Lesson 5: You must master marketing.
There are 4 core functions to any business:
The debate is always which of these is most important.
It’s really important to convert leads to new members to make money.
It’s super important to deliver a great experience to that person so they stay for a long time.
It’s ultra-important to manage the money well because without good financials you’ll fail.
But none of this really starts to happen without first getting a lead.
None of this truly matters if a lead is not generated to get this process rolling.
So, my vote is marketing.
The owner must own the marketing.
You don’t have to do all the work but you must understand it all.
I’m not talking about the tactics either.
Too many guys think that a good Facebook funnel is the only thing they need.
You need to be clear on your target market.
You must be in touch with what your clients need and know them inside and out.
You need to have a plan and not shoot from the hip.
You need to have multiple ways to generate leads working at once.
You need to know the lifetime value of a member that tells you how much you can spend to acquire a customer.
I could on and on but you get it.
Lesson 5 is owning the marketing.