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Welcome to the e-commerce podcast
with me, your host, Matt Edmundson,

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the e-commerce podcast is all about
helping you deliver e-commerce.

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Wow.

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Now I am stoked with today's guest, who
is Evan Padgett from Stealth Venture Labs.

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We are chatting about everything
you need to know to take over.

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Yes, with subscription.

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E-commerce Evan.

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Uh, legend.

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Let me tell you, you going to love
this conversation, but before we

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jump into it, let me give a quick
shout out to some of our past

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guests and past guests and episodes.

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Uh, given that we are talking about
everything you need to know to take

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home with subscription e-commerce.

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So today I thought it would be
good to mention my conversation

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with Richard Schnitzel.

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If you ever saw the video, Richard
was the guy with the bow tie.

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It's his signature look, and we
got into all things automation.

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How do you use automation
to help your business?

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And the second episode,
let me give a shout out.

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And actually this is not yet released.

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So you need to be subscribed
to, to get access to this one.

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Right.

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You'll be notified when it comes out.

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It's a conversation I'm having
with Cody Bramlett who built a

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subscription business in supplements.

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And so we're going to
get into all of that.

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So you're not gonna want
to miss that either.

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So do check that one out and to, to
listen to that one day to that one

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subscribe, it's going to be awesome.

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So this episode is brought to you by the
E-commerce Cohort, a which helps you to

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deliver e-commerce well to your customers.

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Now you may well have got stuck in
your e-commerce business, or like

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me, you may have got siloed into
working on just one or two areas.

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You know, the areas that you kind of.

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You enjoy and you kind of
forget all the other stuff.

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Like we liked email marketing over here,
and we liked this bit over here, but

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we forgot about all the other stuff.

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And let me tell you that
was a big problem for us.

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And this is why I'm super
passionate about e-commerce cohort.

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It's solves this problem.

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It's a lightweight membership group
with guided monthly sprints to cycle

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through all the key areas of e-commerce.

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The sole purpose of cohort
is to provide you with clear,

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actionable jobs to be done.

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So you'll know what to work on and get
the support you need to get it done.

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So whether you are just starting out here.

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Or if like me, you are a
well established e-commerce.

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I encourage you to definitely
check out ecommercecohorts.com.

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That's ecommercecohort.com.

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It is gearing up for its
founding member launch.

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It is almost there and you are
definitely going to want to check it

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out because of the offers on it are
incredible for the founding members.

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Uh, if you've got any questions, email me
directly at Matt at ecommercepodcast.net

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with your questions, because let me tell
you, I've said this before on the podcast.

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I'm super proud of it.

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I'm super proud of what's going to
be happen happening with cohort.

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I wish I had it 10 years ago.

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Let me tell you, I really do
so Evan Padgett is a 20 year

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e-commerce veteran with a
experience in subscription commerce.

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He's also got a phenomenal sense of humor.

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He's the COO of Stealth Venture
Labs and e-commerce marketing firm.

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He works with brands like Crocs,
hello Fresh Factor 75 and the

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list just goes on and on and on.

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He is awesome.

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He's a legend.

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When he's not taking over the
world with subscription commerce,

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you'll find him hanging out with
his kids playing video games.

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But his true love is American football.

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Don't hold it against him, but
he's a die hard Denver Broncos fan.

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Someone has to be right.

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Sorry.

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I have a notion that was said
that that's just me poking fun.

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I'm not a Denver Broncos fan.

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I actually have a neighbor
who was a really big Broncos

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fan actually here in the UK.

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Uh, but.

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I lived in Carolina.

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So I'm a Panthers fan, but there you go.

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We all have our cross to bear.

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Don't we?

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Anyway, this is not
about American football.

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This is about subscription e-commerce
uh, grab your notebooks, grab your

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pens, grab your cup of coffee.

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Uh, here is my conversation with Evan.

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I am here with our very special guests
all the way from Colorado in the USA.

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Evan, who is a 20 year old
e-commerce veteran with experience

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in subscription commerce.

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Oh yes.

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As the COO of stealth venture labs and
e-commerce marketing firm, he gets to

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work with some incredible brands like
Crocs for example, and Hello, Fresh.

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So.

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Really keen to dig into this
and pick his brains about

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this whole subscription thing.

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When he's not taking over the
world of subscription, e-commerce,

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you'll find him hanging out with
his kids or playing video games.

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Uh, but his true love apparently
is, uh, is, is the Denver Broncos.

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Is that right?

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Uh, Evan, you're a bit of a diehard.

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The Denver Broncos fan.

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I see diehard Denver Broncos fan diehard,
kid at heart, still playing video games

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at 39 years old this year where you do
the math in the industry for 20 years.

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So boom, half my life on the internet.

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So go.

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Yeah, absolutely.

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So no wonder you're playing a computer.

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Yeah, exactly is very
understanding spousal.

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Yeah, very, you know what?

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Um, the other day I was
on a trip to the states.

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I was in your wonderful country with
my 15 year old daughter and we were

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doing a bit of a road trip and we
ended up in San Francisco and in San

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Francisco, there was this place called,
um, I can't remember the name of it.

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Something like Antique Arcade
or something like that.

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And I said to Zoe, my daughter, I said,
let's go in and have a look and maybe

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we'll see some of the, you know, some of
the old sort of games and sure enough,

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you walked in and there were games like
from the twenties, you know, some old

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pinball machines and it was incredible.

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And we were walking around and I heard,
um, the star wars theme playing and

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I, I just grabbed my daughter's arm.

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And I was like, no, no,
it can't be, it can't be.

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And she's like, what
are you talking about?

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I said, it can't be because
when I was a kid, when I was a

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teenager, They used to be the shop
in the village where I grew up.

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And in that shop, you would rent
your videos a bit like, you know,

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our own version of blockbuster.

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And, uh, they had a few
arcade machines in the back.

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One of which was the star wars Atari game,
which was all sort of vector graphics.

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And I spent many, many a year
playing that game and that's the

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only game I've ever been good at.

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I mean, the only game
I've ever been good at.

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And so when I heard the star wars.

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Uh, in this place.

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And lo and behold, there is the machine.

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I was like, I was like, Zoe c'mon, I've
got, I spent hours in, he amusement a

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antique amusement arcade, and that was
better than my 15 year old daughter has

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obviously grown up with computer games.

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So I still felt pretty good about
myself, but that's as much as I

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can help with that whole, well, it
sounds like you did the right thing.

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Get some playtime in, be perfect
for subscription models and you one

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of those, uh, to your house and.

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Therefore look at the value for our plate.

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I mean, it's amazing.

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Oh, it's just incredible.

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Do you know what?

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I went onto Google and I thought, I wonder
how much it costs to buy one of these and

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you don't want to do that 15,000 pounds.

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Uh, thank you very much.

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Uh, and I was like, yeah, I can't justify
spending 15 grand on a computer game if

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I want to stay married, if I'm honest.

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Right, right, right.

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You have choices to make.

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Everyone's got their big choices.

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I think this is just to make him
like, um, so what, why Denver

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Broncos, did you grow up in that?

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Because Denver, Colorado, I suppose,
is that where you are or, yeah, so

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I'm in Colorado now, but it's funny.

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I grew up in a state called Oregon,
which is north of California, about seven

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hours north of where you were in San
Fran, but they didn't have a professional

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of football, American football team.

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Um, so I.

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I'm going to pick a team.

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And I happen to like this team when I
was a kid growing up and then lo and

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behold, I ended up here and I was just
kind of all a happy set of coincidences.

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I wasn't like, oh, now I can
move to Colorado and be closer

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to the sports in my life.

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It was like, this is where I live.

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Now.

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I moved here from Los Angeles and
I was like, okay, this is, uh,

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this is much better for my state
of mind for family situation.

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I have three kids, um,
ages two through eight.

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So now ages two through eight.

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It was just a much better move.

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And lo and behold, the Broncos
play an hour away from here.

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So, uh, that works out well for me.

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Um, and then they, the kids
and everything, or living it

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up and having a great time.

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But now it's weird.

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Cause I forgot about what it's
like when you live in Los Angeles.

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I forgot about what it's like
living in a place with seasons.

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Um, you know, like Los Angeles
just kind of have varying degrees

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of spring and summer, um, with a
couple of rainy weeks here and there.

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Um, but you know, we just
actually no joke it's about today.

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Uh, well last week, this time
it was about 24, 25 Celsius.

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Pretty toasty.

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Yeah.

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It's snow.

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Saturday.

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Well, it sounds a lot like
England, I'm not going to lie.

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Okay.

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That's what that is.

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That's just what that's like, because
like, it is May 20th and we had

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21st, we had snow hitting the ground
after it was 80 something degrees

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Fahrenheit in the, in the mid 20
Celsius there a few days before.

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So things are weird here.

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Yeah.

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Yeah.

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That's rough.

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You know what kind of say, uh, we, we
also have our own quirky weather, but

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you know, it, it, it is what it is.

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I've only been, I've been to the
UK once and it was just, it seemed

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like an awesome place, but I had
just a cliche seemingly normal.

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The sky is gray and
everything's a little bit.

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Yeah, everything's done.

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It's just, it's great.

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And, uh, no, I mean, there are a few
days when it's not as great and there's

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a bit of blue in the sky, but green
becomes rapidly your favorite color.

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It's why every house in England, let's
say every house, a lot of houses have this

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sort of gray or white paint as sometimes
beige, but it's usually that kind of paint

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and everybody accents stuff with color.

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So, you know, it'd be like the
cushions bring the color into the

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room because that's how England is.

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It's like, this is great.

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But there's a lot of green, which
sort of accents, you know, the sky.

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Uh, and there's just kind
of how we get corrupt.

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So if I were to go build a subscription
there, then it would need to be a

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colorful box and colorful product.

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And it would probably be well.

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Yeah, and it should contain an umbrella.

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Um,

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exactly.

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Exactly.

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So let's get onto the
whole subscription thing.

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Uh, you are, I said in the intro
there, you're the COO the chief

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operating officer in England.

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I assume it means the same thing.

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Um, I've stilled venture labs.

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Um, now, before obviously you're in
stealth venture labs, you, you seem

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to have this, this world history.

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Sort of how you got there.

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Um, but what, what is
stealth venture labs?

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Um, we call it an e-commerce
marketing firm, but is that

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what you guys specialize in?

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Yeah, so we are a performance marketing
agency managing media dollars to the

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millions of millions per month for
all of our clients, um, ranging from

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00:12:01,775 --> 00:12:05,465
the HelloFresh of the world to small
brands, just trying to spend their

235
00:12:05,465 --> 00:12:09,095
first 10 25, $30,000 in advertising.

236
00:12:09,545 --> 00:12:11,825
Um, on any platform you can
manage behind the screen.

237
00:12:11,825 --> 00:12:15,575
So all things Metta, I'm still gonna,
I'm still gonna call it Facebook.

238
00:12:15,575 --> 00:12:20,525
I still call it Facebook, but you
know, everything Facebook instead of.

239
00:12:21,145 --> 00:12:24,955
Um, snap, Tik, TOK, Pinterest,
Google being, you know, anything

240
00:12:24,955 --> 00:12:25,735
we can manage from here.

241
00:12:25,735 --> 00:12:26,755
I got a team to do it.

242
00:12:27,205 --> 00:12:31,495
Um, you know, performance marketing
experts, focus on all things, funnel

243
00:12:31,495 --> 00:12:34,285
optimization as well, creative
development, which has changed quite a

244
00:12:34,285 --> 00:12:36,265
bit in the past few years, especially.

245
00:12:36,745 --> 00:12:40,315
Um, and then we also have an incubator
arm here at Stealth, which we call our

246
00:12:40,315 --> 00:12:45,565
Founder Lab, which is basically a place
where we work with brands looking to

247
00:12:45,565 --> 00:12:49,525
expand their product line or launch a new
brand and want to know what the market

248
00:12:49,795 --> 00:12:51,175
is going to think about that brand.

249
00:12:51,175 --> 00:12:55,915
So, um, about a half dozen times a year,
we get these experiments where brands

250
00:12:55,915 --> 00:13:00,415
big and small, but usually they're either
big privately held like family brands or

251
00:13:01,245 --> 00:13:05,955
brands you all know of that are like,
Hey, we want to expand into this.

252
00:13:06,675 --> 00:13:10,245
We, you guys make an experience,
a brand and do some marketing and

253
00:13:10,245 --> 00:13:11,595
let us know what that looks like.

254
00:13:11,805 --> 00:13:13,815
Um, and we do that in
our founder lab side.

255
00:13:13,815 --> 00:13:17,985
So if you have an idea or if you're part
of a big brand that has an idea, instead

256
00:13:17,985 --> 00:13:22,305
of buying the inventory, hiring the team,
singing a million dollars into it before

257
00:13:22,305 --> 00:13:26,745
you even get it off the ground, we have
brands that will come to us and say, tell

258
00:13:26,745 --> 00:13:29,805
us what that looks like first, tell us,
like, what does our pricing need to be?

259
00:13:29,805 --> 00:13:30,195
What is this?

260
00:13:30,195 --> 00:13:31,065
A promotionality?

261
00:13:31,155 --> 00:13:35,295
And we spend real advertising
dollars to get customers to sign up.

262
00:13:35,355 --> 00:13:37,605
And then when they sign up, we
say, Hey, you're part of a beta.

