Latest / The Empire of Wealth / I Generated This Much In

Transcript

I Generated This Much In · The Empire of Wealth

0:01
Speaker 1: Just a number three on the sides.
0:03
Speaker 2: That's what we did with the Udi, with the Udi girl.
0:05
She was actually in customer service.
0:09
Speaker 1: Alrighty, it is Monday.
0:11
Speaker 2: We got some pretty exciting results. On Friday, we cracked
0:14
a million dollars. So that's probably the biggest day of
0:17
our year so far. The reason for that is we
0:21
launched Click Frenzy Sale. I think we actually accidentally.
0:24
Speaker 1: Launched it early. So we got in a bit of
0:27
trouble with that. It was definitely an honest mistake.
0:30
Speaker 2: We also launched a $ 1 giveaway lead.
0:35
Speaker 1: Magnet, which is basically you can go in the draw
0:37
to win a $ 1 black hoodie that had some great results.
0:42
Speaker 2: We also went kind of viral on a couple of
0:44
UK bargain deals, like bargain deal sites. So the team's
0:49
doing an amazing job. When I first started this vlog,
0:53
when I came up with the concept probably two weeks ago,
0:57
I was pretty worried. What is stressing you out right now?
0:59
Speaker 1: Just all these sales, to be honest.
1:01
Speaker 2: I think the whole team were. The sales just weren't happening.
1:04
The seasonality didn't kick like we thought it would.
1:07
Speaker 1: But no, the.
1:08
Speaker 2: Teams really rallied together. I think my main takeaway for
1:13
brands in these periods of time is always make sure
1:16
you've got multiple offers planned. So make sure that you've got,
1:20
you know, this will be our base offer. And then
1:22
if your sales aren't hitting your forecast, so therefore you
1:25
do need forecasts. you need to be able to predict
1:28
what your inventory will sit at at the end of October,
1:31
at the end of November, at the start of January.
1:34
Because if you're not hitting those sales, then you need
1:37
to create a new offer.
1:38
Speaker 1: You need to rally.
1:39
Speaker 2: You need to push because clearing anything in January and
1:42
February is an absolute nightmare. So this morning I got
1:45
up at 6.30. I didn't film because I was trying
1:48
to get into flow state. Flow state is the balance
1:51
between kind of challenge and focus. And I needed to,
1:55
I came into a new environment out here rather than
1:57
in the shed that I've been in previously. I really
2:01
turned off all distractions, put a social media blocker on
2:05
for everything, turned on to airplane mode and was just
2:08
focusing on creating an organic content guide for smaller brands
2:13
and larger brands as well. So I whipped up the
2:16
presentation about four hours. Most of it, I already knew
2:18
it just about putting it down and putting it in
2:21
order and giving some step-by-step guides. So By the end
2:24
of the day, I should have that finished and refined
2:28
and I will, yeah, I'll present it. For the rest
2:31
of the day as well, I've got, I think the
2:34
sheep are getting shorn, sheared, whatever it's called.
2:37
Speaker 3: Isn't it pretty cool? They are. They're lovely animals, man.
2:40
Speaker 2: What else have I got today? I've got to catch
2:41
up with one of my smaller brands as well. We've
2:44
got a brand manager there who's crushing it. It doesn't
2:47
really require too much guidance. Just jump on, answer any
2:50
questions and offer any help that I can. I also
2:53
got a trend rocket product direction meeting, just trying to
2:57
refine that a little bit.
2:58
Speaker 1: I feel like we're a little bit lost. But in
2:59
terms of sales, we did, yeah, 1 million.
3:02
Speaker 2: On the Friday, 800,000 on the Saturday, and then 850,000
3:07
on the Sunday. So pretty solid results for e-commerce. In
3:11
terms of subscriber growth, didn't really sign any new ARR.
