This is Andrew Gunderman’s weekly newsletter, a place to find his upcoming events, news, and to read about technology, business / startups, economics, and investing.

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👀 Who is Andrew Gunderman?

I am a young entrepreneur who raised venture capital for the first time at 21 and dropped out of college that same year. I sold my first company at 23.

I also host both private and public events for celebrities, professional athletes, influencers, elected government officials, business magnates, and more. Many thousands of people have attended my events all over the country, and I've raised close to $100,000 in sponsorship.

I was named on the Inno 25 Under 25 list for 2023. You can find me in Entrepreneur, Forbes, Inno Magazine, and more.

🎉 My Upcoming Events

• The Quarterly Penthouse Series is the premier private event in Chicago aiming to be THE event for the most accomplished people in the city. Featuring professional athletes, celebrities, influencers, business magnates, high ranking and elected government officials, and more. These events feature guests worth billions of dollars and who have millions of social media followers.

  • Early December - For extremely accomplished individuals in any field

That’s it for now! Sorry, I’m a little light on events currently, but I will pick it back up early next year.

😀 The Most Important Things To Know When Starting a Business

In life and business I typically optimize heavily for learning hard skills. The people skills are super important, but I think people way over index on them and completely miss learning any real hard skills. Unfortunately, I don’t think most people have developed any hard skills by the time they’re out of college.

However, let me list out the most important skills - these are the ONLY ones that actually matter. While you could spend time learning marketing, coding, or accounting I highly recommend thinking about business skills as I have listed below. The only thing that actually matters are the skills that contribute to revenue generation.

How to drive traffic / leads

Without a steady flow of potential customers, your business isn't going anywhere. You can have the most amazing product or service, but if nobody knows about it, you’re going to fail. So, figuring out how to drive traffic or leads to your product isn't just important—it's absolutely essential.

So how do you get people to notice you? First off, you need to figure out where your target audience hangs out. Are they scrolling through Instagram, searching on Google, or maybe they're more into LinkedIn? Don't waste your time shouting into the void; focus your efforts where they're most likely to pay off.

Get savvy with SEO (Search Engine Optimization). Tools like Ahrefs or SEMrush can help you understand what keywords your audience is using and how you can rank higher in search results. If you're not showing up on the first page of Google, you're practically invisible. Google typically sandboxes you for 3-9 months, however, so expect this to take a very long time before you see any real progress on SEO.

Content marketing is another big one. Start a blog, launch a podcast, create videos—whatever format your audience prefers. The key is to provide real value, not just fluff. Share insights, solve problems, and establish yourself as an authority in your niche. However, building a brand through content marketing takes a really long time, so you should expect that.

Don't underestimate the power of social media. But here's the thing: it's not just about posting; it's about engaging. Use tools like Hootsuite or Buffer to schedule posts and keep your presence consistent. But make sure you're also responding to comments and joining conversations.

If you have the budget, paid advertising can give you a significant boost. Platforms like Google Ads and Facebook Ads allow you to target specific demographics, interests, and behaviors. But don't just throw money at ads—make sure you're tracking ROI with tools like Google Analytics so you know what's actually working.

Remember, it's about casting the right net to catch the right fish. Be strategic, be persistent, and keep testing until you find what works.

How to convert traffic into paying users

Getting people to your site is only half the battle. Turning those visitors into paying customers—that's the absolute most important thing. You need to make the buying process as smooth and compelling as possible.

First, optimize your website for conversions. This isn't just about making it look pretty; it's about functionality. Use tools like Hotjar or Crazy Egg to see how users interact with your site. Where are they clicking? Where are they dropping off?

Your call-to-action (CTA) buttons should be clear and enticing. Instead of a bland "Submit," try something like "Get Your Free Trial" or "Start Saving Today." Make sure your CTAs stand out visually on the page too.

Simplify the checkout process. Every extra step is an opportunity for the customer to bail. If you look at the data as an actual funnel you will literally see the percentage of users that convert dropping off. I also highly recommend PostHog, which is a popular for startups.

Don't forget about trust signals. Display customer reviews, security badges, and clear return policies. Tools like Trustpilot or Yotpo can help you collect and showcase genuine customer feedback.

Understand your customer's journey. Map it out from the moment they land on your site to the point of purchase. Identify any friction points and address them. Maybe your site loads slowly—use Google PageSpeed Insights to check. Maybe your mobile experience is lacking—remember, a huge chunk of traffic comes from mobile devices these days.

At the end of the day, it's not just about selling a product or service; it's about providing a solution that your customer feels is worth their hard-earned money.

How to upsell paying users

There are 2 ways to make more money. Sell more products to new customers, or sell more to your current customers. Your existing customers are far more likely to buy from you again than a new prospect is. This is where upselling comes into play.

First, understand what your customers actually need. Use customer relationship management (CRM) tools like Salesforce or HubSpot to track purchase history and customer interactions. This data can help you tailor your upsell offers.

Timing is crucial. You don't want to bombard customers with upsell offers right after they've made a purchase. Instead, consider setting up automated email sequences using tools like Mailchimp or Klaviyo. For example, a week after a purchase, send an email suggesting a complementary product or an upgrade.

Make sure your upsell actually provides additional value. If someone bought a camera from you, offering them a lens or a tripod makes sense. Randomly pushing unrelated products will just annoy people.

Personalization is key. Address customers by their name and reference their previous purchases. Tools with AI capabilities, like Dynamic Yield, can help create personalized recommendations based on user behavior.

How to keep customers over time

Acquiring a new customer can cost five times more than retaining an existing one. So, if you're not focusing on customer retention, you're leaving money on the table.

First, deliver exceptional customer service. This isn't optional. People remember how you make them feel, especially when things go wrong. Consider using helpdesk software like Zendesk or Freshdesk to manage customer inquiries efficiently.

Stay engaged with your customers. Regular communication through newsletters or social media keeps you on their radar. But make sure you're providing value in these interactions. Share helpful tips, exclusive discounts, or sneak peeks of upcoming products.

Implement a loyalty program. Reward customers for repeat purchases, referrals, or even social media shares. Platforms like Smile.io or LoyaltyLion can help set this up.

Ask for feedback, and more importantly, act on it. Use survey tools like SurveyMonkey or Typeform to find out what you're doing well and where you can improve. Customers appreciate when their opinions lead to real changes.

Finally, continue to provide value. Keep improving your products or services, and let your customers know about these enhancements. I’m a heavy proponent of community driven products. When people feel they're getting ongoing value, they're far more likely to stick around.

🫠 What I Need Right Now

• I’m looking to talk to more compliance lawyers in the finance space. Any introductions would be much appreciated!

Follow me on Twitter, LinkedIn, or Instagram for more. Check out my site here.