263
00:13:37,605 --> 00:13:38,685
You're not going to be charged.

264
00:13:38,715 --> 00:13:40,875
We'll give you a deal when
it goes, live, yada yada.

265
00:13:40,875 --> 00:13:43,935
So then we can actually say, Hey,
here's the customer acquisition costs.

266
00:13:44,535 --> 00:13:47,955
Here's the pricing and the promotion
and the positioning that we know

267
00:13:47,955 --> 00:13:50,925
works that backs into what should
be a good model run with it.

268
00:13:50,955 --> 00:13:52,335
We'll build it for you fully.

269
00:13:53,265 --> 00:13:53,535
Yeah.

270
00:13:53,595 --> 00:13:54,285
And go on from there.

271
00:13:54,285 --> 00:13:56,985
So that's the other side of the
house, but we're primarily the agency.

272
00:13:57,165 --> 00:13:57,255
Yeah.

273
00:13:57,285 --> 00:13:57,615
Yeah.

274
00:13:58,085 --> 00:14:00,105
Well, that's why actually that
sounds a lot of fun to me,

275
00:14:00,105 --> 00:14:01,335
that whole incubation thing.

276
00:14:01,545 --> 00:14:02,085
That's great.

277
00:14:02,085 --> 00:14:04,725
And we do it for our own products,
our own in-house products as well.

278
00:14:04,725 --> 00:14:07,245
Like we have an idea it's like,
okay, take a few weeks to launch

279
00:14:07,245 --> 00:14:08,085
it and see what it looks like.

280
00:14:08,355 --> 00:14:08,625
Yep.

281
00:14:08,725 --> 00:14:09,465
See what people think.

282
00:14:09,465 --> 00:14:10,935
There's a lot to be
said for that actually.

283
00:14:10,935 --> 00:14:13,155
And throwing some money into things
like that, rather than trying to figure

284
00:14:13,155 --> 00:14:18,285
it all out from day one, the brand
that you mentioned, um, hello, fresh.

285
00:14:18,375 --> 00:14:20,505
Uh, I am familiar with here in the UK.

286
00:14:20,565 --> 00:14:25,155
This is a subscription service,
which you sign up to and they deliver

287
00:14:25,155 --> 00:14:29,955
fresh produce to your house every
week or every month or whatever

288
00:14:29,955 --> 00:14:32,025
timeframe you, um, you sign up for.

289
00:14:32,625 --> 00:14:38,459
Um, so when we talk about subscription
commerce, Oh subscription.

290
00:14:38,459 --> 00:14:41,550
E-commerce in my head and
this is what I'm thinking.

291
00:14:41,550 --> 00:14:44,250
I'm thinking things like,
hello, fresh, you know?

292
00:14:44,250 --> 00:14:48,089
And it's you kind of sign up and you
get a box or a, there's a beauty one.

293
00:14:48,089 --> 00:14:49,319
I can't remember what it's called now.

294
00:14:49,349 --> 00:14:51,990
The beauty box or something like that.

295
00:14:52,410 --> 00:14:57,540
Um, and yeah, Birchbox, that's someone
I'm thinking of, um, where you, you

296
00:14:57,540 --> 00:15:00,689
sign it, you pay your 10 bucks a month
and they send you a few bits and bobs.

297
00:15:00,750 --> 00:15:02,430
Is that what you're referring to?

298
00:15:02,430 --> 00:15:04,199
When you talk subscription?

299
00:15:05,265 --> 00:15:08,655
So to me, I look at subscription
commerce as another way.

300
00:15:08,655 --> 00:15:12,495
I like to say it is a recurring
revenue models, right?

301
00:15:12,525 --> 00:15:18,645
So, uh, these are models that guarantee
you for better lack of better words,

302
00:15:19,005 --> 00:15:23,834
downstream revenue from your consumers at
the expense of either product or service.

303
00:15:23,954 --> 00:15:28,814
So, um, now that's broadly subscription,
but every business loves to have

304
00:15:28,814 --> 00:15:30,795
predictable forward looking revenue.

305
00:15:30,795 --> 00:15:31,125
Right?

306
00:15:31,155 --> 00:15:35,775
So, um, when I look at subscription
commerce, there is what you

307
00:15:35,775 --> 00:15:37,064
mentioned, the food in the box.

308
00:15:37,064 --> 00:15:40,275
There's stuff in a box that shows
up, but then there's also services.

309
00:15:40,305 --> 00:15:42,735
There's also memberships
that give you access.

310
00:15:43,275 --> 00:15:47,145
Uh, one of the companies that I was
a chief marketing officer for before

311
00:15:47,145 --> 00:15:51,225
joining stealth is a company in the
states called thrive market, uh, which is.

312
00:15:51,990 --> 00:15:56,130
Online grocery company that worked
off an annual membership model for

313
00:15:56,130 --> 00:16:00,300
like $60 a year, you get access to
the best prices you're going to get

314
00:16:00,300 --> 00:16:06,450
on these organic and non GMO foods,
um, that, you know, is quote unquote

315
00:16:06,750 --> 00:16:08,190
healthier for you and better for you.

316
00:16:08,190 --> 00:16:11,250
It's sometimes necessary if
you have things like gluten

317
00:16:11,250 --> 00:16:12,690
intolerance and stuff like that.

318
00:16:13,200 --> 00:16:15,750
Um, so that's an annual membership
model, but there's still a

319
00:16:15,750 --> 00:16:17,100
recurring revenue model there.

320
00:16:17,160 --> 00:16:21,900
Uh, so I look at subscription that's
broadly, anything that provides recurring

321
00:16:21,900 --> 00:16:26,160
revenue, where customers, uh, are
basically engaged in a relationship

322
00:16:26,160 --> 00:16:31,590
with you opt in or opt out, um, that
creates a predictable forward-looking.

323
00:16:32,655 --> 00:16:33,075
Okay.

324
00:16:33,585 --> 00:16:36,465
And so, like you say, that can be
products, it can be services, it can be

325
00:16:36,465 --> 00:16:40,725
a membership and it can have all kinds
of different, uh, things attached to it.

326
00:16:41,115 --> 00:16:43,395
I guess if I'm the backup,
uh, just a little bit.

327
00:16:43,395 --> 00:16:47,655
So if it's this sort of recurring
revenue model, a predictable recurring

328
00:16:47,685 --> 00:16:52,275
revenue model, I suppose the clue is in
that definition as to why maybe as an

329
00:16:52,305 --> 00:16:55,845
e-commerce entrepreneur, I should think
about having some kind of subscription

330
00:16:56,175 --> 00:16:57,915
if I don't currently have one, right?

331
00:16:58,845 --> 00:16:59,325
Yeah.

332
00:16:59,385 --> 00:17:03,135
I always encourage people to
find a recurring revenue model

333
00:17:03,135 --> 00:17:04,035
because look, e-commerce.

334
00:17:05,025 --> 00:17:08,805
Economics you want recurring revenue
anyway, you're, you're not building

335
00:17:08,805 --> 00:17:11,385
an e-commerce sort of saying like,
oh, I'm just going to sell one of

336
00:17:11,385 --> 00:17:13,005
these to everybody and that's it.

337
00:17:13,365 --> 00:17:13,725
Perfect.

338
00:17:13,725 --> 00:17:14,595
That's all I ever need to do.

339
00:17:14,595 --> 00:17:14,835
Right.

340
00:17:14,835 --> 00:17:17,325
So you're already thinking
recurring revenue.

341
00:17:17,325 --> 00:17:19,545
Anyway, all I'm saying is fine.

342
00:17:19,575 --> 00:17:23,475
The, the way to expand your service,
that creates a recurring revenue model

343
00:17:23,475 --> 00:17:27,855
that provides a mutual benefit, not just
to you as a, as a company, uh, but to

344
00:17:27,855 --> 00:17:33,015
the customer as well, um, and creates a
longer standing ongoing relationship with.

345
00:17:33,735 --> 00:17:35,475
Is the best way forward.

346
00:17:35,504 --> 00:17:39,645
Uh, so, um, again, brands
and, and entrepreneurs are

347
00:17:39,645 --> 00:17:40,815
already thinking like this.

348
00:17:40,815 --> 00:17:45,435
You do not build an e-commerce site to
sell one of one thing to every person.

349
00:17:45,435 --> 00:17:49,845
You, you are trying to get three to four
purchases a year, well, subscription

350
00:17:49,845 --> 00:17:53,565
models kind of guarantee you that at
what expense, maybe some more attrition,

351
00:17:53,565 --> 00:17:57,855
maybe subscriptions, not for everybody,
but the predictability that you get, your

352
00:17:57,855 --> 00:18:01,575
ability to grow and scale and advertise
because your LTVs will be higher.

353
00:18:01,965 --> 00:18:06,764
You'll make more money candidly, over
the longterm in nine out of 10 situations

354
00:18:06,764 --> 00:18:08,325
or 99 out of a hundred probably.

355
00:18:08,745 --> 00:18:13,485
Um, that's why I encourage brands to sit
there and sort out what would be something

356
00:18:13,485 --> 00:18:14,925
I can offer as a recurring revenue.

357
00:18:14,925 --> 00:18:17,325
And it may not be as
obvious as you think, right?

358
00:18:17,325 --> 00:18:17,534
Yeah.

359
00:18:17,955 --> 00:18:22,125
Um, but that's, I always drive for that
in all of our clients that come to us.

360
00:18:22,135 --> 00:18:24,615
I'm like, all right, what have you
guys thought about recurring revenue?

361
00:18:24,915 --> 00:18:27,105
If they have it, like,
let's just talk about that.

362
00:18:27,105 --> 00:18:30,044
We're going to still do what you
needed to do, but how can we create a

363
00:18:30,044 --> 00:18:31,625
recurring revenue model for your brand?

364
00:18:31,965 --> 00:18:32,865
And you can almost always have.

365
00:18:33,629 --> 00:18:34,379
Yeah, absolutely.

366
00:18:34,590 --> 00:18:35,430
Well, that's interesting.

367
00:18:35,430 --> 00:18:35,669
Isn't it?

368
00:18:35,669 --> 00:18:38,490
I mean, you, when you were talking
about no one wants to sell one,

369
00:18:38,970 --> 00:18:40,560
one product, just everybody.

370
00:18:40,800 --> 00:18:45,780
The only thing that I can think of,
uh, I was talking to a chap called Adam

371
00:18:45,780 --> 00:18:47,220
Pierce, who is also coming on the show.

372
00:18:47,220 --> 00:18:50,070
We were, we were having a con, we recorded
his interview actually earlier today.

373
00:18:50,669 --> 00:18:54,480
Um, he was saying he's got into, uh,
one of the things he's getting into

374
00:18:54,480 --> 00:19:00,210
was, um, coffins, uh, which is probably
the only product that I think of that

375
00:19:00,210 --> 00:19:02,340
you could sell one time to one person.

376
00:19:02,730 --> 00:19:09,690
But if I, if I can be slightly flippant
here, uh, is there space, let's say I do.

377
00:19:09,690 --> 00:19:11,490
So, you know, nice wooden caskets.

378
00:19:11,580 --> 00:19:17,220
And, um, is there a space, do you think
for me to also think about recurring

379
00:19:17,220 --> 00:19:21,810
revenue, even though it's obviously a
one-time sale, this is a unique one.

380
00:19:21,810 --> 00:19:24,210
Let's see what referring
revenue for that coffin.

381
00:19:24,240 --> 00:19:26,580
Um, well, let's see.

382
00:19:26,970 --> 00:19:27,560
You could.

383
00:19:28,365 --> 00:19:30,375
We typically confidence
got to go somewhere.

384
00:19:30,375 --> 00:19:32,235
So you could have a recurring
revenue model on the plot

385
00:19:32,235 --> 00:19:33,285
of land that it's going on.

386
00:19:33,285 --> 00:19:37,125
Instead of buying the land itself,
you could create a lease for it.

387
00:19:37,155 --> 00:19:38,955
There's a little bit of recurring revenue.

388
00:19:39,375 --> 00:19:43,095
Um, there's other services, so, wow.

389
00:19:43,255 --> 00:19:44,475
This is going places.

390
00:19:44,505 --> 00:19:48,495
Didn't think you're going to go to
competence, but, uh, uh, you know, you

391
00:19:48,495 --> 00:19:54,495
could offer things like, um, other things
you're dealing with at a, if it's your

392
00:19:54,495 --> 00:20:00,675
coffin, you're shopping for, um, our,
uh, of service that could provide, um,

393
00:20:01,635 --> 00:20:04,125
support and relief to people around you.

394
00:20:04,665 --> 00:20:06,435
Cause it'll consultative services.

395
00:20:06,825 --> 00:20:10,695
Um, being able to, it
sounds really schlocky.

396
00:20:10,695 --> 00:20:13,365
So don't, uh, you know, this
is going to be on the internet

397
00:20:13,365 --> 00:20:14,295
forever on this podcast.

398
00:20:15,074 --> 00:20:19,725
Could you sell or potentially critter
recurring revenue model on the grief

399
00:20:19,725 --> 00:20:23,625
counseling needed where Yuto to
pass and be placed inside coffin,

400
00:20:24,135 --> 00:20:26,504
um, to support the ones around you.

401
00:20:26,655 --> 00:20:26,834
Yeah.

