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Eddie Hartman

๐Ÿ‘ค Speaker
1282 total appearances

Appearances Over Time

Podcast Appearances

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

Because whoever makes it to the eighth kilometer, they're in pretty good shape.

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

They made it eight kilometers, probably make it the ninth, probably make it to the full race, right?

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

We don't expect to see the same drop-off late in the race that we do early in the race, right?

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

So the thing is this.

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

Churn becomes lower and lower.

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

with each passing renewal, with each passing moment of tenure, right?

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

The thing to do then, why not look at a cohort that looks a lot like the people who made it to the eighth kilometer and recruit runners who look like that?

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

Maybe the problem was that you got a lot of people who were out of shape and didn't have shoes and didn't have a water bottle.

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

Maybe instead, even if it costs you a little bit more,

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

find people who look like the people who made it to the eighth kilometer and then you're almost certain that they're going to make it to the ninth kilometer now that may say you seem really obvious but you'd be astonished how many people don't do that and instead essentially

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

They look at this overweight group of people who are really out of shape, right?

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

One way or another.

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

And what do they do?

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

They say, oh, you know what we're going to do?

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

We're going to try to throw water bottles at them or we're going to try to tie their shoes tighter or something like that.

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

And I'm saying, instead of doing all that, look at the people who almost made it.

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

And just recruit people like that.

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

You can create a lookalike audience who look like people who stayed with you for six months, a year, two years.

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

Take that model and recruit people like that.

The Level Up Podcast w/ Paul Alex
LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail

And then you will lose far fewer.