Tangible or intangible thing that satisfies human wants and can be transferred
Concerns have been rife among genuine crafters about Etsy being inundated with commodity items posing as handmade crafts. Addressing this, Etsy took decisive action on Monday. Listings now flagged by Etsy's automated system for potentially breaching its Handmade Policy will stay active but won't be visible in search results or recommendations. This hiatus allows Etsy's specialists to review the listing in question. The brand assures, "Our team will then decide if the listing should be taken down or if it's fit to continue its presence on Etsy." Sellers can expect this review process to conclude in less than 24 hours. In other Etsy news: A new "Share and Save" workshop recording is now available on the seller dashboard. Highlight: for every $100 order, sellers receive $4 back. Etsy is expanding its technological horizons. After integrating Augmented Reality (AR) technology for painting, photography, and prints in 2020, they're branching into home furnishings, enhancing the shopping experience for users. Etsy's recent moves signal its commitment to preserving the platform's core ethos while embracing technological advances for an enriched user experience.
Welcome back to the Talking Pools Podcast with your hosts, Rudy and Andrea! In today's episode, we're diving headfirst into a topic that's bound to make your blood boil if you're a Pool Pro. We're shining a spotlight on the infuriating and rapid discoloration that plagues those who opt for cheap, low-quality aftermarket swimming pool white goods. From unsightly stains to premature deterioration, we're here to unveil the hidden perils of cutting corners when it comes to your pool accessories. So, grab your floaties and get ready to get fired up as we expose the dark side of bargain shopping for your customer's backyard oasis!
In this episode, the Goods from the Woods Boys are hangin' out at Disgraceland Studios with NO GUEST NEEDED! We try out an Icee-flavored energy drink made by a truck stop t-shirt slogan-stealin' steroid maniac in Pennsylvania. We also populate these Top 3 lists sent in to us from our listeners: Top 3 movies that you used to think were deep, Top 3 songs that make you nostalgic, and Top 3 seasonal foods. Steppenwolf's "Magic Carpet Ride" is our JAM OF THE WEEK! This one is a dang ol' hoot and we can't wait for you to join us! Follow us on social media: Rivers is @RiversLangley Sam is @SlamHarter on Twitter and @SamHarter666 on Instagram Carter is @Carter_Glascock Subscribe on Patreon for HOURS of bonus content and growing ALL THE TIME! http://patreon.com/TheGoodsPod Pick up a Goods from the Woods t-shirt at: http://prowrestlingtees.com/TheGoodsPod
September 28's edition of The Goods newsletter features a weekly roundup of concerts and events to check out, like D2x, Senite and SONNY's show at Subterranean on Sep. 28. Grammy nominees Tank & The Bangas is also set to perform this weekend, hitting the stage Sep. 30 alongside the Chicago Philharmonic at the Auditorium Theatre. Other notable inclusions are the West Town Art Walk, Filter Photo Festival, and the final activation of Gary Simmons' ‘Recapturing Memories of the Black Ark' on Sep. 29, celebrating 50 years of hip-hop with a lineup of performances and discussions curated by local artist Sam Thousand. Vocalo digital producer Morgan Ciocca stopped by the studio to break down this week's newsletter and included playlist (featuring 17 new releases from September). The Goods is Vocalo's weekly arts and culture newsletter, delivering a digest of music, arts, culture and community events to your inbox every Thursday. Subscribe now to receive next week's edition at Vocalo.org. This segment originally aired on 91.1 FM during Nudia In The Afternoons on Thursday, September 28. It was produced by Nudia Hernandez. Keep up with Vocalo by following us @Vocalo on all platforms.
Today I would like to welcome a guest that I had the pleasure of meeting not too long ago. She received her undergraduate degree from UCLA. Later went on as a consultant to Arthur Anderson, worked with Calvin Klein, Director of Product Development with Donna Karan. For the last two decades she's been working on Iomoi and is currently a Co-Founder/Partner at Parker Thatch. I'm so excited to welcome Irene Chen to my podcast family! #EvieJeang #EvieUnbounded Subscribe, like, comment and share. You can reach our team at email@example.com. Follow Evie Jeang and Irene Chen on social media to stay up to date with the latest news! www.Facebook.com/Evie.Jeang www.Instagram.com/EvieJeang www.Instagram.com/ParkerThatch www.Twitter.com/IdealLegalGroup www.LinkedIn.com/IdealLegalGroup www.EvieUnbounded.com
Kate's Instagram: https://www.instagram.com/sunevarbil/ Sign up for our Patreon: https://www.patreon.com/thriftersvilla Want to support Thrifters Villa without a monthly reoccurring fee? Buy us a coffee! https://www.buymeacoffee.com/thriftersvilla Jenn's Poshmark Closet: https://poshmark.com/closet/savvyoutfitter Daniela's Poshmark Closet: https://poshmark.com/closet/ivynblush Follow us on Instagram: Daniela: https://www.instagram.com/ivynblush Jenn: https://www.instagram.com/thesavvyoutfitter/ Thrifters Villa: https://www.instagram.com/thriftersvilla --- Send in a voice message: https://podcasters.spotify.com/pod/show/thriftersvilla/message Support this podcast: https://podcasters.spotify.com/pod/show/thriftersvilla/support
Christmas Tree on tour?… Macaque Mafia in Thailand… Driverless backup in Austin… Flying taxis from Ohio… MAX / Bleacher Report add on… Disney Iger / quiet the noise… Cruise ship tip… John Cusack yacking… firstname.lastname@example.org Michael Caine retired?... Rabbit Hole from Thumbnail… Free covid tests from government… Neuralink human trials… AI / ChatGPT… www.blazetv.com/jeffy Promo code: Jeffy… Game Show: What's The Lie?... Contestant: Kevin Schroer… Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode, the Goods from the Woods Boys are hangin' out with our ol' buddy, comedian Justin Lentz! This time, we sample our first ever emo energy drink and then jump into chatting about the recent misfortunes of pillow empresario and gigantic doofus, Mike Lindell a.k.a. "The MyPillow Guy". We also take a trip up to Shasta County, California to visit Justin's hometown of Cottonwood and surrounding areas where, as it turns out, there are a TON of cults. Creed's "One Last Breath" is our JAM OF THE WEEK. Give us a listen this week and be sure to follow Justin on Instagram @JustLentz. Rivers is @RiversLangley Sam is @SlamHarter Carter is @Carter_Glascock Subscribe on Patreon for HOURS of bonus content and growing ALL THE TIME! http://patreon.com/TheGoodsPod Pick up a Goods from the Woods t-shirt at: http://prowrestlingtees.com/TheGoodsPod
Writer of Vocalo's The Goods newsletter Morgan Ciocca breaks down the September 21 email, featuring almost entirely free events like the 17th annual Hyde Park Jazz Festival on September 23 and 24, which features artists including Meagan McNeal, Ben LaMar Gay, Junius Paul and more. This weekend is also Goose Island's 312 Block Party, the Beverly Art Walk and St. Al's Oktoberfest, plus a “Time Capsule” event celebrating early ‘90s Chicago featuring Vocalo's own Jesse De La Peña. Some not-free things happening this weekend are also the Reeling Film Festival, which kicks off September 21, and Durand Jones's show at Bottom Lounge. The Goods is Vocalo's weekly arts and culture newsletter, delivering a roundup of music, arts, culture and community events to your inbox every Thursday. Subscribe now to receive next week's edition at Vocalo.org. This segment originally aired on 91.1 FM during Nudia In The Afternoons on Thursday, September 21. It was edited and produced by Morgan Ciocca. Keep up with Vocalo by following us @Vocalo on all platforms.
Daniel Kezner and Leigha Bone of Kezner Consulting Group share tools and strategies to respond faster to COGS challenges, enabling you to maintain profitability (while managing declining budgets efficiently). Controlling your Cost of Goods is essential for maintaining profitability and achieving long-term success. By effectively managing COGS, you can optimize inventory, identify cost-saving opportunities, and make data-driven decisions to boost your bottom line. You can find more information about the Kezner Consulting Group at keznerconsulting.com. Email Dan at email@example.com. Find the presentation here: https://wahospitality.org/wp-content/uploads/2023/09/Improving-Cost-of-Goods-Management-WHA-9.20.pdf Subscribe to Washington Hospitality Industry Podcast on Soundwise
EP311 - Video Commerce with Qurate's Brian Beitler Brian Beitler is the Founder and General Manager of Live Shop Ventures, a video commerce initiative within the Qurate Retail Group, which is the parent company of HSN and QVC. Brian has also served as the CMO of Qurate Retail Group, in addition to many other interesting marketing roles in the retail world. We met Brian at Etail Boston and arranged this interview. We cover video commerce, differences in adoption between Western and Eastern Markets. The role of livestreaming, and the benefits of being a "commerce platform with video" vs. "a video platform with commerce." We also explore the origin on Live ShopVentures, it's first video marketplace on a mobile app, Sune, and the benefits on incubating a start-up within an established company. Don't forget to like our facebook page, and if you enjoyed this episode please write us a review on itunes. Episode 311 of the Jason & Scot show was recorded on Thursday, August 31th. http://jasonandscot.com Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. Transcript Jason: [0:23] Welcome to the Jason and Scot show this is episode 311 being recorded on Thursday August 31st 2023 I'm your host Jason retailgeek Goldberg and as usual I'm here with your co-host Scot Wingo. Scot: [0:39] Hey Jason and welcome back Jason and Scot show listeners Jason as you know one of the most common questions we get from our huge listing audience is about live streaming with e-commerce is it a big deal why is it seem to be growing faster in the East versus the west and how important is it to live live streaming so we thought we'd get a expert on the show as a guest that could help unpack that for us all and you better than someone who's LED marketing for numerous historic Brands and served as the CMO for the mother of all video shopping sites QVC / HSN and so that's exactly who we found, we're excited to welcome to the show Brian beitler he is the founder of mobile V Commerce app called soon and the general manager of live shop venters both part of the Keurig group. And I'm not sure Jason but that's a lot of words in the title but I think it's maybe half of the words in your title but welcome to the show Brian we're excited to have you. Brian: [1:36] Grateful to be here and I'll work on trying to lengthen the title so I can keep up with Jason. Jason: [1:41] Set your set your goals higher Brian. Brian: [1:43] Thank you for having me. Jason: [1:48] Brian we are thrilled to have you and as our listeners will quickly figure out and we are eager to jump into all this video Commerce stuff but before we do we always like to give the listeners a little bit of perspective about our guests background and where they're coming from and in your case it's a super impressive retail / consumer background so can you can you give us the version that your mom would share with her friends in the elevator. Brian: [2:15] Happy to do so so I'll back up a decade or two but I started well where I consider I started my career was at Mattel that huge toy conglomerate in fact they're very popular right now coming off of a I think a major hit movie. It's doing very well. Yes I think so has the rest of the world at this point but I started my career there and fell in love with the toy industry and thought that's where I would really spend. My entire career when I left Mattel. In the early 2000s I at the time was leading the core part of the Hot Wheels brand a dream job as a father and a former young boy. [2:56] But I thought I would give myself a taste of retail in the toy industry so I actually left metallic thought I would spend a couple of years on the retail side working with it. A brand I knew we all knew and loved at some point in our childhood called Toys R Us and truthfully I the reason I'm here today is I fell in love with retail there, and what was different for me about retail versus consumer packaged Goods was just the speed of retail it felt like it moved at light speed compared to kind of course EPG brand management, and you know I often tell the story you know working in those days to change you know the package on a five car pack took a couple of years to get it to Market and. I joined Toys R Us and we had this idea to launch a birthday club and. At the time I went to the CEO of the company John I learned and it was how quickly could you get it in Market could you do it in a couple of months. And that and I was often running and in love with retail and so spent a couple of years there and then just continued to be given these remarkable opportunities to work with, really amazing Brands and helping them reshape their narratives with their consumers or and or finding new Pathways new emerging ways, I could grow I was you know there at Bath and Body Works when we launched e-commerce we redesigned the site as a marketing site decided oh we might be able to sell something. Through here and that's been my journey so from from Bath and Body Works to Kohl's department store. [4:24] Then my hand in the bridal industry and private Equity with David's Bridal and then women's apparel and you know fast forward. A few few years and here I am at curate Retail Group. Working in what I think is an exciting future for digital Commerce. [4:42] All of those roles you know usually leading the marketing you know the marketing or e-commerce function for those various Brands and learning a lot making a lot of mistakes a lot of mistakes I'm getting a few things right every now and then, and you know kind of Landing in a pretty exciting place here at grea where we think we're going to do something you know again interesting a new in the digital space. Jason: [5:04] Yeah and a couple of fun facts brand you've LED marketing for for a bunch of those Brands you just mentioned and while you were doing that I was nominally helpful in building a bunch of the the backend e-commerce functionality for those same Brands and so I think without knowing it you've hated me your entire life for all the the features you wanted and didn't get or the the the pace of evolution so I just wanted to apologize publicly for all of that. Brian: [5:34] I appreciate that. Jason: [5:35] But one of the things I particularly love about your career is is I have this theory that, you know though all of retailers has been profoundly disrupted by digital but not all at the same time and so there were there are industries that are disrupted a long time ago and there's you know if you're a grocer or a car dealer you're probably getting disrupted you know right now and I feel like you serendipitously or maybe intentionally have have been in a bunch of Industries. Right at the peak of their disruption so your Toys R Us when when shopping online became a thing and then urine Beauty when that became a thing and then you are you are in the the the heat of the the apparel Wars online and now you're you're squarely in the v Commerce space and it's you know one of the things we talked about the most on the show so whether you did that on purpose or not congratulations on on surfing that digital disruption wave. Brian: [6:32] No I appreciate that I think much much of it was serendipitous I would say that the pieces that probably weren't was my desire to always work for, brands that were leaders in their respective category or industry and as I look back and reflect that's probably one of the things that has been the most rewarding and probably given me the best. Growth is being able to work with you know brands that were at the Forefront Mattel at the time was the leader in in toy manufacturing still still are. Toys R Us at the time was the leader in toy retail Bath & Body Works was the largest kind of. Bath & Body brand at the time Cole's was it was a chaser of you know kind of the discount Department space and ran past JCPenney's and Sears and its competitors and so that for me has been exciting because you know I think being with those who build powerful platforms, let you learn from the best and you know here I said today with curate retailgeek which owns QVC and HSN. You know the largest livestream platform on the globe by far the industry, leader having changed the landscape of how you could use television to shop you know some 35 years ago and continued it for nearly four decades now so that part of trying to work with brands that, I felt were really leaders in their space because I thought it would be a great place for me to learn has certainly been intentional and then this digital Crossroad just happened to kind of line up and almost all of those places at the time I was there. Jason: [7:56] That is awesome and today I sort of perceive you you are on the Leading Edge of the curate retailgeek Roop with your current responsibilities and I definitely want to talk about those but if I have the story right before you took on your current role you also had broader marketing responsibilities for the core QVC HSN Brands is that. Brian: [8:19] I did I did that's that's right I joined you know curate retailgeek rupe. And 20/20 is the chief marketing officer for QVC and HSN are two largest video Commerce businesses, at the time and you know fast forward we obviously are in the midst of those businesses are in their own form of transformation and disruption right for. In some ways you know you talk about a Crossroads, ask for businesses you know having come through retail when e-commerce was exploding and and Retail foot traffic was being affected as people. Spent more time online and less time in stores if you look at where accurate retailgeek Roop you know is today right streaming has remade the way we View television and so we've had to remake our business, there as well primary our audience used to be almost entirely on. [9:07] You know on cable or we reach over 100 million households in the US we used to reach all of those almost on cable and over the last several years is as people have migrated from cable to streaming services we've migrated our business we still reach 100 million households, but today we reach many of those through streaming services because they don't have cable subscriptions any longer and so, you know joining another business who was in the midst of transformation again was was somewhat serendipitous I was excited about the future video and video Commerce had use that, extensively at kind of my two preceding roles and so part of the excitement of joining curate was joining someone who is at The Cutting Edge of this but to your point that's been migrating, and then as we look at the future we said Gee what places do we really own, from an e-commerce perspective and we own the 10 foot screen the screen that you see in front of you from a living room perspective. [9:58] We do really well on the laptop you know the desktop for for e-commerce shopping like most traditional e-commerce retailers but as we thought about the small screen that wasn't a place where we had really built, for the future yet we thought were really well positioned we could certainly see what was happening in in Asia and the explosion of Live And mobile driven Commerce. And realize that that was going to happen here in the west as well. And felt like we were in a position to innovate around that but we needed to put some real Focus around that so you know about a year ago I stepped out of my role as Chief marketing officer of QVC nhsn, to build live shop Ventures and ultimately to launch the soon platform that we're going to talk about today. Jason: [10:42] Amazing and and I for sure I'm going to get into that but I did think you could help us clear up a few just basic questions about the industry first a I now have some some Envy because your TV is 10 feet at home I'm kind of jealous but the. You you call that V Commerce and I'm just curious like I hear all these different phrases all the time I hear people kind of talk about live streaming when they they don't necessarily mean live and video like is there a preferred label that you guys like to kind of describe this, this industry. Brian: [11:18] For sure we love the V e-commerce label in fact we think V Commerce will be the new e-commerce and what we mean by that largely is that, more and more consumers shopping experiences will be driven by video in fact if you look at today's youngest consumer right gen Z or the Next Generation Rising almost all of their Discovery happens in a video experience. If you think about it and it could come from one of the well-known video players right who's in this space Instagram which has become largely video Tick-Tock who obviously has led the way there YouTube. All of these places if I think about and I have so fun fact I have six kids, the youngest is squarely gen Z 12 years old the oldest is Millennial 29 years old and I watched their journey and most of their Discovery right the new trip they're going to take. The next meal they're going to make the next product they're going to buy the next television show they're going to watch is all coming through their video feed. Yet in the e-commerce space we're still largely dependent upon static images and or in the physical space on boxes and shelf talkers and that's just not the way that the rising generation discovers. Anything new. Scot: [12:34] Yep ingredient it's interesting you have a built-in test bed is that was that part of your strategy. Brian: [12:40] I think that that if. Scot: [12:42] We need more kids I need to get another generation. Brian: [12:44] If you went back in math my career I did a pretty good job landing at the right Brands and price basis for my for my kids ages the only one they might say I got wrong was the bridal industry I was a bit premature on the bridal industry, but but you know as I look back so we do we talk a lot about be Commerce and that for us means live it also means pre-recorded, right it can mean you know things that are that are behind the scenes it's anything that really leverages video to help tell the product and Brand Story to a consumer in a way that helps them make better decisions and get to yes faster. That's where we see the Innovation going that's where we see all brands needing to play we think it will look different in the west than it looks in the east. And that's because different consumers and different markets and different level of kind of retail development but we think it'll be globally relevant over the course