402
00:20:26,865 --> 00:20:30,855
Maybe there's a recurring revenue model
there taking advantage of the bereaved,

403
00:20:30,945 --> 00:20:34,935
but not in a bad way, but just from,
uh, the fact that that is generally

404
00:20:34,935 --> 00:20:39,794
needed or other ends of, um, if, again,
if you're the one going in that coffin,

405
00:20:40,155 --> 00:20:46,245
other things to wind down your affairs,
um, that could be a once said coffin is

406
00:20:46,245 --> 00:20:51,554
filled, what would be some draws from
an estate, for example, that would be

407
00:20:51,554 --> 00:20:54,284
a recurring revenue model to handle.

408
00:20:54,675 --> 00:20:58,665
Um, so you might hear a siren in
the background, um, but to handle,

409
00:20:59,294 --> 00:21:03,915
uh, the end of life affairs, uh,
that could be reasonable as well.

410
00:21:06,495 --> 00:21:07,515
That's a unique one.

411
00:21:09,045 --> 00:21:12,585
I mean, to be a flipper notice, I
mean, Hey, we're all going to go

412
00:21:12,585 --> 00:21:13,905
through that journey at some point.

413
00:21:13,905 --> 00:21:17,025
That's just like, I have not
been challenged with COVID it's

414
00:21:17,025 --> 00:21:18,675
on a recurring revenue model.

415
00:21:19,005 --> 00:21:19,185
Yeah.

416
00:21:19,185 --> 00:21:23,145
Like it's just top of mind when you,
you know, from the earlier conversation,

417
00:21:23,415 --> 00:21:26,085
but I, I like you, I'm sitting here
thinking, well, what could I do?

418
00:21:26,085 --> 00:21:28,965
So there's the managed services, for
example, you've got to maintain the

419
00:21:28,965 --> 00:21:34,365
plot of land haven't you could I create
some kind of membership so that, um,

420
00:21:34,395 --> 00:21:37,515
maybe I'm in my fifties, my sixties,
I'm starting to think about it.

421
00:21:37,515 --> 00:21:41,805
And so I'm, you know, I can use your
services not only to pick out my casket,

422
00:21:41,985 --> 00:21:47,805
but also to plan my funeral to also
host my well, you know, and you can

423
00:21:47,805 --> 00:21:50,475
help me with whatever, but the legal
services side of things, what if you

424
00:21:50,475 --> 00:21:55,995
are on a plan to pay out and handle,
have your affairs covered, and that is

425
00:21:55,995 --> 00:21:59,835
something similar to another policy in
that, you know, that could be actually.

426
00:22:00,825 --> 00:22:04,335
When you start modeling that out, that
could be a really relatively low expense,

427
00:22:04,335 --> 00:22:06,375
depending on people's life expectancy.

428
00:22:06,435 --> 00:22:10,275
This is like really weird, but, um,
but like depending on their life

429
00:22:10,275 --> 00:22:14,325
expectancy, so say you're a 60 year old
person, but generally in good health.

430
00:22:14,325 --> 00:22:17,295
And you're just planning ahead and
getting this stuff squared away, put

431
00:22:17,295 --> 00:22:24,945
them on some plan and be like, Hey,
any basic legal or end of life type,

432
00:22:25,515 --> 00:22:30,555
um, services you need are included in
this package and you're paying for it.

433
00:22:30,555 --> 00:22:34,065
So you just, you know, somebody, you
or somebody on your behalf picks up

434
00:22:34,065 --> 00:22:35,625
the phone and gets things handled.

435
00:22:35,625 --> 00:22:38,415
So if you're creating a will and
testament, if you're creating, uh,

436
00:22:38,495 --> 00:22:42,045
establishing your estate, if you're
somebody that has the ability or

437
00:22:42,045 --> 00:22:46,935
need to do that, or your, um, your
finances, getting them in order and how

438
00:22:46,935 --> 00:22:50,055
that's going to look like, I suppose
it would be a recurring revenue model

439
00:22:50,055 --> 00:22:51,795
that would at least come from that.

440
00:22:51,795 --> 00:22:53,705
Now does the coffin
company selling that or.

441
00:22:54,524 --> 00:22:57,584
Creating a relationship with somebody
else here nor there, but there's

442
00:22:57,584 --> 00:23:00,495
a recurring revenue model involved
that could, they could exist.

443
00:23:01,094 --> 00:23:01,754
Yeah, absolutely.

444
00:23:01,905 --> 00:23:05,804
I think what I, I guess the point from
this is it doesn't matter what you sell.

445
00:23:06,195 --> 00:23:11,745
Uh, there is with a little bit of thinking
something that you can do to create

446
00:23:11,745 --> 00:23:14,564
a recurring revenue model out of it.

447
00:23:14,895 --> 00:23:15,074
Yeah.

448
00:23:15,105 --> 00:23:19,485
As long as both sides are winning,
that's the part that like, like

449
00:23:19,514 --> 00:23:24,584
you don't want like love sided
recurring revenue models are I think,

450
00:23:24,645 --> 00:23:26,294
um, well, one they're not great.

451
00:23:26,355 --> 00:23:28,965
That's just the easiest way to put
it, but I also think that they are

452
00:23:28,965 --> 00:23:31,875
not, they, they put a bad name on
the recurring revenue model industry.

453
00:23:31,875 --> 00:23:33,975
And I'll give you one example.

454
00:23:33,975 --> 00:23:36,855
That's off the top of my head right
now that I I've said this on different

455
00:23:36,855 --> 00:23:41,054
podcasts before, but I'm also like,
I hope that this stops as quickly

456
00:23:41,475 --> 00:23:46,665
is vehicles becoming smarter now, as
they are, you start having features

457
00:23:46,695 --> 00:23:47,745
that are going to be subscription.

458
00:23:47,745 --> 00:23:49,245
Now everyone's got like a lot of new cars.

459
00:23:50,325 --> 00:23:52,455
Uh, you know, Sirius XM radio, right.

460
00:23:52,455 --> 00:23:55,034
Or they have like satellite radio,
that's one subscription, but like

461
00:23:55,455 --> 00:24:00,375
subscriptions for features that are
electronically blocked that could just

462
00:24:00,375 --> 00:24:02,415
be added on for like, Hey, $10 a month.

463
00:24:02,415 --> 00:24:07,064
And you want a better braking system,
or you want like when autonomous

464
00:24:07,064 --> 00:24:10,245
driving comes out, if that is more
of a subscription, instead of a

465
00:24:10,245 --> 00:24:14,355
one-time theory feature, those sorts
of things are going to start bothering

466
00:24:14,355 --> 00:24:15,855
me a little bit if I'm being honest.

467
00:24:15,885 --> 00:24:20,955
Cause they're just like the things
that you truly want are only available

468
00:24:21,014 --> 00:24:23,085
on only on a recurring revenue model.

469
00:24:23,115 --> 00:24:25,665
And we're starting to see that now
I've seen more and more cars come

470
00:24:25,665 --> 00:24:28,635
out with like pay walled features.

471
00:24:29,115 --> 00:24:31,965
Um, like, I don't know I'm
going to name the brand.

472
00:24:31,965 --> 00:24:34,155
Cause I wouldn't know it off the top of
my head, but there was one car coming

473
00:24:34,155 --> 00:24:38,985
out that has like climate control
settings that are not as advanced.

474
00:24:39,990 --> 00:24:43,650
Unless you pay for a
subscription to their service.

475
00:24:43,680 --> 00:24:46,050
And I'm like, that's horrible.

476
00:24:46,050 --> 00:24:52,620
I am sorry, but that is not great
because that is a lopsided, uh, one side

477
00:24:52,650 --> 00:24:56,220
is winning in this, um, subscription,
but you find a mutual when you

478
00:24:56,220 --> 00:25:00,750
provide a service that they need that
a normal person, what do they want?

479
00:25:00,750 --> 00:25:03,960
They want something
relieved from their life.

480
00:25:03,990 --> 00:25:06,600
They need a little less
gravity in their world.

481
00:25:06,600 --> 00:25:08,370
They want to not have to
go to the grocery store.

482
00:25:08,370 --> 00:25:09,450
So they get food delivered.

483
00:25:09,780 --> 00:25:12,810
They want to save them time and money.

484
00:25:13,170 --> 00:25:16,980
They want something convenient that they
normally have to deal with that they

485
00:25:16,980 --> 00:25:19,770
don't want to showing up, ready to go.

486
00:25:19,770 --> 00:25:22,860
And knowing that if they don't want it,
they can call up and get support that they

487
00:25:22,860 --> 00:25:24,930
need or email up and make that happen.

488
00:25:25,995 --> 00:25:27,675
All you're trying to do is
make people's lives better.

489
00:25:27,675 --> 00:25:30,855
And when you've got a subscription or
recurring revenue model that does that,

490
00:25:31,395 --> 00:25:33,795
then you have an excellent business.

491
00:25:33,855 --> 00:25:39,075
Um, so that's, uh, not trying to
crap on the car industry, but that's

492
00:25:39,075 --> 00:25:42,885
one of those things that bothers
me or when the necessary things

493
00:25:42,885 --> 00:25:44,264
are put on recurring revenue model.

494
00:25:45,405 --> 00:25:46,274
That's fair enough.

495
00:25:46,274 --> 00:25:48,135
I'd be hacked off with that as well.

496
00:25:48,135 --> 00:25:49,155
And I think you are right.

497
00:25:49,215 --> 00:25:53,534
Every man and his dog is jumping
on the subscription model system

498
00:25:53,534 --> 00:25:58,425
in some respects and in, and I like
what you say, can't be lopsided.

499
00:25:58,425 --> 00:25:59,745
It has to be a win-win.

500
00:26:00,495 --> 00:26:03,585
Um, otherwise people
just aren't interested.

501
00:26:03,585 --> 00:26:06,675
I mean, one of the mistakes, I think
we made with a subscription model

502
00:26:06,675 --> 00:26:11,925
in one of our own business, Um, was
we didn't we sort of went, right.

503
00:26:11,925 --> 00:26:16,215
Well, if you subscribe to this, um,
these particular products, you'll, you

504
00:26:16,215 --> 00:26:17,835
know, you get them at a lower price.

505
00:26:17,835 --> 00:26:18,885
That's the whole reason we want you.

506
00:26:18,885 --> 00:26:21,764
You can buy them straight off the website,
but if you want them at a low price,

507
00:26:22,065 --> 00:26:23,475
we'll send them to you every two months.

508
00:26:23,475 --> 00:26:25,304
And there was just like a box
we're going to ship out every

509
00:26:25,304 --> 00:26:26,715
two months or every three months.

510
00:26:27,465 --> 00:26:30,524
Have you guys, nobody really does
a subscribe and save, or they

511
00:26:30,524 --> 00:26:34,425
ask why can't I get it for this
price instead of subscribing?

512
00:26:35,804 --> 00:26:39,615
Well, the issue was not so
much that the issue was more,

513
00:26:40,034 --> 00:26:41,985
I've not taken into account.

514
00:26:41,985 --> 00:26:46,365
The customers that we were
serving who were very, um,

515
00:26:46,754 --> 00:26:48,915
sustain sustainability savvy.

516
00:26:49,504 --> 00:26:51,135
So they're like, well, hang on a minute.

517
00:26:51,405 --> 00:26:56,985
Um, I, what you're basically did
I, why can't I buy more and have

518
00:26:56,985 --> 00:27:02,325
it shipped one time, maybe twice
a year, as opposed to buy less and

519
00:27:02,325 --> 00:27:04,245
have it shipped, you know, just like.

520
00:27:05,010 --> 00:27:07,410
Every month, it's the same product.

521
00:27:07,410 --> 00:27:08,400
It's the same discount.

522
00:27:08,400 --> 00:27:09,480
I still want to buy the products.

523
00:27:09,600 --> 00:27:11,430
I just want to ship it less because.

524
00:27:12,345 --> 00:27:14,625
I want to offset my carbon footprint.

525
00:27:14,805 --> 00:27:17,264
And that was something that
I, I personally was not

526
00:27:17,264 --> 00:27:18,595
expecting to what I mean.

527
00:27:18,675 --> 00:27:19,665
I was, I was a bit shocked.

528
00:27:19,695 --> 00:27:20,715
I was shocked is the wrong word.

529
00:27:20,715 --> 00:27:21,675
But Jimmy was like, oh, okay.

530
00:27:21,764 --> 00:27:22,145
Surprise.

531
00:27:22,425 --> 00:27:25,004
Well, that is a more and
more common thing actually.

532
00:27:25,004 --> 00:27:29,085
So you hit on something around
sustainability and, um, the biggest

533
00:27:29,385 --> 00:27:33,885
rub that has now turned into
sustainability once for subscriptions

534
00:27:33,885 --> 00:27:36,375
for awhile is the amount of corrugate.

535
00:27:36,405 --> 00:27:40,905
And especially if you partake in
a meal at home company, you get a

536
00:27:40,905 --> 00:27:43,275
box that is lined with insulation.

537
00:27:43,275 --> 00:27:47,655
That usually also has a couple of
different, um, frozen ice packs in it.

538
00:27:47,835 --> 00:27:51,254
Like there's a reasonability with the
ice packs, but I mean, who needs more

539
00:27:51,254 --> 00:27:53,475
than a few ice packs in their life.

