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In this episode, Alex Lieberman answers burning questions about balancing brand building with profits, testing new business ideas, choosing to be a chairman, ultimate goals with Storyarb, and changing motivation after selling Morning Brew.
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Quick takeaways
- Morning Brew prioritized long-term branding by aligning all activities and investments with improving content, growing the right audience, and attracting brands for advertising, while maintaining ethical considerations.
- Transitioning from conceptualization to action involves breaking down goals into manageable steps, testing ideas through low-risk actions, and gradually scaling based on demand and feedback.
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Maintaining long-term brand focus while ensuring short-term profits
To maintain a focus on long-term branding while ensuring short-term profits, Morning Brew adopted a strategic approach. As a media business, they kept costs low in the early years, with a minimal budget for expenses like email management and website hosting. However, they prioritized a single goal—becoming the best daily business newsletter for millennials and creating a sustainable business model around it. To achieve this, every activity and investment had to align with three objectives: improving the newsletter's content, growing its audience with the right demographics, and attracting brands for advertising. While concessions were made to achieve profitability and fund the business, such as hiring based on potential rather than experience, they maintained ethical considerations in accepting advertising dollars.
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