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Sell Stuff People Never Stop Buying

Name: Sell Stuff People Never Stop Buying
Uploaded: 2024-11-15T18:25:58+00:00
Duration: 1 min 15 s
Channel: Shanli Liu, CPA, CTP
Description: In this monologue, the speaker shares 13 years of entrepreneurial experience, arguing that the fastest path to extreme wealth is to sell products or…

15 Nov 2024 · 1 min

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1:15

In this monologue, the speaker shares 13 years of entrepreneurial experience, arguing that the fastest path to extreme wealth is to sell products or services that customers keep paying for indefinitely. He highlights the power of recurring revenue, citing insurance (≈97% renewal rate) and corporate water‑treatment contracts (≈98% renewal) as examples of businesses with near‑guaranteed annual renewals. He contrasts high‑retention offerings with low‑retention ones, noting that customers stay with a house‑cleaning service far longer than a gym because life events (vacations, moves, babies) cause gym cancellations. The speaker stresses the importance of choosing products that already have strong demand and repeat‑purchase behavior, pointing out that the total addressable market (TAM) for house cleaning likely exceeds that for gyms. He admits it took him a long time to internalize this lesson and now offers the core nugget: prioritize selling things people pay for repeatedly.

Chapters

If you want to become obscenely wealthy and have your parents like question like why it's ethical or if it's illegal what you're doing, just sell stuff that people don't stop buying. People buy insurance and they tend to not cancel it. It's like 97% annual renewal rate. I was looking at a company that did some sort of water treatment for like corporate whatever. They had like a 98% annual renewal. Like, wouldn't it be nice to sell someone once they get paid forever? Like, way better than having to reload every month because all your customers leave. And a lot of that, and this is, this is me just giving you 13 years of post experience, a lot of it just actually has to do with the problem you solve. Sure, there's how well you solve it, but like the biggest order of difference is just what you're selling. People buy and stay with a cleaner for the most part if they do a good job way longer than they stick with a gym. Like you have the most amazing gym in the world, but sometimes like Cindy goes on vacation or she moves or she has a baby. Like there's just so many things that are pitted against you that causes cancellations, right? Now if you look at TAM, more people probably want their house clean than want to go to the gym. And I would say I try to lean more towards things people already want and that they already pay for and that they won't stop paying for. And this took me a really long time to learn. And so I'm sharing this with you. The one nugget in terms of what do I pick, try and pick stuff that people pay for over and over and over again.