540
00:27:54,045 --> 00:27:57,735
Um, and then you have just so much
core gets so many insulated boxes

541
00:27:57,735 --> 00:28:02,925
that Insulet is usually a recyclable,
but it is still being produced and

542
00:28:02,925 --> 00:28:04,245
there's still a big footprint there.

543
00:28:04,605 --> 00:28:05,325
Um, so.

544
00:28:06,045 --> 00:28:10,365
Uh, you know, one of the ways that I
work on I'm really proud of the former

545
00:28:10,365 --> 00:28:12,075
company I was at called thrive market.

546
00:28:12,075 --> 00:28:16,005
Like they've actually become, you
know, a certified B Corp and reduce

547
00:28:16,165 --> 00:28:18,405
their footprint down to more neutral.

548
00:28:18,585 --> 00:28:20,865
They just officially their
fulfillment center or warehouse

549
00:28:20,865 --> 00:28:25,005
actually got its certification to
be carbon neutral, which is amazing.

550
00:28:25,425 --> 00:28:27,795
Um, but that is something that
is coming up more and more.

551
00:28:27,795 --> 00:28:31,755
And actually, um, you have to be,
if you're coming up with a new brand

552
00:28:31,755 --> 00:28:34,785
right now, or you're, you're creating
a new market, which is certainly

553
00:28:34,785 --> 00:28:38,625
happening as well, you have to be a
lot more conscious about that because

554
00:28:38,625 --> 00:28:42,645
otherwise, um, people will say like,
yeah, your product's good, but I,

555
00:28:42,675 --> 00:28:44,685
what am I going to do with 30 boxes?

556
00:28:45,255 --> 00:28:49,095
Um, and why am I getting a box with
boxes and boxes and stuff in it,

557
00:28:49,095 --> 00:28:50,235
depending on what you're selling.

558
00:28:50,685 --> 00:28:53,295
Um, that's a real problem that
I think is going to be kind

559
00:28:53,295 --> 00:28:54,585
of coming to pass right now.

560
00:28:54,645 --> 00:28:58,725
And we'll either start getting confronted
with more challenging shipping rates.

561
00:28:58,725 --> 00:29:01,995
And guess what, if shipping goes
up, that cost goes to the consumer.

562
00:29:03,524 --> 00:29:03,645
Yeah.

563
00:29:03,675 --> 00:29:06,915
Or a, you know, I was thinking that
there's, I don't know how to do it

564
00:29:06,915 --> 00:29:11,054
because the economics I've struggled
with this one for a while, but like,

565
00:29:11,054 --> 00:29:14,235
there's gotta be some way to create
a business that reclaims Oregon as

566
00:29:14,235 --> 00:29:18,074
well, because everybody suffers from
this, that orders off of the internet.

567
00:29:18,465 --> 00:29:23,504
Um, well you say that there's a company
that we subscribe to called Riverside,

568
00:29:23,534 --> 00:29:28,304
which is a bit like, hello, fresh they're
they're, um, a fun organic, organic

569
00:29:28,365 --> 00:29:31,485
and organic farmer, uh, here in the UK.

570
00:29:32,145 --> 00:29:34,034
Um, and my wife subscribes to them.

571
00:29:34,034 --> 00:29:37,125
I, I, I have to be honest with you
and I have nothing to do with it.

572
00:29:37,125 --> 00:29:38,354
It's it's all my wife.

573
00:29:39,554 --> 00:29:40,274
I just go to it.

574
00:29:40,735 --> 00:29:41,294
Yeah.

575
00:29:41,594 --> 00:29:44,175
And I just go to every now and
again, bloody hell, babe, this is

576
00:29:44,175 --> 00:29:47,145
expensive, but she's like, no, no,
it was good because of X, Y, and Z.

577
00:29:47,655 --> 00:29:53,115
But what happens is every Tuesday morning
they drop off the, the latest order, but

578
00:29:53,115 --> 00:29:54,945
they pick up all the cardboard boxes.

579
00:29:54,945 --> 00:29:57,915
They've designed them in such
a way that they fold down and

580
00:29:57,915 --> 00:30:00,554
they pick them up and they just
reuse them until they really are.

581
00:30:00,725 --> 00:30:01,635
And we're like, that's.

582
00:30:02,655 --> 00:30:07,215
So I don't have  so whenever they
drop the stuff off, they pick up all

583
00:30:07,215 --> 00:30:09,255
that, all their cardboard from before.

584
00:30:09,645 --> 00:30:11,115
And I think fantastic.

585
00:30:11,265 --> 00:30:14,985
You know, I can, I can see that they've
thought this through they, and it's

586
00:30:14,985 --> 00:30:17,505
one of the things that my wife loves
about it is actually they've gone

587
00:30:17,535 --> 00:30:17,895
oh yeah.

588
00:30:17,955 --> 00:30:21,645
That's really, you could do that
in, um, smaller markets, right?

589
00:30:21,645 --> 00:30:26,205
So like, if a company is trying to be here
in the U S nationwide, they would need

590
00:30:26,205 --> 00:30:28,575
agents in regional areas to handle that.

591
00:30:29,145 --> 00:30:32,625
Um, but I've seen that actually
in a similar space of meal at home

592
00:30:32,625 --> 00:30:37,080
where there's, um, Not exact seems
to be it's more like the last mile

593
00:30:37,080 --> 00:30:41,580
of delivery services, say like the
door dashes or whatever, um, uh,

594
00:30:41,580 --> 00:30:43,620
of the world grub hub, et cetera.

595
00:30:43,980 --> 00:30:47,940
Um, in some area, like there'll be
localized versions of those that will

596
00:30:47,970 --> 00:30:54,120
actually, um, you could buy for example,
um, uh, like stay hot, like bags, like

597
00:30:54,120 --> 00:30:56,400
tote bags, and they'll like swap them out.

598
00:30:56,400 --> 00:30:58,830
So like, they'll deliver
your stuff hot in a tote bag.

599
00:30:59,130 --> 00:31:00,570
So it's like you pick it up.

600
00:31:00,570 --> 00:31:06,210
So they're not, so they are not having to
give you, um, the, the, the restaurants

601
00:31:06,360 --> 00:31:09,630
packaging other than like the container,
but they don't have to use their bags.

602
00:31:09,630 --> 00:31:10,230
They don't have to use it.

603
00:31:10,290 --> 00:31:11,010
It's stuff like that.

604
00:31:11,610 --> 00:31:15,390
And then you'll just switch out
bags and then they'll, they'll

605
00:31:15,390 --> 00:31:16,410
take the one that you leave.

606
00:31:16,440 --> 00:31:17,460
You'll get a new one.

607
00:31:17,910 --> 00:31:21,960
Um, and that stuff works on like
local regional markets where

608
00:31:21,960 --> 00:31:24,900
you, where you basically are in
control of the last mile delivery.

609
00:31:25,230 --> 00:31:25,590
It starts.

610
00:31:26,715 --> 00:31:30,375
I would say falling apart more, even
though I would say Amazon could do

611
00:31:30,375 --> 00:31:36,135
this, uh, Amazon being arguably one of
the biggest corrugate providers here

612
00:31:36,135 --> 00:31:40,125
in the U S for sure to customers, um,
you know, if they're doing their own

613
00:31:40,125 --> 00:31:44,445
Amazon delivery, which I see plenty
of Amazon delivery trucks, not just

614
00:31:44,445 --> 00:31:46,155
the USBs and everything like that.

615
00:31:46,755 --> 00:31:49,005
I, you know, you think at some
point they would try to reclaim the

616
00:31:49,005 --> 00:31:52,125
corrugate if you were able to leave
it out there, but not existing yet.

617
00:31:54,885 --> 00:31:59,175
No, I think until consumer demand demands,
that is going to leave it on there.

618
00:31:59,175 --> 00:32:01,605
They'll talk a good game,
Amazon, but I think you're right.

619
00:32:01,605 --> 00:32:06,225
I think how complex would it be if
they just made the packaging that

620
00:32:06,225 --> 00:32:07,815
I just gave back all the time?

621
00:32:08,205 --> 00:32:11,655
It can't be that difficult, but I
appreciate England is a very different

622
00:32:12,465 --> 00:32:14,325
place to them in terms of sites.

623
00:32:14,625 --> 00:32:17,775
Uh, and so, you know, it's a
lot easier, I think, to do some

624
00:32:17,775 --> 00:32:19,395
of these things in, in the UK.

625
00:32:19,965 --> 00:32:21,135
Um, so.

626
00:32:22,500 --> 00:32:26,550
Well, I mean, that's some
of the problems, I suppose.

627
00:32:26,700 --> 00:32:29,460
So what are some of the other
problems that you see in terms of

628
00:32:30,000 --> 00:32:31,770
not creating a win-win scenario?

629
00:32:31,770 --> 00:32:33,720
So we've talked a little
bit about the packaging.

630
00:32:33,720 --> 00:32:35,730
Sustainability you've
mentioned pine street.

631
00:32:35,730 --> 00:32:38,400
Is there anything else that
sort of winds you up there?

632
00:32:38,760 --> 00:32:42,480
There's plenty of that, but when it
comes to subscription commerce, um,

633
00:32:43,110 --> 00:32:49,260
I would say just the, I feel like
there's a entrepreneurs think about

634
00:32:49,260 --> 00:32:55,020
subscription commerce as something
they're trying to push to consumers,

635
00:32:55,440 --> 00:32:59,610
but it's actually the other way around
your consumers will tell you what part

636
00:32:59,610 --> 00:33:02,220
of your product should be subscription.

637
00:33:02,580 --> 00:33:04,020
Um, and you just got to listen.

638
00:33:04,020 --> 00:33:09,360
So like what irks me is when I see
subscription models, where I would say

639
00:33:09,360 --> 00:33:13,140
I'm fairly certain at this point was
not backed by a data-driven decision.

640
00:33:13,140 --> 00:33:17,100
More, just like a want to be like,
I want to ship you this every month.

641
00:33:18,090 --> 00:33:20,400
Nobody's going to need that
much stuff every month.

642
00:33:20,400 --> 00:33:22,020
They're not going to need
that much of your product.

643
00:33:22,020 --> 00:33:22,320
They aren't.

644
00:33:22,800 --> 00:33:25,920
I just, I know they're not,
not enough people now, the

645
00:33:25,920 --> 00:33:27,090
other, some of every product.

646
00:33:27,090 --> 00:33:27,420
Sure.

647
00:33:27,450 --> 00:33:27,720
Right.

648
00:33:27,720 --> 00:33:28,260
But not enough.

649
00:33:28,260 --> 00:33:30,630
People are going to need your stuff
every single month to do that.

650
00:33:31,020 --> 00:33:33,630
So that's one thing that irks me
when I see brands doing that, where

651
00:33:33,630 --> 00:33:37,500
it's a, uh, somebody that was of
the mindset of just like, I need

652
00:33:37,500 --> 00:33:38,970
to create a recurring revenue.

653
00:33:38,970 --> 00:33:42,660
So I'm just going to put two of my
stuff in a box and ship it every month.

654
00:33:42,660 --> 00:33:44,910
And I'm like, either you're
just going about the wrong way.

655
00:33:44,910 --> 00:33:46,890
Like you're not listening
to your consumers.

656
00:33:47,640 --> 00:33:49,860
Um, so that's one thing that bothers me.

657
00:33:49,890 --> 00:33:53,670
The other one, this is
like a complicated one.

658
00:33:53,670 --> 00:33:57,330
So bear with me in the sense of
like, it brings out visceral emotion.

659
00:33:57,630 --> 00:34:02,970
I might cry, I don't
know is subscribing safe.

660
00:34:03,480 --> 00:34:10,220
And, um, here's, it's a private save slash
uh, related, I guess, is also people that.

661
00:34:11,159 --> 00:34:13,800
Amazon dependent and wind
to own their own brand.

662
00:34:13,830 --> 00:34:15,960
They're like, there's a lot of
similarities between the two.

663
00:34:16,380 --> 00:34:21,330
Um, but I'm going to talk about them
independently, subscribe and save, um,

664
00:34:21,389 --> 00:34:26,220
subscribe and save is the one thing
that a lot of e-commerce brands do

665
00:34:26,610 --> 00:34:30,510
to try to then invalidate their need
or ability to create a subscription

666
00:34:30,510 --> 00:34:33,990
model, because they'll say, well, we
did subscribe and save and I'm giving

667
00:34:33,990 --> 00:34:35,790
people 5% off and nobody's taking it.

668
00:34:36,090 --> 00:34:37,980
So subscription is not for our product.

669
00:34:38,040 --> 00:34:42,360
I'm like, oh my gosh, you didn't,
you didn't create an experience.

670
00:34:42,360 --> 00:34:45,750
Like subscription is
meant to be an experience.

671
00:34:45,750 --> 00:34:50,130
It's not enough these days to
just say my stuff's in a box

672
00:34:50,159 --> 00:34:52,860
and you're going to get it every
month, whether you like it or not.

673
00:34:52,889 --> 00:34:56,790
Th th that was like subscription
10, 12, 15 years ago.

674
00:34:56,850 --> 00:35:00,540
And I trust me, I was there for that, like
that, that's really what that was now.

675
00:35:01,694 --> 00:35:05,565
About creating a service and
an experience for the consumer

676
00:35:05,835 --> 00:35:07,484
that makes them feel special.