3:17
And then finally, organic social media, we're going to start
3:20
ramping it up today. So part of the reason why
3:23
we're trying to do these daily vlogs is just so
3:25
we can get a volume of content with any goal
3:27
like organic social media it's kind of like climbing a
3:30
mountain you can either just run quicker walk quicker climb
3:35
quicker and that's kind of intensity.
3:38
Speaker 1: Or you can change the path and you can change.
3:41
Speaker 2: The angle and that's kind of strategy so our strategy
3:44
prior was me just kind of filming random takes of
3:46
of things that i'm interested in at the moment and
3:49
shopify secrets I think that strategy wasn't working well enough,
3:53
but it also wasn't allowing us to do volume.
3:55
Speaker 1: It wasn't allowing us to do intensity.
3:57
Speaker 2: So these daily vlogs, like part of the reason why
3:59
we wanted to do them is because it's just going
4:01
to give us so much volume of content. So starting today,
4:04
we posted our first vlog. We'll be able to, you know,
4:08
whip that into three reels and post those and increase
4:11
both volume and intensity. So that should be pretty sweet.
4:15
We'll actually start getting some follower growth, but right now
4:17
it feels pretty flat. So I'm going to keep smashing
4:19
out this presentation and yeah, I'll see you in a
4:22
bit when I can actually present it. So about to
4:28
jump on a call with one of my smaller brands.
4:32
It's doing probably about two, $ 3 million a year. A
4:35
lot of people ask me about all of my brands.
4:37
Very interesting thing happened as I was growing. So as
4:40
a lot of people know, I launched Calming Blankets, did
4:43
over a million dollars profit in its first year, over
4:45
$ 10 million in sales and Udi obviously skyrocketed as well.
4:49
they were my three first e-commerce brands, proper ones. And
4:52
for all of them, to grow so quickly in the
4:55
early stage. You can imagine how chaotic everything actually was.
4:59
It's a very common question that I get from people
5:01
that have just found a successful brand. They're like, okay,
5:04
I've done it successfully once. I'm just gonna do it
5:06
successfully 10 times and set up processes and systems.
5:10
Speaker 1: I'm gonna diversify. That is wrong. Nine out of 10 times,
5:13
that is wrong.
5:13
Speaker 2: Simply because it's grossly oversimplifying the complexities that these businesses
5:18
will soon get. And the places that I fell down
5:23
is one, assuming that the synergies of the group would
5:27
support the smaller brands in the same way. Like we're
5:29
sharing resources from Udi. It's extremely hard to then designate
5:33
the return on investment from each of these employees, each
5:36
of these teams, each of these expenses into those bigger groups.
5:40
The benefits of synergies is hypothetical, but the benefit of
5:44
focus is immediate. And what that means is that these
5:47
employers and these resources that weren't focused on one brand
5:52
really started to produce lesser return on investment. Functions like
5:56
HR and finance can definitely be shared across the group.
6:00
Marketing operations, they really do need focus to be really,
6:04
really effective. And same with product as well. The other
6:08
way I went wrong as well, it was through incentives.
6:11
I think that you need to create owners of these brands.
6:15
And that's what I've successfully done with this one. The
6:18
brand manager who we're about to speak to, Jim, he
6:21
is incredible. He treats the brand like himself. He's incentivized
6:25
through the brand success as well. Maybe he puts too
6:28
much pressure on himself. Sometimes he cares so much. But
6:31
I think that's where I went really wrong in the
6:34
early stages. Now, the other thing is the return on
6:38
invested capital typically for a brand that is scaling and
6:42
has a clear product direction, a clear brand strategy, is
6:46
going to be better than a potential brand. Like, bird
6:49
in the hand is better than one in the bush.
6:51
I don't know if that's the saying, but it is
6:53
generally true. You've got so many ways that you can
6:56
actually grow your initial brand. If you look at the
6:59
Ansoft matrix of diversification, you've got product growth, channel growth,
7:03
and market growth. You're probably better off using that capital
7:07
to buy that same product and expand into another market
7:10
rather than launching a whole new product category because you're
7:13
going to have to create a brand new website, create
7:16
a brand new email flow, all of these other things.
