Rockstars vs. Roadies 🎸

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Here’s why you should stop trying to hire “rockstars”

Rockstars fly close to the sun. They party all night until they throw up all day. 

Late nights, minimal commitments. Short shelf life. 

To call a coworker or colleague a rockstar is an insult, not a compliment. 

As you grow your business, you don’t want to hire more rockstars into your organization. 

But you absolutely need to hire more roadies. 

A roadie is a vital part of every rockstar's success on tour. 

Roadies make sure the equipment works. 

They are the ones who make sure the stage is stable and that the rock show goes off without a hitch.

Every successful tour needs both. 

But rockstars are nothing without their road crew. So if you are a rockstar, don’t focus on hiring more rockstars. 

Hire great roadies to support you behind the scenes.

🚀 Business OPS (Offers, Products, Systems)

OFFERS

Chasing New Customers Is More Profitable Than Retaining Old Ones (Sometimes)

I once sat in on a presentation at the Google campus that suggested this same thing and everyone in the room gasped. Well, here it comes again, with Amit Ashwini challenging the traditional emphasis on customer retention by arguing that focusing on acquiring the right new customers can be more profitable than retaining old ones in certain scenarios. 

He suggests that businesses should critically analyze their customer acquisition and retention costs, consider the lifecycle and margin structure of their industry, and adopt an approach that may prioritize acquisition in cases where it aligns with growth goals and market conditions. I agree, but also don’t think you should throw out retention entirely. This is where Service Stacking works so well.

PRODUCTS

Sam Altman: AI Will Replace 95% of Creative Marketing Work

The OpenAI CEO says 95% of what marketers use agencies, strategists and creative professionals for will be handled by AI at nearly no cost. This will shift the role of agencies to be brand stewards and facilitators.

Is this a problem for agencies? Not from a gross margin perspective!  The integration of generative AI into marketing tasks is already underway, and this just accelerates things.

SYSTEMS

🌊 Navigating Economic Waves During Tough Times | Businessology Lesson #28

This video dives deep into how we can deal with changing economic times from the perspective of an accountant. Stay tuned for my video about this topic from an offers/products/systems perspective, coming soon on my brand new YouTube channel!

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🤿 Deep Dive

Analyzing the CEO–CMO relationship and its effect on growth

Of all the roles in a company, I feel marketing is usually the least appreciated. Sometimes it’s the fault of the marketer - not speaking the right language, focusing on KPIs that the business doesn’t care about, or not supporting sales properly.

But other times, it comes from a lack of respect provided by CEOs and other executive positions to how much work goes into marketing. Marketing is one of the few roles with an infinite number of possibilities, a long timeline to see results, and no guarantee things will even work in the end.

Finance? Pretty predictable, right?

Operations? Once the right system is in place, operations run more smoothly.

Marketing? Miss the mark once and your company is saying “you’re dead to me” and firing the CMO in less than a year.

This article helps bridge the gap in closing the strategic disconnect between members of the C-suite.

💎 Profit School Essentials

Exclusive Business Insights from My Hidden Speakeasy (With a $20k Bourbon Treasure Behind Me)

Step inside my new recording studio to see what the secret is all about. You see, when I built a new house a few years back, one of the rooms I was most excited about was our hidden speakeasy that is behind a bookshelf in my basement. To relaunch my YouTube channel, I decided to record from the speakeasy and focus the channel on business insights as part of our new ProfitSchool brand. Today is day 1 of the channel, and I would love to have you subscribe and like the video! 

Managing Expenses