677
00:35:07,484 --> 00:35:11,984
Like it was curated for them that
addresses their problems more directly.

678
00:35:12,345 --> 00:35:17,115
Um, and that, you know, is now
effectively a monthly or quarterly

679
00:35:17,115 --> 00:35:21,254
or whatever frequency bill on
their, you know, bank statement.

680
00:35:21,795 --> 00:35:24,435
You can't just say, like, I'm just
gonna put two of my stuff in a box

681
00:35:24,435 --> 00:35:25,484
and call it a subscription now.

682
00:35:25,515 --> 00:35:28,634
Or I'm just going to do subscribe and
save and say, oh, that's my subscription

683
00:35:28,634 --> 00:35:34,154
model because people want people there
there's enough data that shows that

684
00:35:34,154 --> 00:35:37,004
people want flexibility and they'll
pay a lot more for flexibility.

685
00:35:37,305 --> 00:35:40,305
Therefore you're working against
yourself there, but if you curate

686
00:35:40,305 --> 00:35:45,134
that same experience, if you say
we're going to send you my skincare

687
00:35:45,134 --> 00:35:48,795
product, but because of that, tell me
a little bit more about your skin type.

688
00:35:48,795 --> 00:35:49,665
Tell me a little bit more about.

689
00:35:50,549 --> 00:35:53,490
Other skin problems or health and
wellness problems you're having.

690
00:35:53,819 --> 00:35:56,310
And then what we're going to do
is send you our, our hero product,

691
00:35:56,310 --> 00:35:57,720
which is what we are known for.

692
00:35:58,049 --> 00:36:00,509
But we're also going to send you
two or three other products that are

693
00:36:00,509 --> 00:36:02,640
either experimental or curated for you.

694
00:36:03,000 --> 00:36:06,990
Um, and now, now that makes me feel like,
oh, you're thinking about like my skincare

695
00:36:06,990 --> 00:36:09,120
regimen or my dietary preferences.

696
00:36:09,480 --> 00:36:11,339
So you got to make it special.

697
00:36:12,029 --> 00:36:17,040
Um, and that is one thing that bothers
me is like people that just try to go

698
00:36:17,040 --> 00:36:21,690
off of like the subscribe and you get
5% off or 10% off or what, like, that's

699
00:36:21,690 --> 00:36:23,940
not, you're not winning people with that.

700
00:36:25,170 --> 00:36:26,250
That's what Amazon does though.

701
00:36:26,250 --> 00:36:26,580
Isn't it?

702
00:36:26,910 --> 00:36:29,759
That's what everyone sort of copied it is.

703
00:36:29,940 --> 00:36:34,560
So now talking about Amazon, you
have, this'll make a deal with

704
00:36:34,589 --> 00:36:36,089
several times a year at stealth.

705
00:36:37,250 --> 00:36:40,680
I get, I had run these conversations
not more than a week ago.

706
00:36:41,279 --> 00:36:46,740
A brand comes to me saying, Hey, we do X
on Amazon, you know, hundreds of thousands

707
00:36:46,740 --> 00:36:48,480
of dollars in monthly sales and this.

708
00:36:50,055 --> 00:36:54,375
You know, they want to do, they want to
own their site now they want us, they

709
00:36:54,375 --> 00:36:57,734
can't, they don't want to say, oh, we're
still an Amazon business, but now we're

710
00:36:57,734 --> 00:36:59,834
going to make blah, blah, blah.com.

711
00:36:59,834 --> 00:37:03,225
And we want to run some advertising there
and we want to sign up our own customers.

712
00:37:03,225 --> 00:37:07,185
And we have our own warehouse for other,
for, you know, for our main product and

713
00:37:07,185 --> 00:37:11,055
other products, it's subscription or not.

714
00:37:11,205 --> 00:37:14,504
It's just not going to work how you
think it's going to, because every

715
00:37:14,504 --> 00:37:17,924
dollar you spend on advertising,
people are going to look you up and

716
00:37:17,924 --> 00:37:20,205
then boom, they're going to buy on
Amazon because you have a history.

717
00:37:20,205 --> 00:37:22,875
There you have four-star
five-star reviews, right?

718
00:37:22,875 --> 00:37:23,774
You're on prime.

719
00:37:24,254 --> 00:37:26,745
Uh, Amazon's got that clout,
whether you like it or not.

720
00:37:26,745 --> 00:37:31,484
So brands, brands and brand owners will
be like, I want my cake and I want it.

721
00:37:31,535 --> 00:37:32,895
I want to have my cake and eat it too.

722
00:37:32,955 --> 00:37:36,314
So to speak, they want to say, I
want to keep my massive growing

723
00:37:36,314 --> 00:37:39,794
Amazon store, but I also want to
send people directly to my website

724
00:37:39,794 --> 00:37:41,685
and they expect to what beat Amazon.

725
00:37:42,285 --> 00:37:43,515
No, it doesn't matter.

726
00:37:43,515 --> 00:37:45,134
What kind of subscription
or deal you offer.

727
00:37:46,080 --> 00:37:48,930
The security to know that
they buy an Amazon, they're

728
00:37:48,930 --> 00:37:49,920
going to be taking care of it.

729
00:37:49,920 --> 00:37:51,210
That's all people are going to need.

730
00:37:51,540 --> 00:37:51,870
Now.

731
00:37:51,900 --> 00:37:55,920
I'm not saying it's the right decision to,
for you to kill, kill your Amazon store.

732
00:37:56,339 --> 00:38:02,190
But out of all, my 20 years doing this,
I have not seen that work perfectly.

733
00:38:02,279 --> 00:38:06,750
That any, how anyone wants it
to work ever now doesn't mean

734
00:38:06,750 --> 00:38:07,920
you can't have your own store.

735
00:38:07,930 --> 00:38:08,460
Sure.

736
00:38:08,490 --> 00:38:10,620
You can get repurchasing
there and everything.

737
00:38:10,620 --> 00:38:13,620
But if you, if you maintain a
strong Amazon presence, you're

738
00:38:13,620 --> 00:38:16,440
going to pay advertising to feed
and improve your Amazon presence.

739
00:38:18,029 --> 00:38:19,080
That's the one that bothers me.

740
00:38:19,319 --> 00:38:25,080
Maybe a slightly controversial that yeah,
my might not, I don't think it is at all.

741
00:38:25,080 --> 00:38:25,799
And I think you're right.

742
00:38:25,799 --> 00:38:29,730
I think if people say to me all
the time, you know, what platform

743
00:38:29,740 --> 00:38:31,620
should I use to do my business on?

744
00:38:31,620 --> 00:38:34,200
I'm like, you want to go where
your customers are going to.

745
00:38:34,859 --> 00:38:35,220
Right.

746
00:38:35,460 --> 00:38:37,470
And you, it's not rocket science.

747
00:38:37,470 --> 00:38:39,690
If your customers are
on Amazon, go to Amazon.

748
00:38:39,690 --> 00:38:41,549
If they're on Etsy, go to Etsy.

749
00:38:41,580 --> 00:38:43,680
If they're on the web,
build your own website.

750
00:38:43,920 --> 00:38:46,109
Now yes, you should have your
own website and yes, you should

751
00:38:46,109 --> 00:38:47,130
build your own email list.

752
00:38:47,130 --> 00:38:49,049
And there's a lot of reasons
why that's a good idea.

753
00:38:49,049 --> 00:38:51,000
And we've had guests on in
the past talking about that.

754
00:38:51,600 --> 00:38:57,750
Um, but fundamentally you go where
your customers are buying, right?

755
00:38:57,900 --> 00:39:01,410
Like when you're fishing, you
put the hook where the Fisher.

756
00:39:02,310 --> 00:39:04,109
No, but it, so that's
a really great point.

757
00:39:04,109 --> 00:39:08,160
Like I am not, I have known
several people that have made

758
00:39:08,190 --> 00:39:09,810
awesome businesses on Amazon.

759
00:39:10,020 --> 00:39:13,830
Now you ride the ebb and flow of Amazon
in a vertical and you have to compete

760
00:39:13,830 --> 00:39:18,299
for it and everything, but you can
no joke make, you know, several, I

761
00:39:18,299 --> 00:39:19,440
know people that have made several.

762
00:39:20,505 --> 00:39:24,075
Five to 10 hour workweek type
businesses, basically just supplying

763
00:39:24,195 --> 00:39:27,855
their stuff to Amazon, make a great
brand and it'll do well for a little

764
00:39:27,855 --> 00:39:28,965
while, and maybe it falls off.

765
00:39:28,965 --> 00:39:31,035
But at that point you've made
a couple million dollars in

766
00:39:31,095 --> 00:39:32,445
gross revenue off that brand.

767
00:39:32,445 --> 00:39:35,745
Or you sell it to another company
and make them deal with it.

768
00:39:37,290 --> 00:39:42,360
You are you, you have a decision to
make when you're launching a brand.

769
00:39:43,020 --> 00:39:46,500
And I think a big part of that
decision is do you want to build

770
00:39:46,500 --> 00:39:49,890
your brand on Amazon or do you want
to build your brand yourself and

771
00:39:49,890 --> 00:39:51,600
then maybe consider Amazon later?

772
00:39:51,960 --> 00:39:56,370
There are very different cost
benefit analysis pieces there because

773
00:39:56,670 --> 00:40:00,510
bootstrapping a business is, guess what
not cheap capital markets right now,

774
00:40:00,660 --> 00:40:05,910
not necessarily lending out money, uh,
at this exact point in time in history.

775
00:40:06,360 --> 00:40:09,390
Um, but Amazon businesses can
be a creative more quickly.

776
00:40:09,450 --> 00:40:13,200
You know, you, you still have to buy
inventory, but marketing is a lot less,

777
00:40:13,200 --> 00:40:16,590
that's all, it comes down a little
bit more to brand, uh, compared to

778
00:40:16,590 --> 00:40:18,990
acquisition marketing and building
your own brand from the ground up.

779
00:40:19,020 --> 00:40:23,640
But, you know, it's sort of like a, you're
also, I mean, this isn't necessarily an

780
00:40:23,640 --> 00:40:28,110
Amazon podcast, but in this particular
case, but you're kind of beholden to

781
00:40:28,380 --> 00:40:30,540
how well and your capacity is on Amazon.

782
00:40:30,540 --> 00:40:33,420
Because if you want to transcend that
and say, I'm going vertical myself,

783
00:40:34,140 --> 00:40:38,910
That is a challenging uphill battle, um,
at a certain point, depending on your

784
00:40:38,910 --> 00:40:42,540
brand and what you own and what you,
you know, what could be copied, right?

785
00:40:42,600 --> 00:40:46,680
Um, because the, the rub with an
Amazon is they see, oh, this is

786
00:40:46,680 --> 00:40:49,080
how skincare is doing right now.

787
00:40:49,080 --> 00:40:53,339
Or this is how mixers and alcohol
and spirits are working right now.

788
00:40:53,370 --> 00:40:56,430
And as soon as like you take your
revenue away, somebody is going

789
00:40:56,430 --> 00:40:57,750
to come up and take that spot.

790
00:40:57,750 --> 00:41:00,720
Or they're going to, you know, Amazon
will develop their own products in

791
00:41:00,720 --> 00:41:02,130
many cases and do it themselves.

792
00:41:02,460 --> 00:41:07,470
Um, so point being bottom dollar, there
is, as you're bringing a product to

793
00:41:07,470 --> 00:41:11,730
market, anybody listening to the, to
this, bringing a product to market, come

794
00:41:11,730 --> 00:41:14,850
in with a plan that, that separates.

795
00:41:14,880 --> 00:41:17,819
If you want to build an Amazon
product first, or you want to

796
00:41:17,819 --> 00:41:21,900
build your own brand and experience
first subscription or not candidly.

797
00:41:22,529 --> 00:41:22,620
Okay.

798
00:41:24,845 --> 00:41:25,235
Yeah.

799
00:41:25,745 --> 00:41:26,075
Yeah.

800
00:41:26,135 --> 00:41:26,975
No, very good.

801
00:41:27,125 --> 00:41:28,475
And very good.

802
00:41:28,475 --> 00:41:28,985
Very good.

803
00:41:29,045 --> 00:41:29,375
Thanks.

804
00:41:29,375 --> 00:41:35,345
Trying to understand, um, can I just
circle back a little bit, like you

805
00:41:35,345 --> 00:41:38,675
said, about a subscription service,
it's not about subscribe and save.

806
00:41:38,675 --> 00:41:40,415
You've got to make it special.

807
00:41:40,775 --> 00:41:41,135
Right.

808
00:41:41,765 --> 00:41:45,425
Um, I thought that was quite phrase I've
double underlined it in my notebook.

809
00:41:45,485 --> 00:41:49,475
Uh, Evan is right though.

810
00:41:49,475 --> 00:41:49,655
Yeah.

811
00:41:49,825 --> 00:41:50,305
Um,

812
00:41:53,735 --> 00:41:57,035
why is these principles, which I
think we so often miss and they're,

813
00:41:57,065 --> 00:41:59,255
they're not rocket science,
this is old school marketing.

814
00:41:59,255 --> 00:42:00,575
You've got to make the experience special.

815
00:42:00,995 --> 00:42:04,475
So what are some of the things that
we can do or should think about,

816
00:42:04,745 --> 00:42:08,675
um, in terms of it's a lot here, a
lot of that comes down to your CRM.

