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Can You Make Millions on Meeting Notes? with Tyler King
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Nuggets:
- Simple tip to increase your meeting effectiveness: stop 5 minutes early and ask “who will do what by when?”
- Generally easier to sell to a profit center than a cost center (listen to Aline Lerner episode for more on this)
- The hard part of this idea is building something users will stick with. Focus more on reducing friction and making the app a joy to use and worry less about back-end bells and whistles.
- Look for teachable moments within an industry as the foundation of content marketing for your business or even for the foundation of your app’s functionality.
- Note-taking is a necessary step in many industries (e.g. financial service, corporate governance) and non-compliance with note taking can come with serious penalties.
Action Steps:
- Decide on the niche you want to serve. Will you go broad and seek a large user base for a low LTV per user or aim for less users in a more profitable niche (e.g. lawyers, financial services)
- Start with a simple integration that triggers emails to the user 10-15 minutes before the meetings in their calendar. The user can reply with their notes. Store them in an organized database for review.
- As your user base grows you can add premium features, like integrating with CRM or other note tracking app.
- If you have niched down you can customize your app to serve your chosen niche. For example create custom notifications and note templates that facilitate note taking for corporate compliance.
- A healthy long term vision might aim for 50,000 users at about $5 per month, grossing around $3 million a year in revenue.
Follow through on these action steps and email us your results at update@runwithit.fm. You'll get exclusive access to a private Facebook group of action takers and one listener will earn a free mentorship call with our guest, and potentially, a business partnership.
Links:
- Less Annoying CRM | Simple Contact Management for Small Businesses
- Scheduling Platform for Business | Cronofy the scheduling experts
- Measuring the ROI of Hiring Funnels with Aline Lerner
- Nathan Latka on Buying and Monetize Chrome extensions
- Notion
- Market size of the growing note-taking industry
Tyler King is the Co-founder and CEO of Less Annoying CRM. He's a proud bootstrapper and is passionate about starting and growing sustainable businesses for the long term.