The Answer Is Always "Who"

It takes one free person to create change. This is the show for them. We are the creators of the free world. This is capitalism.com and we are the 1%.

Well, hello, capitalists. I'm Ryan. Daniel Moran. Welcome back to the show. It's good to see you. Good to get a solo cast in here with you. I am very excited. I have just received the last of the galley copies of 12 months to 1 million, which is my first real book, which is coming out on May 5th. You can pre order it right now over at Amazon. And pretty soon we're going to be doing some sort of a big promotion for the book around. If you buy 100 copies or if you buy 200 copies, I think there's going to be an official book tour where I go and meet some of you in person shortly after the launch of the book. So we are going to be planning out a. I don't know how many cities, but some sort of a book tour to celebrate the publishing of it and to celebrate all the progress that this community has made over the last seven years. Do you know that we've been doing this podcast for seven years and there's been such an amazing community that has been built out of this show and the resources that we have all built together. So thank you for being a part of this journey, especially if you've been following it back from like the freedom fast lane days. So appreciate all of you. Today we're going to talk about the whole behind really everything, the foundation to every business, and really to everything comes back to the who. I said in a podcast a few years ago, when we were talking about New Year's resolutions and developing good habits, I said the answer to almost every question is who? Not how or where or even why, but who. I had a great conversation with a member of my team, Sean, who, sometimes we flip roles back and forth, sometimes I mentor him, sometimes he mentors me. And we have a really nice relationship in that way where we push and challenge each other. And Sean and I were looking at someone else's funnel, we were looking at someone else's marketing. And I was, was really impressed with how this company was doing their marketing. And I brought it to Sean, who has a vast marketing and copywriting background. And I said, sean, isn't this a great funnel?

Isn't this such a cool acquisition process? And he said something that was very insightful. He said, you know, the reason why this is so good is because who it's for is very clear. Do you think we're that clear? And I said no.

I knew right away, no, we're not that clear and most people are not. But the clearer you are in the who you serve, the higher your prices can be and the easier your marketing is.

I was on a podcast earlier this week with my buddy Josh Cantwell. He does a podcast that's all about investing in real estate and entrepreneurship. And I made the argument on his show that when you know the who, when you know the pain points, the challenges and the desires around the people you serve, your marketing doesn't even need to be good. Your products don't need to be cheap. All that needs to happen is for you to speak directly to that person. I tell you all of this because.

