S2 E7: Getting a Stripe Discount / How to Hire An Agency The Right Way / Membership Models
Limited Supply · with Moiz Ali · November 23, 2022 · 51 min
Summary
This episode equips e-commerce operators with the knowledge to make crucial scaling and outsourcing decisions. Learn when and how to negotiate better terms with payment processors like Stripe, navigate the complexities of hiring and managing external agencies effectively, and understand the benefits and challenges of implementing membership and subscription models to build recurring revenue streams. The discussion provides actionable strategies for profitable growth and operational efficiency.
Key takeaways
Negotiate with Stripe proactively: Don't wait until you're a massive enterprise to seek better payment processing rates. The episode suggests inquiring about discounts even at earlier stages of growth.
Implement a rigorous agency vetting process: Beyond portfolio reviews, understand an agency's operational transparency, communication protocols, and how they define and track success for their clients to ensure alignment with your business goals.
Strategically integrate subscription models: While offering recurring revenue, be mindful of potential pitfalls like managing churn and evolving customer expectations, as exemplified by the Harry's subscription service discussion.
Outsource customer service at the right time: Determine when to leverage external customer support to maintain service quality while focusing internal resources on core growth initiatives.
Leverage influencer marketing with clear objectives: Approach influencer collaborations with defined KPIs and a strategy to ensure brand alignment and measurable ROI, rather than just chasing reach.
The question Moiz gets asked all the time? When. When to hire? When to scale? When to get an agency on board? He’s got all these answers and more.
Join Nik and Moiz as they get into conversation about when to get a Stripe discount, how to get the right agency, the right way, and Harry’s membership subscription model.
Growing your business is hard, but Triple Whale is all about scaling your Shopify store to the moon and doing it profitably. Use promo code supply15 to get 15% off when you sign up for Triple Whale at:
https://www.triplewhale.com
Check out the Nik’s DTC newsletter: https://bit.ly/3mOUJMJ
Follow Nik:
Twitter: https://www.twitter.com/mrsharma
Follow Moiz:
Twitter: twitter.com/moizali
Timestamps:
00:00 Intro
02:57 When To Email Stripe
05:15 Why Nik Vets Customers
10:20 Do Your Due Diligence
14:14 Don’t Settle For Bottom Level Talent
14:38 The Right Way To Hire An Agency
18:03 When To Hire In Customer Service
22:25 The Power Of Influencer Marketing
27:58 Harry’s Subscription Service
32:21 The Worst Part About Subscriptions
Negotiate with Stripe proactively: Don't wait until you're a massive enterprise to seek better payment processing rates. The episode suggests inquiring about discounts even at earlier stages of growth.
What does this episode say about customer retention?
Implement a rigorous agency vetting process: Beyond portfolio reviews, understand an agency's operational transparency, communication protocols, and how they define and track success for their clients to ensure alignment with your business goals.
What does this episode say about finance & fundraising?
Strategically integrate subscription models: While offering recurring revenue, be mindful of potential pitfalls like managing churn and evolving customer expectations, as exemplified by the Harry's subscription service discussion.
What does this episode say about founder & leadership?
Outsource customer service at the right time: Determine when to leverage external customer support to maintain service quality while focusing internal resources on core growth initiatives.
What does this episode say about dtc strategy?
Leverage influencer marketing with clear objectives: Approach influencer collaborations with defined KPIs and a strategy to ensure brand alignment and measurable ROI, rather than just chasing reach.
