ROAD TO NEW ERA 6

chronicler Vasil Garbov

Sixth Conversation with My Mentor Todor Madzharov: Key Discussions

In this conversation with Todor, we tackled several important aspects of Digital New Era's operations and strategy. Here's what we discussed:

1. Payment Strategies for Clients

We explored different methods for ensuring timely payment from clients. The options included:

  • Payment Structures: 50% upfront and 50% upon project completion, 100% payment before the project starts, etc.
  • Ensuring Payment: Strategies to ensure clients pay on time, and humorously, the lengths we might go to ensure payment (though we wouldn't actually resort to threats).

I expressed frustration about slow payments from clients, especially in cases without contracts or invoices, which is common among freelancers working with known contacts. Todor reassured me that this is a typical issue but solvable with clear agreements and consistent follow-up.

2. Digital New Era's Business Model

Todor shared a motivating insight: if you have one client paying you every month, you're already running an agency. This boosted my confidence as it aligned with modern digital agency models that rely on monthly service fees.

We discussed two potential paths for Digital New Era:

  1. Ready-made and Affordable Web Solutions: Offering these solutions with an optional monthly subscription for ongoing support.
  2. Customized Web Solutions: Providing highly tailored solutions for specific, well-paying niches, along with monthly subscription support for design changes, content updates, and issue resolution.

3. Market Suitability of the Website

We evaluated the suitability of Digital New Era's website for various markets. For instance, the site may not be ideal for businesses servicing funeral events, which are not our target audience.

Target Audience Feedback

I shared feedback from the "Website of the Year" contest jury, which highlighted the specificity and interest of our brand. This specificity helps filter out clients we wouldn't want to work with.

4. Update on "Instant Web Solutions"

I decided to pause the development of new "Instant Web Solutions" for the time being. More details on this decision and future directions will be shared later.

5. The Importance of A/B Testing

We emphasized the value of A/B testing as a best practice to determine what works and what doesn't. Here are two examples we considered:

  1. Sales Funnel Landing Page:
    • Design a landing page with three call-to-action buttons.
    • Announce the price of the service upfront and repeatedly.
    • Allocate 10% of the budget for one month to advertising.
  2. Marketing Funnel Landing Page:
    • Create a landing page focusing on the interface and brand results.
    • Avoid mentioning the price, encouraging the client to contact us or proceed to the next step.
    • Allocate 20% of the budget to marketing.

Conclusion

Our sixth conversation covered crucial elements of managing client payments, refining our business model, understanding market suitability, and the importance of A/B testing. The insights gained will help shape the future strategies and operations of Digital New Era.

Good luck!

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