This is the foundation of every successful venture and I have overlooked it many times. And sometimes someone has to remind me, sometimes someone has to bring me back to center, and sometimes I have to wobble back and forth between different things before I can find it again. In the last few years, I battled with this myself because I went from being just a podcaster who was sharing his thoughts on the Internet, to someone who was building a thriving business, to a nice responsive collection of e commerce entrepreneurs, to then selling that business and really not knowing where I was going or who I was talking to, to experimenting with a whole bunch of things and then coming back to center to realize that my who right now is helping entrepreneurs who are making that transition from a short term vision to creating real wealth, creating businesses they can sell, investing in things that generate wealth and passive income. It's helping that entrepreneur make the same transition that I had to make a few years ago, which is the reason why I became financially free. If you can help people make that transition, you can give them an amazing, amazing win. Now, I tell you all that because I'm aware that I have wrestled with finding the who in my own life. And I know many of you who run businesses who know everything there is to know about Facebook ads or search engine optimization or podcasting or Amazon or, or Shopify or E commerce or raising money or investing or dividends or multi level marketing, you know so much about the mechanism, but you know so little about who it is for. If you were to take the knowledge that you have right now, if you were to take the skill set that you have right now that you are doing for money, that you are doing and trading your time for dollars, and you were to apply that skillset or that focus to something that served a very specific group of people get what they want or need, you would be much Much wealthier. So for those of you who follow my work because of your background in E commerce or selling on Amazon, you struggle with this a lot because you sell physical stuff and lots of different people buy physical stuff. But if you were to simply pick the person that you're going to develop that product for, then you would get them and all of their friends and everyone they know to be raving ass fans of your work, which would allow you to charge higher prices and sell more product and you'd have results much faster than you just trying to sell more product. In the marketing world, we often say that the money is made in the back end. And what that means is that the real profit in business happens after the first transaction. The real money in business is made not when you sell more of the first transaction, but when that customer comes back and buys many things over time. You might have also heard it said that it takes. It's seven times harder to get a new customer than to keep an existing customer. Existing customers come back and buy more and more. Now, if you don't know your who, if you don't know who the person is that you're serving behind everything, then your temptation will be to put all of your efforts into selling more front end things rather than developing a deeper relationship where those front end buyers will buy more and more and more from you. This is the downfall for all of you who sell on Amazon or Shopify and are counting how many daily sales you make rather than how long your customers stay with you or how much money they spend with you over time. Without knowing that, you can't really appreciate all of the attention and motion and momentum that is building when you have every single additional new sale. I have said for many years, and I talk about this in my book 12 months to 1 million, that if you realize that each sale has an exponential potential, you will be much wealthier, much faster. Here's what I mean by that. At the beginning of a business, you get really excited when you see the sales start to trickle in. But we tend to put our focus into getting to 25 sales a day or 100 sales a day. Well, the way that you will get there the fastest is if you realize that when you're at one or two sales a day, or five sales a day, if those customers have an amazing experience, if they are writing about you on social media, if they're voluntarily leaving reviews, if they're telling their friends about you because your product is so perfect for them, that's when real wealth is made. In the last few years, there's been a lot of easy money made by selling products to the keto market. And I think that's going to stabilize over time. And by stabilize, I mean there's gonna be a lot of businesses that suffer. When keto kind of goes back to being a normal diet rather than a fad diet, I think it'll be around for a long time, just like Adkins has been around for a long time. But you won't see the big, it won't be the big fad that it is right now. But if you had been in that market over the last few years, you had it real easy because your marketing could be so clear. The person you were targeting was so easy to target. It was the person who was doing keto and there were so many of them in such a short amount of time that you could sell, I mean, you could sell keto air and you would keto water. This water is keto friendly. In fact, didn't Dave Asprey do that? Didn't he make fat water?

Oh man, you really can do that. There were so many buyers who were so underserved that it was easy to put that up and sell a lot of it. And so in that way, it was easy to get front end customers who then would tell their other keto friends about you. And it was easy to get a lot of referrals for your business. In all other markets, or at least most other markets, you don't have that same viral coefficient, which means people are voluntarily talking about you. People voluntarily talk about you when they feel underserved and you served them. People voluntarily share you on social media when they feel heard, understood and served in a way that they're not used to being heard and served. So in keto, when you have all these people who are not eating carbs and a cake mix comes out and they like it, they're likely to share it with all of their friends and followers, which gives you a huge bump in your business. Now, when there are 19 different keto cake mixes on the market, which is gonna happen, I'm pretty sure that already happened, then there's gonna be less of an excited desire to voluntarily share your work because you're no longer serving an underserved crowd in an underserved way anyway. So many entrepreneurs, especially Internet entrepreneurs, fall into this trap of selling what's already being sold or doing what worked for someone else, but in doing so, they're no longer addressing who that person is and how they're not being served. If you were to Take your existing business and you were to simply put all of your attention on your existing customers and serving them until they were very happy, serving them in ways that they weren't used to being served, hearing them in ways they weren't used to being heard, creating something for them in a way that solves a gap in their life, or at least their expectations. You will make so much money. You will make money because you are creating real value where there is need. Now, most of the time you can't look up some data on the Internet and.

