Waste of $50,000?

Summary

• When running Gym Launch, I allocated $50,000 every two weeks for an R&D team's tests.
• Often, these tests did not outperform what we were already doing.
• The team initially saw this as a failure, thinking we had nothing to share.
• I explained that telling our community about what didn’t work was also valuable.
• People appreciated knowing what didn’t work, saving them from making the same mistake.
• Sharing both successes and failures provides value and builds trust with your audience.

Video

How To Take Action

Implementing some of the strategies I used can offer a lot of value without costing you a ton of money or time.

1. Share Failures as Well as Successes:
A great way to build trust with your audience is by sharing both your successes and failures. This doesn’t cost anything but gives you credibility. If something doesn’t work, tell your community. This honesty saves them time and builds their trust in you.

2. Test New Ideas Consistently:
Even if you don’t have a big budget, trying out new strategies or ideas is important. Dedicate a small portion of your time to run small-scale tests. This could be as simple as a new marketing approach or a different product feature.

3. Reflect and Learn from Outcomes:
When a test fails, take time to understand why. Document everything you tried and the results. This ensures you are learning and improving without repeating the same mistakes.

4. Educate Your Audience:
Let your audience know what you've tried and why it didn't work. This educates them and adds value. The insights you share can prevent others from making similar mistakes.

5. Build a Feedback Loop:
Ask your audience for feedback on what they want to see or what is not working for them. This will help focus your tests and make them more effective.

These strategies are easy to start and can make a big difference in your business or personal growth journey. Focus on being transparent, continually testing, and using your findings to educate and build trust with your audience.

Full Transcript

when I was running gym launch I had an R&D team and so what they would do is every two weeks they'd run a $50,000 test I give them 50 Grand to say run a test on one element that's going to help gy and then here's what's crazy is at half the time it didn't beat the control it didn't beat what we were already doing and so they thought and this is an early conversation they're like I guess we're not going to have anything to announce this week and I was like what are you talking about I was like you did two weeks of work in 50 50 Grand I was like we're just going to tell them the exact thing that we did and just tell them it didn't work and you know what when we had attendance for this the amount of people were like oh my God I was thinking us doing something like that I'm so glad you did it so I don't have to that's value