of the next you know five to ten years. Scot: [13:37] Brickell as the entrepreneur host on the program Jason's a big company guy he's a you can tell by his title. He's corporate drone and he doesn't know who he works for half the time over there there's like he's like I think I have a boss but I don't know I don't know who approves my expense report Seymour, that's how big is a company and you know one of my favorite books is the innovators dilemma where and I'm sure you're familiar with it where you know most companies like tear you they were super Innovative and really did a ton in the category and you know a lot of them don't make it it's interesting to me that you're now working for a company that you know obviously. Is working to not get caught in that in most companies don't kind of sounds like and I may be reading too much in this you you either put your hand up and said I want to do this or they said we need someone to incubate this and you volunteered I'd love to hear the story of how your kind of like starting this company inside of a bigger company that that's interact to excuse you know the extent you can share our what you want to do that that's always interesting to hear because a lot of a lot of big companies don't do that. Brian: [14:39] No I appreciate that you know we feel, you know we I feel honored to kind of be in an organization and part of a company that's trying to lead that way Forbes just named, secure it retail one of the you know the country's top three hundred Innovative companies right so we're recognized for having thought about this space and we've innovated over the course of the last, 35 plus years if you were to look at what QVC nhsn looked like 30 years ago they look very different than what you see today both in the way that we reach interact with customers and so you know the story here you know I'll keep it relatively 34 for time sake but we were looking at you know the future of curate and looking for where we think, you know girls could come from I was obviously looking at that in my core role as Chief marketing officer I let our you know our insights and analytics team and we were looking at the consumer and we're looking at the businesses and the ages of and cohorts of consumers where we did really well and where we felt like, there was opportunity for us and one of those that was clear was we had an opportunity with the younger consumer and unlike many many brands that will often make the decision to go how do we stretch our brand younger it's one of the hardest things to do our view was to say. [15:49] We have a core customer we love our QVC and HSN customers 50-plus their affluent they have disposable income they love to engage with us and Us in this way as we think there is, potential for growth with still the 50-plus customer we have plenty of, consumers who can discover our experience who aren't you a shopping there and we think can fall in love with it but we did recognize hey there's a there's a rising generation that's that's embedded and videos embedded in the way that they operate, why aren't we doing anything there so I did raise my hand and talked a lot about you know that consumer and about the power of video and our expertise and, you know that with. David Robinson who was a new CEO Who had who had joined us in you know late 21 had a knife or for growth and an eye for the digital landscape and. You know started he started to think about where our future would would would lead and he knocked on my door. [16:45] Early and 22 and and we started to talk about what the future could be and how we might do that and decided he decided to establish the e-commerce Ventures is a new unit inside the organization and I join that team to help, you know lead a component of our Innovative future and so it does take having. A CEO that's got a mind for Innovation and you know the ability to say we're going to make the investment necessary to do that so. You know this isn't one of those I feel you know grateful for the fact that I get to work in this call it an intrapreneur setting. We're not chasing you no seed series a series B series C where we're going as a company we believe that we need to invest in the future and this is one of the ways that we can do that. Scot: [17:29] Yeah that's neat that you still sounds like you get the flavor of kind of a start-up within a big company but you can use infinite resources you guys have. Brian: [17:37] Yeah and that we think gives us an advantage and that that's true I we operate we don't have an operation in New York I soon is based in New York right are. QVC is based in West Chester Pennsylvania HSN is based in st. Petersburg Florida. Right so you know we set this up in a new location so that we could operate as an independent and entrepreneurial company but knowing that you know. Just an hour train ride away I've got hands and resources and folks that can kind of help us get through some of the tougher things of getting something off the ground. Scot: [18:09] Yeah exactly now do you have a pretty wide aperture what you could do so you could you say hey we want to just try something real fast on Tick-Tock or is your mandate it kind of needs to run through one of the mother ships or tap into. Brian: [18:24] No not at all. Scot: [18:25] The mothership or something. Brian: [18:26] No we have a very a very wide mandate most of the team comes from Industries outside of kind of are. Our CORE family fact most of the town I've hired has not been former or current QVC or HSN employees they have been, you know team and talent here based in New York City most of them which is where we found the talent pool that, looking forward to kind of build this future and we have a pretty wide aperture to test and try and that's we say we've been up for for several months now we're still we largely consider this the beta version because we are, finding the things that we think will be the best fit for the market and create the best experience for both consumers for Brands and ultimately for creators because we do the reason we refer to this as a platform is, we don't see this as just a one-dimensional or two-dimensional relationship you know brand to Consumer retailer to consumer, but we're also trying to build a place where creators can build a livelihood as well where Brands can create their own content to connect with consumers and where we've built kind of a new way for consumers, the kind of interact and discover new brands. Jason: [19:32] That is awesome and so it sounds like the soon mobile app is kind of the first public release from live shot Ventures am I thinking about that right. Brian: [19:42] Yeah it's the soonest kind of our first public facing you know component of the platform we have components that are that will face Brands and that will face creators to help round out this ecosystem that we think. We'll create a new way for you know these different constituencies to meet one another in a pretty exciting and interesting. Interesting way and they'll be more to share I'm not going to share a ton about those back-end Solutions at this point but there will be more to share in the future as we as we continue to round out the experience, we think it takes to really make this kind of new be Commerce mobile experience. Jason: [20:22] Awesome so maybe you can help it like paint us a picture like what is the unique value prop of soon like is it live is if e-commerce like is there a particular category focuses on or what's the. Brian: [20:35] Yeah to know it's appreciate you asking so look at the core of what we're trying to do is take the the style of video that is loved by a young consumer set column you know. Gen Z too early young Millennials we can't digitally native consumers what we mean by that that's a buzzword everybody said but we simply mean people that seem to have been born with an iPhone implanted in their hand, or some sort of device and if you go back up to 2007 when the iPhone and these devices launched we're looking at people to kind of get there. Hit their teens or younger in that view I look at you know the way that they navigate and that's kind of our core audience because they've grown up with this fat. Device being their primary form of discovering the world so that's our Target so our goal was to build. [21:23] An experience that would make sense to that to that audience so would be short would be fast could would be personalized. I would include the kinds of voices that they're used to hearing from that they trust and that they find credible. Would give Brands a place that are searching to find a pathway that are working so hard to build there. Their products but are can get caught in the jungle that are the very very large marketplaces would give these younger Brands these Innovative brands of place to meet the consumer and to be discovered and to be seen and to have their whole story told. You know it's one thing to just become a product listing on a. On a massive platform like Amazon or Walmart it's another to be able to have someone who understands the consumer tell your brand story so the value prop is to really build what we think is this entertaining. [22:13] Joyful serendipitous shopping moments where you can just discover Brands when you're when you're on the go we think. In some ways part of what. So wonderful about the e-commerce experience is also what's so difficult about the shopping experience and what I mean by that is e-commerce made it easier than ever to buy something. It also made it very difficult to just go shopping and if you think about the experience we used to love as teenagers by the way that gen Z teenager still allowed which is the notion of wandering a physical location a mall or a Target or pick your brand or. You know any of those physical experiences where you can just wander and things just inspire you and you you may have gone into by something you may have had an idea in mind you may have not had an idea in mind. But it was fun and it was a Pastime and it was, enjoyable just to go shopping digital Works differently digital is great if you know I need I need luggage for my trip to Europe I'm getting a backpack I'm going to take a three months and traveling through Europe. [23:18] You can go to the internet and I'll help you find the best backpack in the most array of choices at the price but if you just. Want to sit back and shop and so our goal was to build a platform where the Serendipity of shopping could come up again you could just thumb if you're standing in line at the. At the Starbucks or if you're standing in line at the store you're standing on the platform in the subway station, or you're sitting in class and you're done listening to the professor and you just want to see what might be in your feed that's relevant to you this could be as fun as opening Tick-Tock or opening Instagram. This would be opening shopping for the joy of. Jason: [23:52] I love that there's a this entrepreneur Julie rain Wainwright who founded real real and I don't know if she actually said this but she's always attributed with his quote the internet solve buying but broke shopping it's I. Brian: [24:06] It's a great quote I've heard I've heard that quote I'm not sure if it's hers or not either but I fully subscribe to and that's and that's the reality and so this is a way to bring it back in a way that we think is relevant to you know this. Young emerging audience who's up who's about to have a lot of spending power. Jason: [24:26] Yeah now I'm curious you've talked about this as a platform and it sounds like it's what I would think of as a sort of two-sided market place that you both have to you know recruit and keep happy a bunch of world-class creators that are creating content and you've got to recruit and keep happy in audience that consumes that content and buys stuff that shows up in the content and my am I thinking about it right in terms of it being a two-sided marketing challenge. Brian: [24:54] Yeah I think I think we've called three-sided because we think he have to keep the consumer happy you have to keep the brands and their Founders happy and then you have to, you know create something unique and special for creators who may or may not work directly for the brand that they're going to create content for, and so our thought process is thinking about all three of those audiences as we build and it's why you know we don't see this as a, you know as a Sprint but is building something that we think will be lasting because we're trying to build something that's going to be relevant and meaningful to all three of those participants in the platform. Will you operate as a marketplace right so we're not buying retail we're not buying inventory in the traditional sense right we're building the destination we're working to drive consumers to the destination we're working to source and find great creative talent that we think can build the right kind of content and then we're looking, and reaching out into the. You know into the Reit into the brand landscape to find Brands and products that we think would do well with this with this audience and so we got all three of those things kind of. You know working at once if that's not easy but sometimes the most rewarding things are difficult. Scot: [26:04] Yeah absolutely the marketplaces are hard because you're kind of building to businesses at once you get kind of the consumer and thus the demand and the supply side it can be. But once the network effects it going it's a great business but sometimes it's hard to kind of kick start them do you feel like you guys are at kind of like that product Market fit or you're still kind of. Experimenting and figuring out or like. Brian: [26:25] Yeah we think you know what we're excited about today is the engagement from the number of brands that have come on our platform has gone much faster than we expected. The consumer You Know download and engagement we're in that that nice stair-step each month each week of downloads, increasing on the platform so we feel that we're moving very strongly towards that you know that market fit place but that's why we say we're in beta right well when we're, one more there will declare that were there and we'll change the even the way that we go to market even more aggressively but we're excited about the early signs both the excitement from creators excitement from from Brands who come on board, and again the excitement from the early consumers who have engaged with us the early adopters and starting to experience the platform and so all of those things right now are very positive and. Giving us a lot of optimism as we think about the future. Scot: [27:25] There's wear it sometimes, great to be in a big organization when you're ready you can say hey we need a little distribution and suddenly you know you can you can turn that funnel on you got to be going to make sure you're ready for it and it sounds like you probably haven't you know you should definitely get out of beta for you do that but then even you know even you know how do you do the shoots the right way and you know, inside the work there's tons of just knowledge around streaming and video quality and I'm sure there's some interesting craters that overlap that would be fun to tap into it even brands that you know I'm sure if you were looking for a brand it's much easier being part of the larger or more brands are going to take your call versus you know Joe's startup LLC. Brian: [28:11] Yeah yeah I would say one of our I think that's well that's well well said one of our advantages right is the reality that for you know, for decades we've been helping small Brands become household names become very large businesses because we understand the power of live we understand the power of video and using it to help. [28:30] You know a Founder commercialize their their story and help it reach and reach an audience and so. For sure that is valuable as we talked to Brands who go hey this isn't you know this isn't just somebody out of there, out of the corner of their garage going hey we've got an idea for the future of video shopping this is you know the the leader in video and live shopping who said hey we're going to build a new platform a new experience for a new audience and, we're going to bring our expertise to video shopping to that to that platform and we're going to help you learn how to do it as a brand we're going to help you learn how to do it as a Creator both of those things have been very important, add helping us you know get to yes as we don't get a lot of NOS as we have conversations with Brands right now we get a lot of people excited, even in this early Journey even recognizing that we're in the beta phase because they believe in the business where you know we're over 300 Brands already interested in on the platform, at this stage and you know we're early on we launched in March. And so it's not been hard to get people excited about the potential here and I think part of that is because they can look to the parent of who's building this, and who's making the investment. Scot: [29:46] Yeah very cool would you say so that made me I'm a huge shark tank junkie and I always love when Laurie's on there because she always has that trump card of like, I can probably get you on HSN and everyone's like who so she could tend to get a good deal so then it made me think are you dealing with Challenger Brands kind of like you know things we people maybe haven't heard of or is this kind of like you know Kate Spade or whoever I don't want to go into details but like more long-term brands that are just kind of looking for a fresh new channel is there. Resonating. Brian: [30:22] Yeah so we have a lot of what we call emerging Brands and we can define those in a couple of ways right so there you know I'm an emerging, might have been around for 10 years or 15 years but they're just very tightly, geographically located maybe they just had a couple of stores and a little direct consumer website but they weren't really propagating their brand through there, back in the emerging and we have several brands that look like that we also have Brands there. Relatively young this could be year 1 year 2 year 3 right and they started as a direct consumer brand and they're looking for other points of distribution and other places to be able to tell their story. [30:58] But we've not preclude ourselves from from other brands that are better known and more, National in nature because again at the end of the day you know where our Focus has been, I'm in the early days is and it's because this is this is an area that works really well and video right or proper products that are problem solution oriented products and, Kelly's are great Brands who innovate and develop some new products that solve a consumer problem those do really well in video right now and if you think about, all the you know Tik Tok made me buy it friends you know so many of those products are built around the idea of hey we've got a new solution, a problem that you have or we've got a new take on solving a problem that has been solved a bunch of other ways but never quite solved this way those are the kinds of products and brands that do really well and we find those both in this emerging space and we also find. You'll also find it in some more established brands. But the focus has really been can we bring consumers content that's interesting to watch because what the product does for a consumer is. Have itself useful and highly valuable and that's if you spend some time on the app you'll see a lot of products, better focused in that in that regard and so you know we've not been exclusionary and by any stretch of the imagination but we do have a lot of young and fun emerging brands with some amazing Founders and some amazing founder stories behind them on plan. Jason: [32:23] That is awesome and Brian a fun fact about Scott like most people watch CNBC for Shark Tank and then they accidentally stay on for for Jim Cramer Scott's the one guy that watches CNBC for Jim Cramer and then accidentally. Brian: [32:37] Technics days I'm free. Scot: [32:38] I watched a shark fresh shark tanks on ABC come on. Jason: [32:41] Yeah. Fair enough Earth but inside not I keep telling Scott Scott keep saying hey we need to get on On Cue be on Shark Tank to get into QVC and I keep telling him that curate retailgeek has great merchants and if you have awesome product you can get in regardless of what whether you know a shark or not. Brian: [33:00] And that you know what that's so true Jason that in the reality is is that again if you have a great product curate wants to hear from you and that's and that's the truth and you know we understand what works well for our audience and we understand what works really well. For the video platform and if you bring it you can find your way there I will tell you we get a lot of submissions and for obvious reasons. But yeah you absolutely could find your way there without getting on Shark Tank although a little bit of notoriety never hurts. Jason: [33:30] Know for sure so I'm curious about a tactical element of soon it seems like you made a conscious decision to natively be a nap and and on the one hand. Like man you look at all the data and mobile apps are where it's at like that the overwhelming majority of all minutes spent on mobile devices are an app's you know the top apps have the best engagement and all this stuff but the flip side is, it's a brutally competitive space and it's like really hard to get people to download the app and then it's really hard to get them to to reuse it like I'm curious did you guys. Like debate about a mobile web experience versus an app and and decide that that's where you needed to be or how is that played out for you. Brian: [34:15] Yeah so we absolutely did they say it was probably one of the one of the bigger conversations right as we thought about our future and our Direction working with my team and and. Our partners to think about hey what's the best way to go forward and build a new shopping you know destination and we certainly researched all the hurdles. As well but we saw all the things that you highlighted in the beginning right the notion that, more time is spent on apps particularly from from the target audience we were going after the engagement is much higher the commitment once you have it as much stronger all of those elements that. This is going to be a heavier lift but it's going to be the right lift for us and. And we have to be committed we know it's going to take time but this is going to be the right lift because inside that app also it just gives you the flexibility to do and create some experiential things that just aren't as as. [35:12] They're just not as intuitive or as functional as they are in a mobile web app. Right so you know I'll give you I'll give you one of the features that we love that's just really hard to do in mobile web but amazing an app so you