“Everybody gets the free. But if you want the really good stuff, you cross the velvet rope and subscribe.” Adam Taggart, President and Co-Founder of Peak Prosperity, joins Robbie to talk about his tips for building a community of subscribers that will grow into superusers who generate content of their own. They discuss how to handle a spike in acquisition, building a lifestyle subscription business with no outside capital, and how to create a “tribe” of highly engaged members.
Adam Taggart is the President and Co-Founder of Peak Prosperity, a website that helps millions of people prudently prepare for the future. In his partnership with Chris Martenson, Adam handles the business and subscription side of the company. Adam began his career as an investment banking analyst for Merrill Lynch. He then went on to work in startups before starting at Yahoo!, where he worked for nine years and served as a Vice President. Adam earned a BA from Brown University and an MBA from Stanford University.
Highlights from this episode:
2:16 -- Adam discusses his journey from Wall Street to beekeeper
7:00 -- Peak Prosperity’s business and subscription model
10:25 -- The “eight forms of capital”
11:20 -- Peak Prosperity’s efficient marketing and outreach technique
13:30 -- Turning viewers into members
14:20 -- Building community expectations and guidelines to promote quality engagement
16:04 -- The “tribe” within Peak Prosperity
16:30 -- How Peak Prosperity creates and maintains “superusers”
18:11 -- Managing a spike in acquisition
20:00 -- Making sure customers who come for coronavirus advice choose stay for other content
22:38 -- Adam’s advice for “working stiffs”
25:01 -- Building a subscription business with no outside capital
As subscription organizations scale, one of the trickiest challenges they face is entering international markets. While they often focus first on things like managing local currency, translating copy into local languages, and ensuring compliance with local regulations around privacy, securities and recurring billing, these tactical steps are only table stakes. It takes much more than that to truly localize the subscription experience for a particular region. Today, host Robbie Kellman Baxter and her guest talk about what it really takes to grow your subscription rapidly outside of your home country. Renate Nyborg is an expert on globalization strategies for subscription-based business. Prior to her current role as General Manager of the EMEA region for Tinder, she spent many years helping two of the world’s biggest subscription companies and many small and fast-moving European subscription startups learn to compete on a global stage. In this wide ranging conversation, Robbie and Renate discuss how to staff your first international program, the biggest mistakes American subscription businesses make when scaling into Europe, and the most powerful secret to increasing lifetime customer value, not just in Europe, but everywhere. Love the show? Subscribe, rate, review, and share! Here’s How » Join the Subscription Stories Community today: robbiekellmanbaxter.com Twitter Facebook ...
Dan McCarthy, Assistant Professor of Marketing at Emory University’s Goizueta School of Business, joins Robbie to share his expertise on the intersection of marketing and finance. They discuss why customer lifetime value is such an important and misunderstood metric, how to rethink the way companies are valued by the public markets, and what all of this means for subscription businesses. Highlights from this episode: 2:50 - Dan introduces Customer Based Corporate Valuation (CBCV) 4:08 - The importance of knowing your customer data 8:46 - Dan’s time working with CBCV at Blue Apron 12:17 - The importance of focusing on the right metrics 15:18 - The challenges of a physical subscription 17:28 - The cycle of Customer Acquisition Cost (CAC) 24:11 - How COVID-19 has impacted customer behavior 27:44 - Dan’s advice for entrepreneurs 28:36 - Dan’s Advice for academics at the intersection of research and commercial 30:00 - Robbie’s Speed Round Dan's Bio: DANIEL MCCARTHY is an Assistant Professor of Marketing at Emory University's Goizueta School of Business. Among other things, he’s an expert on valuing companies by focusing on the lifetime value of their customers—a novel approach at the intersection of marketing and finance. His approach, which has won him many accolades, is known as “customer-based corporate valuation” (CBCV). His research has been accepted and published in top-tier academic journals, as well as nearly every major financial publication, from HBR to the Financial Times to CFO Magazine. In 2015, he co-founded a predictive analytics company, Zodiac, which was acquired by Nike in March 2018. Dan subsequently co-founded Theta Equity Partners to commercialize his work on customer-based corporate valuation. He earned a BSc, a BS, and a PhD from the University of Pennsylvania. Links: Dan’s LinkedIn: https://www.linkedin.com/in/danielmcc/ Dan’s Website: http://danielminhmccarthy.com/ Dan at Emory ...
Sometimes the best way to launch a digital subscription is to launch a physical subscription. Even if you plan to scale with a virtual business model, you can learn so much more about your customer, value proposition and messaging by starting the old fashioned way—in person. That’s the approach Zubin Bhettay used in launching Fuzzy. Today, Fuzzy’s Pet Parents get round the clock access to exceptional virtual veterinary care, as well as wellness products for their pets' health needs. But when Zubin and his cofounder launched the company in 2016, they recruited and served their Pet Parents in person. Starting slow allowed Fuzzy to “crack the Product Market Fit code” and scale rapidly, raising over $80 million in the process. Full disclosure—I’ve been involved with Fuzzy since the beginning, and think Fuzzy is one of the most thoughtful Membership Economy organizations I have ever worked with. In this conversation, Zubin and I reflect on Fuzzy’s humble beginnings in San Francisco dog parks and Pet Parent living rooms, explore the path to profitability, and discuss the right metrics at each stage. Excerpt: "We wanted to be the guide and partner of pet parents through every stage of their pet's life. We wanted to ensure that was available to every pet parent and not just a luxury service only available to the select few." Zubin Bhettay is the CEO and Co-Founder of Fuzzy, a telehealth subscription service offering virtual veterinary care. In this episode, he shares how their in-person company evolved into a digital platform, expanding their reach and saving a lot of pets in the process. Zubin explains the business scaling process they followed to fully embrace the digital scene and how to decide if a subscription ...