7:18
Whereas new markets, all they require is duplication and you've
7:21
already got the processes, you've already got all of these
7:23
assets and you know that there's product market fit as well.
7:27
So yeah, I regret launching so many brands without the
7:31
proper processes, without the proper incentives, without the proper brand
7:36
strategy behind each of them. And you know, I was
7:38
learning a lot about the industry as well. I thought
7:40
I was, you know, I had way too much hubris.
7:42
I was so confident in everything that i did because
7:45
i got those early sales but then as soon as
7:48
complications started arising and i was struggling with like control
7:52
of all of these problems yeah it all started to
7:54
fall down so now i'm much more of a believer
7:57
in focus i've still got a lot of businesses but
8:00
i don't like to have to make these decisions of
8:02
where do i make where do i put all of
8:04
this capital into these new emerging things when there's already
8:07
something working um i'd much rather put it there so
8:10
yeah anyway we'll jump on the call with jim and
8:13
have a chat to.
8:13
Speaker 3: Him Davey, how are you?
8:15
Speaker 2: Going good. How are you?
8:17
Speaker 1: Yeah, pretty good, mate.
8:18
Speaker 3: Pretty good indeed.
8:19
Speaker 1: How's it all going?
8:20
Speaker 3: October was rocking. Operational and marketing issues. So the operational
8:25
issues were pretty severe. So we had, first we had
8:29
a duplicate order issue, a couple hundred tenths. The orders
8:32
were re-sent out duplicate. orders no one knows why but
8:37
then obviously custom service has to try and get them
8:39
back then um australia post has started setting back our
8:43
tents we just got a message from um all of
8:45
saying look we've got two pallet loads of tents here
8:47
that have been retained and we don't know why and
8:49
from there it was sort of like two weeks of
8:52
friction and and chaos like it wasn't australia post fault
8:56
it wasn't borderless fault australia post is saying um these
9:02
aren't um oversized um Boris was saying that's why they've
9:06
come back. We had sort of like Josh was getting
9:10
involved and getting, you know, and Michelle and trying to
9:14
sort of fix it, but ultimately... It has been fixed,
9:18
but it took two weeks.
9:20
Speaker 2: How many negative reviews did you get? Were you able
9:23
to mitigate those issues?
9:24
Speaker 3: We certainly have attempted to mitigate them. Obviously, updating customers
9:27
to let them know they're going to be late. Our
9:29
reviews have been impacted, but usually, even our surveys, you
9:32
can see usually our survey results are 9% plus are happy,
9:35
extremely happy.
9:36
Speaker 2: It was 60%.
9:37
Speaker 3: I've never seen it that low. And we have hit
9:41
on TaskPilot and some other platforms as well.
9:44
Speaker 2: So... Most of our negative reviews stem from the couriers
9:50
and the 3PLs themselves rather than the product quality. And
9:53
I think that's true for most part of e-commerce. But
9:57
it sounds like two weeks, to be completely honest, the
10:00
fact that you got that turned around so quickly and
10:03
now it's fixed to Black Friday, I think that's a
10:05
positive result. Lucky it didn't happen during Black Friday. One
10:11
option for it in the future, I'm not sure if
10:14
this is viable with the 3PL decision we've got, is
10:18
just picking other couriers. and other other rails so um
10:23
do you think that that is possible with the 3pl
10:25
that we're at because that's a single point of failure
10:27
with that existing.
10:29
Speaker 3: 3pl and look it did highlight it and um and
10:33
thankfully michelle um provided an alternative and has literally connected
10:38
me with uh careers please and we've signed an agreement
10:42
with them and we're integrating so it Their pricing is
10:47
a little bit less than Australia Post in Metro, so
10:50
that's even a win economically. But even just to have
10:53
that second option, it's a massive, it will be, it
10:56
can just set back up. Despite that, I still feel
10:59
we underperformed marketing-wise, so I'm going to take paid media.
