Going From Good to Great Takes 10 Times the Effort

0:00What happens when we focus on competition so much? What happens to our ability to scale, grow, our creativity, our money-making abilities? >> I think you become emotionally reactive to the activities of the other person. And so you're truly focused on nothing that adds value. And so it's because of It's not the competi- Like competitors don't put you out of business, but you obsessing over competitors does. >> Right. >> What What should people be doing instead of obsessing over competition?

0:25>> It's all customers. It's all just to be Cuz like if you can get You know, there's a billionaire in my in my building who um he was asked on an interview he's like, "If you had one thing that you could tell someone uh if they wanted to build, you know, a company like yours." He said, "Your customer must absolutely love your product." A lot of people just underestimate the amount of effort it takes to go from good to great uh in product or service. It's like if you've ever been to like the difference between a five-star restaurant and a four-star restaurant, you know, looks like 20%, but it's 10 times the effort. You know what I mean?

0:58The difference between like a one Michelin star and a two Michelin star restaurant is an ocean. >> Right. >> Right. And so I think like I use the book as an example cuz it's an easy one to reference. Most people try and just write a book. And then once the final word is done, they're like, "Send it to the editor, edit it, cool, and let's ship it out." But like that book I rewrote five times end to end the whole thing. And each time the goal was to make it shorter. It's like, "How can I say this in fewer words? How can I say this in less words?" And um And in doing that and the same thing happened with Gym Launch with that product is that every time we created a 2.0 or 3.0 or 4.0, we made it shorter. How can we make it easier to consume? And then And that was the reason we wrote the book about the value equation. It's like, "What is value?"

1:37>> Right. >> How do we define that? And so if we're customer focused, we can obsess on value and then have a very iterative approach. And I think that you you came from the internet marketing world. Like and I talk I I've given this in like a couple of like closed-door masterminds where I'm like, "Guys, like you all say that your product is amazing." I'm like, "What's your CR say? What's your CHS? What's your NPS scores? What are your TTVs? And they're like, "Huh?" I'm like, "Well, if I ask you your CPM, your CPL, your your your cost per book call, your cost of acquisition, like all of these things, you could rattle those off in 2 seconds." I'm like, "So, you guys say that your product's amazing, and yet you don't measure a single metric around product."

2:14>> Wow. >> And start focusing on that more. >> Right. So, they just So, the thing is like, if we can get that part right, then you get so much sit cuz if we can just get each customer to get one more customer, then we get our our our return on ad spend doubles. >> Right. >> But then if you think about your what your contribution margin is on that ex- extra customer, if you don't have to spend the cost of acquisition, so much of that drops to the bottom line, and then the company just becomes so much more profitable. >> Yeah. >> Just by like tiny levers that we do here. Like, how can we take, you know, with I think we were talking earlier about our publishing business.

2:44We're like, "Okay, publishing is something that takes a long time to do." >> Mhm. >> How can we figure out TTV is time to value? So, how can we figure out some sort of experience or some sort of win someone can have in the first 7 days? Like, how can we get them a dollar? Is there anything that we can do to provide >> their book, you know. >> Yeah, exactly. Like, something, some proof of concept, and we were able to figure out how to We're talking about mini you know, mini book, get that going in a very short period of time, so that people could just And we're like, "Hey guys, this isn't an MVP. This isn't your perfect product. We just want to prove to you that it works." And so, then they get $1 in their account. They're like And we're like, "You are now an entrepreneur."

3:15And now you have that identity shift that happens. You're just like, "I just made money on the internet." Like, "Yeah, you did." Now, let's do a real book that's like really good. Like, we don't This is not the product, but this is proof of concept. And so, that was like a a more creative one we had to do. But like, in other businesses, it's like, how can we always drag forward at least some sort of big win so we get the emotional buy-in to then fin- you know, follow through. Like, when we had the gyms way back in the day, I would run people through like a 6-week really aggressive diet in the beginning. And that was because even though the sustainable weight loss is it takes a much longer period of time, you know, etc. The The slower you lose it, the longer it sticks off.

3:51But the faster you lose in the beginning, the more likely you are to stick with it. >> Interesting. >> So, you get this emotional buy-in, and you're like, "Cool. Okay, we just did a lot of weight loss in 6 weeks. I need you to chill for 6." >> Right. >> And then they're like, but now they believed us because we had just delivered, you know, a big win kind of early on. >> Exactly. >> Quickly. >> Yeah. And so, it's like, we know how to do it, but now we're but like, you can trust that we do know how, but now let's just maintain for 6 weeks, get your hormones back, make sure everything's good, hunky-dory, build a little more muscle cuz you lost some during this kind of aggressive cut.

4:19>> Yeah. >> And then kind of then we'll get into a more sustainable phase. So, it's just how can we drag that forward? And I think that level of obsession, the way people obsess about promotion, if they obsess the same way about product, the amount of profit they would make as a result of that is just like, it's huge. And those are sellable businesses. The marketing-driven businesses do not have nearly the enterprise value that the product-driven businesses do.

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