know part of our vision was to be able to create this window, shopping experience again right to bring the joy back to shopping we're literally as you thumb through things consider each one of those swipes the window, write as if you were walking down your favorite shopping destination and you know there's an amazing product with an amazing Storyteller so instead of being on a mannequin in a fixed window it's by a voice that, you know has some credibility and authority and as they tell you about that but what if you want to see more from that brand well you just swipe left. And you're into that brand store. Or what if you want to love what if you love this soon said what if you love this Creator we call them soon satyrs that's telling you the product and you want to do you want to see more will you just you know tap the screen and up comes all the video content that that person is created, doing that in a mobile app mobile apps just don't have the same kind of tactical functionality that you can build inside of an app I'll be realized, part of this if we were going to build a new experience we needed. [36:22] The flexibility in the capabilities to be able to use everything the mobile device gives to you you know ultimately we don't have haptics in our experience yet we will you know they're all those things that are that are native to the app experience that you know. Is opened up an iPhone and ultimately Android which are not on yet but will be in the future. That we wanted to be able to have access to to give it the richest experience even knowing we'd have some hurdles and getting apps downloaded keeping them on the device and getting people back to him. Jason: [36:52] I got it that totally makes sense another one that comes up a lot in a specially you mentioned it seems like adoptions a little earlier in China so I watched the Chinese Behavior a lot to sort of see a bit it predicts how things will evolve here and it's interesting there are amazing social platforms that had huge engagement that are all pivoting to become shopping platforms right so that's by dance that's we and then there are amazing Commerce platforms like Ali Baba and Team all that are kind of pivoting to become engagement platforms and so that's why you know ding dong live and Ali Baba live and all of these these things like I'm kind of curious do you have a position like in the long run what wins right being a a platform that has a lot of video engagement and adding Commerce to it which in the u.s. I guess that could be. Tick tock on Instagram or is it a platform that really is good at Commerce and adds adds the video engagement and so you know maybe that's that's obviously but Amazon or Walmart and then I assume like The Perfect combo of both of those is of course you guys. Brian: [38:00] Yeah so I'm not trying to sidestep but here's what I'll say, video wins video ends and I'll come back to it and here's a here's why I say that so do I think you know Tick-Tock and Instagram and all those who are building you know shopping experiences into their platform, have an opportunity to win and do conversate for sure do in fact I'll give you an example I often share. With you know Brands and others as I'm eating and it's a very simple question for both you Jason and Scott have you ever bought anything while you were in an airport. From a retailer awesome have you ever gone to the airport have you ever gone to the airport to go shopping. [38:36] Right so the reality is that airports have a purpose right which is they help you get from one place to another and it's a very valuable part of your life experience. But what airports learned is have had a lot of people in my space I'll bet if I put some stores in here for you those people will buy something that is for sure going to be true with these social platforms they have a lot of people in their space. [38:59] If they create opportunities for people to buy people will buy but the purpose for opening Tik-Tok is not to go shopping, and people are finding Pathways there because that's like that's a place where I'm at and I'm learning their shopping there so now I can do this so I know if I'm Atlanta I like Ferragamo I know in the Atlanta airport there's a Ferragamo so I can find my way there. As a as a consumer and make it a point to go there when I'm in airports where I know the brands that I like are at, but that's very different than then going to your favorite neighborhood street or going to your favorite you know mall to go to go shopping and so we think those places exist on the other side you have right you have what's happened in the physical space that's taking place in the digital space right so malls have tried to figure out hey shopping isn't enough to get people here I need restaurants and entertain I need other things that are engaging, and team on everybody else is going to go down that pathway as well and go hey, if I want to keep people here I need I need things that are engaging because consumers are expecting more well-rounded experiences from all the places that they go and so our viewers to say listen if you know let's just build something, that recognizes that that's what the consumer needs and wants and create a place we're going shopping and being engaged and being entertained is, in and of itself the point the experience and we believe there will be space for that for an experience like that but I think I think Commerce is going to happen. [40:25] In all of these spaces if you bring video to them I think it's going to happen on on you know brand own websites as they bring video that's the that's the core of it, and again if you step back and go well gee how much space is there you know retail such a fixed base well that's what we all said. You know 20 years ago when e-commerce showed up like e-commerce can't grow the retail space there's a fixed space it's going to be you know give some take some. At the end of the day retail is just larger as as the platforms and places, have continued to evolve and to explode if you think about the difference between where we are and you know where Asia is and where we see the Western markets I think part of this is understanding that I think Asia is unique in that there. Retail ecosystem you know take China it's just very different. From Mars when you consider the scale their population and how much of that is urbanized versus still you know in more agrarian spaces and so it's not exactly the bear to make the comparison between. [41:25] Those two spaces and you know they have different tastes and different preferences and so I think for us in the u.s. I think part of the difficulty has been we've been trying to apply. A formula from Asia to Western markets versus saying hey what's the formula that's right for Western markets and video. And let's let's take stock of understanding what the Retail Landscape looks like here what the consumer behavior and preference for shopping looks like here and then how do you build something that's around that I think brands are starting to figure that out I think we're, you know we're just at the corner we're probably today where e-commerce was in 2001-2002, right so we're on the verge of exploding but if you remember back in those days there were a lot of brands that we're saying yeah we're not going to need any Commerce site. And and then five years later everybody in the country headed e-commerce site. Scot: [42:17] Yeah that first of all you should have qualified your question I'm pretty sure Jason is gone to airports just to go to the Starbucks. That much of a Starbucks not or are you just like is muscle memory for him he's like I want to Starbucks he just ends up at O'Hare and he's like oh oh I don't have a flight but man this this latte is delicious. The so I started a company Channel advisor andqvc was an early customer of ours and I got to go on that behind the scenes tour where you can watch the production room and it blew my mind as an e-commerce person because it was like this pure intersection of data meet Stevie because you know the talent on are would have a may be mic'd up, and the producers say when you talked about you know how the vest feels they watch this I think it was like orders per second some velocity. And they would tell him to talk more about that and if a product didn't make a certain velocity there like next so it's really so I'm kind of thinking you know can you guys because you're you've got both sides of the marketplace are you giving your creators some really interesting kind of youqvc any HSN informed data on on you know. How how to make a better video and sell more product and that kind of thing or you may be too early in your journey but it seems like you guys Doug be like right in your strike zone. Brian: [43:40] No that's the you know that's part of the secret sauce that's why we're so excited about this space it's taking that learning and absolutely the analytics right that we're putting in place and ultimately the. That algorithms that will drive right the personalization feed and the coaching that's given not just to creators but then ultimately to Brands is all built around enabling their ability to be as effective as possible at producing a video and what works depending on the category so. That's core to what we are doing at Stone is using data to drive decisions around content to drive decisions around. The speeds that ultimately will be will be you know shared with consumers right to create as much likelihood or much potential for success as possible and you know you you hit on the head Scott right part of this and part of what's made. You know curate successful for so long is that what seems very soft. Is very data-intensive and using data to make those decisions and we see that as being one of our core attributes in our core advantages is a boat as we build. Jason: [44:51] That certainly makes sense Brian I'm sad because I know we're running up on time and I have one more topic I want to make sure I get in which is this whole debate of video versus live video and I know you do you think about QVC and there's a lot of scarcity built-in which makes the the live model make a lot of sense and in China a lot of it has scarcity of deals and things in the u.s. I hear a lot of people calling things live that aren't even live and so I'm just curious like what you know do you think it needs to be live or is it a place for both like what how do you guys feel think about the live versus store and play video Commerce. Brian: [45:32] Yeah so we use both at soon so we think live live has a role in the sense of creating excitement creating a bit of scarcity also creating the the Serendipity the moment and the authenticity and organic and credibility of the content most of the content. In our mind is shot or created live meaning we're not trying to do a bunch of takes and a bunch of edits of the work in fact I tell people all the time I said it's part of the magic of one of the longest running show Saturday Night Live it's one of my favorite shows maybe maybe part of your audience loves that show as well as right it's taped in front of a live studio audience and part of what makes that show so engaging. Right is that reality and the fact that there's room for errors or groom for mistakes you know you may see one or two but it just feels so, in the moment we think that matters a lot in the experience but today. I don't know I don't know the facts but I suspect a lot of SNL is watched after the fact. [46:29] But the fact that it was shot in front of a live studio audience is what makes it so engaging so what we think about video we talk about it live here we often mean look what we want this to feel is live like meaning it should feel like you're having a fantastic conversation sometimes it will actually be live. But the vast majority of the content is going to be consumed post life because let's be honest gen Z doesn't really meet anybody for an appointment anymore from a from a watch perspective right they watch things on their own time when it makes sense for them, and it fits into their their life that doesn't take away from the fact that if the offer is big enough, for the products right right they'll show up in force for a live moment and so we believe that you need both in order to. [47:15] To create something that's compelling but for us you know largely what we think matters is creating content that is done by people who really know how to speak, can do it in one take right because you know they're good at what they what they do and can bring that level of Candor to the. To the content and that's that's what we think really will resonate candidly with people of all ages we don't think this is that's just specific to young people that's specific to everybody, we love candidness, we love I think you open the podcast here saying Hey listen if you make a mistake or two we're not going to stop and rerecord and all those things right and you're going to listen part of what makes this so natural is when it's. Captured in the moment we think that's true for video Commerce as well. Jason: [48:00] That I love that that that's a perfect way to sort of describe that the approach it makes perfect sense to me side note the reason we do that on the podcast is because Scott makes so many mistakes that we couldn't possibly go back and fix them all. Scot: [48:15] Hey I think Brian was saying we're influent we're popular influencers that's how I. Jason: [48:19] I feel like he's like as an l and the Jason and Scot show are the two. The two top top tier entertainment vehicles I think that's very fair but Brian I'm super sad to report that we've used up our allotted time this has been a great conversation and we sure appreciate you taking time to talk with us. Brian: [48:39] I appreciate you having me on the show thank you so much guys. Scot: [48:42] Brian if folks want to learn more about your online thoughts or you are you an influencer yourself do you publish somewhere or you just want to encourage them to check out that. Brian: [48:54] No you so you can absolutely follow me on LinkedIn for sure I do Post. On occasion I'm not an avid poster right now because my head has been down here but please do that and then again I would encourage you to download soon if you have an iPhone you can visit us at soon dot live too. Hear more about this if you're a brand and you want to be a part of it part of what we're doing here please go to soon dot live you can fill out a form and and someone from our our merchandising team will reach back out to you for fairly quickly and get you connected but. Yeah thank you again for the time. Jason: [49:30] Brian we will put all those links in the show notes for anyone that wants to follow up with soon and until next time happy Commercing!
Mama Hayes and I are more back than the University of Miami Football team. We recap our the 3-0 start (which is mainly the Texas A&M Game). Mama Hayes finally reveals her criteria for the Red Beans and Rice and Chocolate Chip Muffin awards. And we introduce a new segment...Talkin' College Ball!
History is messy. People of the scriptures were flawed and doing the best they could. Seeing them struggle and prevail should give us hope in our lives.
This Podcast Is Episode Number 541, And It's About The Value Of Documenting Effective Construction Business Systems Many entrepreneurs operate with their business processes and systems in their heads. They know what they must do daily and how they want to get things done. Unfortunately, when a construction business grows, and staff need to be hired – or the owner needs to take time away from the company – it's an absolute liability not having processes and systems documented in one place. To be in business and to remain in business, become a business person! To run a construction business, you must be business-like. It's not sufficient just to be very good at what you do. Many people who are 'very good at what they do' have failed. The familiar cry: "I'm far too busy for that," is also no excuse. Are you 'too busy' to be a competent businessperson? If so, your construction business won't last long. You must continue to develop your business skills. To be a businessperson, you must try to become an all-rounder, not just a specialist player. You can offer outstanding goods or services, but if you don't develop sound business systems, you are not a fully rounded businessperson, and your construction business will be in danger of failing. Remember that other stakeholders in your business - such as the building material suppliers who give you credit and the bankers who extend loans and financing terms, are constantly assessing your business skills. If you consistently pay people late or can't meet the duration of your debt agreements, they will draw obvious conclusions about your business skills. Here are the top five reasons to record your company processes and systems so your business can run more efficiently and effectively even when you're not there. 1. Improve efficiency When you sit down to record your processes and systems, you may discover gaps where improvements could be made. You might find better ways to perform routine tasks, reducing bottlenecks and eliminating extra steps. You may decide that some tasks are too time-consuming, and you'd save time and money switching to an automated solution. Reviewing how you do things as you record systems can help create better systems, improving productivity. 2. Support staff training When hiring new talent, a systems manual can dramatically reduce the time you spend training. Documenting your processes can also ensure that jobs are consistently performed to a high standard. Sharing your procedure guidelines can help new employees and casual staff quickly get up to speed on expectations and give them a reference to check before asking questions. 3. Sell your systems Develop a unique turnkey system that other construction businesses can implement to save time and cut costs, and you can increase profits by selling your operating manual. Those documented processes are part of your company's intellectual property and can be licensed like your brand name. 4. Getaway One of the perks of running your own business is setting your schedule. But without systems, it can be challenging to get away for a vacation, let alone retire. To build a company that can run without you, you need to be able to delegate the tasks and processes to someone else with confidence that they'll be performed correctly and consistently. Another excellent reason to make sure your systems are recorded and your manual is updated regularly. 5. Sell your business When it comes time to sell your construction business, you'll get top dollar if you can provide a buyer with an operating manual. A potential buyer wants to know that the company will continue to run smoothly without you throughout the transition period and that institutional memory will be retained when there's staff turnover. The greater ease with which someone can step in and operate the business, the greater the value and the higher your compensation when you're ready to sell. As we've seen, several excellent reasons exist to review your systems and record them, even if you're just starting. You might update it yearly, just like your business plan, to discover best practices and ensure it maintains its usefulness to you and your staff. Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to-day running of the business that the fundamentals of good business management get forgotten. It must be often said that the owner doesn't like bookkeeping or other administrative tasks, so these get put on the back burner. The symptoms are familiar, and their results are disastrous: Poor or non-existent record-keeping. Tax obligations are not met. Invoices go out late, and debts remain uncollected. There is one cash flow crisis after another. Goods and services are incorrectly costed and priced. Any of these factors can lead the business down the slippery path to failure, but all are avoidable. The whole point about using sound systems is that they free you to spend more time working ON your business, not in it. How good business systems will help you? Good systems will make your construction business more substantial, efficient, and manageable. They will also make your business far more attractive to future buyers because if you have developed clear operating and procedure manuals, the business will be seen as an independently viable unit and less dependent on you. Consider, for instance, what makes franchises so successful: they are designed so that people can buy a proven system and operate it after minimal training. They can do this because the business procedures are captured in simple, clear operating manuals. You don't have to be an expert at everything in your construction business. For example, you might hate bookkeeping. Okay—but do get someone else to do it for you; don't rely on a shoebox for your accounts! And you should at least understand the processes and the overall accounting picture, even if you don't want to do the 'drudge work' yourself. Final thoughts Large, profitable construction companies have known and used some form of Business Process Management (B.P.M.) for hundreds of years. We've always used M.A.P. to help our clients find the treasure hidden inside their construction business. (You can download our free toolkit here if you haven't done so). Having poor systems is the road to stress and burnout. On the other hand, good business systems will enable you to work smarter, not harder. They free you to work on your business rather than in it. That way, you're more likely to avoid burnout, and you'll be able to take time off work because you can train others to follow your documented systems and procedures. Build a better construction business and liberate yourself from it. About The Author: Sharie DeHart, QPA, co-founded Business Consulting And Accounting (Fast Easy Accounting) in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or firstname.lastname@example.org
The Goods is Vocalo's weekly arts and culture newsletter, delivering a roundup of music, arts, culture and community events to your inbox every Thursday. Writer of the newsletter Morgan Ciocca stopped by the studio to talk with afternoons host Nudia Hernandez about a few things featured in the September 14 newsletter, like Corinne Bailey Rae's new album, 'Black Rainbows,' which was informed and inspired by the archives within Chicago's Stony Island Arts Bank. They also discussed the 26th Street Mexican Independence Day Parade, held on the actual date for the first time this year, plus the Edgewater Arts Fair, Little Simz at the Riviera and more. Subscribe now to receive next week's edition at Vocalo.org. This segment originally aired on 91.1 FM during Nudia In The Afternoons on Thursday, September 14. It was edited and produced by Nudia Hernandez. Keep up with Vocalo by following us @Vocalo on all platforms.
