From $0 to $100 Million In 3 Years Selling Cold Plunges | My First Million

Intro

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.

Main Takeaways

Cold Plunge Business Success

• A cold plunge business called Plunge has experienced rapid revenue growth, going from $270,000 in 2020 to $33 million in 2022, with projected revenue of $100 million in 2023.
• The founders, who previously owned brick-and-mortar businesses, identified a demand for cold plunges and capitalized on the opportunity.
• Influencer marketing played a crucial role in the company’s success, with a plunge tour involving influencers filling up cold plunge tubs and posting about it on Instagram.
• The company’s monthly ad spend reached $860,000, with a return on ad spend ranging between 7 and 10x.
• The company’s success highlights the importance of understanding market demand and adapting to changing circumstances.

The Rise of Real Short

• Real Short, a Chinese content platform, has gained popularity in the US, with 11 million downloads and over $22 million in revenue since August 2022.
• The platform offers bite-sized English scripted video content, similar to Quibi, focusing on affairs, scandals, and absurd plots.
• Despite featuring white actors and actresses, the platform has found success in the US, showcasing the potential of a Chinese take on Quibi.
• The success of Real Short highlights the importance of understanding the market’s demand and creating products that cater to what people actually want.

Building Trust in the Supplement Industry

• The supplement industry faces challenges in transparency and trustworthiness, making it difficult for consumers to find reliable information about products.
• Content creators like Flav City offer trusted advice on grocery shopping and food choices, focusing on mainstream products and holiday shopping advice.
• Trust is crucial in the supplement industry, as customers often rely on the words of someone they trust before making a purchase.
• Establishing authority in a niche and creating shareable content can help become the most trusted source in that area.

Embracing Being a Beginner

• Being open to learning from others and seeking knowledge can lead to significant personal growth.
• Investing in education and taking online courses can be transformative experiences.
• Understanding financial statements and reinvestment strategies can optimize business growth.
• Emphasizing the need for practical application of knowledge learned in courses to avoid wasted time and money.

The Importance of Identifying and Focusing on the Best Customers

• Identifying and focusing on the best customers while minimizing the worst customers is crucial for business success.
• Regularly evaluating and categorizing customers into top and bottom segments is essential.
• Understanding customer behavior and preferences can uncover unexpected opportunities for business growth.
• Identifying small tweaks in business strategies can make a big difference.

Summary

Cold Plunge Business Success

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 Rise of Real Short

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.

Building Trust in the Supplement Industry

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.

Embracing Being a Beginner

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 Importance of Identifying and Focusing on the Best Customers

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.

Conclusion

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.