Insights With Trent Munday

Often when something new comes along, there's a level of excitement around it. There's an exuberance. And this can lead to the more conservative and more considered folk - who we simply classify as doubters - to be sceptical. They assume it will just be the next flash in the pan. A trend that will fizzle out just as quickly as it arrived on the scene. But before too long that exuberance is replaced with normality. It happened with Facebook. And Instagram. The Cool Kids flocked to it. he more considered folks declared it a fad. Today, it's an essential marketing tool for just about any business. So, before you dismiss the latest fads, take a little time to dig below the surface. You just mind find some substance there. #exuberance #trends #earlyadopters  

Maybe the reason nobody has ever done this before is that nobody's ever though of it. Maybe. But more often than not, there are other reasons this hasn't been done before. Maybe it's much more expensive to do than you realise? Maybe the market just isn't ready for it yet? Or maybe it simply just can't be done? Before you charge head-long into you new idea, ask yourself, honestly... Why hasn't this done before? And don't rest until you get an answer other than, 'Nobody thought about it before.' #businessideas #firsttomarket #newideas

As I continue my journey down the NFT rabbit hole, I'm getting an appreciation for what an incredible fundraising vehicle these project can be. I'm regularly seeing projects offer up 10,000 unique pieces in their collection, selling them for $150 up, and selling out. That's $1.5 million. Then, they're using that money to go and build something special. And of course all people who bought those NFTs are effectively a ready-made market for the thing they're building. It's like Kickstarter...on steroids. As always, there are bad actors in the space who promise a lot, then take their money and disappear. But if you are genuine and have the ability to build a team to deliver on your roadmap for your community, launching an NFT project could be a very powerful thing for you. Good luck. DYOR! #NFTs #fundraisingcampaign #businessidea

Whenever we launch a new business, or product or even a new promotion, we usually have some sort of plan in place. Then what happens is we start debating it. Either internally, in our own head, or with other members of the team. And when we do that, oftentimes doubt starts to seep in. And the debate goes on...and on...and on... When that happens, a good strategy may simply be to tell the market what you're doing. Or maybe let them know about a few options that you're considering. If you do that, you'll get meaningful feedback from the people who ultimately matter...your market. Do you risk losing the element of surprise? Yes. But better to lose the element of surprise and have a successful launch, than to keep the element of surprise and launch a failure. #launchstrategy #debate #marketfeedback  

Whenever you add the word 'but' into a sentence, you automatically give yourself an excuse. 'I'd like to get fit BUT...I don't have much time.' 'I'd like to save more money BUT...I have all these unplanned expenses.' Try this instead... 'I'd like to get fit AND I don't have much time' All of a sudden now you have a problem that can be solved. You may not have 2 hours to hit the gym. But you can run up the stairs at work instead of taking the lift. It's not the same. But it's a start. So, try turning your problem statement into an opportunity statement. #opportunity #challenges #problems  

IQ is a measure of your intelligence.  Your intellect. Your ability to solve logical problems, to learn technical skills, etc.  In the past, this was definitely a key factor in separating the winners from the losers. But as technology has improved, much of work that one required high levels of IQ, are now being done quicker, better and more accurately by computers. Today, it is your Emotional Intelligence that is more likely to determine your success. The ability to sympathise, empathise and understand people, real human beings, that's what matters. As all the cool kids take off on their NFT and Web3 journey, fear not. The ability to connect people, engage people and build teams and communities is a massive asset in this new world. Many would say that in this brave new world, it is your EQ that will be the differentiator. #EQ #IQ #technology

I think it's human nature to seek out Certainty. The problem with doing this is that it can subconsciously absolve us of responsibility. Once we find out for certain, that's it. There's no more to be done. It's already been done. It's proven. It's set. However, if we instead seek Clarity, then what we're doing is getting a general guide or direction. From there, we can iterate, evolve and make it our own. Set our own direction based on our specific needs. So, rather than looking for Certainty...Seek Clarity. #certainty #clarity #seeking  

As we discussed in yesterday's episode, NFTs are all about establishing ownership of digital assets. But they can also offer real utility IRL (In Real Life) The smart creators in the NFT space are offering real world utility to those who are members of their community - ie: those who own one their NFTs. At the recent NFT NYC conference, there were various VIP-type events that could only be accessed with your NFT. Some NFTs provide future giveaways of real world products and things. And what you need to understand is that when they do this, they are offering a Double Asset play. Buy our NFT and you get 2 assets - 1. the NFT itself, the digital token 2. access, membership, giveaways IRL #NFTs #assets #community

NFTs are all about establishing ownership of digital assets. And as with the ownership of any type of asset, there will always be an element of social signalling involved. Why do we want a Rolex watch? Certainly not to help tell the time. A Rolex on the wrist say we're rich and successful. Same goes for the girls at the Birkin handbag. Same reason we want to drive around in a Ferrari. It's all about the signal it sends about our social status. Once you view NFTs through a lens of Social Signalling, it all makes sense. Yesterday's Rolex is today's Bored Ape Yacht Club (yes, it's a thing! Google it) #socialsignalling #status #NFTs