El estreno de hoy es 'Soul Searching', nuevo trabajo del guitarrista y cantante alemán Tosten Goods: va a ser uno de los mejores álbumes de 2023. Repasamos otras novedades de la música Smooth Jazz protagonizadas por Four80East, Euge Groove, Paul Tuvman, Cory Wong y Justin Lee Schultz. En el bloque para el recuerdo rescatamos dos de los primeros trabajos de la cantante y compositora Deniece Williams.
Host Alex Pierson speaks with Claudia Dessanti, senior manager of policy for the Ontario Chamber of Commerce Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode, the Goods from the Woods Boys are joined by sensational stand-up comedian and Hendersonville, Tennessee's favorite son, Shane Bianchi! We start this one off by testing out some very weird video game-themed pre-workout powder sent in to us by a listener. We then talk about A.I. bots trying to kill people by writing books on Amazon about how to forage for mushrooms that's full of incorrect information. We go through our Top 3 lists of favorite plants and the best third movies in film trilogies. Our JAM OF THE WEEK this week is from the band (hed) PE and, for the first time ever, the band itself might be crazier than the people who comment on their YouTube. This is an amazing episode and we can't wait for you to hear it! Follow Shane @ShaneBianchiComedy on Instagram and @Shane_Showbiz on Twitter. Rivers is @RiversLangley Sam is @SlamHarter Carter is @Carter_Glascock Subscribe on Patreon for HOURS of bonus content and growing ALL THE TIME! http://patreon.com/TheGoodsPod Pick up a Goods from the Woods t-shirt at: http://prowrestlingtees.com/TheGoodsPod
Imagine a world where the nuances of the cash bail system are no longer a mystery. We promise to guide you through its labyrinth, starting with a deep dive into its 200-year evolution, its merits, and potential repercussions of bail reform. With the insight of our esteemed guest Ken W. Good, a seasoned lawyer and author of Goods on Bail, we unravel the intricacies of how this private bail system operates to ensure people show up in court.In a world where the impact of the criminal justice system and drug policy on crime rates is a pressing concern, we pull back the curtain on these issues with an enlightening exploration. We study the high failure-to-appear rates in certain counties, and California, the challenges of drug policy, and the unintended consequences of criminalizing certain drugs. Engage in our thought-provoking analysis of how these policies intersect with the cash bail system and impact our society.We press on to delve into the hot-button topic of criminal justice reform, inspecting the effectiveness of rehabilitation vs incarceration, and the looming question of accountability in our justice system. Hear heart-wrenching stories of families affected by these systems, and the potential of government-funded rehab programs as alternatives to prison. We wrap up by emphasizing the importance of respect in online discussions and the role it plays in shaping effective policies. Sit back and let us navigate these complex waters together.Music: Coma-Media (intro) WinkingFoxMusic (outro)Recorded: 8/9/23
This MacVoices Briefing focuses on the STM Goods Dux Backpack, a versatile option for remote workers and frequent travelers. With its side-loading design and ample 31-liter capacity, it offers easy access and redundancy. The “Foam Fortress" compartment provides 360-degree protection, while padded straps and back channels ensure a comfortable carrying experience. This edition of MacVoices is supported by MacVoices After Dark. What happens before and after the shows is uncensored, on-topic, off-topic, and always off the wall. Sign up as a MacVoices Patron and get access! http://patreon.com/macvoices Show Notes: Chapters: Links: STM Goods Dux Backpack (Amazon) STM Goods Dux Backpack (STM Goods web site) Vaultz Mesh Zipper Pouch Set - Pack of 4 - Mesh Pouch Zipper Bags for Organizing, Storage, Travel, School, Cosmetics - Small, Medium & Large Assorted Bag Sizes Support: Become a MacVoices Patron on Patreon http://patreon.com/macvoices Enjoy this episode? Make a one-time donation with PayPal Connect: Web: http://macvoices.com Twitter: http://www.twitter.com/chuckjoiner http://www.twitter.com/macvoices Mastodon: https://mastodon.cloud/@chuckjoiner Facebook: http://www.facebook.com/chuck.joiner MacVoices Page on Facebook: http://www.facebook.com/macvoices/ MacVoices Group on Facebook: http://www.facebook.com/groups/macvoice LinkedIn: https://www.linkedin.com/in/chuckjoiner/ Instagram: https://www.instagram.com/chuckjoiner/ Subscribe: Audio in iTunes Video in iTunes Subscribe manually via iTunes or any podcatcher: Audio: http://www.macvoices.com/rss/macvoicesrss Video: http://www.macvoices.com/rss/macvoicesvideorss
This MacVoices Briefing focuses on the STM Goods Dux Backpack, a versatile option for remote workers and frequent travelers. With its side-loading design and ample 31-liter capacity, it offers easy access and redundancy. The “Foam Fortress" compartment provides 360-degree protection, while padded straps and back channels ensure a comfortable carrying experience. This edition of MacVoices is supported by MacVoices After Dark. What happens before and after the shows is uncensored, on-topic, off-topic, and always off the wall. Sign up as a MacVoices Patron and get access! http://patreon.com/macvoices Show Notes: Chapters: Links: STM Goods Dux Backpack (Amazon) STM Goods Dux Backpack (STM Goods web site) Vaultz Mesh Zipper Pouch Set - Pack of 4 - Mesh Pouch Zipper Bags for Organizing, Storage, Travel, School, Cosmetics - Small, Medium & Large Assorted Bag Sizes Support: Become a MacVoices Patron on Patreon http://patreon.com/macvoices Enjoy this episode? Make a one-time donation with PayPal Connect: Web: http://macvoices.com Twitter: http://www.twitter.com/chuckjoiner http://www.twitter.com/macvoices Mastodon: https://mastodon.cloud/@chuckjoiner Facebook: http://www.facebook.com/chuck.joiner MacVoices Page on Facebook: http://www.facebook.com/macvoices/ MacVoices Group on Facebook: http://www.facebook.com/groups/macvoice LinkedIn: https://www.linkedin.com/in/chuckjoiner/ Instagram: https://www.instagram.com/chuckjoiner/ Subscribe: Audio in iTunes Video in iTunes Subscribe manually via iTunes or any podcatcher: Audio: http://www.macvoices.com/rss/macvoicesrss Video: http://www.macvoices.com/rss/macvoicesvideorss
Summary: In today's solo episode, Diane is talking all about mindset and how to use it to achieve your goals. Hint: it's more than just “thinking positive.” From your intentional to unintentional thoughts, Diane reveals how your thoughts, environment and the people you surround yourself with can make or break your success. You'll learn strategies on how to build a strong mental foundation, overcome limiting beliefs, examine the origins of where your beliefs come from, the impact they'll have on your life, and how not to give up when things get tough. Key Takeaways: 03:52 - 2 things that matter to achieve success in your goals 05:11 - Ask yourself these questions to check in on your mindset 06:28 - Mindset hacks Diane used to hype herself up & build her self belief 10:07 - What are limiting beliefs? 10:23 - Where do limiting beliefs stem from? 14:53 - Examples of common self-limiting beliefs 20:28 - The impact your limiting beliefs have on your life 23:31 - Reframe your mindset by doing THIS when you feel nervous 26:58 - Your tendency to quit pre-maturely is linked to this 30:01 - The power of your mental environment 30:27 - How to keep going even when you don't have the answers 33:02 - This is what mentally strong people DON'T do 34:51 - How your beliefs are creating a cycle of quitting 37:42 - A step-by-step plan to overcome your self-limiting beliefs 46:08 - How Diane's transformation came to fruition 46:17 - The perfect journal topic to help you uncover any limiting beliefs you're struggling with 52:10 - Final thoughts on the things holding you back Resources Mentioned: #171 - Motivation Monday: How to create a more balanced and fulfilled life Connect with Diane: GET ON MY E-MAIL NEWSLETTER HERE Instagram: dianeflores_IFBB_Pro YouTube: https://www.youtube.com/@dianeflores_ifbb_pro Ask me anything! E-mail: email@example.com Work with Diane: The Goddess Body Project 12 week program Check out the New Client Offer at Venus Apply to be on our Competition Team HERE Ditch Deprivation 12 week Diet Coaching Program Join the Sensual Dance Movement and feel confident in your skin Get your FREE backstage packing list for competition here Fuel Your Body with the Goods: Try Meal Prep Delivery with FitKitchen Code: Diane10 Try this Energy Shot from Magic Mind - Code: BBRadio Visit Titan Nutrition for the exclusive offer for BossBitch listeners *Promo code BossBitch at check out Visit HiYo for 20% off non-alcoholic beverages HERE Fave Boss Bitch Protein Bars - Built Bars *Use Promo Code: “Diane” at check out Cured Nutrition Code: BossBitch Nutrishop Supplement Shop - Code: BossBitch (free shipping) Dress Up & Show Up Like a Boss Bitch For 15% off your purchase at Toxic Angels Bikinis use Code: Diane Get $10 off Bombshell Sports Wear HERE For 15% off at Pseudo Force Studio Apparel, use Code: BossBitch Salty Savage Fitness Apparel Code: AmandaGlitters
In this episode with Scott McBlane, we discuss the nature of money, the attributes of ideal money, the central bank of central banks, and why Bitcoin is the closest thing to perfect money humans have ever had. Scott McBlane is the host of the YouTube channel called Scott McBlane. Twitter: https://twitter.com/scottmcblane Youtube: https://www.youtube.com/@ScottMcBlane// SPONSORS // In Wolf's Clothing: https://wolfnyc.com/iCoin Hardware Wallet (use discount code BITCOIN23): https://www.icointechnology.com/ Wasabi Wallet: https://wasabiwallet.io/ Bitcoin Apparel (use discount code BREEDLOVE): https://thebitcoinclothingcompany.com/ Feel Free Tonics (use discount code BREEDLOVE): https://botanictonics.com Carnivore Bar (use discount code BREEDLOVE): https://carnivorebar.com/ // OUTLINE // 00:00:00 - Coming up 00:00:33 - Intro 00:02:06 - Helping Lightning Startups with In Wolf's Clothing 00:02:52 - Introducing Robert Breedlove 00:03:38 - Learning the Nature of Money 00:05:13 - Introduction to The "What is Money?" Show 00:07:03 - Language and Money 00:10:52 - Money: A Medium of Exchange for Human Action 00:14:19 - Imperfection of Money 00:16:03 - Money is a Tool 00:17:33 - Attributes of Ideal Money 00:18:58 - Global Economy is a Complex Adaptive System 00:22:15 - Origins of Money and Division of Labor 00:25:34 - Money is a Primary Part of Civilization 00:28:01 - Government Didn't Create Money 00:31:40 - Money is the Most Tradeable Asset 00:32:43 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet 00:33:39 - The Barter Problem: Non-Coincidence of Wants 00:38:20 - What is the Bank for International Settlements 00:41:50 - Organized Corruption of Money 00:45:16 - The Money Printing Machine 00:47:33 - The Need for an Immune Money to Counterfeiting 00:48:30 - The Problem with Gold 00:51:04 - Bitcoin: The Ultimate Uncounterfittable Money 00:53:05 - Like Zero, Bitcoin is an Absolute Innovation 00:54:51 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet 00:55:43 - Quality of the Money Dictates Its Transaction 00:57:51 - People Want Specific Outcomes of the Goods 00:59:42 - Five Useful Properties of Money 01:02:32 - Properties of Money Determine its Purchasing Power 01:05:31 - Why Bitcoin is the Perfect Money 01:09:49 - Bitcoin: The Invention of Pure Money 01:13:07 - Experience of Meeting Jordan Peterson 01:18:13 - Fix the Money, Fix the World// PODCAST // Podcast Website: https://whatismoneypodcast.com/ Apple Podcast: https://podcasts.apple.com/us/podcast/the-what-is-money-show/id1541404400Spotify: https://open.spotify.com/show/25LPvm8EewBGyfQQ1abIsE? RSS Feed: https://feeds.simplecast.com/MLdpYXYI// SUPPORT THIS CHANNEL // Bitcoin: 3D1gfxKZKMtfWaD1bkwiR6JsDzu6e9bZQ7 Sats via Strike: https://strike.me/breedlove22 Sats via Tippin.me: https://tippin.me/@Breedlove22 Dollars via Paypal: https://www.paypal.com/paypalme/RBreedlove// WRITTEN WORK // Medium: https://breedlove22.medium.com/ Substack: https://breedlove22.substack.com/// SOCIAL // Breedlove Twitter: https://twitter.com/Breedlove22 WiM? Twitter: https://twitter.com/WhatisMoneyShow LinkedIn: https://www.linkedin.com/in/breedlove22Instagram: https://www.instagram.com/breedlove_22 TikTok: https://www.tiktok.com/@breedlove22 All My Current Work: https://vida.page/breedlove22
Ryze and shine, it's ya gals and we're talking scans, soccer, and sucralose. Maybe it's a rant, but for real: when food is sneaky about taste or ingredients, it just makes us mad. Stef's heading off to the Lobular Breast Cancer Symposium as a patient advocate. Will she see Dr. Otto Metzger and offer him a jar of her famous canned pears? Can he call Fred Hutch about her medical debt? Only time will tell. We're throwing caution to the wind, splashing out and taking the Breast Cancer Caravan to the OL Reign soccer experience, so join us for the 10/1 game! In letters, a listener turns us on to yet another mushroom opportunity. Then, RATS scampers in with a good news/bad news situation. The bad news is that cancer for young people is on the rise. The good news? We're looping in an expert about it.Marusic's starred Booklist review is here: https://www.booklistonline.com/A-New-War-on-Cancer-The-Unlikely-Heroes-Revolutionizing-Prevention-/pid=9777372JAMA's report on the rise in cancer rates among those under 50: https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2808381And Healthline's take on it: https://www.healthline.com/health-news/cancer-rates-increasing-people-under-50#How-to-combat-rising-rates-of-GI-cancersCancer for Breakfast is hosted by Amy Dials and Stefanie LeJeunesse, and is produced by Nathan McGehee. You can listen to us on Spotify, Apple Podcasts, Amazon Music, and almost all other major platforms. Our theme music is by Vyvyvyr. RATS theme song is by Jessica Boudreaux. Want to support the podcast? We're on BuyMeACoffee and Patreon. We appreciate it so much when you rate, review or subscribe on Apple Podcasts, you can do that RIGHT HERE! Follow us on Instagram @cancerforbreakfastpodEmail us at firstname.lastname@example.org