11:03
It's sort of like when things really fall apart, it's
11:06
like when you need to sort of dig in the
11:08
most and you need.
11:09
Speaker 1: To be in there for that extra time.
11:11
Speaker 3: Two hours a day sometimes, really.
11:12
Speaker 2: Look, you're obviously going to care more than anyone else.
11:15
And by focusing on the high-impact tasks is a good
11:19
way to go, especially when your margin of error is
11:21
so small, being November needs to perform for you or
11:26
you'll run out of cash.
11:27
Speaker 1: So I think.
11:30
That makes sense.
11:31
Speaker 2: But then not being scared away from hiring in that
11:35
role simply because if you're always doing that role, you're
11:38
never going to grow. You're only going to grow to
11:40
that constraint. So, you know, we can revisit that and
11:44
I can make some recommendations when you're ready. Have you
11:46
got any scenario planning for inventory if, you know, let's
11:50
say November doesn't kick off as you would have hoped? No,
11:54
it's going to kick off.
11:54
Speaker 3: There's no backup.
11:56
Speaker 1: What happens if it doesn't? What happens if all your.
11:59
Speaker 2: What happens if Australia Post does something weird again and
12:02
you can't ship? What happens if something catastrophic happens? Like,
12:06
and you're, you know, maybe you'll ship some, maybe you're
12:09
50% down on forecasts, 30% down on forecasts.
12:12
Speaker 1: Have you scenario planned that?
12:13
Speaker 3: We've got the careers thing already solved, but I think
12:15
I do need to be agile and, like, if things
12:17
don't work early, just be ready to change. I think that's...
12:21
That's something on the marketing front I need to be
12:23
really prepared for. One of the comments I have in
12:26
Slack is, I'm not sure if my offer is strong enough.
12:29
And so do I need a more discount driven offer?
12:31
And do I need a backup offer to point like
12:33
if things aren't working? I need to be ready. I
12:35
feel like turning the ship is hard to do.
12:38
Speaker 2: You've got to have two offers ready to go, even three,
12:43
just in case, you know, let's say the first half
12:45
of the month doesn't perform and you're like, I need
12:47
to be more aggressive. Otherwise, I've got no cash for
12:50
new products next year or fixing the region balance between
12:55
the UK and Australia.
12:56
Speaker 1: So yeah, I totally agree with that.
12:58
Speaker 2: But it's just having the assets ready or even just
13:02
ensuring that you have the output within those teams to
13:05
turn around those assets quickly if you need it, which
13:07
you've been good with. You've been extremely agile and extremely
13:11
fast so far. It's just for your own mental sake
13:14
as well. One email for the launch, you can fix
13:17
the flows after that. Just the header banner um chuck
13:22
some banners on some of your top performing ads as
13:25
well that call that out um and just have that
13:28
that ready to go because you're probably going to use
13:29
it for boxing day don't make it code specific like
13:33
you'll still use it within the next three months if i.
13:36
Speaker 3: Did 30 off our retail files that's too much discount
13:41
and so i'm worried like if i do discount and
13:43
they'll make it lower so i'll go 20 that probably
13:46
doesn't sound sexy enough to consumer now like that's That's
13:49
my concern.
13:50
Speaker 1: What's your current percentage and discount off?
13:53
Speaker 3: 12% as a percentage.
13:55
Speaker 1: How much?
13:55
Speaker 2: 12%? Yeah.
13:57
Speaker 1: But like, is it a dollar off?
14:00
Speaker 2: No, no, no.
14:00
Speaker 3: So the new one, the new product, the recommended retail
14:05
is $ 2. 59. Our retail is $ 2. 29, which is about 12%.
14:08
Cool Cabanas, there's a $ 2. 59 around that. And it's sort
14:13
of modeling out a little bit of theirs.
14:15
Speaker 1: I think 20% off is a fine offer. I think
14:18
you might get more success with that. Have a look
14:20
at it.
