This My First Million podcast episode explores three successful businesses built around selling freely available information. The speakers analyze the business models, highlighting how each company leverages readily accessible data or cultural trends to create profitable ventures.
Water Quality Testing (Oasis): This app aggregates publicly available water quality data, offering paid premium access for detailed reports. It demonstrates the potential of monetizing free information through convenient aggregation and user-friendly presentation. The business uses TikTok for viral marketing.
Labor Law Posters: This business capitalizes on the legal requirement for businesses to display labor law posters. They send out letters that appear official, creating a sense of urgency and making it easier for businesses to comply, even though the posters are freely available online. It highlights how simplifying compliance can be highly profitable.
Barcodes (GS1): This non-profit organization controls the assignment of barcodes, a seemingly simple product crucial for retail and global commerce. GS1's immense revenue highlights the significant value of standardization and control in a widely adopted system. The history of the barcode's development and adoption is detailed.
Cultural Shift Marketing: The episode also explores the power of marketing campaigns that shape culture, using Casual Friday and the "Diamonds are Forever" campaign as examples. Businesses create traditions or alter existing ones to increase sales, illustrating how impactful marketing can be.