Summary: In this episode, Diane is joined by Dr. Sarah Tillay, a specialized physical therapist with experience in pelvic health as it relates to women in general. They cover everything from sex pain, struggles with orgasm, and issues with bladder leakage to peeing when you laugh, sneeze, or jump rope. Dr. Tillay also busts some common myths of pelvic organ prolapse and what you can do to prevent it. This conversation will leave you with actionable tips and tricks on how to strengthen (or relax) your pelvic floor depending on your symptoms. Key Takeaways: 03:45 - Meet Dr. Tillay 04:40 - Common symptoms when it comes to pelvic floor health or dysfunction 06:02 - Pain during intercourse? Here's why. 07:00 - Preventative measures you can do to prevent any discomfort or dysfunction 10:00 - What does the pelvic floor entail? 11:50 - Pelvic floor exercises 12:49 - Does it have any relation to vagina elasticity? 14:30 - Why your orgasms don't feel like they used to 17:10 - Best things you can do to tighten your pelvic floor 19:28 - Do this if you have a weak pelvic floor 21:15 - Do men have the same problems? 23:20 - Lesser known symptoms or signs of dysfunction 29:15 - Treatment options if you struggle with weakness around the booty 29:37 - Treatment options if you have trouble with sexual pain & intercourse 32:56 - How to prevent "peeing yourself" during high-impact exercises, sneezing, etc. 33:48 - How to do a proper kegel & how it should feel 37:10 - How long does it take to strengthen the pelvic floor? 41:01 - Biofeedback devices: Should you use them? 45:10 - Pelvic organ prolapse & 2 big myths about it 48:53 - These types of people are more susceptible to pelvic organ prolapse 50:11 - If you're experiencing any symptoms, do this! More About Sarah: Dr. Tillay is a mom of two kids under two and business owner. She specializes in pelvic health and has a passion for helping women work through pregnancy, birth, and beyond as they navigate the changes these transitions bring and manage fitness at all levels. In her free time, she enjoys rock climbing, watching survival shows with her husband, kayaking, hiking, and hanging out outside with her family. Connect with Sarah: Website: https://flooredpelvichealth.com/ Instagram: https://www.instagram.com/flooredpelvichealth/ Facebook: https://www.facebook.com/profile.php?id=100089669461353 Connect with Diane: GET ON MY E-MAIL NEWSLETTER HERE Instagram: dianeflores_IFBB_Pro YouTube: https://www.youtube.com/@dianeflores_ifbb_pro Ask me anything! E-mail: email@example.com Work with Diane: The Goddess Body Project 12 week program Check out the New Client Offer at Venus Apply to be on our Competition Team HERE Ditch Deprivation 12 week Diet Coaching Program Join the Sensual Dance Movement and feel confident in your skin Get your FREE backstage packing list for competition here Fuel Your Body with the Goods: Try Meal Prep Delivery with FitKitchen Code: Diane10 Try this Energy Shot from Magic Mind - Code: BBRadio Visit Titan Nutrition for the exclusive offer for BossBitch listeners *Promo code BossBitch at check out Visit HiYo for 20% off non-alcoholic beverages HERE Fave Boss Bitch Protein Bars - Built Bars *Use Promo Code: “Diane” at check out Cured Nutrition Code: BossBitch Nutrishop Supplement Shop - Code: BossBitch (free shipping) Dress Up & Show Up Like a Boss Bitch For 15% off your purchase at Toxic Angels Bikinis use Code: Diane Get $10 off Bombshell Sports Wear HERE For 15% off at Pseudo Force Studio Apparel, use Code: BossBitch Salty Savage Fitness Apparel Code: AmandaGlitters
Summary: In today's episode, Diane is helping you set the foundation for self-love. This conversation is one for the books as she teaches you how to embrace your body (fitness goals achieved or not) and how to love yourself through your journey of transformation. Diane doesn't hold back as she reveals the #1 reason why women are delaying their own happiness and how to find beauty beyond the non-physical achievements. Key Takeaways: 03:09 - 1st step towards embracing the body you have 08:05 - Setting the foundation of self-love starts here 08:56 - 1st step to define your transformation goals 09:30 - You're getting in your own way by doing this 11:11 - Ask yourself these 2 questions on your way to your goal 12:33 - Most of the changes you are seeking will start here 13:00 - This is the true definition of “body image” 15:30 - Why consuming social media content is affecting your mental health 16:50 - Why I disagree with coaches who say we should NOT celebrate all body types 18:03 - Finding beauty in your transformation journey 19:16 - Growth mindset vs. fixed mindset 22:02 - The power of journaling 26:42 - How to practice self-compassion when facing challenges 31:01 - Building a supportive environment 36:06 - Reframing setbacks and failures as learning experiences 39:03 - Are you celebrating non-physical achievements? Resources Mentioned: Full Focus Journal Connect with Diane: GET ON MY E-MAIL NEWSLETTER HERE Instagram: dianeflores_IFBB_Pro YouTube: https://www.youtube.com/@dianeflores_ifbb_pro Ask me anything! E-mail: firstname.lastname@example.org Work with Diane: Join the Sensual Dance Movement and feel confident in your skin The Goddess Body Project 12 week program Check out the New Client Offer at Venus Apply to be on our Competition Team HERE Ditch Deprivation 12 week Diet Coaching Program Get your FREE backstage packing list for competition here Fuel Your Body with the Goods: Try Meal Prep Delivery with FitKitchen Code: Diane10 Try this Energy Shot from Magic Mind - Code: BBRadio Visit Titan Nutrition for the exclusive offer for BossBitch listeners *Promo code BossBitch at check out Visit HiYo for 20% off non-alcoholic beverages HERE Fave Boss Bitch Protein Bars - Built Bars *Use Promo Code: “Diane” at check out Cured Nutrition Code: BossBitch Nutrishop Supplement Shop - Code: BossBitch (free shipping) Dress Up & Show Up Like a Boss Bitch For 15% off your purchase at Toxic Angels Bikinis use Code: Diane Get $10 off Bombshell Sports Wear HERE For 15% off at Pseudo Force Studio Apparel, use Code: BossBitch Salty Savage Fitness Apparel Code: AmandaGlitters
In this episode, Rivers and Sam are joined once again at Disgraeland Studios by the inimitable comedian and movie director Seth Pomeroy! This week, we're testing out an energy drink called "Gorilla Mind" from a guy who runs a very silly website called "More Plates, More Dates". We also try out some Japanese cookies that look exactly like burgers for some reason (???). We pay tribute to the late great professional wrestler, Terry Funk, by checking out some tracks from his one and only music album from 1984: 'Great Texan'. We also run down our Top 3 lists of best Canadian musicians and most-overrated places in Los Angeles. ZZ Top's "Gimme All Your Lovin'" is our JAM OF THE WEEK! Give us a listen today and change your dang ol' life. Find Seth Dalton Pomeroy @SethPomeroy pretty much everywhere. Rivers is @RiversLangley Sam is @SlamHarter Carter is @Carter_Glascock Subscribe on Patreon for HOURS of bonus content and growing ALL THE TIME! http://patreon.com/TheGoodsPod Pick up a Goods from the Woods t-shirt at: http://prowrestlingtees.com/TheGoodsPod
The Goods is Vocalo's weekly arts and culture newsletter, delivering a roundup of music, arts, culture and community events to your inbox every Thursday — plus a new playlist, artist features, volunteer opportunities and more. Vocalo digital producer and writer of The Goods Morgan Ciocca stopped by the studio to discuss the September 7 newsletter with afternoons host Nudia Hernandez. They talked Taste of Chicago, Chicago SummerDance, 50 years of hip-hop celebrations in film and fashion, KAYTRAMINÉ at the Salt Shed, and more. Subscribe now to receive next week's edition at Vocalo.org. This segment originally aired on 91.1 FM during Nudia In The Afternoons on Thursday, September 7. It was edited and produced by Nudia Hernandez. Keep up with Vocalo by following us @Vocalo on all platforms.
Gurmehar Kaur brings you the news from New Delhi, the Supreme Court, Kerala and Japan.Produced by Tehreem Roshan, edited by Umrav Singh. Hosted on Acast. See acast.com/privacy for more information.
We welcome back Dr. Peter Kwasniewski to begin the discussion on marriage through his latest book with Sophia Institute Press. What are the philosophical roots of the modern attacks on marriage, and what must be done? Show Notes Treasuring the Goods of Marriage in a Throwaway Society The Enemies of Love | Aelred Watkins Real Philosophy for Real People: Tools for Truthful Living - Audiobook Now Available! Attending Weddings: Why, and Why Not? (Leila Miller) 6/19/23 Invalid Marriages? (Leila Lawler) 4/27/23 No, Annulment Is NOT Catholic Divorce (Fr. Gerald Murray) 5/16/22 Read Fr. McTeigue's Written Works! Visit Fr. McTeigue's Website | Herald of the Gospel Questions? Comments? Feedback? Ask Father!
What's Good Denver? We've got a very solid week of music coming up in the Denver Metro from EDM to meta garage, and back-to-back Brandi. We're also looking forward to bites from this year's Best of Denver winners, plant based art, and aaaaall of the self care. This week's feature: The NFL season preview & a snack sized look at the world pinball champ. Our team shares their controversial favorites and we dial in our locally famous junior sportscaster, Azzo Estes, to give us the lowdown as the season kicks off. You can join the What's Good Denver Pick'Em League linked below. Do you have a Denver event, cause, opening, or recommendation that you want to share with us? We want to hear from you! Tell us what's good at email@example.com. The Goods: Ron Gallo @ Globe Hall - Globeville Westward Feast @ McNichols Civic Center - W. Colfax Pop-Up Art Collective @ Left Hand Brewing - RiNo Lane 8 @ Civic Center Park - Cap Hill WWE Smackdown - Ball Arena Red Rocks Schedule Plantopia @ Spectra Art Space - S. Broadway Denver Mineral, Fossil, Gem & Jewelry Show - Denver Coliseum Nurture - N2949 Federal Blvd. The Sportsball: What's Good Denver Pick'Em League (May require a Yahoo account) Pinball Global Champ: Escher Lefkoff, 19, of Longmont
The importance and power of unions cannot be overstated. Listen as Aaron and Damien discuss “What You Need To Know About Gen Z's Support for Unions” by Aurelia Glass for the Center for American Progress, and “Why labor's surging popularity isn't translating to union membership” by Emily Peck and Nathan Bomey in Axios, which highlight Generation Z's support of unions, why unions are important, and the work necessary to curtail capitalism and corporate greed, and what we continue to learn about unions in our work for social justice and collective liberation. Follow us on social media and visit our website! Instagram, Threads, Twitter, Facebook, YouTube, Website, Leave us a voice message, Merch store
イベントでみなさんに会えることを楽しみしています！ Meet Up Event https://www.haru-no-nihongo.com/meetup Goods https://harunihongo.base.shop/ Transcript https://www.haru-no-nihongo.com/post/ep-209-イヘ-ントとク-ッス-new-meet-up-event-goods Vocabulary https://www.patreon.com/posts/jin-zhou-noyan-88689075?utm_medium=clipboard_copy&utm_source=copyLink&utm_campaign=postshare_creator&utm_content=join_link Japanese Lesson https://www.haru-no-nihongo.com/book-online Shadowing Course https://www.haru-no-nihongo.com/plans-pricing Youtube @HARUKA ~Next Step Japanese~ Instagram @haru.no.nihongo @tomodachi.club_jp
It's the day we've been waiting for all season: Ursula is open! In this episode we hear the staff celebrating on opening night, and debrief with Eric and Lani about surviving their first week of service. Plus, Jenny and Alex reminisce on the opening - and closing - days of their restaurant Goods. Additional music in this episode by Doctor Turtle, HolinzaCC0, Andy G. Cohen, Jan-Michael Hökenschnieder & Fachhochschule, and 10 Echo.Opening Soon is powered by Simplecast.
In this episode, Rivers and Sam are hangin' out at Disgraceland with TWO amazing guests: comedian Tony Bartalone and Goods from the Woods World Heavyweight Champion Justin Morales! We start this one off by taste testing the WWE's first venture into the energy drink game, the C4 Berry Powerbomb! Then we get into Tony's INCREDIBLE new one man show, "Homeless Romantic". It's the story of Tony's time on the street and in temporary housing for almost 5 years and some of the funny and unforgettable characters he met during what was otherwise an extremely difficult time. We also talk about a guy in Virginia who just got sent to federal prison for writing threatening letters posing as Antifa and placing an explosive device at a Civil War reenactment. Bob Seger's "Turn the Page" is our JAM OF THE WEEK! Tune in now, friends. Follow Tony on Instagram @TonyBarfalone. Follow Justin on Instagram @TheJustinMorales. Rivers is @RiversLangley Sam is @SlamHarter Carter is @Carter_Glascock Subscribe on Patreon for HOURS of bonus content and growing ALL THE TIME! http://patreon.com/TheGoodsPod Pick up a Goods from the Woods t-shirt at: http://prowrestlingtees.com/TheGoodsPod
Summary: In today's episode, Diane and Amanda are joined by their lifestyle client, Jenn Connicelli. She started her bodybuilding transformation, with zero experience, at 47 years old and competed in her first show in October 2022. As a client based in New York, Jenn shares her candid experience working with an online coach, the challenges she's faced, and her decision to invest in multiple coaches at the same time. She also reveals her experience with mom guilt as she's undergone this transformation and gives her best tips and tricks to balance it all. Key Takeaways: 02:32 - Meet Jenn Connicelli and what sparked her journey to start bodybuilding at 47 years old 09:07 - Jenn's personal experience competing in her first bodybuilding show 10:12 - Honest thoughts on working with an online coach 16:11 - Balancing the ups and downs of the bodybuilding lifestyle 18:05 - Why you need to share how you're feeling with your coach 20:37 - What progress looks like nearly 5 weeks out from show: where Jenn is at, what she's doing to prep, etc. 21:29 - Building a supportive environment 24:11 - What it's like to undergo a transformation journey in your mid-40s 28:05 - Food, food, food: before, during, and after becoming a bodybuilder 33:08 - Dealing with pushback when starting your fitness journey 35:35 - Tips & tricks when experiencing mom guilt 38:56 - The benefits of working with multiple coaches at the same time 46:22 - Best advice for someone hesitating to start their own transformational fitness journey Connect with Jenn: Instagram: https://www.instagram.com/jennconi_fit/ Connect with Diane & Amanda: GET ON MY E-MAIL NEWSLETTER HERE Instagram: dianeflores_IFBB_Pro Instagram: amandaglitters YouTube: https://www.youtube.com/@dianeflores_ifbb_pro Ask me anything! E-mail: firstname.lastname@example.org Work with Diane: The Goddess Body Project 12 week program Check out the New Client Offer at Venus Apply to be on our Competition Team HERE Ditch Deprivation 12 week Diet Coaching Program Join the Sensual Dance Movement and feel confident in your skin Get your FREE backstage packing list for competition here Fuel Your Body with the Goods: Try Meal Prep Delivery with FitKitchen Code: Diane10 Try this Energy Shot from Magic Mind - Code: BBRadio Visit Titan Nutrition for the exclusive offer for BossBitch listeners *Promo code BossBitch at check out Visit HiYo for 20% off non-alcoholic beverages HERE Fave Boss Bitch Protein Bars - Built Bars *Use Promo Code: “Diane” at check out Cured Nutrition Code: BossBitch Nutrishop Supplement Shop - Code: BossBitch (free shipping) Dress Up & Show Up Like a Boss Bitch: For 15% off your purchase at Toxic Angels Bikinis use Code: Diane Get $10 off Bombshell Sports Wear HERE For 15% off at Pseudo Force Studio Apparel, use Code: BossBitch Salty Savage Fitness Apparel Code: AmandaGlitters
SEAFOOD Phil a Black Business Owner has cooked for so many Legends and is a Staple Business Owner SEAFOOD Phil is an amazing Chef Boss Talk 101 Had To Pull Up on him and Test Out the Goods and it was a Great Experience the Food was Delicious Stop By SEAFOOD Phil #bosstalk101 #seafood #seafoodboil Subscribe Boss Talk 101: / @bosstalk101 ► LISTEN LIVE: ► SUBSCRIBE PATREON: https://www.patreon.com/bosstalkpodca... ► CATCH UP on What You Missed: https://bosstalkpodcast101.com ► FOLLOW Instagram: https://www.instagram.com/bosstalkpod... ► FOLLOW us on TikTok: https://www.tiktok.com/@wayupwithyee ► FOLLOW us on Twitter: https://twitter.com/Unique_Fashions ► LIKE us on Facebook: https://www.facebook.com/eceo.smith You can listen to Boss Talk 101 w/ E CEO & Mz Jamica Weekdays from 10AM - 2PM or on Patreon app anytime! Executive Producer: Chasity Swilley Producer: Stephanie Smith Video Manager: Dennis Cooper Content Manager: Shamariah Smith Public Relations: Tre' Smith Visit Our Website and Subscribe: https://bosstalkpodcast101.com Instagram: https://www.instagram.com/e_ceo_/?hl=en Apple Podcast: https://podcasts.apple.com/us/podcast... Spotify Podcast: https://open.spotify.com/show/0yD2UzY...
