Know, Like, Trust - the Credit Brothers' Seven Figure Strategy
(7 minute read) Money and trust compounds + the favored credit cards of these points-hacking experts
The Credit Brothers
Josh and Chris Steil are The Credit Brothers on social media, experts on credit, credit cards, and all things related.
Together, they built a seven-figure services business, a six-figure membership business, and four other emerging revenue streams - well before they hit 1M total followers.
Let’s get into it!
Josh and Chris make most of their revenue from services.
These services are composed of two offerings:
Credit Repair - Josh and Chris help individuals and businesses repair their credit.
Small Business Financing - This is a new service where they help small business owners source and procure capital.
The Credit Brothers claim 30% margin on the credit repair business, since they’re paying a team. They have close to 100% margin on their other revenue streams.
Is that lower margin worth it?
Less margin = more passivity.
Chris and Josh did everything to get their Credit Repair business going.
Then they hired and taught other people how to do it, reducing their margin but freeing up their time to grow new revenue streams.
But why bother with that other, lower-revenue stuff?
Every dollar that comes in can be reinvested to generate even more revenue.
Small offerings build trust.
The Credit Brothers operate their business by the funnel mantra:
Know, Like, Trust.
Every interaction is a step in the process:
Know them from your TikTok feed
Like them after watching videos on their page
Trust them after getting a credit card they recommend
Trust them more after buying their travel hacking course
Spend thousands on membership or services
Like money, trust compounds.
Website, Hosting, SMS, Email, Scheduling, Storefront - Go High Level
Go High Level is an all-in-one funnel designed specifically for services businesses (“agencies”).
A unique feature is that it includes SMS marketing alongside the more standard features, like website, email, and storefront.
Before Go High Level, they used Community SMS for years, until a unilateral price increase.
Many Creator Economy companies seem to be trying to increase prices to grow profits, and it’s backfiring on a lot of companies.
Invoices - Invoiced.com
Payment Processing - Stripe + NMI + Venmo/Zelle/Cash App
An interesting bit of trivia on payment processing in the credit space:
As a result, their stack is built around compatibility with NMI.
Link in Bio - Beacons
It seems Know, Like, Trust goes both ways!
Membership - Podia with Payments through Stripe, Venmo, Zelle, Cash App
The Credit Brothers’ membership is around 250 members paying $1000-$1500.
Members get access to Chris and Josh, all their digital products, live Zoom calls, and whatever new stuff they come out with in the future.
Podia also enables them to let their members benefit financially from signing other members, as affiliates of the membership.
Given the price of membership, the reward for signing up a friend must be pretty meaningful.
Affiliates - IdentityIQ (direct) + Confidential Credit Card Affiliate Platform
The Credit Brothers have two sources of affiliate revenue.
IdentityIQ is a credit monitoring service that they trust. All of their credit repair customers have to sign up for it, keeping the customer experience consistent.
The other enables them to monetize credit card sign ups; however, they asked to keep it confidential due to uncertainty about the terms of service.
Instead, here’s how the credit card affiliate chain works:
Several affiliate services for credit cards are powered by CreditCards.com, who has direct relationships with the various card providers.
Each has their own complicated set of rules for publishers.
The worthwhile tradeoff is that credit card affiliate fees can be pretty high.
Project Management - Monday.com + Zapier connecting everything in
The Credit Brothers are the first Creators I’ve ever met who built out a bona-fide dashboard to track their business.
They used Monday.com, and Zapier to tie all their revenue sources into it.
Here’s an example screenshot:
Why is this useful?
By keeping an eye on their sales trends, they can make decisions to impact their business in real time.
Credit Cards - Chase Ink Unlimited + Marriott Bonvoy
The Creators who are experts on credit cards are about to tell you what credit card to get for your business. Listen up.
Accounting - Quickbooks + Accounting firm
Communication - Slack
Representation - None
Content Production - Viral Edits
Operations - Internal Team
10 total on operations
3 on Sales
The guys make a strong effort to maintain employee retention, offering perks like a team outing to the Super Bowl.
Thanks for reading!
My mission is to enable millions of people to benefit from the emergence of the Creator Economy.
Follow me on LinkedIn for actionable insights from my travels through the Creator Economy.
Feel free to reach out - [email protected].
See you next week!