14:20
Speaker 2: And don't forget your MER will come down with it
14:23
during those months, especially if you do it for a
14:25
flash sale. Your MER won't be able to catch your
14:27
revenue numbers. So you might get 5, 10 points of
14:31
MER gains as well. So rather than running at 20,
14:35
you might run at 10 just for those three days.
14:39
Capture all of those bargain hunters that have been waiting
14:42
all year for the offer. And then.
14:47
Speaker 1: Yeah, go back to your free gift with purchase or
14:49
back to your baseline. Is there anything else you need
14:51
from me?
14:52
Speaker 3: No, all good. Yeah, the daily mental sauce.
14:54
Speaker 2: Cool.
14:55
Speaker 3: Great. Love it. Yeah, keep that.
14:56
Speaker 2: Yeah, I'm doing some extra work for you behind the
14:59
scenes as well with that. So I'll loop you in soon.
15:02
Speaker 1: Awesome, man. Good job.
15:03
Speaker 2: Bye. Oh, I always feel bad when the cleaners come.
15:16
The house is always trash. Something I get asked about
15:18
a lot is, do you get imposter syndrome? And 100%
15:21
I do. I think that imposter syndrome only comes when
15:25
you are in unfamiliar territory. So if you're a growth-minded
15:29
person and you're constantly trying new things and pushing new
15:32
boundaries and entering.
15:33
Speaker 1: New levels, you're going to get it.
15:36
Speaker 2: And the one thing that I keep reminding myself at
15:38
the moment, because everything just feels so difficult, I feel like.
15:43
Speaker 1: I'm on you know, one of the final levels.
15:47
Speaker 2: And if I could break it down in that, you know,
15:50
the first level is you learn the skills. The second
15:53
level is you run your business. Third level is maybe
15:56
you're running two businesses. Then the final one is, can
16:00
you use the pool of capital to create multiple businesses
16:05
or provide a return on investment on that capital that
16:09
exceeds the market pretty much, the SMP. The way that
16:13
I'm doing that is I'm allocating resources to either buy
16:16
businesses or invest in businesses. And with that comes quite
16:20
an active role for me as well. And, you know,
16:23
I'm struggling so much with it, but at the same time,
16:26
that's somewhat the final level. Cause if you think about
16:28
a lot of the major billionaires out there and stuff
16:31
like that, that's all what they're doing. Like Andrew Wilkins has,
16:35
he's one of my favorite people. He's always on my
16:37
first million talks about all of his businesses. And basically
16:40
all he's trying to do is find CEOs, find macro
16:42
level trends, um, and make.
16:44
Speaker 1: Really, really good investments.
16:46
Speaker 2: So it's very, very difficult, but at the same time,
16:49
if I can actually learn these skills and do this successfully,
16:52
it's going to be a really good result. So up next,
16:54
I've got a TrendRocker product direction meeting. So just going
16:57
to meet with the dev team there and give a
17:00
few thoughts. It's not going to be major changes.
17:02
Speaker 3: How are you?
17:03
Speaker 2: Good, good. How are you?
17:04
Speaker 1: Doing good, mate. Doing good.
17:06
Speaker 2: G'day, g'day.
17:06
Speaker 3: How are we?
17:07
Speaker 1: Can bust open Chrome for this.
17:09
Speaker 2: Really?
17:09
Speaker 1: For Riverside?
17:10
Speaker 2: Yeah, yeah.
17:10
Speaker 1: It doesn't have Firefox.
17:11
Speaker 3: It's not supported.
17:12
Speaker 2: So I wanted to chat about product direction. Obviously, since
17:16
the rebrand and just the tidying of the user experience,
17:22
less bugs, things are going great.
17:25
Speaker 1: So sheep shearer has arrived.
17:27
Speaker 2: I'm going to go shear a sheep. Mind if we film?
17:32
Speaker 3: If I get credit.
17:34
Speaker 1: What's credit? When you put it on your thing, go
17:36
hobby farming. There you go, hobby farming. You've already got
17:39
the plants.