Continuing right where we left off, we push on and explore the second half of Jason Hanley's Bigfoot 200 adventure! And yes, things finally do take a turn. Mountain Lions? The “Green Tunnel”? What exactly is a Klickitat? And you know what we all like after running 190+ miles of trail? Soft, beautiful road for the last 15+ miles to end the race. After concluding his epic adventure, we then dive into Jason's new adventure goods company, Wildsense. We talk about its background, its mission, and how he handled launching this venture while training for Bigfoot. We highly recommend checking this awesome company out and showing some support.https://wildsensegoods.comYou can also follow Wildsense on social media networks such as Instagram and Facebook. Congratulations, Jason, on an amazing race and for the launch of your new company, Wildsense!Be sure to subscribe to the podcast wherever you listen, and we always appreciate you leaving a good rate and review. Join the Facebook Group and follow us on Instagram. Have a topic you'd like to hear discussed in depth, or a guest you'd like to nominate? Email us at email@example.com
Goods prices are decreasing, while services prices are increasing; Labor Department reports 230,000 initial claims for unemployment benefits last week; Atlanta Fed's Bostic says it's time to stop interest rate hikes; U.S. government expands advanced chip export ban to parts of Middle East To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices
The Feds recently seized $400K in counterfeit Apple kit. We'll talk about avoiding the fakes, and what to do if you think your headphones are phony. Plus - Student loan payments are restarting soon. We'll talk about some of the scams growing around their return on Checklist No. 341 - brought to you by SecureMac. Check out our show notes: SecureMac.com/Checklist And get in touch with us: Checklist@Securemac.com
EP309 - Instacart IPO Filing Warning: Given the complexity and breadth of topics, this is a longer than usual episode with a runtime of 90 minutes (if we had more time, we'd produce a shorter podcast). Update: In this episode Jason mentioned that he didn't think Instacart accepted SNAP payments. It turns out that Instacart did start accepting SNAP earlier this month. On Friday, August 25th 2023 Instacart filled its S-1 IPO form with the SEC, in advance of its intention to make an initial public offering. The complete filing is almost 400 pages. In this episode we summarize all the key points, including a number of surprises, in the filing. If you want to follow along with the actual S-1, you can download it here. Scot suggests you focus on pages 101-124. Topics Covered: Cover Page and Entry Level Items Overall Growth Trends 25:50 Unit economics 42:90 Cohort Analysis 48:10 Instacart Ads 56:30 The Big Risk/Concern 1:00:11 Other observations (Instacart+, Carrot Services, Generative AI) 1:22:50 Other episodes mentioned: Episode 255 - Instacart Chief Revenue Officer Seth Dallaire and Episode 224 Customer Cohort Analysis and CLV with Dr. Daniel McCarthy. Don't forget to like our facebook page, and if you enjoyed this episode please write us a review on itunes. Episode 309 of the Jason & Scot show was recorded on Tuesday, August 29, 2023. http://jasonandscot.com Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. Jason: [0:23] Welcome to the Jason and Scot show this is episode 309 being recorded on Tuesday August 29th I'm your host Jason retailgeek Goldberg and as usual I'm here with your co-host Scot Wingo. Scot: [0:38] Hey Jason and welcome back Jason and Scot show listeners. We are going to jump into the talk tonight because one of our most popular shows as you know Jason the format is a deep dive and we have got a great Deep dive for you guys this episode. Last Friday August 25th there was a very big event not only in our favorite world's grocery which is Jason's favorite world and my favorite world of e-commerce and then Jason's favorite world of. But also in my favorite world of startups so this is this is a pretty big event and we wanted to dedicate a complete episode to it. I mean it is the filing of the S14 instacart. [1:24] And just to set it up the you know in my world of start-up land it has been very hard to get an IPO done so there's been a couple post coated and like late 2020. And then summon 21 and then there's been a dry spell there's been something called a dese back so you have this spec which is this. [1:44] Special-purpose acquisition thing and you can kind of go public through this kind of complicated convoluted thing. Tends not to go very well so there's been some of that like in My World Mobility there is one called get around and there's been a couple others and those typically have not. Gone so well they're down like 95% bird the scooter company did this as well. So it's been a very dry IPO market for startups and thus of interior backed investors. So there has been a lot of anticipation around when is that a PO when they're going to open who's going to be brave enough to kind of stick their foot out there first. And you know a lot of people have been rooming that instacart would be out there there's a couple other companies in this kind of unicorn Stratosphere stripe is another one that we cover a lot on the show from the payments world. There's also the others you can think of Jason there's this one. There's a software one that is just doing really well in AI that's been mentioned a lot not not open AI it'll come to me in a minute. So you know so this is kind of the real. Bang the Big Bang of here's a company that is being brave enough they're gonna go first and we're going to see what happens so it's going to be really interesting and we thought because it hits this Venn diagram of all of our favorite things that we would spend a fair amount of time on. [3:10] So first of all this is a 400 page document so our value add to the listeners is we have distilled it down into what we think are the most interesting little tidbits and some of the things we've learned from instacart it is nice because there's been a lot of rumors about how instacart Economics work and Jason has been tracking their ad piece which is you know cpgs have really seen some really nice results from that so we know that's been active and the areas we picked apart we thought we would cover tonight is I wanted to kind of give you a quick and dirty Scott's guide to reading an s-1 and we'll start at the cover page that's there's actually a lot that happens on the cover page so I want to spend a little time there and kind of give you a little I haven't taken a company poet behind the scenes of what's going on on there and then we're going to talk about some of the overall growth things that just kind of help you understand. [4:07] How to think about instacart how they're growing and what they do and what role they play and then unit economics one of the things that is happening more and more in these s1's is they're doing a more comprehensive cohort analysis and this is basically showing hey if if I car to a customer in a certain period how are they doing now and what are those Trends so that this this had a lot going on there of course we want to talk about the ad business and then little bit of a catch-all for other observations, Jason anything I missed before we jump into the cover page. Jason: [4:42] No I think you mostly covered it just one slight correction it's four of our five favorite things for those listeners that tuned in to hear us talk about Ahsoka we're going to do that on an upcoming episode so that Star Wars would be our fifth. Scot: [4:56] Yes sadly there was no Star Wars in this one so it's that one little part of the over the Venn diagram was left is its own little circle out in space. Jason: [5:06] That's a we call that a teaser for a future episode. Scot: [5:09] Yeah yeah we're we're Pros were 300-plus episodes into this thing and this is the kind of you know Pro level that we deliver on the pod. So you guys missed it Jason forgot to plug in his microphone earlier so that's a yeah we're still still learning every day, so when you open an s-1 the first thing you see is the cover page and it you know a lot of people just Breeze by it because it's a cover page but it has a lot of really valuable information so first of all the first thing that I noticed is I was searching for this on Edgar and I kept typing in instacart and it wouldn't show up and I was like WTH I know this s1's out there why can I not find it and then I saw an article and it said oh the company's real name is maple bear so that's the first thing you see on the cover is the company we all refer to as instacart its actual Corporation name is maple bear and it does business as instacart so I thought I did not know that prior so that was the first thing I learned right there on the cover so that's interesting so if you do go to the will put a link to the s-1 in the show notes but if you do Brave the Edgar SEC database yourself throwing a little Maple bear there and not instacart. Jason: [6:22] Not to be confused with Amazon's house brand Mama Bear. Scot: [6:26] Yeah yeah and I'm sure there's a honey bear and brown bears there's a there's a lot of a lot of bear things going on. The other thing that I was like to see is what symbol are they using I think it's fun to kind of you know as an entrepreneur to kind of think about what symbol you're going to use that best personifies your brand Channel Bowser we had ecom's so that was an exciting one so we captured e-commerce Shopify go. Jason: [6:52] The best ticker symbol of all times by the way. Scot: [6:55] Thank you thanks thanks I appreciate it. Shopify head shop and that was a good one and instacart / Maple bear is going with cart so I think that's a that's a that's a pretty nice one you know it kind of there a multi grocer chart cart and we all think about instacart I'm sure they hate being called Instagram so this kind of like really punches on the cart so maybe they get away from everyone mistakenly calm Instagram. Jason: [7:19] I think it's solid. Scot: [7:20] Yeah A-Plus on the symbol and then in the you'll notice that a lot of the evaluations and how many shares they're selling are blank and that's you know in this draft of this one which is the first kind of public one that they're dropping out there they'll they'll iterate a couple more times they'll do their Roadshow and then write one that, it prices they'll update the S12 include all that information so they'll make kind of literally a game day decision the night before IPO of how much based on the order book how much they want to sell and at what price so that, that's going to be blank through probably several more iterations as we go on then this is did you want to do something in. Jason: [8:04] No I was just I was just thinking that they I assume they left it blank because the underwriters were out of practice. Scot: [8:10] Yeah no no they they are there waiting and that's a good point because when you go public the the companies that take you public in this context they're all investment banks on Wall Street. But they they filled this role of Underwriters and basically what they're doing is they're acting as market makers they're going to cover your stock when it's public and they're also going to be basically pounding the pavement to sell your stock to buy side by side analysts and firms on Wall Street. Which there's two buckets of there's mutual funds and hedge funds there's also retail that I guess there's three buckets, retail would be you log into Schwab or Robin Hood and the diet of the IPO you try to buy some chairs that's retail and they all allocate a little bit of that for the IPO so they like retail to come in and get a little taste. [9:04] A lot of folks that if you're an accredited investor at an institution and you have a wealth manager, sometimes you can get a little bit of access to an IPO before it prices you don't get a special price or anything but you can if you're really excited and you're a retail customer you and you're in this kind of wealthy bucket then you can you can get some allocated shares I think is what they call it these call this friends and family they don't call that, that anymore that's called a allocated shares but what's important about the underwriters is there's actually a signal there several signals here and I didn't know this time went through the process. First of all they have lined up a who's who of investors so even before you get to Underwriters they have this really interesting note right before right underneath before they get in the underwriters and they say oh by the way we have lined up these investors already that have committed to buying and they have committed Asterix and then they kind of like take away the committed but. [10:05] I think that's a legality I think I think it's a pretty hard commitment is my reading of them and they basically say these guys are already these guys have lined up to buy at least 400 million in this offering. Regardless of the price and there's some big names in there there what I would call. Public-private so they have invested in instacart already as a private entity and then they have another side of there. Firm that invest in public entities and they have said that side is going to support the private side and that's nor just Bank tcv. [10:38] Sequoia and a couple others this is very unusual but I think it's an interesting play because it basically says to the market. Hey you don't have to worry about this thing you know taking on the first day because we're going to were signaling to you we're going to place a chunk of this with these folks that are long-term holders and they're going to backstop this thing I think of it as a adding a floor to the IPO basically saying we know it's been a while we know there's risk out there we're going to have a floor on this so so there's built-in demand for this IPO so that's quite unusual and this is the first time I've ever seen anything like that sometimes you'll see tiro price is a big one a big mutual fund that likes to do this or they'll have a private-public and they'll say you know they'll kind of suggests that, they're interested in buying more and they'll come out and say they don't plan to sell or they've accepted a lock up for a year or something like that I've never seen such a strong message as this one so I thought that was interesting. Okay then we move to the bottom of the cover and that's where you have the list of the underwriters and what's really interesting is the way this works is the bigger your font the bigger a role you play in the IPO so on this one the biggest font is Goldman Sachs and JP Morgan and you know they have I don't know what would you say Jason like a 40 Point font. Your. Jason: [12:03] Yeah I had to read it with my my PDF zoomed way up so I feel like I yeah but it was a big font. Scot: [12:11] Yeah yeah so those guys get like a you know they're kind of really big and then what's also interesting is where you show up on the page is important so your importance starts at the left and goes down to the right so the most important what we would call the vernacular is the lead left which is the biggest font on the left side of the cover is the lead Investment Bank and as Goldman Sachs and they're they're The Bluest of Blue Chips everyone wants Goldman Sachs if they come out. [12:37] And then usually you want either JP Morgan or Morgan Stanley now JPMorgan has increased greatly and stature over the last three years because they have weathered coded and they have basically absorbed most of Silicon Valley Bank's deposits and a lot of these other riskier Banks and their CEO is pretty famous Jamie dimon so they've this is kind of you know two blue tips on the top of the book here which is pretty interesting and then, then you kind of go down a bit and you end up with 18 more Underwriters and there's like three levels of them there's like the font gets smaller so you go from 40 point to 20 point then you go to like kind of like 15 point and you go to seven point and you know what's interesting is I have never seen this many Underwriters either so they basically have said we want everyone on Wall Street lined to go and help us sell this we will turn no Rock no Rock will be unturned looking for buyers of instacart stock with the institutional investors. There's some International Players so they've basically if you kind of said if you if you. [13:53] Few War Room doubt what are some things a company could do 2D risk an IPO they have done things I've never seen before times like three and then the last thing that's interesting is the economics each of these Banks gets kind of depends on where they are on the page so you know if it all this gets him to like, there's all this Machinery but these guys do it because they make money so Goldman will make their kind of highest percentage and then JPMorgan and so on and so on based on how much they contribute to the book and all this kind of calculus that goes on behind the scenes so I thought that was kind of a really interesting just on the cover some things that were very unusual from other IPOs I've seen Jason anything that you found on the cover that was riveting. Jason: [14:43] We'll know I did. I have a question for you though I got I guess I when I saw all of those Underwriters I kind of and perhaps erroneously assumed that part of what was going on here is, it's been a while since there were in any IPOs that went through an underwriter and that all of the underwriters are out there. Desperate for four deals and that therefore. Instacart had more more leverage to get more Underwriters like is it. Is it literally instacart just agreed to pay more for these two more Underwriters 2D risk the IPO is that. Scot: [15:23] Yeah I think. So human nature is that the lead laughed and Lead right want to absorb a lot of the deal and don't want to share too much so so typically there's some friction there right so they'll be like yeah you could add a couple and they use this tearing language I don't you know this is just kind of how I don't know who how they know what who's what dear, but tier one is Goldman Morgan and JP Morgan Morgan Stanley and then tier 2 is you get kind of Stiefel, a couple others in there then you go tier 3 and then you kind of have like an international kind of tearing as well so usually you get like two from Tier 1 Maybe two or three from tier 2 and then that's kind of it and then if you've if the company feels strongly like another consideration is when you go public one of the things that helps you long term is to have analysts that follow your stock and we've had many of these analysts on our show Mark mahaney Collin Sebastian these are and then Scott Devitt he was at stifel and he's moved on to another shop these are these are famous people in the internet marketing world so you want take Mark sets, I wasn't even as Fern was he ever green but that's not it. [16:40] Ever Quorum so so you as the company can say the Goldman hey I know you guys want to keep a lot of Economics but I want mahaney on this and we got to get ever Cora so some of those on the bottom are probably International distribution retail or something the company wanted kind of specific to add them on and you know that was all pre-negotiated with Goldman getting lead left they had they kind of had to acquiesce to having a bit of a large number of Underwriters on there so I don't yeah I don't think I'm sure they all wanted to be to your point like there certainly wasn't even saying no to being invited to this and they probably you know you just bake off in this was I came to imagine if they ended up with 18 like, mr. started with 80 I don't know it's crazy that was probably like a. Six week bake off just to hear from all the bankers so yes I think there's more around the analyst going on with with the large number on some of those. Jason: [17:39] Got it and then I want to hear your speculation about where the price might come in but I'm trying to remember the details there's been a lot of interesting things going on with the private placements before we got to this point right so I think the some of the valuations of the private placements were at some point disclosed and then I want to say instacart reset there. Their valuation at a lower number while they were still private like presumably to make the equity appealing for employees. Scot: [18:17] Yeah the sequence of events and this is all you know they don't disclose all this in this one because it's kind of like. Jason: [18:25] Sure I'm just trying to get the the Run. Scot: [18:27] The Whispers And if you read some of these you know I subscribe to a lot of things that talk about some of this kind of rumors and so take it with a grain of salt but there was some sequins like they were chugging along and then Covent hit and it was like Off to the Races vertical and I think the wheels kind of came off the bus and they started to lose money because the unit economics weren't weren't ready for for like a surge like that and then right around 21 they replace the CEO and they had to kind of emergency raise some Capital which is kind of like one of the worst times to do it because even though their revenue was surging the rest of the market was in the toilet basically so I think they had to do a Down Round And what I've heard is their bed raised money as high as 39 billion and then they took this haircut at with this new CEO in this kind of re leaning down the company at about 13 billion so. [19:19] So I think that's kind of like the watermark is kind of where they've last raised money and if you look at their revenue that's actually not that's a very reasonable Place given where you know they've grown since then but now what's the revenue like four billion ish yeah so they're like 3 billion and 22 in revs so that's like a four times Revenue which is pretty reasonable for a company growing the way they are with with good profitability so I would be I would not be surprised we don't we won't know this per share price until we see the denominator and