BRX Pro Tip: Experiment Discipline Transcript
Stone Payton: [00:00:00] Welcome back to BRX Pro Tips. Stone Payton, Lee Kantor here with you. Lee, there are a lot of disciplines that we advocate, everything from the confirmed release date to inviting a consistent flow of people who meet our prospect profile. But one of the key disciplines, and I think sometimes we don’t talk enough about, is experimenting. Let’s chat about that a bit.
Lee Kantor: [00:00:22] Sure. It’s really important to try new things to stay ahead of what other people that are in the marketplace are doing. Things that are important when you are doing an experiment is to wall it off. Just because you’re trying something new, it shouldn’t be something that you do indefinitely without knowing that it’s working or not working. So, we like to wall things off for 30, 60, or 90 days so that we get a good feel that we tried it, we gave it a good try and then, this worked or didn’t work.
Lee Kantor: [00:00:52] So, you have to kind of determine metrics of success, that’s important as well. But some of the areas that we have experimented with, we’ve done series targeting new power partners. We’ve let power partners come in here and collaborated on a series that spotlights them in their membership to see if it’s a win-win for both of us. We’ve tried this in a limited basis with new perspective sponsors in the past. We’ve done contests or giveaways and some other experiments we’ve run in the past.
Lee Kantor: [00:01:24] Our remotes at certain business associations that maybe we had never worked with before, but they were curious about it to see how it work, to do some sort of revenue share discount just to see if it’ll work. Stone, any other experiments that we’ve run in the past that have caught your eye? You know, I know it’s important that you have to set up the metrics that matter in order to see if the experiment worked. I know we’ve had some experiments that we let go on too long, but futurist will kind of wall those off.
Stone Payton: [00:01:56] So, most of my experiments are geared around sales and marketing. So, I take a lot of flyers on that. I’ve got a kid right now who’s interested in joint-venturing something up in Chicago. You know, I’m going to play that out. I’m going to have that conversation and we’ll see what motivates this guy and see if there’s enough of a match. And I might invest probably very little, if any, hard dollar capital in that. But, you know, sometimes you get somebody like that who’s hungry and they’ll break their back for you and everybody can win.
Stone Payton: [00:02:21] So, most of my experiments that I tee up and we talk about are around the sales and marketing piece of it. But I think the key is, A, make it a discipline. Don’t do an experiment every nine months, make a discipline of doing, you know, a good number of experimentations throughout the balance of the year. And into your point, Lee, you got to cordon it off. You got to set at least some initial success metrics. Keep an eye on it. Tweak if necessary. And then, move on to the next one if it’s not going to pan out.