17:40
Speaker 3: What I'm going to do is I'm going to drench
17:43
your little goats, make sure they've got no bugs in
17:45
their bellies.
17:52
Speaker 2: Get all the wool in his mouth? From where he's
17:57
been attacking her?
18:00
Speaker 1: That's crazy, I didn't even know that. Well, they both
18:03
hate me, so.
18:04
Speaker 2: They're not very people-oriented. Yeah, they're not, hey. Gingin loves me,
18:09
and Gertie loves me. The alpacas' names, I didn't name them,
18:14
it's Harry and Stiles. What?
18:22
Speaker 1: Just a number three on the sides.
18:24
Speaker 2: Fresh fade.
18:25
Speaker 3: Come and stand right up here next to me so
18:27
you don't get kicked and just put one foot in
18:29
between his legs. Right there?
18:31
Speaker 2: Yep.
18:32
Speaker 1: Now it's just like a big set of hair clippers, yeah?
18:34
Speaker 3: Yep. So just like doing your face with the clippers.
18:36
Speaker 2: Yep. Okay?
18:37
Speaker 3: Nice and flat so you don't cut his skin. Alright?
18:43
Nice and slow.
18:44
Speaker 2: Really slow. Okay? How far up? Yeah, just have a
18:49
little go so that you've got something for your video.
18:54
Speaker 3: You can cut this little bit here near his arm.
18:56
Speaker 2: This is his shoulder bone.
18:57
Speaker 3: So you're just feeling with the hand piece. If you're
19:01
hitting it, you stop. Don't cut off his leg. That's
19:04
a good start.
19:05
Speaker 1: Okay.
19:07
Speaker 2: Hey, man.
19:12
Speaker 1: Looking good.
19:13
Speaker 3: He's a nice boy, actually.
19:14
Speaker 2: Oh, you're so skinny. Even if you don't have food,
19:23
she'll still cuddle with you. He's a bit introverted, he's
19:27
a bit anti-social. Takes after me.
19:30
Speaker 3: Talia take a photo with you before we go? Yeah sure.
19:32
Speaker 1: Just so she can show her mates and they all
19:33
get jealous?
19:34
Speaker 2: Of course!
19:35
Speaker 1: How much do you spend on taking.
19:39
Speaker 2: Care of property?
19:40
Speaker 1: I actually don't know. I literally haven't seen one invoice
19:43
so I don't think I.
19:45
Speaker 2: Want to know. There's a famous story about a sprinter.
19:56
Speaker 1: Don't look at the quick series.
19:58
Speaker 2: Don't judge me, it's not mine. So there's a famous
20:01
story of a runner called Mack Robinson. And he annihilated
20:06
the world record in the, like, I think it was
20:09
1836 or something like that in the Berlin Olympics. But
20:12
unfortunately it was against Jesse Owens, who was a very,
20:15
very famous runner who actually even beat him despite him
20:21
smashing a record. And then Owens ended up becoming famous,
20:25
you know, tons of promotional deals and Mac ended up
20:29
becoming a janitor, which, you know, Obviously, there's a ton
20:34
of racial things to talk about there. However, the interesting
20:39
thing is, despite winning, he still absolutely didn't set up
20:45
his life. And I think there's a really interesting lesson
20:49
in there. You need to be careful of the games
20:52
that you play. Because things like the Olympics, albeit... They're
20:57
incredible achievements. They're the world's best athletes in the sports.
21:01
If you want financial security for you and your family,
21:05
it's not the path for you, for the most part.
21:08
Speaker 1: And it's definitely a winner-take-all.
21:10
Speaker 2: It also explains how, despite doing everything right, just timing,
21:16
if you get the timing wrong, then there's a good
21:19
chance that you can fail anyway.
21:22
Speaker 1: And, you know, whether you could argue whether it is
21:24
a failure.
