Fri, 2 August 2019
Today, Ryan and Khierstyn Ross discuss how most entreprepreneurs go about building their business backwards, rethinking the Hero’s Journey and using crowdfunding to launch brands.
Have you ever wondered what the next big thing will be? Ryan shares his prediction on the next big opportunity and how to tap into it.
[1:21] KRoss awkwardly introduces Ryan Daniel Moran in a nutshell and lays out what she’d like to ask during this interview.
Spoiled physical products people [4:17] The gravy train of sales Amazon created has enabled entrepreneurs to go at physical products backwards. It should all start with the audience.
What or who? [6:17] Ryan has ownership in 5 brands and is active in 3, WHAT you sell is important, but WHO you sell two trumps that by miles — let’s say a 20% to 80% ratio!
Identifying good brands [8:17] for Ryan, it’s all about audience, there is no other litmus test factor — they will tell you what they want from you and you can act accordingly.
7 times harder to get a new customer [10:07] most physical products people don’t talk about return customers, followup, backend, upsells, customer experience — they miss 80% of the scale that is possible!
Have you found an audience? [11:30] An audience worth the name has to be in your control (not Amazon, Kickstarter, Shopify, etc.) look for email lists, social media platforms.
Now the Amazons of this world are great R&D labs!
Mat or Yogi first? [12:51] Ryan’s first physical product was a mat and as soon as he placed the order he decided he had 6 weeks to build the audience for it. You have to manufacture your own demand.
The question you need to ask is: who is the person buying this?
Braingasm [15:33] identify who your core customer is — Ryan shares a story from one of his workshops.
Right person wrong product [17:00] Ryan shares his personal experience with having the right person and offering the wrong product.
Counterfeiting is par for the course [19:35] China isn’t the biggest culprit here: entrepreneurs looking for short term gains are. Tom Bilyeu shares this insight with Ryan a few years back:
1. When you launch, you have 18 months (less on the Internet) before people begin to copy you.
2. Innovate. Always.
Systems for scale [24:08] it really is always about the customer. Always. Ryan’s system for new products is asking his audience! Send out surveys, call superfans (yes, pick up the phone.)
Reimagine the archetypal Hero’s Journey: your business is the mentor and your customer is the hero. You are not the hero — you are here to remove obstacles from the hero’s journey!
Beta testing [27:34] develop a minimal viable product (a few hundred) sell them to your list, on kickstarter or even give them away then ask for feedback and innovate from there.
Thinking through the goal [28:40] a product launch is great to start a business, but not as a recurring revenue machine — what is it that you are hoping to kickstart? What are your products 3, 4 and 5.
Partnering with influencers [32:35] Ryan shares what he believes the next big opportunity for physical products brands is, and how to tap into it.
Thanks for listening, and get in touch with Ryan on Instagram @ryandanielmoran
Direct download: FFL_7_29.mp3
Category:Business -- posted at: 5:00am EDT