817
00:42:08,915 --> 00:42:12,725
So if it's how you're emailing and how
you're doing text or SMS, if that's

818
00:42:12,725 --> 00:42:15,725
part of which I think it should be to
anyone out there that's not doing SMS.

819
00:42:18,400 --> 00:42:23,920
Um, but making sure that you like above
all establish a relationship with the

820
00:42:23,920 --> 00:42:28,990
consumer, and that is a one, one that
talks about your brand, your email

821
00:42:28,990 --> 00:42:31,540
presence, your organic social presence.

822
00:42:31,540 --> 00:42:35,170
If people are experiencing you there,
that, that, that all lines up, but

823
00:42:35,170 --> 00:42:36,730
people sleep on organic social.

824
00:42:36,730 --> 00:42:38,980
Some, some brand owners
sleep on organic social.

825
00:42:38,980 --> 00:42:40,180
That's a place where.

826
00:42:42,175 --> 00:42:46,195
There that the free advertising, in
the sense of having an awesome organic

827
00:42:46,195 --> 00:42:50,005
social presence, we'll get you extra
eyeballs with your biggest fans.

828
00:42:50,335 --> 00:42:53,995
Um, pretty much free, as long as you're
maintaining that, like free as in, you're

829
00:42:53,995 --> 00:42:55,465
not having to pay for the ads behind it.

830
00:42:55,465 --> 00:42:55,735
Right.

831
00:42:56,365 --> 00:42:59,995
Um, so you got to develop a relationship.

832
00:43:00,025 --> 00:43:00,925
That's really what it is.

833
00:43:00,925 --> 00:43:03,805
The subscription is, is built
upon a relationship and the things

834
00:43:03,805 --> 00:43:07,015
that strengthen a relationship
are the things that strengthened

835
00:43:07,015 --> 00:43:08,425
the relationship and human beings.

836
00:43:08,425 --> 00:43:11,695
So if I'm being honest, it's,
it's good communication.

837
00:43:11,935 --> 00:43:16,375
Um, it's making sure that needs
are being met by both parties.

838
00:43:16,415 --> 00:43:20,155
You're giving a company money, you're
expecting a quality of service.

839
00:43:20,695 --> 00:43:25,435
And if that expectation is missed, then
you need to address that with the company.

840
00:43:25,435 --> 00:43:25,645
Right.

841
00:43:25,645 --> 00:43:29,095
And if the company is going to change the
way it's delivering on its expectation,

842
00:43:29,845 --> 00:43:33,355
in a way you don't like it, then
you, you break off that relationship.

843
00:43:33,355 --> 00:43:33,685
Right?

844
00:43:33,685 --> 00:43:38,725
So I look at a subscription, like
an e-commerce product can just be.

845
00:43:39,525 --> 00:43:40,935
Supply and demand.

846
00:43:40,995 --> 00:43:45,465
It's the most basic principle of you
got a thing I want, I have money.

847
00:43:45,495 --> 00:43:46,425
Take my money.

848
00:43:46,455 --> 00:43:47,265
Give me the thing.

849
00:43:47,625 --> 00:43:48,495
Okay, great.

850
00:43:48,765 --> 00:43:49,755
We'll send you a receipt.

851
00:43:49,755 --> 00:43:50,445
You want a receipt?

852
00:43:50,475 --> 00:43:51,375
Cool, great.

853
00:43:51,675 --> 00:43:55,035
See you later, you know, come back
in if there's anything else, but

854
00:43:55,035 --> 00:43:59,775
subscription, that is a bill that
is an ongoing relationship that

855
00:43:59,775 --> 00:44:01,785
doesn't end after that first order.

856
00:44:02,085 --> 00:44:06,105
And it only ends when either party
namely the consumer, but candidly,

857
00:44:06,105 --> 00:44:07,995
when either party decides it's over.

858
00:44:08,535 --> 00:44:13,005
Um, and as a consumer, you have an
expectation and that you have, it needs

859
00:44:13,005 --> 00:44:15,015
to deliver on a few different things.

860
00:44:15,015 --> 00:44:18,015
And if it doesn't, um,
it's going to fall flat.

861
00:44:18,015 --> 00:44:20,835
So some of the tactics, I
always recommend engaging.

862
00:44:21,435 --> 00:44:26,055
Non-sales communications, talking
about your company, talking about

863
00:44:26,055 --> 00:44:28,845
the brand you're building the impact
you're trying to make in the world.

864
00:44:29,235 --> 00:44:30,945
All those things to the right audience.

865
00:44:31,065 --> 00:44:32,265
They're not detractors.

866
00:44:32,565 --> 00:44:34,634
No, there's very few people
that are going to be like, man.

867
00:44:35,820 --> 00:44:39,660
I buy from this company and what
they're trying to save whales, like

868
00:44:39,720 --> 00:44:44,010
they're a bunch of jerks, like,
you know, so like, you know, find a

869
00:44:44,010 --> 00:44:47,610
little cause find something about your
company that people bring up to you.

870
00:44:47,610 --> 00:44:50,850
Cause like there's a, there's a K
factor component here that with the

871
00:44:50,850 --> 00:44:54,600
right amount of stuff that brands are
sometimes doing anyway, they'll talk

872
00:44:54,600 --> 00:44:57,150
about like, Hey, do you buy brand X?

873
00:44:57,150 --> 00:45:00,240
And the people would be like, no, like,
well, you know, so I get my coffee from

874
00:45:00,240 --> 00:45:04,950
them and it turns out that they are giving
like some money back to the coffee farmers

875
00:45:04,950 --> 00:45:09,060
or the privately owned farms from these
families and Columbia or whatever, right.

876
00:45:09,060 --> 00:45:10,260
Like, oh, wow.

877
00:45:10,260 --> 00:45:14,220
And then it creates content for
you organically with people.

878
00:45:14,700 --> 00:45:15,810
Um, so that's really important.

879
00:45:16,530 --> 00:45:23,040
So having engaging non sales driven
content, organic email, SMS, um, curation.

880
00:45:24,830 --> 00:45:28,670
Taking if your, if your product can, if
you have variations of it, a meal at home

881
00:45:28,670 --> 00:45:30,649
company is the easiest, easiest example.

882
00:45:31,009 --> 00:45:34,430
Every meal at home company out
there, HelloFresh factor, green

883
00:45:34,430 --> 00:45:38,210
chef, anything you name it, they
ask you a handful of questions.

884
00:45:38,210 --> 00:45:39,410
What's your dietary preference?

885
00:45:39,410 --> 00:45:40,609
Do you have allergies?

886
00:45:40,640 --> 00:45:41,060
Okay.

887
00:45:41,569 --> 00:45:46,069
So if you're like, I don't eat fish
and you open up and you get nothing

888
00:45:46,069 --> 00:45:50,450
but fish dishes, you're probably not
going to be pretty stoked about that.

889
00:45:50,450 --> 00:45:50,720
Right?

890
00:45:51,259 --> 00:45:56,810
So the same thing goes with, if
I'm a, if I'm ordering clothing

891
00:45:57,290 --> 00:46:01,160
and I say, Hey, my, my shirt size
is this my, you know, whatever.

892
00:46:01,160 --> 00:46:06,319
I wear a size 42 shirt around
the shoulders or whatever.

893
00:46:06,950 --> 00:46:10,700
And you're giving me stuff that is way
too large or way too small, or one size

894
00:46:10,700 --> 00:46:12,140
fits all, but it doesn't work for me.

895
00:46:12,500 --> 00:46:14,450
That's not living up to my expectation.

896
00:46:14,450 --> 00:46:15,770
That's not curated, but.

897
00:46:16,770 --> 00:46:18,060
Give me the product I want.

898
00:46:18,180 --> 00:46:21,870
And I know that there's multiple sizes
of it also include a little print out in

899
00:46:21,870 --> 00:46:23,609
there saying like, Hey, blah, blah, blah.

900
00:46:23,640 --> 00:46:26,669
We pick this for you and Evan.

901
00:46:26,669 --> 00:46:29,640
We know you're going to like this
because you love summer and you

902
00:46:29,640 --> 00:46:31,350
love colors and you love the beach.

903
00:46:31,950 --> 00:46:34,410
So here's our product for the beach.

904
00:46:34,689 --> 00:46:40,319
We think you're a beach going, you
know, whatever ocean guy, I'm a

905
00:46:40,319 --> 00:46:45,569
marketer, absolutely like say whales.

906
00:46:45,939 --> 00:46:48,839
Um, but like you, you
curate that experience.

907
00:46:48,879 --> 00:46:52,319
Make it something that feels
special makes it feel like, Hey,

908
00:46:52,770 --> 00:46:54,180
somebody over there cares about me.

909
00:46:54,180 --> 00:46:57,899
Even if it's just an illusion,
even if it's just AI and BI

910
00:46:57,899 --> 00:46:59,399
making those decisions, whatever.

911
00:47:00,405 --> 00:47:04,815
It feels unique and that is,
and that's what people want

912
00:47:04,815 --> 00:47:06,045
to do too, in a relationship.

913
00:47:06,075 --> 00:47:09,435
You know, if me and my wife wouldn't get
along, if she was just like, oh, it's you?

914
00:47:09,435 --> 00:47:10,545
And I'm like, Hey, yeah, it's you.

915
00:47:10,545 --> 00:47:11,775
And then like, we have kids.

916
00:47:11,775 --> 00:47:11,925
Yeah.

917
00:47:11,925 --> 00:47:12,405
They're over there.

918
00:47:12,405 --> 00:47:12,855
What are they doing?

919
00:47:12,855 --> 00:47:13,365
I don't care.

920
00:47:13,545 --> 00:47:14,715
Like that one works.

921
00:47:15,015 --> 00:47:17,535
It takes a little bit, it takes
a little bit more than that.

922
00:47:17,925 --> 00:47:20,955
Um, so that's, that's the other
thing you, so you curate something.

923
00:47:21,195 --> 00:47:25,245
If you make customers feel special
and if you engage with them real in

924
00:47:25,245 --> 00:47:29,385
a, in an actual, like relationship
building manner and let them know

925
00:47:29,385 --> 00:47:31,905
about your company, let them know
about the challenges you're having.

926
00:47:32,505 --> 00:47:33,015
You'll find that.

927
00:47:33,715 --> 00:47:34,315
Hey guess what?

928
00:47:34,375 --> 00:47:36,925
You might have to raise your
prices someday, but because you've

929
00:47:36,925 --> 00:47:39,685
been transparent about them, but
with the customer all the way

930
00:47:39,685 --> 00:47:43,015
throughout the way, and you give
them, Hey, you want to opt in.

931
00:47:43,015 --> 00:47:45,085
We don't want to raise the
prices without your permission.

932
00:47:45,085 --> 00:47:48,805
We could, but we're not
going to so stay here.

933
00:47:48,805 --> 00:47:49,435
And here's what we'll do.

934
00:47:49,435 --> 00:47:52,525
We're going to give you 10 free
gift on your first couple of orders.

935
00:47:52,525 --> 00:47:56,245
Once you do that, you'll find that people
will trust you and people are looking

936
00:47:56,245 --> 00:47:57,685
for reasons not to trust the company.

937
00:47:58,315 --> 00:48:00,295
You remove, you create trust.

938
00:48:00,715 --> 00:48:03,805
They will stay your customers forever
and they will find you 10 more.

939
00:48:03,895 --> 00:48:05,755
Yeah, no, that's very, very true.

940
00:48:05,965 --> 00:48:06,655
Good point.

941
00:48:07,195 --> 00:48:13,015
Is there, um, is that, I see what
you're saying in terms of, you know, the

942
00:48:13,015 --> 00:48:17,065
building, the relationship, that's also
going to build loyalty and obviously the

943
00:48:17,065 --> 00:48:20,215
whole thing about recurring revenue is
you want them to pay the subscription

944
00:48:20,515 --> 00:48:22,375
on a fairly regular basis, right?

945
00:48:22,375 --> 00:48:26,695
You, there's not a one-off transaction,
but is there a way, you know, you being

946
00:48:26,705 --> 00:48:30,655
the marketing guy, uh, is there other
things that I need to think about.

947
00:48:31,710 --> 00:48:34,110
Where it comes to acquire
and subscription customers.

948
00:48:34,110 --> 00:48:39,090
This may be a little bit different to
acquiring normal or non-subscription yeah.

949
00:48:39,690 --> 00:48:41,279
One, your first order economics.

950
00:48:41,340 --> 00:48:45,150
Um, that's the biggest difference when
you're a e-commerce company you're

951
00:48:45,150 --> 00:48:48,600
focusing on ROAS and you gotta make,
you're never gonna, you're never

952
00:48:48,600 --> 00:48:51,750
gonna buy a customer and acquire
a customer with paid advertising

953
00:48:51,750 --> 00:48:54,090
dollars and lose money of that gate.

954
00:48:54,210 --> 00:48:59,610
Um, but with subscription, if you plan
it and you understand what your LTV

955
00:48:59,610 --> 00:49:05,700
could, should, might be based off of
modeling and things like that, you acquire

956
00:49:05,700 --> 00:49:07,680
customers, most subscription companies.

957
00:49:08,279 --> 00:49:12,840
In fact, I can't really even recall what
I've ever worked on out of hundreds.