Whenever you're introducing a new product or service, Price is a key component of your launch strategy. Some would say it's the most important component. But ultimately, Price is just one of several variables. What really matters is Relevance. Is your new thing relevant enough to your market for them to bother spending any money at all on it? If not, none of the rest of it really matters. #pricingstrategy #productlaunch #relevance

I saw a sign in my local park that said 'No Vomiting'. The sign also said 'No Smoking' , 'No Drinking' , 'No Gambling' and a few other activities. I understand that Smoking, Drinking & Gambling are bad. Vomiting isn't great either. But...all those other activities are voluntary. Vomiting is not. Nobody's getting up tomorrow saying, 'Great! It's Saturday. Let's head down to the park and vomit!' So, my question is...and it's a genuine question... What's the point of a sign that bans involuntary behaviour? I just don't get it. Look forward to learning. #humanbehaviour #humannature #banned

A lot of us spend way too much time in our own heads. Am I good enough? Is my product or service good enough? But it doesn't really matter what YOU think. It matters what THEY think. And by 'they', I'm talking about the 'collective they' - ie: the market. Ultimately, they will determine the value of your thing. What any one individual thinks, even you, doesn't really matter. #overthinking #perspective #marketfeedback

It's the age old question. One that has confounded us for generations. But it turns out, the answer is actually pretty simple. You see on the timeline of the evolution of the species, Turtles appeared well before Birds. And Turtles...lay Eggs. So, if you accept that a Chicken is a Bird (which it is) and Birds came after Turtles (which they did) and Turtles lay eggs (which they do)... The very clearly, the Egg came before the Chicken. You're Welcome! #answers #questions #evolution

The problem with setting long term goals is that many people don't have a lot of clarity about exactly what they want. As a result, we tend to set very broad goals like - Health, Happiness, Financial Independence, But it's hard to quantify such broad goals. If we can't quantify them, it's hard to keep track of where we're at.  And that can often result in a lot of anxiety. So, maybe instead of focussing on the Goal...just focus on making Progress. NB: Thanks to @RyanHoliday on Twitter for the inspiration. #goalsetting #makingprogress #achieve

Sometimes in life and in business...poo poo happens. And when it does, people who have invested their time and money into new ventures can lose it all. And that hurts. But that's ok. As long as the intent and effort behind the new venture was pure, then that's just the cost of doing business. However, if the intent was never pure, then it's really just a scam. And there's a grey area where the intent was pure, but not enough effort was put in and as a result, it failed. Some would say this too is just the price of doing business, of trying something new. But I disagree. If you are savvy enough to have a vision, to sell that vision to others, to convince them to invest their time and money...then you should be savvy enough to have a pretty good idea of how much work will be involved. And if you're not prepared to put in that work, then for me, it comes back to the purity of your intent. We will only forgive your failure if the intent AND effort is pure. #intentions #failure #businesslessons

It can often be overwhelming when you start out learning about something new. There's just so much you don't know. Often there is a specific language or terminology that people in that space use...and you don't even know that. What's interesting is that the deeper you get into something and the more you know about it...the more you realise how much more you still don't know. So there you are, even after accumulating all that extra knowledge, still overwhelmed by how much you don't know. But that's ok.  Cut yourself some slack. Think back to Day 1. You knew nothing. Today, you know so much more. Is there still lots to learn? Yes. That's just the way it is. Enjoy the journey! #learning #knowledge #neverstoplearning

It never ceases to amaze me how often people say, "I'd really like to do XYZ...but I just don't have the time." You probably can find the time. Just open your calendar and keep flicking through until you find an empty slot. You may have to jump ahead 127 days from today...all the way to 10 April 2022...but eventually you will find an open slot. If it's important enough to you, you can find the time. Schedule it. Commit to it. Make it happen. #timemanagement #scheduling #priorities

We often find ourselves being envious of those who have achieved success. Especially those who have achieved multiple successes. We rationalise it by telling ourselves, 'They were just lucky.' The problem with that theory, of course, is that the chances of someone just continually being lucky, are pretty slim. If someone has achieved multiple successes, chances are, it's more than just luck. Hard work. Innovation. Dedication. Superior product. Superior service. All these factors probably made more difference than just continual dumb luck. #hardwork #luck #selfawareness

A Distinction without a Difference is what they call a logical fallacy. It's when we draw a very fine distinction between two things but ultimately it doesn't amount to any meaningful difference. 'I'm not lying...I'm just stretching the truth.' That would be an example. It's something we see a lot in the hospitality industry, specifically, the Spa Industry. 'They serve Ginger Tea on arrival...but we server ours with Honey!' Is there a distinction between the two offerings? Sure. Does it really make any meaningful difference to the customer? Not really. TASK: Review your USPs through the filter of 'Distinction without a Difference'. Are your USPs meaningfully different from your competitors? OR, are they merely a Distinction without a Difference? #differences #distinction #marketing

When asked about their biggest mistake or biggest regret,  many of the most successful people and businesses have the same reply... "I moved too slow!" "We should have acted faster." So, getting it done today is great. It's certainly better than starting tomorrow. But yesterday would've been better. #getitdone #startnow #startyesterday