- DTC News by Workspace6
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- Issue 098: This negotiation tactic was worth... $5m 😳
Issue 098: This negotiation tactic was worth... $5m 😳
+ CGC Contests = Low Input, HIGH Output
Soooo, is TikTok the weakest link? Or what? Who needs to pass what now in order for this to rock the known universe?
| TWEET OF THE WEEK
This cost our team 💰$260 (and half of that was store credit)🛍️
How? 🤔
CGC Contests...🏆
We give a creative brief and a bounty 💼
Send to our customers 📧
They create content
If we like it... we pay and immediately get usage rights📑
EASY BUTTON🔵
Guess the software?💻
— Jordan West (@jordantwestecom)
11:55 PM • Mar 12, 2024
After a month of negotiating with the Muhammad Ali of negotiations (Ric Elias), we were extremely close to a deal where Red Ventures would buy ~20% of Ampush... then I made one critical request.
I got on the phone with Ric and said:
“Thank you for believing in us. We are going to take this deal no matter what and are excited. We DO have one request though. We 3 founders are at an age where we’d love to buy a house. In the Bay Area. It’s quite expensive. Since you’ve said you plan to buy the rest of the company anyway, would you consider a $5M interest-free loan secured by our equity?”
He replied: “So you’ll take the current deal even if I say no?”
I replied: “Yes, but this would really help us.”
He thought for a second and then said: “Would you be willing to personally guarantee it?”
I replied: “Yes, that seems only fair.”
Ric: “OK then, we can make that happen!”Jesse: “OK THANK YOU, WE ARE PSYCHED!!”
Jesse got what he wanted. Ric was a hero. Everyone was pumped. This is how you want most negotiations to end.
That one negotiation technique helped me buy the house that I'm sitting in and writing to you from.
From the minute you start a business, negotiations of all kinds are endless.
There are plenty of books written on the subject but here are my 7 favorite tips for successful negotiations!
| YOUTUBE UNIVERSITY
How Liquid Death Built a $1B Water Brand
| TOGETHER WITH SHIPINSURE
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| QUICK SHOTS 🥃
@TaylorHoliday: Shopify New Customer Revenue vs. 7 Day Click Meta Reported Conversion Value…. .99 correlation … 99% of you don't need attribution software.
@Forbes: BREAKING NEWS: The House of Representatives has passed a bill that would force a sale or ban of the hugely popular social media app.
@natelagos: My Facebook CPMs are up 42% this year compared to last year & I might delete my twitter? A thread on the current state of ecom:
@mikebeckhamsm: You will always feel late. Every time I have started a business I have wished I had seen the opportunity earlier. When Simple Modern started selling on Amazon in 2015 I felt late to the party. “If only I had recognized the opportunity in 2011…”
@mbertulli: Who has a really good landing page information architecture? Like, what is best practice on order of info that a prospect should be able to easily move through?
@chburdett: Beware the “easy DTC” idea, I.E starting (another) creatine/collagen/vitamin gummie business. why? …
| HERE FOR THE MEMES
| AND IN OTHER NEWS…
| GET LINKED
Facebook Ad Account Breakdown #23
One guy who's been following me for a while reached out to me for the paid audit of his ad account to identify mistakes and opportunities in his account
Here's what I found in his ad account spending 10-15k/d to unlock additional efficiency:
| YOU’RE HIRED
Brand
🆕 Digital Marketing Manager | Ecommerce (Wipertech)
Brand Manager (ResBiotic)
Senior Media Buyer (Bryan Anthonys)
Wholesale Account Exec (Bryan Anthonys)
Agency
🆕 Paid Social Ads Editor (Creative Launch)
🆕 Strategic Director (Surefoot)
SaaS
🆕 Media Buying & Creative Specialist (Remotely Talents)
🆕 Product Marketing Manager (Platter)
I’m Looking 👀
New section, here y’all. All of these folks come recommended from within our Merchant, Agency and SaaS networks. (Clicking below will open up an email asking for an intro.)
Got a job you want us to list? Let us know.
| COMMUNITY EVENTS
MAR 18: EcomFounders.com Presents: The Penthouse Shoptalk
APR 4: Chew on This, Workspace6, and OpenStore are throwing an exclusive happy hour in NYC for the top founders building on Shopify on Thursday, April 4th. RSVP here.
| THE OUTRO
Now, nobody panic. Apps like TikTok get banned all the time, right?
Oh, wait… they don’t? 🤔 Hmmm. Okay, maybe panic. Whatever. It’ll probably be fine.
Adios! ✌️
Workspace6
