Keala Kanae did apparently more than 10M in revenue last year with his company. That’s if you take him at his word though…so what did he learn from all that? It’s better to build a company to last than to build a company for getting rich quick. It needs to be sustainable. So basically, doing more organic marketing instead of ads, which can be shut down at the drop of the hat any given day.
Another thing he mentioned was focusing on hiring the right people. In the beginning he focused so much on hiring just anyone that he forgot about hiring people that want to be a part of the company instead of just viewing it as another job. Another thing they were doing which he thinks was a mistake was only focusing on customer acquisition cost instead of making sure their customers were actually satisfied with their courses. So basically, if he wanted Fullstaq Marketer to be around until 2030, he had to slow a lot of things down.
The next take away Keala had was that student retention is more important than new student acquisition. “The truth is that it’s a lot cheaper to keep a customer than it is to acquire a customer,” Keala says. “And a customer kept is gonna be worth way more in the long run, on average, than a new customer acquired. So it’s actually not even economically beneficial to focus too much on acquisition versus retention. So now, we survey our customers, we’re focused on better communication, getting them to leave positive reviews, et cetera.”
The third point he made is to lead with value up front. If you’ve noticed, Keala’s ads are actually longer and more educational now compared to the pitch fest they once were. Same with the emails he sends out. It’s all by design. He wants to educate more and ask for money less. Plus, he wants to be able to find ways to best cater to the people who already bought from him. Not to mention his affiliates, after all, he needs to be able to help give them all the guidance and resources they need to be successful and earn their own financial freedom.
The fourth thing Keala said was he started to look at his team different. Instead of the good ole’ “how can the employees serve the company”, he changed it to “how can the company serve the employees”. So he started asking the question “How can I align their duties so that it satisfies their own values and fulfills their own needs, and do it in a way that’s obviously still gonna grow our bottom line?” He’s built up his culture really strong now and once a year he flies everybody out to Hawaii just to hang out and reflect.
After that? Leadership. “Everything’s your fault.”. If you want a team to fully support you, you’ve gotta take extreme ownership. Keala says sometimes that means passing on the praise and owning up to the not so positive stuff. When everything is going well, prop up your team and congratulate them. When things go sideways, “Okay, that’s on me. What did I do wrong here? And how am I gonna fix it, what do I gotta do to dig us outta this mess?”
Lastly, you’ve gotta put the company over the product according Keala Kanae. Basically you can’t do it all. Take it from Keala, he can’t be the voice, the trainer, the hirer, the firer, and so on…it’s just to much. Instead he needs to bring on other experts to teach, support, and oversea. That way he can quarterback the company and help it grow in the long run.