they didn't have the denominator which is market cap divided by number of shares equals share price we don't know the number of shares so I would I would suspect. I'll guess, four billion I'm gonna guess 20 billion would be a low like I think it will price they're on the low end and it could go as high as 25 30 depends on you know. Retail and how much momentum it gets with with buyers. Jason: [20:26] And part of the art here is you don't you don't want to price it too low because that means you you have money on the table when you sold your Equity but you also don't want to price too high and have the, the stock like go down from the offering price and get below water right away right so. Scot: [20:49] Yeah it's very common we kind of had this situation at Channel visor we went public right after you know cortical right after in a longer time window of 08 09 and you know they strongly we had golden lead left and they strongly encouraged us to think long-term and not get obsessed about that pricing and leave a little bit of money on the table and yeah and then over time you could do a secondary at a higher price and you really want to you don't want to tank especially in a tepid market so I'm sure this was all part of the um you know Goldman would counter negotiate this to be lead left and say look we we need your commitment that your yep part of the pitch is they give you what they think it's worth and how it's going to price and they also discuss the strategy and that's part of the selection processes and you would think it would be. Okay whoever says they're gonna give me the highest price but you actually kind of they really stand out a lot because the Goldman people can talk about Dave, they've got like a lot of data to back up their strategy and you know there's like Watson there that that are. It would make your head spin and so they do a really good job of talking about why it makes sense to price the way they think and how how they see it over a longer Arc of time. Jason: [22:12] Gotcha so the guys with all the money have really good justification for why you shouldn't worry so much about the money. Scot: [22:18] And then the other thing to know though is what typically happens is you are not sharing you're not selling any one shares so the company so as part of this IPO the company will issue new shares so so you as the founder and the other investors you still have your shares you're not actually selling them at this moment so you know in a way now you get diluted right so the flip of that is your percent ownership goes down but you know it's kind of the would you take a little bit smaller. Of that and long term when you can sell your shares as the investor and the founder and the team and the people that bet on you now you know can you execute and deliver and then earn your way into a higher price and then that's when you can kind of like get some equipment sir. Jason: [23:08] Do you want a little bit of a grapefruit or all of a grape. Scot: [23:11] Yes exactly yep that is a good description. [23:17] Okay so here's here's the other part of the quick and dirty guide to reading the S1 you can take so that's cover is really good and then you take the literally the next let's see what is it. 100 pages and you can toss them so this is where the lawyers come in and they love to make sure you understand all the risk factors you know a meteor could hit the Earth people could stop needing groceries cybersecurity I could be no one wants to shop for them it could be they'll compete with a bunch of people Amazon is always a risk factor Google Microsoft. So all that really doesn't add value and then there's a little bit of financial stuff but it's it's pretty dry and it's kind of like from the Auditors almost so it's like super drive so it always do is you skip to the part of this one we're finally the lawyers have earned their large fees and they vomited forth 100 pages of risk you know stuff. And then you get to write your story and that's called the Management's discussion and Analysis in the industry it's called the md&a. [24:27] It's confusing I thought for a long time it was md&a because Aaron says mdna really fast and they're saying the word A and D and it sounds like an end to me and I kept saying what the heck does md&a stand for they're like what do you mean what's up what are you saying. It's like a who's I first got a thing but it's md&a so Management's discussion and Analysis and this is where you. Jason: [24:49] Because I read all 100 pages and and I'm super depressed and one of the risk factors is the way I could become sentient and take over the Earth. Scot: [25:00] Mmm yep that is a risk factor and then it will bring our groceries to us I guess as we are batteries for its consumption. Jason: [25:08] The computers won't eat. Scot: [25:10] So if you really want you know so what you can do is you can get the gist of 95% of this by printing out the s-1 pages 1012 124 that's it's only 23 pages and it's really dense but it is actually this is actually a very good read they did a very good job of making this so you know. It's very approachable and they go into a level of detail that's really handy into problem so we're going to give you some of the highlights from that but if you want to go deep on your own we will give you all you need to go to the next level just by looking at those 23 pages. Okay so what did you see and them DNA and that got your attention. Jason: [25:55] Well I mean a number of things so maybe just super high level what's exciting to me like obviously a lot of this information about the business was not, publicly available so in the process of going public in issuing S1 they suddenly reveal a lot of things and they reveal things about. Their own business but they also have to paint a pretty good picture of what they think is happening and could happen in the digital grocery business so it's kind of like getting a whole class of really smart people to sort of, write a thesis about the the digital grocery business that we get to read and interpret and you know we they reveal things that we didn't know like how valuable customers are over time and how much consumers spend on a given order at instacart and what percent share of wallet they think digital gets versus brick and mortar and all these sorts of things and we'll get into a bunch of them in the in the individual sessions but my my takeaway from the beginning of that management discussion was that it's a. [27:08] A pretty robust business that the aggregate amount of. GTV that they that they have is pretty significant its twenty eight point eight billion dollars in groceries that they sold in 2022. Scot: [27:27] Yeah and GTV is gross transaction volume so instacart it's basically a Marketplace like eBay or Amazon where parts of parts of Amazon all of you back where you have in the marketplace of product Marketplace use GMB a lot of payment systems like PayPal use tpv gross merchandising value total payment volume they have chosen to use this term for the gross figure of GTV and at first I thought it was going to be groceries to do but it's gross transaction value I thought for sure it was like grocery, I was trying to decode it without looking it up and I was like that can't be grocery because then I don't know what a TV is doing there and you know so then their revenue is a derivative of that meaning of some percentage then of that big number Falls to them as Revenue after they pay the grocer The Shopper and then instacart the business has the leftovers and which ends up, we'll go through the unique and I'll mix it ends up being being pretty small because the grocery business does not have huge merchants. Jason: [28:26] Yeah so kind of looking at those business fundamentals that you know in 2022 they sold 28.8, billion dollars worth of stuff which for them generated 2.5 billion dollars in revenue and they were profitable on that Revenue they they net 428. Million dollars which like back in the a couple years ago when there were more IPOs happening there were there were IPOs in the space they were happening with companies that still weren't profitable so so that was interesting that they they were meaningfully profitable and then the, you know you're super interested in what the growth trajectory is and. [29:13] 20:19 was a very small year so going from 2019 to 2020 you know and then the pandemic app in the middle 2020 and urban was ordering groceries from, from instacart so the growth in 2020 was astronomical like 300% or something like that. But then the growth in 2021 over 2020 was 24%. On revenue and the growth in 2022 over 2021 was 39% in Revenue so. The revenue growth is Meaningful and accelerating. Which would be exciting they were not profitable in 2020 or 2021 so 2022 is the First full year that they were profitable. The GTD is a little different though they had significant growth three hundred percent in 2020 20 percent in 20 21 and 16 percent in 2022 so, well they have a track record of growth it's the top on GTV growth is decelerating. And then of course we're halfway through 2023 so they have to disclose. [30:23] How the well they've done in the first six months of this year and they compared to that to last year and the revenue and GTV are both essentially flat in the first six months of this year. Versus last year so I don't know you'll have to tell me but I look at that and you go man there's some robust stuff here there's a great growth story. I should have mentioned that that's on an annual basis on a quarterly basis they have five consecutive quarters of profitability which also seems. Impressive him pretty favorable but it's probably a slight worry that the. A lot of that growth seems like it's it's leveling off in 2023 I don't know if. That the most recent performance gets gets over weighted or underweighted and sort of evaluating the the prospects for the company. Scot: [31:19] Yeah the buyers will you know what every everyone has a different way they value things and they they're going to build their own models and the company will give them some guidance that's some of the stuff we did it we're not going to go over and but you have to be careful because you don't want to make forward-looking statements so this is this weird dance you do of you. You try to get people excited by not saying anything about the future which is which is a little tricky so you know what I imagine instacart s' just reading the tea leaves again they talked a lot about how they don't really do much sales and marketing which I kind of read to say, look we really hunkered down on our unique economic sand we've got it dialed in right now and spoiler will get to adds a lot of a lot of that has come from this ad piece. And I think now. [32:07] Because investor and I was the bullish scenario is you know they're going to raise at least 400 million they'll probably raise a lot of money from this they could start doing some advertising and you pick up some new customers that again I'm going to kind of hope they look at the cohorts those cohorts look like with what this in the here and they have at least the same unique anomic so if not better and I'm going to look at this growth accelerating wow what Wall Street loves their favorite favorite favorite kind of the top quadrant is accelerating Revenue growth an accelerating profitability and you know I could see a scenario the light has to go their way but I could see a scenario where that works here you know if they could if they could start spending some really careful sales and marketing dollars building the brand where they've been kind of under the radar for the most part and then. That works those cohorts stick and then they can work on the economics because that's gonna bring more advertisers per order because the more average more orders and more. GTV is going to bring more cpgs in that want to advertise against that then you could argue accelerating Revenue growth accelerating profitable unit economics. So I think that's the bull case the bear case is they've hit saturation they've got all the stores. 4% is anemic and nowhere to go but down. So that's the end of it is it is going to be interesting to see there's a little bit of A Tale of Two Cities in those possible outcomes. Jason: [33:36] Yeah what else jumped out at you in the management discussion. Scot: [33:43] They made a big point of talking about they have 7.7 million monthly active users which is a good number but they point out that in the u.s. there's 330 million consumers or I guess population so they use that and this is kind of one of those hints I was talking about the basically said hey we're. We've done good to get here but these are like the early adopters we still have a long way to go there's a lot of people you know I don't think they'll get all of them and I'll talk about that in a second but there's a lot more people that you should be using our service that aren't is so they kind of paint that 7.7 million and say that's teeny tiny compared to where we should be. And then you know the other thing they talked about that I thought was interesting I wanted to get your opinion on is they talk about, per user per month they get three hundred and Seventeen dollars and I was wondering I know you probably know this off the top of your head. What is if you look at the average US consumer and you probably look at the. Population of the convenience store that's like a kind of probably like that 100K and up household you know what is their monthly and is this like half of it a quarter what is your spidey sense tells you on that. Jason: [35:00] Yeah so real rough numbers the average American family and you know people shop for groceries in households versus people so it's almost better to talk in household so there's like 131 million households in the US and sin they've got. Seven million of them as customers the average household shops for groceries 1.6 times a week and they spend a hundred dollars per visit so you kind of you know rough that up and you get. Get what is that I'll have the intern do in turn do the math one point six times. 100 times, 4.5 is 720 total grocery spin which I don't have the census numbers in front of me but but that passes the smell test that so. Households are spending six seven hundred bucks a month and instacart saying that they're getting less than half of that. Scot: [36:12] Yeah and I saw some people speculate on this that, what their inferring is Davin they have an average order of 110 so this is like 2.6 instacart some month instacart orders per user per month that's another kind of interesting metric and then people are speculating in the saying the pattern is probably people are doing a big shop once a month and they're kind of going and getting you know, a lot of like maybe canned goods and things like that and then they supplement it with two or three instacart has to bring maybe a refresh of the the replenishable is like the cheese the milk the veggies and the fruits kind of thing. Again this is everyone just kind of like taking data and kind of going out for data point so the cone of uncertainty is pretty big out there but it kind of passed my sniff test that's how we've used it before, at our house with exception of wizard a lot at work to fill our snack area at work and we're probably like we're probably like top one quartile of this whole thing that's the number of snacks we get from Instagram. There's a deep does that that analysis of the one big shop yourself and then supplement does that. Jason: [37:26] No exact yeah I mean I think the Grocer's talk and I hesitate to bring this up because I don't think I remember I'll for off the top my head but there's like four typical types of shopping missions right so there is that like Pantry stocking shop there's like a weekly shop there's a. Occasion Bay shop where your your it's date night or it's Christmas or whatever and you make a special shop and then there's those, top off shops and I think it's generally agreed like there's not a big cohort of consumers that have just said I'm never using a grocery store again then I'm exclusive we gonna, I have all of my my calories show up at my doorstep so digital grocery ends up being one of the tools in the family's tool kit for, procuring their their calories and so it makes. Total sense that they would have a share that one of the ways they could grow is to increase that share presumably by. Being the best choice for more of those different kinds of missions. Scot: [38:34] Yeah and then the md&a they talk a lot about how they have these new offerings where you can get a weekly Monday thing and they're definitely poking around at this experimenting on how to grow the sand again they're kind of signaling we think we've got some room to go on this we can get that. [38:51] Bridge order up and we can get the ma use way up the second thing I noticed was you know they use this they use this phrase, several times you can tell it's kind of like must be tied to company values and they talk about we believe people want selection quality value and convenience if that sounds familiar to you the this is infamously brought up in the Amazon Jeff Bezos first shareholder letter in 1997 where he talks about the mark you know what Amazon believes and they believe that a multi-decade trend is people will not get tired of selection quality value and when value he uses kind of free shipping like versus product value is pretty specific on it and then convenience and then what got me thinking about this is. [39:38] Value inconvenience her you know they're often in conflict and this is the whole point of we've had, Casey on the show from the Lloyd there bifurcation kind of model which shows this was this I think a lot about this because this is the whole one of the whole reasons I started spiffy and we decided early on if we're going to be convenient we can't be the cheapest and I don't think people look at instacart as the cheapest you know whenever we use it it's kind of like, holy cow this is this is a pretty expensive treat in you know I really kind of need to be able to justify this to myself that I can't just pop over the grocery store and do this myself it needs to be yeah some some reason I'm going to miss a kid event or something that I'm getting a really good bang for the buck here so I thought that was interesting that at some point I wonder do they value part kind of struggle with you know how. Jason: [40:31] I think they have to have a. A more liberal definition of value because I think you're exactly right right and obviously you know value means different things to different people like they disclosed later in the S1 that they not surprisingly that they skew disproportionately to households that make over 100,000 a year compared to a traditional retail and particularly a traditional grocer like give I've no idea what it looked like when they actually did it but when Kroger went public or certainly when Walmart went public they would have talked about the top of their tree that we think the consumer really values price and and Walmart probably said price not value and you know they built a business around very aggressively maintaining those low prices because they thought that was the beginning of their flywheel and and you know Amazon talked about value but they when they said value a lot of what they meant was and we're going to you know have the very competitive or the lowest price on a lot of these goods and, the the business model of instacart makes it unlikely that that can be their positioning so they have to kind of, find a a valid but alternative definition of value to hang their hat on. Scot: [41:50] Yeah and I thought was interesting they put convenience a lot you know last you may say oh you're reading too much into it but you know I've been in rooms you spend so much time on every word there's a purpose to this order of selection quality value and convenience and and they mentioned this exact phrase like several times so this is a this seems to be an yeah a pretty important phrase in their their world to I just thought that was I want to get your take on you know at some point they may cross this road where they have to pick a lane and it'll be if it ain't going to be the value late you know I don't see a path there but you know maybe they think they can and you know they also talked about selling to the grocer some software so maybe that's kind of like how they're squeaking that in I don't know. Jason: [42:36] Yeah yeah and there's I think we'll talk about this and in our final conclusion but the there's multiple ways you could see this going over time and depending on which path it took like value could mean something different. So what will come back to that. I heard you like dissected all of the the disclose data and put together unit economic model for for instacart. Scot: [43:07] Yeah so it starts at the top so the GTV per order so every order that comes in they get the GTV as $110 and then there here's how they slice the onion so the biggest chunk goes to the grocer for the groceries and they get 83 percent which is $91 so right off the top we're left with $19 but now the grocer they have to go make all their money so instacart is that's what you would basically get I think if you and I went to the grocery store you know maybe they're getting a little bit of a discount but they're they're taking that $91 and they're adding $19 on top of it and this is all X tip there's a there's there is a delivery fee and what not so then the Shopper gets 8.2% or nine dollars in order and that's in that delivery fee and then they get the tips. Jason: [43:58] Clarification on shopper because like in most contact Shopper would mean the consumer that's buying the goods The Shopper in this case is is a instacart gig worker that goes to the store and gets Aggregates the order for the customer. Scot: [44:14] Exactly the gig worker is the Shopper so they get nine dollars and they get 100% of the tip so whenever you you know whenever you what what they don't say some of these gay places in this bothers me because