💡 Entrepreneurial Insight
When a customer considers canceling, offer them a pause.
25% of would-be cancelers will choose to pause instead, if you give them the option.
The reason? They simply fear paying for something they aren't actively using right now.
Data based on a report by Recurly.
⚖️ Balance Hack
Every founder knows that a walk can help you re-energize. But fewer know about this hack to reduce stress: take a 15 min walk and actively look for things of great scale (tall trees, the open sky, or a huge building).
Scientific research shows that compared to a walk on autopilot, this technique quiets the mental chatter about you and your business.
Inspired by the 'awe walk' research from Dacher Keltner (UC Berkeley psychologist and author of 'Awe').
🚀 Challenge
This week, talk to 3 current leads or recent customers and ask them 3 questions about a competitor they considered:
- What do you like about [competitor]?
- What do you dislike about them?
- What would it take for you to switch to us?
This is how the founder of Twitch got to the core of why people stay, leave, and switch.
Based on the story shared by Shaan Puri on the My First Million podcast.
✨ Recommendation
Wes Kao (co-founder of Maven, and co-creator of the altMBA with Seth Godin) teaches founders how to become more effective communicators.
Four of her frameworks worth stealing:
- Sales, then logistics.
Make the case first (why your product matters) before you dive into the how, the dates, and the details of your product.
- Pre-empt the Most Obvious Objection (MOO).
Whatever your potential customer will push back on first, name it yourself before they do. It builds trust and takes the wind out of the "yeah, but…".
- Signpost.
Busy readers skim your content. Tell them where they are and what matters most ("The key decision here is X") so your point survives a five-second read.
- Strategy, not self-expression.
When you give feedback (to a contractor, a partner, a teammate) the goal is to change behavior, not to release how you feel. Say the version that lands, not the version that's satisfying.
Based on an interview with Wes Kao on Lenny's Podcast.
❓ Question for you to ask another Entrepreneur
Who taught you the definition of 'success' you're still chasing, and did you ever actually agree to it?