Get that opportunity. You can get some data to verify an opportunity, but it's very rare that you will be able to look at any sales data and know that you should go into that market. It comes from knowing the who. It comes from knowing the person behind it. I'm thinking of two people in my life right now, both of whom are listening to the podcast and are based here in Austin. We might be getting dinner tomorrow. As I'm recording this, I'm thinking of two of my friends here in town. I'm thinking of Layla Hormozi and her husband, Alex, if you're listening. Hey, Layla. They run a company called Gym Launch and they've been incredibly successful helping gym owners launch profitable gyms. Now, before they got into that business, did they know that there was going to be $75 million worth of gym owners to buy programs about making a profitable gym? There was nobody doing that. There was no data on the surface to suggest that the right funnel would make that happen. But they knew that market so well, they knew that customer so well that they were able to make their squeeze pages, their sales pages and their offers very specific to that person. And as a result, they got all the gym owners to sign up for their programs and be very well served as a result of doing that. You can't do that if you don't know the person behind it. Now, how many gym owners are there? Are there that many gym owners that you think you could build a nine figure business around it? And do gym owners have the kind of money to invest? Most gym owners are broke and busy and a lot of people would look at that and say, oh, that's not a good market. But because they knew that their market was so underserved and that they could help them, it was easy for them to go into that business and dominate because they were able to create value that was unique in a way, but that no one else could compete with them. I'm also thinking of my friend, Brooke Castillo. Hi, Brooke. Thanks for all of your help over the last month. Brook serves a market that is similar in size and scope and it's life coaches. Now, most people would look at the life coaching market and they would say, well, not that many life coaches in the world. And most life coaches don't make that much money. So I don't want to go after a small crowd that's broke. But Brooke knew that she could help that crowd make a lot more money and that she had the track record and the systems to be able to do that. And so what happened? She's built a 26 as of right now, million dollar a year business helping life coaches. Now, the reason she's able to do that is because she's good at what she does and she's able to speak directly to that audience.

Those of you who sell physical products or are selling on Amazon and hoping that we just rank in the algorithm, you would rank so much faster if you knew exactly who your product was for. I'll tell you a quick story from one of our eight figure exits workshop. I was working with a small group around the conference table and my ground floor and one of them was saying, okay, I sell this thing. I want to respect his brand if he doesn't want me to share. But we'll just say, I sell a coffee mug and lots of different people buy coffee mugs. People going to work buy coffee mugs.

Construction workers buy coffee mugs, moms buy coffee mugs, baristas buy coffee mugs. All kinds of different people buy coffee mugs. How could I build an audience or know my who when so many different people buy coffee mugs? And I said, well, let's pick one of those people. And his product wasn't coffee mugs, so I'll just make it up. He said, all right, well, I'll just pick moms. And I said, okay, if you were to develop a coffee mug and change it so it was just for mom, what would you do differently? And he started to talk it out and he started to get a little bit excited and then I said, okay, and if you were to launch a second product around that same audience, that same person, that same who, what would you do next? And all of a sudden, the next product and the next product and the next product came out. Well, coming into that workshop, this person knew that his struggle point was building an audience and coming up with his next products to sell. So he came in thinking, well, I'm going to build an audience around coffee and I'm also going to launch my next product. And it's going to be coffee beans. Now, that's all fine and well, but he went into a different direction after he realized that his real who was Moms who drink coffee. It allowed him to customize the coffee mugs specific to the moms and the next product was easy and effortless for him to decide when he knew that moms were the buyer. Now I'm making up the products because he was in a different market, but the story is real. He wrote to me three months later, might have been four months later, he actually sent a video to us and he said, thank you. My business has tripled since I came to the workshop. That was the big takeaway for him. It wasn't that he learned how to run Facebook ads better. It wasn't that he learned to customize his Amazon listing or that he met some magical influencer. It started by knowing his who and everything else was easier or unnecessary as a result of him discovering his whole now some of you don't want to pick the who. You just want to sell more product. But you'll sell way more product if you pick the who. It makes all other decisions much faster and easier. In that same example, if moms are your market rather than coffee drinkers, and so many of you are trying to take your product and put it as the marketing. But if you talk to the person, then you know exactly what to say in the ad, you know exactly what to put on the landing page, you know exactly what to put on your listing, you know exactly what to put on your sales page, you know exactly what the next product should be. When you realize that there's a who behind every transaction, it sets you free to go serve that person. And as a result, you'll make a lot more money because those who's will bring other who's with them and they'll talk about you and they'll come back for more and more and more because you're serving them in a way that they're not used to being served. I've been guilty of this too. Here at capitalism.com, i kind of was still finding my way. Ever since I sold my last business, since I exited sheer strength and then watched the company that took it over really run that into the ground and to find my way again and what's my expertise and where do I want to go next? I realized that I was forgetting the whole I realized that I was making myself the hero in the story, which is something that I advise every entrepreneur not to do. But if I remember and when I remembered once I realized that my market is entrepreneurs who are on a journey, who really want to be free, entrepreneurs who really feel a calling on their life to do something great. And they currently see money as the biggest obstacle between where they are and where they want to be. I know I can serve that person. I can serve that person by creating opportunities for them to generate wealth and passive income. And we do that inside the 1%. And I can help them build seven figure businesses that they can sell, which we're doing inside the tribe. And I can help them get funding and exposure and connections when I work with them a little bit closer inside the back room. And so I have simplified my business into those three levels where I have the 1%, which is all about creating opportunities for entrepreneurs to generate wealth and passive income, the tribe, which is all about building seven figure businesses that you can sell, and the back room, which is where we'll open up opportunities for funding, exposure and growth as they prepare for an exit. That's the business. And I can actually do fewer things while still being more focused on helping the entrepreneurs who want to make that transition or get served in that way. I can't tell you how much simpler and easier life is when you know exactly who you're speaking to, when you know exactly who it is that you're serving and how you're serving them. Now, if you haven't answered this question, this is how I tell a lot of specifically physical product sellers that they struggle with this. But I'm sure this is true with every business. This is certainly true in retail. This might be true in every business.

