Mon, 15 July 2019
Today’s episode is an off the cuff talk Ryan gave as Erzra Firestone hosted at Digital Marketer for their War Room Intensives.
Ever want higher level information? This was for a room full of already established business owners so expect it!
[2:53] Ryan introduces himself and recounts how he stumbled into the war room 10 years ago — coming full circle 10 years later today. AS well as how he found himself in physical products.
[8:40] Build assets that can eventually pay cash over time. But short term results are currently king, Ryan offers a game plan for building for the long term.
[13:29]They say that WWII got us out of the depression, but how does destruction stimulate the economy? It doesn’t but WWII left a lot of unused assets (we didn’t need to build bombers anymore, so we used those factories to build washing machines). Ryan explains that there are a lot of unused or undervalued assets in the world today whose purposes can be changed.
Get an asset [17:33] First, get an email list or social media following where you know you can get at least 10k people to see it. 10 thousand people is an asset.
Turn people into customers [20:06] So now that you have your asset, don’t optimise for numbers — that’s just an offer, short term game — turn those people into customers and a business, through customer experience.
Build a business [22:00] Native deodorant build a small but happy customer base and within 12 months of applying marketing knowledge, they had an asset worth a million a month selling 2 dollar deodorant. P&G bought them out 18 months in for 100 million cash.
Add assets to your business [30:05] Gary Vee is a good example. At any point he wants to add another revenue stream, he has the systems, the audience and the investors. Cash is an asset, relationships are an asset, traffic, attention, network, brand is an asset.
Build a brand [32:50] Brand is the promise that something will be fulfilled. Ryan gives the example of RX Bar started by some dude named Peter in his basement who built an asset which sold to Kellogg’s for 600 million dollars — You probably know more people, you have more resources, access, expertise, money and you know more about marketing than Peter did.
Cash is not the endgame [38:40] People are not buying cash flow and profits, people only buy assets that complement their other assets. Unilever bought Dollar Shave Club for a billion dollars, not because of cash flow, because of the customer list and the Youtube marketing systems and subscription services.
Recommendation [46:26] For the people who are aiming to leave something behind: trade cash for assets in the long term which will in turn generate more cash for you to invest in more assets.
Yes, get more assets, but the economy being where it is, is being a bit heavier on the cash side not a good idea?
What were Ryan’s tips on Amazon for Brian Lee?
If we have a physical products brand and a decent social media following, should we keep building up the community we have?
Politics! [1:03:28] Ryan is cut off from a political conversation by Ezra!
Thanks for listening!
Mentioned in this episode
Million dollar brands experiment: capitalism.com/brands