Patrick Campbell: The Billion $ Quilting Industry And Using Spy…
About This Episode
Patrick Campbell, the founder of ProfitWell, joins the pod to discuss the data-driven insights from his $200 million company sale. The episode explores the massive, recession-proof quilting industry and Patrick's 'spy' tactics for conducting high-level competitive intelligence on rivals.
Episode Description
Show Notes
- 01:35- Patrick Campbell background
- 07:55- Surprising businesses: Quilting and craft industry
- 20:55- Chili's and Applebees
- 25:25- Why you should invest in unsexy businesses
- 26:50- Rolling up trades & things for old people
- 30:05- Using spy secrets to get competitive intel
- 46:30- Buying debt to forgive it
- 49:40- How it feels to get very rich very young
- 55:00- Hostile takeover of a person
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- Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.
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- Additional episodes you might enjoy:
- #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits
- #209 Gary Vaynerchuk - Why NFTS Are the Future
- #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto
- * #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett
- #218 - Why You Should Take a Think Week Like Bill Gates
- Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More
- How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More
Links
- * ProfitWell
- * Missouri Star Quilt Co.
- * Hallmark
- * KMikeyM
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- * Want more insights like MFM? Check out Shaan's newsletter.
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Key Takeaways
Target 'un-cool' industries like quilting or crafts where consumers are extremely loyal, have high disposable income, and exhibit significantly lower churn rates than tech-focused audiences.
Systematize competitive intelligence by running 'shadow NPS' surveys on your competitors' customers to identify their pain points and build a superior marketing narrative.
To achieve massive scale, entrepreneurs must move out of 'cool' bubbles and build products that appeal to the 'Jim Bob' or 'overworked mom' personas of Middle America.
Business Ideas Mentioned
SaaS Competitive Intelligence Quarterly Reports
SaaS
Quilting Niche Media Empire
Content & Media
Elderly Care Guilt-Reduction Apps
SaaS