The steps to business are pick who you serve, serve them by giving them products and services, and repeat. Most entrepreneurs skip step one and they just go to create the product or the service. Step one, pick your audience, pick your person. Step two, create a product or service that helps them. Three, repeat. But when you just skip to the create a product or service, you don't know who it's for. And so you end up playing the price war game where your prices come down and you start kind of trading your time for money and you don't really get the progress that you want. If that's you, your only question is who? Your only question is, who do I serve? How does my product help them? That's it. And when you do that, your prices go up. More influencers want to talk about you. You don't have to beg, borrow and steal for every piece of exposure. Things get much easier when you know exactly who it is that you're serving. And if you don't know, choose this day whom you will serve and just go all in on them and see how it feels. And if it feels good, keep doing that because it will make you a lot of money if you do it. If you're an entrepreneur who is building a seven figure business that you hope to scale or sell, we can help you. We're doing that over in the Tribe which we're going to be opening very soon and you can get information about that over@capitalism.com tribe. This won't be associated with any other launch or any other product. This is our accelerator to build seven figure businesses that you can sell. You can join us over there. Or if you're an entrepreneur who is looking for opportunities to create passive income or wealth, you should totally join the 1%. It's@capitalism.com one hope to see you inside. If you enjoyed this episode, shoot me a message on Instagram. I'm ryandaniel Moran. I don't get back to everybody because some people sent me some really creepy stuff, but I do read every single one. So thanks so much for listening to the show. It's an honor to be serving entrepreneurs who are creating change. I appreciate you and I'll see you on the next episode. It's almost here. My first book, 12 months to 1 million is available for pre order and it drops on May 5th. If we've ever had a meaningful exchange virtually or in person or something else, please go over to Amazon.com, search for my name, Ryan Moran and place a pretty Pre order for 12 months to 1 million. This is 18 months in the making and it features you features our community people from the podcast who used this stuff to build successful businesses and in it I outline the formula I give it's everything it just do exactly this process and you'll be on the path to building a meaningful business. So 12 months to 1 million drops on May 5th. Go over to Amazon, search my name and place a preorder. It would mean the world to me. Thanks so much.