we fell out on this they say the gig worker gets 100% but then they take a transaction fee of 3%, now I can't find they say 100% I can't see any little asterisks that says there's going to skim 3% or something so. [44:44] So to the hopefully they're being super up front and they the gig worker does get 100% of the tips but the tips aren't in the economic the kind of sit over on the side to go to kind of bypass instacart all together and they go straight to the shopper. Who also gets nine dollars from instacart so if you gave a 20 dollar tip the the Shoppers going to get 20 plus 9 or 22, then at this point we are finally at instacart Revenue which is ten dollars and that's into pieces seven dollars is the transaction revenue and three is ads. So almost half their margin you know so 30% I guess yeah. I say half because the line is going so fast it will become half probably by 2024 you know half the. Profit the margin the revenue that they get and probably disproportionate part of margin is from the ad piece which we're going to talk about in detail so that is. That's pretty important to this whole enchilada and until they figure that out this didn't really work I do. [45:48] So they get so 110 dollar order $91 goes the grocer that leaves us with 19 Shopper gets nine we're left with 10 7 of that, is the transaction Revenue three is ADS then their costs come out they have three dollars of cost per order. And this is this is things like you know their entire some allocation of all their website hosting the engineering team developed the app. I don't know if they would put sales and marketing in there and they weren't very specific about what they do and don't put in cogs so that was a question mark. And they're left with seven dollars of gross profit for that order. My bet is marketing is not in there and they kind of take that up later but again the didn't really. Disclose that I saw what all was and not in Cox so basically that 110 boils down to seven dollars a profit from them and if we looked at it you know. I bet that three of that seven is basically from the ads and you know because there's almost no cost to serve an ad and so so I thought that was pretty interesting that like you know around half of the Prophet basically is from the ad system. Jason: [47:00] Yeah I think I think it's for sure interesting and like you know two possibilities there there there, average value of an order is 110 bucks traditional brick-and-mortar grocer is a hundred bucks and so one question like did instacart wasn't totally clear I mean they tried to take credit for having a higher order value but it wasn't clear like do we think. There's something unique about our experience that causes people to spend more or. Is our service just more expensive and so therefore you know if I got the same 60 items from from Walmart it would cost me $100 but if I got it from instacart Cassandra and ten dollars. But if it's the latter and I'm sure the real answer somewhere in between but but if it's the latter then you go you know all of the, The Profit that instacart is potentially taking is kind of from the. The convenient spread where they're you know getting consumers to pay more for the extra convenience of this grocery delivery. Scot: [48:08] So that was the unique nanak's what did you discover from the cohorts. Jason: [48:12] Yeah well I think we both we both noticed that they had a pretty detailed cohort analysis in the s-1 and by cohort analysis what we mean is they. They break down all the revenue they get from every. Group of customers on the first year they acquire those customers and then they track the spending for that group of customers in each, subsequent year and so you have a cohort that you acquired in 2017 you have a cohort you acquired in 2018, so on and so forth through this 20:22 cohort and there's. Other dimensions you could do Court analysis on but this this tenure cohort is most common and loyal listeners of the show will know we've certainly talked about it before no most notably with a guest Professor Dan McCarthy. From Emory University who spends a lot of time. [49:13] Talking about and thinking about cohort analysis so I my first thought when I saw this cohort analysis is I'll bet you Dan McCarthy's really happy right now and is probably. Deep deep into these numbers and he has a phrase that he calls a super annuities which is for the circumstances. The older cohorts get more valuable over time and keep contributing more Revenue to your business which is, you know that if you think about it that's that's the ideal state right you want those kind of six-year-old cohorts to be. [49:51] Growing and be your most valuable and if they're you know significantly tailing off over time then like you know you start to question the core value proposition of the business like maybe customers get fatigued with your business or decide it's not a good value in the long run or something else so um the the big takeaway for me of the cohort analysis is the cohorts grow over time the if you look at like the year one value of this cohort it averages $226 and then it goes up 33 percent in year two to three hundred dollars and then up 16%, to 350 dollars in year three and then another up another 16% to 4:00 in your for and then up 10% $445 in year 5 and up another 8% to 480 dollars in year 6 and so like fundamentally. That is a very good picture of. The value of the cohorts and I'm certain why they chose to include the cohort analysis in there as one because I don't believe there's any. Any filing requirement to do that and certainly lots of companies don't include any cohort cohort analysis but then my kind of secondary take is. [51:12] You know not every year is the same and so some of those cohorts like started before Cove it and then they're their behavior, was slightly impacted by their maturity but also impacted by covet and some of these cohorts started after Cove ID and so one of the things you would look for in that cohort analysis is did these guys just get a big spike from Cova da, when people are afraid to go to grocery stores and you know has that worn off right and that's kind of a comment common narrative out there like I argue. [51:45] It's mostly misunderstood when people give that narrative about digital but it's. It's even more likely that is misunderstood if you have that narrative and grocery because grocery appears like on the surface to be the one category where hey we're at three percent e-commerce penetration before covet and now we're 12% e-commerce penetration and so this, these cohort analysis if if there was a spike that dip back down you would expect to see some of the later cohorts underperforming versus the the precoded cohorts and we don't see that right that like all the cohorts grow and they grow over time the rate of growth slows down over time which is like I think pretty pretty typical and not surprising um so all that was super favorable the one thing and one will have to have Dan on the show but the one thing that I think wasn't in here that you'd really want to understand how valuable the customer bases and and again guys like Dan kind of pioneered this idea of how you value a company based on their customer base. [52:53] And kind of set the price based on on this type of data but I think they would also want to see some churn data and understand. How many people are each in each of these cohorts and whether there's the same people or lots of defectors and new people coming and all those sorts of things and none of that was was disclosed and assess. Scot: [53:22] Yeah you're right the I think they're making the argument that the swamps turn but because they don't disclose it you kind of. You have to trust him and he would he would want that data because you know the whole Begin Again the the bull case here is all right if you got super annuities than spending ad dollars to bring super annuities in this smart right because everyone you bring in the door is going to follow this cohort and start of it you know you and I looking at a table that the says you're one they start at 2:26 and then by year 60 at 500 bucks so they they double over their life cycle in their GTV so over six years so if you know if you can go buy them for a hundred bucks a pop then you would just go and, and spend all that money in it should be we have a super annuity on one side you can spend a lot of money acquiring customers on the other. Jason: [54:15] For sure true what. Scot: [54:17] You turn there's something that they could hide in there. Jason: [54:19] Yeah so you have to worry about that you also side note like a thing that drives CFOs crazy about marketers is you also have to have this argument about correlation and causation right that like if I went out and bought a bunch of customers would they maintain this the same level of performance or with those those. Purchase customers through higher advertising and through greater sales and marketing a activities be less oil less valuable customers by. The answer varies depending on the business. Scot: [54:53] Yeah that's where I this kind of come back to that bifurcation thinks I think would you say 120 million households. Jason: [54:59] Yeah 131. Scot: [55:00] Yeah so there's probably I think it's probably a pretty evenly split between convenience and value so call it 60 and they've got 7.7 so there's actually good I think they've got a 10% share of, what does the actual dress for Market because I don't think they're going to get any of the value or in a consumers because yeah the valuing consumer does not pay for convenience they'll just go to grocery store. Jason: [55:23] Yeah and again in the bottom quartile a lot of people are shopping for for groceries with government assistance and I don't actually think instacart should double-check this but I don't believe instacart has a way to accept Snap payments. Scot: [55:36] Yeah I don't think the government is going to subsidize the food delivered. Jason: [55:39] Well they just you know they do in other great white white guy like you can order groceries online from Walmart and pay with SNAP but I don't think you can with instacart. Scot: [55:49] Yes that's another factor and then at some point yeah I'm sure you'll bring this up but the. The if you're if you're a grocer you know a lot of ours opt out of the sand to themselves and they like we have a Harris Teeter that they don't accept instacart yeah they're not on there and they want to do their own they want to own the customer themselves. Jason: [56:12] Yeah I save that discussion for other but I think that's a super important one. Scot: [56:16] Forget I said that that's a teaser that's it's a teaser was what we call a tease. Jason: [56:19] Excellent teaser yeah because I feel like we've gone to the add segment of the breakdown of is there anything else you wanted to cover before that Scott. Scot: [56:28] No I'm on the edge of my seat to hear what you thought about that specific. Jason: [56:31] Yeah so it turns out instacart sanad Essence and probably shouldn't surprise anyone you know Scott you alluded to the change in CEO the the current CEO for this IPO is fidge Asuma Seema who formerly was VP of advertising at Facebook so they brought in a Facebook. Exact to run this business and shoot I should have looked up what episode he was on but Seth Dallaire was a past guest on this show when he was the chief Revenue officer. For instacart which was right around the time that that fidget joined. [57:19] Instacart so we actually had a discussion about their aspirations to become an advertising business and spoiler alert, it worked at instacart which we're going to break into and that guess set the layer subsequently was hired as the chief Revenue officer at Walmart where he's. Building Walmart connect which is also working so turns out ads are becoming an increasingly important part of the ecosystem for retailers but the basic ad math at instacart is that in 2022 the last full year of data instacart generated 470 million dollars in ads so 470 million on 28 billion in GTV, means that that's about 2.6 percent of the spin. That went to ads it's thirty percent of their revenue today and. [58:20] It's growing at 29 percent so it went up 29% from 2022 to from 21 to 20 22. Um it's grown another twenty four percent in the first months of six months of 2023 so, a lot of the unit economics of their transactions have kind of stabilized and are flat the one thing that's still growing at a very fast double-digit pace, is the ad business and at seven and twenty million dollars it's already reasonably robust and they don't. Ads are not a line item on the income statement that they included like you know and presumably like it's not. You could argue it's not Material against the three billion in in Revenue. But the so we don't we don't really know exactly how profitable, Those ads are but in general we would call these ads or retail media Network and the you know people argue about how profitable these retail media networks are people particularly argue about Amazon's but kind of the middle of the range when people estimate how what how profitable these things are is that they're about 75 percent gross right so in theory they should be near 99% gross margin because like you don't have to make anything to sell an ad. [59:46] You know you do need some technology you need an ad server you need Administration and salespeople you need brand safety people you know there is. Some infrastructure some of which has to scale with the ad business and so the the kind of. Most common estimate that that I see out there is like 75% of that revenue from ad business is profit. So that implies that the ad business contributed seven 555 million to the. To the income statement for 2022. Um and they were only profitable 428 million in 2022 so that the ad business contribute like by that sort of slice the ad business contributed. [1:00:33] You know covered all of their losses and and was essentially all of their their profit. In in 2022 and it's growing faster than anything else so it's very clear that the ad business is a key. Tenant of this instacart model and they in the management can section they it was kind of funny working for a big, advertising agency because they had to spend a fair amount of time like justifying that ads are valuable good thing and that people are spending money on ads so they kind of you know paint paint this picture that consumer packaged Goods companies which are you know most of the goods that instacart cells that. [1:01:20] Cpgs in the u.s. spend about 200 billion dollars a year on advertising and currently about a quarter of that is digital. And so the. The you know a typical cpg spends like about thirty percent of their gross sales on advertising and you know at the moment instacart is collecting about less than three percent of its sales in advertising so I think they're saying like hey. Advertising is super effective it's an important part of our economic model and there's a ton of. Of potential growth for us in this market and that cpgs need us and they amongst their claims about the size of their business, there are 50 500 brands that are advertising on instacart today and those are. At the moment all brands that sell. [1:02:18] Whose Goods get sold on instacart so we call that endemic advertisers right so it's it's Mondelez selling cookies and folks like that a lot of advertising companies. Sell ads to people that aren't necessarily selling through the. The the platform we call those non-endemic advertisers and we I don't think there are any non-endemic advertisers on instacart as of yet. But so at the Top Line like these are these are solid fundamentals for an ad business you like. [1:02:54] From my perspective retail media networks are super important evolution in the space they are very important I actually think for a lot of smaller retailers they get overhyped and that there's a problem with scale with a lot of these but instacart appears to be one of the companies. That has enough scale to build a real. A real business around this there is a unique problem that instacart has with ads that you know I think they've only been partially able to remediate so far who's paying for the ads. [1:03:25] Right so they talked about the brands paying for the ad right it's Procter & Gamble about the ad but there's a lot of stakeholders with budgets at Procter & Gamble, there's Mark Pritchard that buys Super Bowl ads and tries to build the brand and make people love tied but there are also account teams, that are trying to Goose the sales at their account so there's a Walmart account team and a Kroger account team and an Albertsons account team and all of those guys have an ad budget, that they want to use to sell more stuff at Walmart Kroger and Albertsons respectively. And so the big problem you have with instacart is you spend that ad dollar with instacart and you don't actually know. Which retailer it's going to impact. Right and so it's kind of like it has to come out of the top of funnel ad budget but it's bottom of the funnel Performance Marketing, type ads mostly search ads and so not saying that model can't work but it's. [1:04:33] The the guys with budgets that are used to buying ads are used to a slightly different structure so I will say that at the moment instacart causes a lot of consternation because it's a it's an unusual Beast that people don't exactly know how to budget for or how to spend their money on and you know I would assume if instacart wants to grow a lot they have to make that, easier for for the brands to do. Scot: [1:05:00] Yeah so what do you think. They're so this is a relatively good chunk of Revenue where do you think they're getting it from is it online going offline I mean offline going online are they taking it from Google are they taking it from couponing or. Two Brands even do like newspaper inserts are still a thing like I know that back in the day. Jason: [1:05:22] So I know I yeah I think. Brands are pretty pretty rapidly shifting their their dollars to digital vehicles and so two things like there's you know traditional kind of, newspaper magazine advertising that's atrophying and and the brands are replacing that with digital there's a slight misnomer the whole privacy thing and Facebook is a real thing but you know who wasn't buying a huge amounts of Facebook ads are like National cpgs with huge brand recall so so you know those tended to be smaller Brands and longer tail things so it's less like oh. [1:06:05] The these guys are shifting from Facebook it's more they're shifting from old-school marketing and over are television to to these digital vehicles but a big chunk of it is still coming out of these trade budgets right and so there may have been a pool of money that was allocated to spend at Kroger and it used to get spend on newspaper circulars that were like Kroger ads that fell out of the newspaper and that's an increasingly ineffective vehicle or maybe they even got spent on floor decals in the aisle at Kroger right you know like Shopper marketing tactics or trade tactics and so increasingly the retail media networks are getting a chunk of those trade dollars and I do think instacart is getting some of those even though it's trickier to do because you know it's not allocated exactly 21 specific retailer at the moment. Scot: [1:07:07] Yeah the so what did the ad formats I've seen is I always get this one that's like you through some Quaker Oats granola bars in there if you add these six things will give you a five bucks or something I've seen a coupon and I've seen a you know an upsell hey you've previously bought this or you may like this are there those are the three main add units or am I missing something. Jason: [1:07:33] Yeah so I am not going to speak specifically about the variation in ad units but as a general rule like probably I'm assuming the most predominant ads on the platform are search ads right so people search for products like always and you know above all the organic results are a bunch of sponsored ads right and so off very often those don't have a special offer in them they're just premium. [1:08:00] And so a big chunk is probably those those search ads you know then they're there are like Banner type ads that that land either on like the homepage of a particular retailer or on a category page or subcategory page and more often those are likely to have some call-to-action offer in them so they might have a promotion or a discount of some kind and then in the digital space um there's a lot of what we call like top off and impulse ads which are what you were just talking about right and you know one of the big problems we have with digital grocery is when you go shopping at the grocery store your wife sends you to the store with a list of 10 items and you buy all those 10 items but then you walk by the ice cream aisle on your way to the cash wrap and you add ice cream even though you didn't plan to buy ice cream and then when you're standing in the cash wrap, you're sneering at that Snickers bar or that Wrigley gum and you add that to the car and maybe a cold Coke to drink on the way home from the grocery store so a big chunk of a traditional grocer sales are all these unplanned impulse purchases and that. [1:09:16] By default happens a lot less in digital Grocery and so a lot of these ad formats are kind of are, our Industries early efforts to try to reinvent digital impulse and I would I would call it pretty imperfect at the moment. Scot: [1:09:35] Don't you get a nursing inside about gum or something like because self-checkout smelled the gum that serendipity. Jason: [1:09:42] Yeah the the that that cash wrap used to be the most valuable real estate in a grocery store like the most Revenue per square foot was that what we call the cash wrap which is the. The conveyor belt that you stand in line and actually the first thing that killed the cash wrap was not any of this digital shopping or any of these things it was. Facebook and the mobile phone and simply because you now had something else to do when you are standing