#001
🤝 Existing and new customers
Do you know how much it actually costs to get a new customer compared to keeping an existing one?
The answer is up to 5x!
Of course, it's always a sign of business growth when a new customer enters the fold. But if it comes at the expense of old customers trickling out the other end, it's time to give your business a second look.
According to Superoffice, the biggest reason customers churn is that they "thought the supplier no longer cared about them"!
So remember to throw some extra love towards your current customers.
They are expensive to lose.
💸 Is it time to upgrade your pricing structure?
We're still collecting responses to our survey about freelancing in Denmark, and if you haven't already taken 4 minutes to answer a few questions, you can do it right here.
And even be entered to win a pair of AirPods.
One of the powerful insights we've unearthed so far is the overwhelming use of pure hourly pricing. At the time of writing, it's the case for more than 55%!
So here's a call to differentiate your price mix depending on the customer and project.
Among some of the most popular are of course:
- The straightforward and tangible project-based pricing
- The hand-on-the-stove price known as value-based pricing
- The strategically savvy phase-based pricing
If you need a little more detail, we have a solid article you can check out here.Phase-based pricing is not included in our article, but luckily Chris Do has created some content about it here.
🦅 Risk
The perceived risk of starting your own business causes most people to constantly put off taking the first step.
Perhaps the real risk lies more in being in, and especially looking back on, a career you don't enjoy.
It's a myth that you have to risk your entire savings to pursue a dream of being your own boss.
If you're unsure if there's a basis for your business, start small alongside your day job - just make sure you're not subject to a strict old-school non-compete clause.
You could do what Morten Lyth did and build a business foundation before the boss gets the notice.
🤓 Start from 0 in 2023
How would a YouTuber with over 4,000,000 subscribers start from scratch today?
For Ali Abdal, it's about breaking things down into a 3-step framework - and it can be copied even if you don't necessarily dream of becoming the next YT star.
1. Get going
The big barrier for many people is their fear of what others will think. In reality, it's all about getting started and creating an output in the first place.
2. Get good
The second step revolves around getting good (enough). In his YouTube view, the skills can be broken down into 3 parts: editing, thumbnail creation, and the art of talking to the camera.
For a freelancer in digital marketing, for example, it could be: value proposition, technical level, and reporting.
3. Get smart
Ali's third step is about getting people to click on his videos, getting them to stick around and leaving them satisfied. That part is not so different from a customer journey for a freelancer.
