The second entrepreneur to speak at Unshakeable was Dan Martell, a major investor in software and technology companies. Dan covered a few topics during his speech, but I was most interested in his 5-step ‘Scaling Credo,’ which is his plan for scaling and growing businesses.
First, Dan recommended we find our ‘perfect fit’ customer. Every company has a unique customer to match. It’s our job as entrepreneurs to know the details on them. By understanding them, we understand our customers’ thought process, and therefore how to best speak to them.
Next we focus on product. We only focus on one, because if we have too many, we’ll be spread too thin. So, we ask ourselves, “which gets the most results? Which has the highest demand?” We focus on the product that does the best!
After that, we focus on channel, asking ourselves which type of advertisement strategy is best. Again, we stick to whatever works. Dan said it best: “Go deep. Once you’ve hit gold, you don’t go and dig a new hole.” We keep going until we get diminishing returns. Then we focus on the product of selling and aim to convert at industry norms. Finally, we take a year to focus on the path we’ve started on. We double down on the path that has results.
It’s not easy to stick to a path in times of crisis, but that’s why we need confident leadership. Entrepreneurship works best when experienced people are there to help.