Jeff Goldenberg
👤 SpeakerAppearances Over Time
Podcast Appearances
And that's when you can take a piece of your product or service and make it free and use it as a lead generator.
And there's been amazing examples of companies that have been able to do that.
Oh, sure.
So Dropbox is really famous for giving people free storage for everyone who comes through HubSpot, everyone they refer HubSpot is really famous for when they launched, they had website marketing grader where you could put in your URL and your email address, and they'd send you a report on what you're doing really well and what you're doing poorly.
Of course, they were the solution to fix what you were doing poorly.
That resulted in them generating 40,000 leads a month, which I know you're a veteran entrepreneur.
Imagine starting a business with 40,000 leads a month.
It's this thought of giving away a piece of your value ahead of time in exchange for a lead and then nurturing that lead through.
Yeah.
So, you know, there's really good examples of companies that are thinking that way because the ROI on those channels, the CAC on those channels is just going to be so much lower than on the competitive paid ones.
I think the best high growth companies, the ones that really succeed are the ones who develop a proprietary acquisition channel because all the other channels that they compete on at some point, the competitors drive up.
Yeah.
Uh, in the book called traction, which is my favorite, um, startup business marketing book, he calls it the law of shitty click throughs.
And it says, no matter what, um, channel you discover at some point, you're going to have a window of opportunity where it's proprietary, but at some point, be it weeks, months, or years, there's going to competition, baby.
That's it.
Um, as a, as a, um, we have a percentage of the, um, an origination fee and a servicing fee.
So we have a percentage of the, of the, um, of the loan we, um, we keep as an origination fee.
We have origination fees between 1% and 5%.
Okay.
So that gives you an idea of sort of what the marketplace fees are.