Ryan Daniel Moran describes buying back his old company and prioritizing rebuilding product formulations to create the best products in the marketplace rather than copying competitors. He argues accepting higher short-term costs (2–3x cost of goods) and effort yields superior long-term results and improved conversions when selling with conviction over a 3–5 year horizon.
So I bought my old company back for pennies on the dollar for what I sold it for. And the first thing I needed to do was reform all of the products. And I said to the formulations team, I said, I don't want you to look at what the competitors are doing. I don't want you to look at what works in the marketplace. I want to develop the best products that have ever been developed. And they were like, this guy's coming to play. I kid you not. We have the best products that have ever been created. And I'm stunned by that. More businesses don't think about things this way. It's going to be at least twice the cost of goods as most of our competitors. Maybe three times harder short term, way better long term. And if you've got a three to five year time horizon, you can just slaughter all of your competition by just making sure that your product is the best in the marketplace. And the best part is now I can stand up with conviction. I can look at you and say, this is the best product in the marketplace. What do you think that's gonna do for conversions? Just develop the best thing in the market that you believe in and then everything is easier after that.
