In this episode of the “My First Million” podcast, the hosts discuss various topics, including a Chinese app that could be the next TikTok, insights into a cold plunge business that has generated over $100 million in revenue, and lessons learned from a founder who built a $900 million business. They also explore the importance of identifying market demand and adapting to changing circumstances. Join the hosts as they share their thoughts on these subjects and more.
The hosts discuss the success of a cold plunge business called Plunge. The company, founded by individuals who previously owned brick-and-mortar businesses, noticed a demand for cold plunges and capitalized on the opportunity. Through influencer marketing, the company created the perception of success and generated significant revenue. The hosts highlight the importance of identifying market demand and adapting to changing circumstances, as demonstrated by Plunge’s rapid revenue growth.
The hosts explore the success of Real Short, a Chinese content platform that has gained popularity in the US. Despite featuring white actors and actresses, the platform offers bite-sized English scripted video content, focusing on affairs, scandals, and absurd plots. The hosts discuss the potential of a Chinese take on Quibi and highlight the importance of understanding the market’s demand and creating products that cater to what people actually want.
The hosts delve into the challenges faced by the supplement industry in terms of transparency and trustworthiness. They discuss the importance of content creators like Flav City, who offer trusted advice on grocery shopping and food choices. Trust plays a crucial role in the supplement industry, as customers often rely on the words of someone they trust before making a purchase. The hosts emphasize the need to establish authority in a niche and create shareable content to become the most trusted source in that area.
The hosts encourage listeners to embrace being a beginner and seek knowledge from others. They discuss the transformative experiences that can come from investing in education and taking online courses. Understanding financial statements and reinvestment strategies can optimize business growth. The hosts highlight the importance of practical application of knowledge learned in courses to avoid wasted time and money.
The hosts stress the importance of identifying and focusing on the best customers while minimizing the worst customers for business success. They discuss the need to regularly evaluate and categorize customers into top and bottom segments. Understanding customer behavior and preferences can uncover unexpected opportunities for business growth. The hosts emphasize the significance of identifying small tweaks in business strategies that can make a big difference.
In this episode, the hosts explore various topics, including the success of a cold plunge business, the rise of a Chinese content platform, building trust in the supplement industry, embracing being a beginner, and the importance of identifying and focusing on the best customers. They highlight the significance of understanding market demand, adapting to changing circumstances, and seeking knowledge from others. By sharing insights and examples, the hosts provide valuable takeaways for entrepreneurs and individuals looking to grow their businesses and personal development.