21:25
Speaker 2: Or not, uh, coming second at the olympics but i
21:29
do wonder if he if he had his time again
21:31
would he focus on it so it's about four o'clock
21:36
i need to have two ribeye steaks now for dinner
21:40
and then i've got to get back to the organic
21:42
social media content um i'm going to film that tonight
21:45
i haven't forgotten about it i just need to finalize
21:47
the slides and then i'll record it on this and
21:49
that should finish the app Just about 7pm and I've
21:54
just finished off the Daily Mentor Organic. I think the
21:57
main thing that I was trying to talk about was
22:01
Instagram Reels and TikTok and specifically managing the social media
22:06
feed as well for a brand. The main thing that
22:08
I really wanted to push across is what is your objective?
22:13
Because too many brands, they're doing decent numbers, maybe $ 500, 000
22:16
to $ 3 million in sales. And they instantly think that
22:21
they should just start posting pretty photos on Instagram. And
22:24
because everyone else is doing it, that is wrong. You
22:27
really need to define if you are trying to create
22:31
sales or just create branded content. Now, it's true that
22:35
a lot of shoppers will use Instagram feeds to study
22:41
the brand and make sure that they align, make sure
22:43
that it's trusted before they shop. But then there's this
22:47
other side of things, which is sales itself. Now, the
22:50
best strategy I think has been created is just the
22:54
viral real strategy. Tab Sex Chocolates did this really well,
22:58
which is basically grabbing the viral content strategies that exist
23:03
in TikTok and Instagram and paying creators to create the
23:08
content and posting it at scale. But before you do that,
23:11
you need to make sure that you can afford this content.
23:14
You need to make sure that you can afford the
23:16
return on investment from this content. You need to make
23:18
sure that you can do something like UTM tags and
23:21
link tree, or you can use discount codes on the
23:24
specific content, or you can just go into Shopify. You
23:27
can filter by traffic and select organic and really look
23:30
at the spikes that are coming through for that content.
23:34
So let's say you post five videos over the month.
23:38
You'll see the ones that go viral. You can measure
23:40
a baseline of sales. go into the traffic sources or
23:44
even the sales themselves and look for those spikes. Then
23:48
what you can do is you can calculate the alpha
23:51
on top of what you would have been achieving. So
23:53
you've got your baseline sales, then you've got your viral
23:55
piece of content, and you'll start being able to assign
23:58
a profit number per piece of content or per viral thing.
24:02
This is going to allow you to create KPIs and
24:05
measurements for your team as well as decide who you
24:08
can actually hire. You can then hire either, this is
24:11
interesting because there's three different types of roles that brands
24:14
can hire. It depends on the size of them. You
24:17
can hire just an organic social media manager. Benefits of
24:20
this is they're often cheap. You can also hire an
24:23
influencer manager. These people understand the transactional nature of creating
24:26
content and.
24:28
Speaker 1: For product for posts.
24:29
Speaker 2: And then you can even hire an actual content creator themselves.
24:34
That's what we did with the Uri, with the Uri girl.
24:36
She created, she was actually in customer service. And I
24:39
was like, wow, you've got 100,000 followers on TikTok. let's
24:43
get you posting content. And she crushed it. She was
24:46
posting daily content. The other thing is to understand how
24:50
to find these creators. So you could actually just go
24:52
onto Twitter and or even TikTok and just write in
24:55
UGC creators. And there'll be a ton of profiles that
24:58
pop up that you can then reach out and message
25:01
them and pay them $ 100, $ 200, depending on how much
25:05
return on investment that you think that you can get
25:07
based on the earlier research of those traffic sources and
25:11
discount codes. So I think that not all products can
25:15
actually lend themselves to a viral content creation stage. But
25:18
if you're doing over $ 3 million in sales, chances are
25:21
you definitely should have someone posting at least daily or
25:25
every second day to keep that branded feed because people
25:29
will be watching and you just want to keep all
25:31
of that up to date. So that was the gist
25:34
of the presentation. I'll probably put another one together tomorrow.
25:39
But yeah, that's it for today.
25:40
Speaker 1: Thanks for watching.