958
00:49:13,230 --> 00:49:17,520
That entirely makes their customer
acquisition costs back in margin

959
00:49:17,520 --> 00:49:19,170
dollars on that first order.

960
00:49:19,620 --> 00:49:22,799
So you are losing money
on that first order.

961
00:49:23,745 --> 00:49:28,395
Or break even before your team and
salaries and everything at best.

962
00:49:29,024 --> 00:49:33,194
Um, but you know that you're
going to get 2, 3, 5 more orders

963
00:49:33,194 --> 00:49:34,245
throughout the rest of the year.

964
00:49:34,515 --> 00:49:36,165
And every single one of
those is margin rich.

965
00:49:36,165 --> 00:49:37,245
You're not requiring them.

966
00:49:37,245 --> 00:49:39,314
You're not having to spend
a dime and they come back.

967
00:49:39,944 --> 00:49:42,345
Um, but that's very uncomfortable.

968
00:49:42,375 --> 00:49:45,734
That's very counterintuitive to
a lot of businesses, even, even

969
00:49:45,734 --> 00:49:49,814
subscription businesses that have
been around pre-internet the gym,

970
00:49:49,964 --> 00:49:52,064
your utilities, things like that.

971
00:49:52,064 --> 00:49:55,214
They don't, they, you don't, you're
not expected as a consumer to,

972
00:49:55,214 --> 00:49:58,785
you know, lose money out the gate.

973
00:49:59,085 --> 00:50:03,734
So why would you think that way as a
business owner, the utility company,

974
00:50:03,734 --> 00:50:05,835
isn't going to give you, Hey, don't worry.

975
00:50:05,835 --> 00:50:08,415
We're just going to let you have
free power for like a few weeks

976
00:50:08,415 --> 00:50:09,765
until we figure billing out.

977
00:50:09,765 --> 00:50:11,595
So don't even worry about
like, no, they're billing you

978
00:50:11,595 --> 00:50:12,855
the minute you're out there.

979
00:50:13,680 --> 00:50:15,060
Um, but you have to be ready for that.

980
00:50:15,060 --> 00:50:18,990
Now with proper planning, proper
financial planning and analysis, pro

981
00:50:18,990 --> 00:50:23,009
forma modeling, all the things you
should do, you know what to expect.

982
00:50:23,430 --> 00:50:30,029
Um, because subscription businesses
are, um, higher, frequently, higher LTV,

983
00:50:30,180 --> 00:50:34,680
more purchasing, more product, moving
out the door, more transactions, um,

984
00:50:34,740 --> 00:50:40,259
have the ability to grow and continue
to keep growing beyond most e-commerce

985
00:50:40,259 --> 00:50:41,790
companies in a predictable manner.

986
00:50:42,210 --> 00:50:46,380
But what you need to do is invest into it
and you gotta have a grip on your numbers.

987
00:50:46,380 --> 00:50:49,290
And when you're a product that's
selling, you know, you're like, Hey,

988
00:50:49,290 --> 00:50:50,550
I have a hundred dollar t-shirt.

989
00:50:50,880 --> 00:50:54,630
I gotta get a four row as on it on an
e-commerce perspective, which means I

990
00:50:54,630 --> 00:50:56,820
can't buy a customer for less than $25.

991
00:50:57,330 --> 00:51:02,220
But if you're a t-shirt of the month
club selling t-shirts for $75, but

992
00:51:02,220 --> 00:51:05,430
maybe every month or every other
month, knowing that that LTV is going.

993
00:51:06,270 --> 00:51:08,100
300 to $400 a year.

994
00:51:08,700 --> 00:51:12,480
And your, your margin, maybe it's 50%,
which in fashion, if the margin is

995
00:51:12,480 --> 00:51:14,580
way better than 50% for easy numbers.

996
00:51:14,880 --> 00:51:21,690
So the LTV is $50 or a 50%, excuse
me, LTV is $400 margins, 50%.

997
00:51:21,930 --> 00:51:23,819
You're making $200 per customer.

998
00:51:23,819 --> 00:51:27,480
You acquire all of a sudden, even if you
paid a hundred dollars for that customer

999
00:51:27,569 --> 00:51:31,950
seems like it wouldn't make sense, but
annualized, it does, you're making 25%

1000
00:51:32,670 --> 00:51:34,440
profit margins after your advertising.

1001
00:51:34,710 --> 00:51:35,069
Right.

1002
00:51:35,490 --> 00:51:39,660
Um, but it's uncomfortable and you have
to have capital to do it, and that's

1003
00:51:39,660 --> 00:51:44,549
not easy, but that's like probably the,
the backside entrepreneurial mistake

1004
00:51:44,580 --> 00:51:48,509
that I seen made is you just can't
be expected to make your money back

1005
00:51:48,509 --> 00:51:52,230
if you're paying in the advertising
game, uh, out the gate with that.

1006
00:51:52,650 --> 00:51:54,299
Yeah, no, that's a very good point.

1007
00:51:54,360 --> 00:51:58,770
And I, uh, I like that thinking
that actually, which is why, I

1008
00:51:58,770 --> 00:52:01,440
guess, um, if you do think that way.

1009
00:52:02,835 --> 00:52:05,745
You can be a little bit more creative
with a slightly more expensive

1010
00:52:05,745 --> 00:52:12,605
marketing strategy to get the
customers in a w like promotions.

1011
00:52:13,085 --> 00:52:14,105
Like you have a lot more.

1012
00:52:14,105 --> 00:52:18,665
Promotionality like, I, especially
in certain verticals, I won't name

1013
00:52:18,665 --> 00:52:21,755
which ones, because I have clients
in these, but a lot of brands

1014
00:52:21,755 --> 00:52:23,975
are like, we never do promotions.

1015
00:52:24,285 --> 00:52:24,645
Yeah.

1016
00:52:24,905 --> 00:52:25,235
Okay.

1017
00:52:25,235 --> 00:52:25,925
I hear you.

1018
00:52:25,925 --> 00:52:26,495
I hear you.

1019
00:52:26,495 --> 00:52:30,185
But like, look everybody that's
on social that they're taking a

1020
00:52:30,185 --> 00:52:33,935
chance on you for the first time
they need something that shows you

1021
00:52:33,935 --> 00:52:35,255
as a company have skin in the game.

1022
00:52:35,255 --> 00:52:35,465
Yes.

1023
00:52:35,705 --> 00:52:38,525
Does it make my job
easier and more doable?

1024
00:52:38,765 --> 00:52:42,605
Candidly, if you have like a first
order of 25% off, instead of first

1025
00:52:42,605 --> 00:52:46,865
order buy a bunch of stuff and
you know, and be happy about it.

1026
00:52:47,165 --> 00:52:47,585
Sure.

1027
00:52:47,825 --> 00:52:48,575
Absolutely.

1028
00:52:48,785 --> 00:52:53,135
But like it also shows the consumer
that you're willing to risk

1029
00:52:53,135 --> 00:52:58,565
something and say, Hey, my product
is normally worth a hundred dollars.

1030
00:52:59,714 --> 00:53:02,055
Per quarter month,
whatever it doesn't matter.

1031
00:53:02,625 --> 00:53:07,365
But today you can try it for 50, because
I want you to be, feel happy about it.

1032
00:53:07,365 --> 00:53:10,005
I don't want you to pay full price if you
don't, if you're not sure, because we're

1033
00:53:10,005 --> 00:53:13,395
new to you in the future, we're going to
be a hundred, but we're going to show you

1034
00:53:13,395 --> 00:53:15,375
that that's the value every single time.

1035
00:53:15,884 --> 00:53:20,625
And that is kind of just table
stakes for a lot of advertising.

1036
00:53:20,625 --> 00:53:22,035
It's not enough.

1037
00:53:22,585 --> 00:53:27,855
The promo is now marketing
is now convincing people.

1038
00:53:27,855 --> 00:53:30,734
It's not just the discount used to
just be who has the bigger discount

1039
00:53:30,765 --> 00:53:31,725
and I'm going to go with them.

1040
00:53:32,065 --> 00:53:35,685
It's actually showing a discount
is our commitment to saying price

1041
00:53:35,685 --> 00:53:36,884
is not going to be an issue.

1042
00:53:37,214 --> 00:53:40,095
We're going to eat a little
bit as a company to show you

1043
00:53:40,095 --> 00:53:41,265
that price is not an issue.

1044
00:53:41,265 --> 00:53:44,685
And now we can also get more fun with
marketing and say, Hey, your first nine

1045
00:53:44,685 --> 00:53:48,975
meal, or you have, you know, nine free
meals over your first, you know, three

1046
00:53:48,975 --> 00:53:50,565
shipments or four shipments or whatever.

1047
00:53:50,565 --> 00:53:50,895
Right.

1048
00:53:51,255 --> 00:53:54,585
So it's just really
important not to be stuck in.

1049
00:53:55,575 --> 00:53:59,385
The perception that a brand, that
discounts is a cheaper brand.

1050
00:53:59,985 --> 00:54:05,175
That's not entirely true, but things
like fashion sometimes fall into that

1051
00:54:05,445 --> 00:54:09,225
things like beauty products and things
that are, you know, about aesthetics

1052
00:54:09,825 --> 00:54:13,815
tend to fall into that category, which
we just try to say, Hey, at least do

1053
00:54:13,815 --> 00:54:19,065
something like free shipping on an
order of X or more, or, you know, free

1054
00:54:19,065 --> 00:54:20,535
overnight shipping or free two days.

1055
00:54:20,865 --> 00:54:23,925
Like give people something that
make them make some feel like a

1056
00:54:23,925 --> 00:54:28,305
deal is coming because everyone
also loves a deal on the internet.

1057
00:54:28,305 --> 00:54:31,515
And every so many
websites just have deals.

1058
00:54:31,545 --> 00:54:34,455
Like that's just the
internet brings deals.

1059
00:54:34,455 --> 00:54:36,375
I didn't start it that way, I guess.

1060
00:54:36,375 --> 00:54:37,035
But it is.

1061
00:54:37,425 --> 00:54:39,045
Yeah, no, that's very good.

1062
00:54:39,645 --> 00:54:40,545
That's very good.

1063
00:54:40,575 --> 00:54:42,315
Um, Ryan, lots of notes now.

1064
00:54:42,525 --> 00:54:45,705
Um, so.

1065
00:54:49,005 --> 00:54:52,815
What do you, um, what do you
see the future of all this?

1066
00:54:53,174 --> 00:54:55,424
Where's this subscription
commerce thing going?

1067
00:54:56,985 --> 00:55:00,045
I think subscription commerce
is going a few different ways.

1068
00:55:00,045 --> 00:55:07,654
There's um, If I think what'll come next
is the evolution, the continuous evolution

1069
00:55:07,685 --> 00:55:13,745
of consumer and company communications
and flexible subscription models that

1070
00:55:13,745 --> 00:55:18,365
are triggered by, like, let's say SMS
or opt out via SMS or SMS shopping.

1071
00:55:18,365 --> 00:55:19,955
I'm pretty bullish on long-term.

1072
00:55:20,525 --> 00:55:23,075
Um, something that's saying
like, Hey, by the way, you know

1073
00:55:23,075 --> 00:55:24,395
your product's coming next week.

1074
00:55:24,395 --> 00:55:25,234
You're good with that.

1075
00:55:25,654 --> 00:55:26,734
Yes, no.

1076
00:55:26,915 --> 00:55:31,295
Uh, if no, then when, um, because
you want it to be, people want

1077
00:55:31,295 --> 00:55:33,605
a little bit more on demand, a
little bit more flexibility there.

1078
00:55:33,605 --> 00:55:36,185
So I think that'll continue to
evolve a subscription commerce.

1079
00:55:36,785 --> 00:55:42,095
Um, I think advertising and like, I mean,
um, not just in the vein of subscription

1080
00:55:42,095 --> 00:55:43,714
commerce, but there's a major shakeup.

1081
00:55:43,714 --> 00:55:47,884
If anybody who's running advertising
right now knows that like the past

1082
00:55:48,395 --> 00:55:50,795
two years have been a wild ride.

1083
00:55:51,885 --> 00:55:58,275
Pandemic driven success and, uh, privacy
changes with good old apples and Facebook.

1084
00:55:58,695 --> 00:56:05,145
And I'm now a real struggle to
find scalable growth advertising,

1085
00:56:05,625 --> 00:56:07,305
which I've been refocusing in.

1086
00:56:07,365 --> 00:56:09,825
Yeah, you gotta be a lot more data
literate than you needed to be

1087
00:56:09,825 --> 00:56:15,855
because in platform metrics are
unreliable at best, but you also gotta

1088
00:56:15,855 --> 00:56:17,385
be more creative with your brand.

1089
00:56:17,485 --> 00:56:21,405
This is like, and I think that there's
a really fun stage of 10 years ago, 15

1090
00:56:21,405 --> 00:56:25,905
years ago, you could have a still image
with a little Starburst that says today

1091
00:56:25,905 --> 00:56:29,595
only 25% off and be like, I'm crushing it.

1092
00:56:29,985 --> 00:56:31,185
This ad's crushing it.

1093
00:56:31,185 --> 00:56:31,665
What'd you do?

1094
00:56:31,995 --> 00:56:36,855
I changed the Starburst from a, a
light orange to a darker orange like,

1095
00:56:36,945 --> 00:56:40,275
Aw man, like that was crushing it.

