Podcast Summary
New company Yardstick offers valuable insights for software buyers: Yardstick charges a significant fee for curated software reviews, demonstrating a potential $100 million market for premium information, and highlighting the importance of pricing and distribution for startups.
Anand from CB Insights has launched a new company called Yardstick, which offers valuable insights for software buyers by conducting interviews with them and summarizing their thoughts on various tools. Yardstick charges a significant fee for this service, but it has the potential to be a $100 million business due to the high demand for trustworthy software reviews. First-time entrepreneurs often underestimate the importance of distribution and pricing, but learning from examples like Yardstick can help them make informed decisions. For instance, Industry Dive, a niche content platform, was sold for $600 million despite having a smaller audience than Buzz Feed, which is worth $100 million. The success of Yardstick shows that there's a market for premium, curated information, and that pricing can reflect the value provided to customers.
Innovating software reviews with authentic insights: Yardstick shifts business model to provide unbiased software reviews through customer subscriptions, simplifying the research process for small businesses.
The company Yardstick is innovating the software review industry by shifting the business model from brands paying for advertising to a subscription-based model where customers pay for valuable insights. This approach not only eliminates the need for Yardstick to acquire traffic and convince brands to advertise, but also provides more authentic and unbiased reviews for potential buyers. For small companies, making the right choice in software providers is crucial due to the significant financial impact of selecting the wrong one. Yardstick simplifies the research process by asking key questions to recent software buyers, providing essential information for informed decisions. HubSpot's customer platform offers a similar value proposition by providing a single source of truth for businesses, making it easier to manage and grow their operations.
Anand's New Venture: Yardstick: Anand, the founder of CB Insights, started a new company called Yardstick, providing access to expert interviews and customer data for informed decision-making. His ambitious personality leads to numerous startup ideas, including Tough Mudder for kids and Duolingo for finance.
Anand, the founder of CB Insights, has recently started a new company called Yardstick, which provides access to a large database of interviews with industry experts and customers. This business caters to investment bankers and software buyers who want to make informed decisions based on customer satisfaction and market trends. Yardstick is still a new company, but it has the potential to be as successful as CB Insights. Anand, known for his ambitious and mischievous personality, has a long list of startup ideas, some of which include Tough Mudder for kids, Duolingo for teaching finance or accounting, and hosted buyer meetings on a plane. These ideas showcase Anand's ability to identify trends and opportunities in various markets, making him an intriguing figure in the business world.
Exploring innovative business ideas: From monetizing Google Doc travel itineraries to win loss reporting for hiring and advanced diapers, this conversation showcases the power of creativity and customer focus in driving business growth.
There are numerous innovative business ideas discussed in this conversation, each with the potential to disrupt their respective industries. One such idea is the monetization of Google Doc travel itineraries through a buy now button, offering a convenient solution for friends planning trips together. Another intriguing concept is win loss reporting for employee hiring and attrition, which could provide valuable insights for businesses to improve their hiring processes and employee retention. The "Nike of baby diapers" idea, while not entirely solid, showcases the potential of creating high-performance, premium diapers using advanced technology to cater to parents' significant spending on their children. Lastly, the concept of creating beautifully designed and well-executed products or services, as discussed by Jony Ive and Andrew Wilkinson, emphasizes the importance of attention to detail and customer experience in business success. Overall, these ideas demonstrate the power of creativity, innovation, and customer focus in driving business growth.
Evaluating Impractical Startup Ideas: Critically evaluate startup ideas for practicality and consider the value of established solutions before pursuing them.
While some startup ideas may seem innovative and exciting, they can also be impractical or even bad. During a podcast discussion, the hosts came across various such ideas, ranging from a wearable camera that records only during laughter to a personal CRM system. Some ideas, like to-do list software or glassdoor for VCs, are classic but not necessarily groundbreaking. Others, like a college campus-like Craigslist for laundry delivery or an app to know what friends are up to in real-time, may seem promising but have potential pitfalls. The hosts acknowledged that the man behind these ideas was interesting and had earned his spot, but they also reminded listeners of their "gentleman's agreement" - asking them to subscribe to their YouTube channel in exchange for their time and content. Overall, the conversation highlighted the importance of evaluating ideas critically and recognizing the value of established solutions.
Expert Anonymous Accounts on Twitter Share Industry Insights: Anonymous industry experts on Twitter, like 'car dealership guy,' gain massive followings by sharing insider knowledge, leading to increased trust and potential consumer transactions.
