is not the primary metric you should follow: your profit is
- CAC is getting higher
- Paid social can’t fix a broken business model
Have these in mind during your next strategy session.
Happy scaling! 🚀
JK