Bootstrapping Business | Listening to Customers | Email List Building - Rytis Lauris EP64

How to Monetize on Consumer Pain Points to Fund Your Business

Does the idea of relying on your customers to fund your business seem appealing than relying on investors? This method has existed for a while now, but it is not widely used for it is deemed risky.

In this episode of Page One Podcast, Luke Peters speaks with Rytis Lauris about his digital marketing company and how they’ve monetized their customer’s pain points. Rytis is the founder and CEO of Omnisend, a powerful marketing platform that allows brands to do way more than send email blasts. He failed on his first two businesses but then learned to use brutal time prioritization and management in both professional and personal to help manage his international company and turn it into a leading marketing automation platform.

Listen in to learn how you can convert your site’s visitor’s into subscribers and eventually to paying customers. You will also learn some tips on how to perfectly manage your professional time while finding personal time to enrich your mind.

Key Takeaways:

• The idea of relying on customer funding rather than investor funding.
• How to convert your site’s visitors into subscribers and then converting them into buying customers eventually.
• The golden tips on how to personally and professionally manage your time as a leader.

Episode Timeline:

• [3:52] Rytis defines Omnisend as a retention marketing platform for different channels to communicate with the existing audience.
• [6:47] The positive and negative effects of Coronavirus on online businesses.
• [7:48] Rytis describes the Omnisend team, the period they’ve been in business, and working semi-remote before Coronavirus.
• [10:00] The tools they use to process data and the methodology of using OKRs to set aspirational goals and objectives for the team.
• [14:38] How to focus on customers and rely on them to fund your business by monetizing on their pain points rather than relying on investors.
• [17:43] The strategy of marketing at the B to C business level and the eCommerce platform Rytis would recommend.
• [21:34] Why you don’t need to hire in-house marketing or eCommerce expert.
• [23:41] How to build a subscriber’s list before converting them into buying customers.
• [27:57] Rytis shares three ways that he uses to manage both his professional and personal time.
• [31:10] He talks about his reading habits and some professional books recommendations.

Quotes:

“If you’re solving problems larger than you charge for your service, someone’s going to pay.”- Rytis Lauris [15:18]