Anonymous industry expert accounts on Twitter, like "car dealership guy," are gaining massive followings by sharing insider knowledge and insights about their respective industries. These accounts, often branded as a specific type of business, such as car dealerships or mobile home parks, promise to share industry secrets and trends. The accounts' influence grows as they provide valuable information, leading to increased trust and potential consumer transactions. For instance, "car dealership guy" gained over 93,000 followers in just 30 days and now has 225,000 followers by tweeting about used car prices, market trends, and specific car models. Instead of monetizing through ads or a newsletter, this account is building trust by helping people buy cars directly. This trend demonstrates the power of providing valuable industry information and the potential for direct consumer engagement on social media platforms.
Finding Opportunities in Niches: Car Concierge, Franchise Podcast, and Watch Reseller: Specialization and providing valuable info can lead to success in saturated markets. Understand your audience, stereotypes, and unique branding to stand out.
There are unique opportunities to be found in various niches, even within seemingly saturated markets. The speaker shares an example of a car concierge service, where the service provider uses his expertise and connections in the car dealership network to help clients buy cars without the usual retail markups. Another example is a podcast focusing on franchises, where the host provides valuable information to potential franchise buyers, making them highly valuable leads for companies. The speaker also mentions the success of a watch reseller, who shares insights on watch prices and wait times, attracting a large audience. These examples demonstrate how specialization and providing valuable information can lead to a successful business, even in saturated markets. Additionally, the speaker emphasizes the importance of understanding your target audience and the stereotypes they may fit into, as well as the value of unique branding and niching down.
Profitable Twitter Accounts: Anonymity and Value Proposition: Creating a niche, anonymous Twitter account with valuable industry insights can attract a dedicated following and lead to profitable transactions.
Creating a focused, niche Twitter account with a clear value proposition can be highly profitable. By providing industry insights and secrets, these accounts function as anonymous experts, building trust and attracting a dedicated following. The anonymity also allows for the use of ghostwriters or contributors. Instead of building a community or relying on shoutouts and ads, these accounts should focus on delivering valuable information and guiding users towards transactions, such as high-ticket courses or consultations. The success stories range from making low to tens of millions of dollars. The car guy and mobile home park guy are just a few examples of individuals who have capitalized on this trend. Their tweets are like a walking billboard, offering data, insights, and industry secrets that people are eager to learn about.
Leveraging Twitter for Success: Insights from Gary Vaynerchuk and the Untapped Opportunity for Women: Give value, build authentic connections, and follow Gary Vaynerchuk's approach on Twitter for success. Women can establish a presence and build a following in valuable niches like luxury, real estate, and franchises.
Providing value and building authentic connections are key to success in social media platforms like Twitter. Gary Vaynerchuk's approach of giving insights and knowledge without selling anything builds trust and attracts followers. Additionally, there's an untapped opportunity for women to establish a presence and build a following on Twitter, particularly in valuable niches like luxury, real estate, and franchises. While Twitter is a good starting point, there's potential for a new social network focused on industry insiders and verified experts to provide even more value and opportunities for growth. Overall, the potential for building a successful business or empire on Twitter is significant, and the time is ripe for individuals to seize the opportunity.
Leveraging Network for Profit: Owning Stakes in Businesses Recommended: Leveraging your network to recommend businesses you own a stake in can lead to significant income and the creation of a network of complementary businesses.
Leveraging your network and recommending trusted products or services can be a profitable venture, especially on social media platforms like Twitter where link clicks are common. Instead of just being an affiliate, consider owning a stake in the businesses you support and recommend. This not only builds trust with your audience but also provides a win-win situation for both parties. By owning a majority stake in businesses in various industries, you can ensure their quality and recommend them confidently to your network. In return, your audience benefits from your recommendations and the businesses gain new customers. This approach can lead to significant income and the creation of a network of complementary businesses, similar to the MFM (My First Million) style.
Building a successful e-commerce business through ownership and brand identity: Celebrities and influencers can focus their efforts and build a strong brand identity by owning a significant stake in a business, while creating a unique and desirable brand is crucial for success in e-commerce.
