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Entrepreneurs on Fire
How to Win the Game of Consumer Subscriptions with Michael Hurnaus
Oct 19, 2023
26:42
Snipd AI
Michael Hurnaus, Founder of Tractive and angel-investor in B2C subscription businesses, discusses executing ideas well for startup success, the importance of pricing in subscriptions, and reducing churn for customer retention. They explore Peloton's success and key metrics in consumer subscriptions, emphasizing product engagement. The chapter ends with a call to action to follow Michael on LinkedIn and appreciation for sponsors.
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Quick takeaways
- Effective execution is crucial for startup success, contributing around 95% compared to the idea itself which only accounts for about 5%.
- Pricing and reducing churn are key factors in subscription businesses; provide pricing options and focus on delivering an excellent product to retain customers.
Deep dives
The Importance of Execution in Startup Ideas and Subscriptions
Michael highlights the misconception that success in startups or subscription businesses is solely dependent on having a groundbreaking idea. He emphasizes that execution plays a vital role, accounting for around 95% of success, while the idea itself constitutes roughly 5%. Drawing from his experience at Amazon and his own business, Tractive, Michael explains how startups can lock in customers with hardware and generate recurring revenue through subscriptions. He also stresses the significance of having a strong team to execute effectively.
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