1096
00:56:40,275 --> 00:56:42,615
Now you gotta be storytelling
with your creative.

1097
00:56:42,615 --> 00:56:46,135
You have to be creative production,
more native for the platform.

1098
00:56:47,340 --> 00:56:50,760
It's the ads don't work the same
as Facebook ads don't work the same

1099
00:56:50,760 --> 00:56:52,620
as snap tick-tock or Pinterest.

1100
00:56:53,070 --> 00:56:57,240
Um, so using the platforms and what
people are interested in on these

1101
00:56:57,240 --> 00:57:02,250
platforms to speak to them, um, you
know, on the platform that they're on.

1102
00:57:02,250 --> 00:57:05,160
So don't, you don't talk to somebody that
you're trying to acquire on Facebook, the

1103
00:57:05,160 --> 00:57:09,390
same way you talk to them on Tik TOK, you
will not get scale on, on the platform.

1104
00:57:09,390 --> 00:57:12,120
You're making creative for it, or
you're not making creative for.

1105
00:57:12,420 --> 00:57:17,430
So creative is now shifted to much
more of a storytelling mechanism.

1106
00:57:17,700 --> 00:57:19,440
Your brand's got to stand for more.

1107
00:57:19,650 --> 00:57:23,610
Um, you gotta be focused on creating
a valuable relationship for the

1108
00:57:23,610 --> 00:57:27,810
consumer a lot more, um, and then
be smart about your marketing.

1109
00:57:27,810 --> 00:57:29,940
So there it's harder
to get data these days.

1110
00:57:30,720 --> 00:57:35,130
You're never going to get the same data
picture we used to get two years ago,

1111
00:57:35,130 --> 00:57:37,050
three years ago at this point, but.

1112
00:57:37,845 --> 00:57:40,575
You can still understand your
total business economics.

1113
00:57:40,575 --> 00:57:45,255
You could still understand the influence
a channel has from advertising, um,

1114
00:57:45,345 --> 00:57:48,795
by running structured incrementality
tests saying, Hey, we're on

1115
00:57:48,795 --> 00:57:50,475
Facebook, IG and Google right now.

1116
00:57:50,565 --> 00:57:52,305
Common trio for most right.

1117
00:57:53,025 --> 00:57:53,925
I want to add Tik TOK.

1118
00:57:53,955 --> 00:57:54,345
Okay.

1119
00:57:54,375 --> 00:57:57,855
So here's what I do is I run tick-tock
at this budget for this period of time.

1120
00:57:58,125 --> 00:58:00,015
Look at what that does
to my overall traffic.

1121
00:58:00,045 --> 00:58:01,365
Look at what that does to my CAC.

1122
00:58:01,365 --> 00:58:05,265
Look at what that does to my order volume
and say, okay, when I run on Tik TOK

1123
00:58:05,355 --> 00:58:09,375
with these ratios, don't take away budget
from the other two, but running out these

1124
00:58:09,375 --> 00:58:10,815
ratios, this is the kind of lift I get.

1125
00:58:10,845 --> 00:58:12,045
Now I optimize the whole.

1126
00:58:12,900 --> 00:58:13,620
I optimize same.

1127
00:58:13,620 --> 00:58:16,890
Now I take some Facebook
budget, move it to Tik TOK.

1128
00:58:17,310 --> 00:58:18,840
And does my cat get better or worse?

1129
00:58:18,840 --> 00:58:19,880
You have to do things a little.

1130
00:58:19,920 --> 00:58:22,290
You have to slow down a
little bit because the instant

1131
00:58:22,440 --> 00:58:24,120
gratification isn't there anymore.

1132
00:58:24,480 --> 00:58:25,440
I can't do anything about it.

1133
00:58:25,440 --> 00:58:28,140
I wish I could, but
that's, that's what it is.

1134
00:58:28,560 --> 00:58:32,580
But where you can do is still understand
the influence because, um, you know,

1135
00:58:32,580 --> 00:58:37,050
I always tell people that like, yes,
your Facebook has, has, and will always

1136
00:58:37,050 --> 00:58:38,670
continue to drive people to Google.

1137
00:58:38,700 --> 00:58:42,450
You will see, somebody will see
your ad and then Google you and

1138
00:58:42,450 --> 00:58:43,650
then purchase on your Google ad.

1139
00:58:43,740 --> 00:58:45,840
Does that mean you don't want
to pay for that Google app?

1140
00:58:46,200 --> 00:58:47,340
You probably still want to pay for that.

1141
00:58:47,340 --> 00:58:49,590
Does that mean you're mad that
you paid for that Facebook ad?

1142
00:58:50,220 --> 00:58:50,340
No.

1143
00:58:50,340 --> 00:58:52,620
You're happy to pay for it, even if
it led to them searching on Google.

1144
00:58:52,620 --> 00:58:52,950
Right?

1145
00:58:52,980 --> 00:58:57,360
So get ahold of your numbers as best
you can, um, do not make mistakes.

1146
00:58:59,115 --> 00:58:59,625
Brilliant.

1147
00:59:00,375 --> 00:59:01,245
Listen, ever know.

1148
00:59:01,245 --> 00:59:04,455
There's so many questions I have
and so much I could get into, but I

1149
00:59:04,455 --> 00:59:06,015
want to be respectful of your time.

1150
00:59:06,435 --> 00:59:11,404
Uh, and, um, I, if such, like I
say, lots of notes, the balloons,

1151
00:59:11,404 --> 00:59:13,275
the, and everything, squares stars.

1152
00:59:13,275 --> 00:59:13,505
Do you know?

1153
00:59:13,545 --> 00:59:14,025
I mean, we've got it.

1154
00:59:15,745 --> 00:59:16,935
Yeah.

1155
00:59:17,025 --> 00:59:19,725
Boxes and boxes are the critical ones.

1156
00:59:20,355 --> 00:59:22,185
Uh, so thank you so much.

1157
00:59:22,425 --> 00:59:24,255
If people want to know more, right.

1158
00:59:24,315 --> 00:59:25,575
They're going to have questions.

1159
00:59:25,965 --> 00:59:27,315
Can they reach out to you?

1160
00:59:27,315 --> 00:59:28,575
How do they talk to you?

1161
00:59:28,904 --> 00:59:30,045
Uh, go ahead.

1162
00:59:30,495 --> 00:59:31,005
All right.

1163
00:59:31,125 --> 00:59:31,875
First place.

1164
00:59:31,935 --> 00:59:33,134
Find me on LinkedIn.

1165
00:59:33,285 --> 00:59:37,185
Evan Padgett, not too many of
us, uh, especially ones that have

1166
00:59:37,185 --> 00:59:38,625
big beards and stuff like this.

1167
00:59:38,955 --> 00:59:39,735
You'll find me there.

1168
00:59:40,215 --> 00:59:44,295
Uh, you can email me
evan@stealthventurelabs.com

1169
00:59:44,805 --> 00:59:46,555
or evanpadgett@gmail.com.

1170
00:59:46,575 --> 00:59:50,145
I'll throw out my personal one that I
check most frequently, because why not?

1171
00:59:50,625 --> 00:59:51,825
I love talking about this stuff.

1172
00:59:52,680 --> 00:59:56,700
Um, and then also just check out
our company@stealthventurelabs.com.

1173
00:59:56,700 --> 00:59:57,660
See what we're up to.

1174
00:59:57,960 --> 00:59:58,830
There's a form there.

1175
00:59:58,830 --> 01:00:00,210
I see every form that goes through.

1176
01:00:00,210 --> 01:00:02,279
So if you're trying to get to
me, that's another good way.

1177
01:00:02,819 --> 01:00:04,500
Um, and just see what we're up to.

1178
01:00:04,500 --> 01:00:07,710
We also have a really fun
thing that I like talking about

1179
01:00:07,710 --> 01:00:09,180
too, which is our impact lab.

1180
01:00:09,210 --> 01:00:16,200
Uh, the last part of our three labs is
one where we, um, actually run a 501 C3,

1181
01:00:16,200 --> 01:00:21,390
a nonprofit organization, uh, enabling
inner city kids, young entrepreneurs.

1182
01:00:21,390 --> 01:00:25,350
We built an academy for them to actually
learn how to build a brand, launch

1183
01:00:25,350 --> 01:00:27,660
it, uh, set up the advertising for it.

1184
01:00:27,660 --> 01:00:31,920
And then we actually fund them, uh, the
first five to $10,000 in advertising

1185
01:00:32,250 --> 01:00:33,630
to, to bring their product to market.

1186
01:00:33,630 --> 01:00:37,650
So, um, because we believe in building
out this next layer of entrepreneurs

1187
01:00:37,650 --> 01:00:41,299
and starting it at a young age with, um,
kids, I may not have that opportunity.

1188
01:00:42,355 --> 01:00:43,725
I'm looking for ways to help there.

1189
01:00:43,725 --> 01:00:47,775
We're always looking for more thought
leaders or people that want to donate

1190
01:00:47,775 --> 01:00:49,995
or donate their time or just help out.

1191
01:00:50,025 --> 01:00:50,984
That's also really awesome.

1192
01:00:50,984 --> 01:00:52,785
So find me anywhere there.

1193
01:00:53,325 --> 01:00:58,634
I'm happy to talk about this ad at all
times, because this industry is fun.

1194
01:00:58,634 --> 01:01:02,444
And again, it's been half of my
life at this point, so here we are.

1195
01:01:03,765 --> 01:01:05,535
And that would probably be
the next top of your life.

1196
01:01:05,605 --> 01:01:05,955
Yeah.

1197
01:01:05,984 --> 01:01:08,355
I mean, now we're starting to
get to the two thirds of it.

1198
01:01:08,355 --> 01:01:11,295
You know, I'm working on that one
third, two thirds, which is scary,

1199
01:01:11,295 --> 01:01:14,340
I guess, but, you know, 80 20 rule.

1200
01:01:14,370 --> 01:01:14,970
Go for that one.

1201
01:01:14,970 --> 01:01:15,270
There we go.

1202
01:01:17,040 --> 01:01:20,670
80% of my life on the
internet to get 20% of what.

1203
01:01:20,730 --> 01:01:22,590
Oh, anyway, we'll figure that out later.

1204
01:01:23,370 --> 01:01:24,720
Yeah, yeah, yeah.

1205
01:01:24,780 --> 01:01:25,500
You can work it out.

1206
01:01:25,500 --> 01:01:26,730
That'd be a spreadsheet which will help.

1207
01:01:26,940 --> 01:01:27,420
Absolutely.

1208
01:01:29,490 --> 01:01:30,270
Listen, Evan.

1209
01:01:30,360 --> 01:01:31,980
Uh, seriously, huge.

1210
01:01:32,010 --> 01:01:34,260
Thanks to you for coming on the show.

1211
01:01:34,260 --> 01:01:35,310
We will, of course link to.

1212
01:01:36,149 --> 01:01:39,180
Uh, links that you gave in the show
notes and people can get ahold of you

1213
01:01:39,180 --> 01:01:41,250
that way, uh, do reach out to Evan.

1214
01:01:41,339 --> 01:01:43,680
Uh, it'd be great to hear from you.

1215
01:01:43,980 --> 01:01:47,819
I have no doubt, but Evan, uh, love
to get you back on the show at some

1216
01:01:47,819 --> 01:01:50,520
point, such a lot of good stuff
there really appreciate it, man.

1217
01:01:50,700 --> 01:01:51,660
Thank you so much, Matt.

1218
01:01:51,689 --> 01:01:52,350
Thanks for having me.

1219
01:01:52,350 --> 01:01:54,509
And any time I'm going to get more boxes.

1220
01:01:54,509 --> 01:01:54,990
This is my goal.

1221
01:01:54,990 --> 01:02:00,149
Now, now that I know there's a
hierarchy boxes, so there you have it.

1222
01:02:00,149 --> 01:02:02,339
What a fantastic conversation.

1223
01:02:02,339 --> 01:02:07,649
Another fantastic conversation here on
the e-commerce podcast, a special, huge

1224
01:02:07,680 --> 01:02:09,509
thanks to Evan for joining me today.

1225
01:02:09,509 --> 01:02:10,020
No doubt.

1226
01:02:10,020 --> 01:02:12,149
Evan will be back on
the show in the future.

1227
01:02:12,180 --> 01:02:15,660
Look out for future episodes
with Evan by subscribing.

1228
01:02:15,930 --> 01:02:20,069
And if you are new to the show and you
haven't gone through the back catalog yet,

1229
01:02:20,339 --> 01:02:27,580
you can find it all on our newly revamped
website at www.ecommercepodcast.net.

1230
01:02:28,350 --> 01:02:29,609
There's even a little search feature.

1231
01:02:29,790 --> 01:02:31,950
So you can go and look through
some of the past episodes.

1232
01:02:32,370 --> 01:02:35,220
Uh, don't forget to subscribe
wherever you get your podcasts from.

1233
01:02:36,315 --> 01:02:40,065
As I always say, we've got some great
conversations lined up and you're not

1234
01:02:40,065 --> 01:02:41,625
going to want to miss any of them.

1235
01:02:41,895 --> 01:02:47,265
And just in case, no one has
told you today, you my friend.

1236
01:02:47,565 --> 01:02:48,884
are awesome.