Celebrities and influencers can build successful businesses by owning a significant stake in a company rather than promoting multiple businesses through affiliate links. This strategy, as seen with the success of brands like SKIMS, Kylie Cosmetics, and Conor McGregor's Irish whiskey, allows influencers to focus their efforts on a single or a few businesses and build a strong brand identity. The downside of promoting multiple small businesses is the exhaustion that comes with managing and promoting various brands. Another interesting discovery is the success of the Katana Store, which sells mini katanas and generates around 1-2 million monthly visits, making it a profitable e-commerce store. The business thrives through its YouTube presence, and the revenue is estimated to be in the tens of millions annually. The key takeaway from this business is the importance of creating a unique and desirable brand identity, even in a seemingly saturated market. In summary, owning a significant stake in a business and building a strong brand identity are crucial elements for success in the e-commerce space, as demonstrated by the examples of celebrity-owned businesses and the Katana Store.
Identifying and catering to unusual communities can lead to business success: Find deeply invested individuals in unique interests and sell them related products or services. Embrace seemingly odd behaviors for potential opportunities.
Identifying and catering to the unusual and passionate communities can lead to successful business ventures. The "Stranger Things Law" refers to this concept, where entrepreneurs should find individuals who are deeply invested in a specific lifestyle or interest, and sell them related products or services. An example of this is a Katana store, which targets individuals who are fascinated with Japanese culture. Even if the behavior or interest seems irrational at first, it's essential to lean into the phenomenon and understand the underlying reasons. This lesson was exemplified by the first product manager at Twitter, who recognized the potential of the platform despite its initial perception as a trivial activity. A personal anecdote from the speaker's college days further illustrates this idea, where they encountered a friend who was deeply engrossed in watching others play video games instead of playing himself. Initially dismissive, the speaker later realized the value of this behavior when the friend, Tofiq, became successful in the gaming industry. The moral of the story is that embracing seemingly odd or unusual behaviors or interests can lead to significant opportunities.
Identifying consumer obsessions leads to business success: Observing and responding to unique consumer interests and behaviors can lead to successful businesses, like a sword brand catering to anime fans or HubSpot's user-friendly CRM product.
Identifying and understanding unique consumer obsessions can lead to successful businesses. The example given was a sword brand that built a following by catering to a specific audience's deep interest in swords and anime. This brand, run by Isaac Medrano, saw significant growth through organic content on YouTube and TikTok, despite the niche market. Another key takeaway is the importance of executing well on a good opportunity, even if it may not seem initially promising. HubSpot, a CRM company, was mentioned as an example of a business that excelled by offering a user-friendly and visually appealing product in a market dominated by clunky alternatives. Overall, the discussion emphasizes the value of observing and responding to consumers' unique interests and behaviors to create successful businesses.
Evaluating Applicants: A Challenging Task: Carefully evaluate large pools of applicants, find creative solutions to utilize their skills, and follow instructions for a successful application process.
The process of evaluating and selecting the best applicants from a large pool of candidates can be a challenging task, even for small businesses or individuals. In the conversation, the speaker shared his experience of receiving over 300 applications for a researcher job and the process he went through to narrow down the pool to a few qualified candidates. He also discussed the idea of finding alternative uses for the skills of the applicants who were not selected. The speaker also touched upon the idea of being a "hater" and making fun of those who are trying hard, but deep down, they might be doing the same thing. He also shared his thoughts on the importance of attention to detail and following instructions in the application process. Overall, the conversation highlighted the importance of careful evaluation and finding creative solutions for utilizing the skills of a large pool of applicants.
Creating a network for connecting job seekers and employers: Helping connect job seekers with vetted employers can save time and resources, but companies must be transparent and communicate effectively to maintain professional integrity.
Creating a network or marketplace for connecting job seekers with potential employers who have already vetted them could be a beneficial solution for both parties. This approach can save time and resources for companies, while providing opportunities for job seekers who may have been overlooked. However, there's a fine line between helping out and appearing as a secondary option. Companies need to be careful not to come across as passing off rejected candidates as their own second-best choices. This can lead to a negative perception and may harm the reputation of both the company and the candidate. Ryan Hoover's approach of sharing vetted candidates with other companies was appreciated by some but raised concerns for others. Ultimately, it's essential to strike a balance between helping out and maintaining professional integrity. For companies, it's crucial to be transparent about their hiring processes and communicate effectively with candidates to manage expectations. For job seekers, it's essential to stay positive and keep applying to various opportunities while maintaining a professional attitude towards rejections. The job market can be competitive, but by building a supportive network and maintaining a positive mindset, everyone can increase their chances of success.
