My First Million

Patrick Campbell: The Billion $ Quilting Industry And Using Spy Secrets To Gain A Competitive Edge

Jul 7, 2022

Patrick Campbell, Founder and CEO of ProfitWell, shares insights from the innovative subscription metrics business and the surprising profitability of the quilting industry. He discusses the unique community dynamics of quilting and the growing engagement among younger demographics. Patrick also dives into unconventional business strategies, like leveraging competitive espionage and ethical debt purchasing. The conversation takes a quirky turn with a glimpse into a person’s hostile takeover—might just leave you intrigued and entertained!

01:13:18

Episode guests

Patrick Campbell

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Competitive intelligence plays a crucial role in business decision-making, informing marketing strategies and product development.

Identifying and combining multiple trends in a specific industry can lead to valuable business opportunities.

Gaining insights into competitors' strategies and industry trends is essential for effective marketing campaigns and customer retention.

Deep dives

Extracting Competitive Intelligence

One of the main ideas discussed in the podcast is the process of extracting competitive intelligence. The speaker shares insights on how to gather information about competitors through various methods, such as engaging with former employees, conducting surveys, and analyzing market data. The importance of collecting and organizing this information is highlighted, as it can inform marketing strategies, product development, and overall decision-making within a business.

Working at NSA as an Intel Analyst

01:41

Adapting Marketing Strategies Based on Competitive Intelligence

00:31

Premium Products and Niche Audiences

01:37

The concept of a strenuous life

00:43

Intro

2min

Thriving in the Subscription Metrics Business

3min

Threads of Adventure: Quilting and Community

9min

Exploring the Modern Quilting Community and New Podcast Insights

2min

The Quilting Economy: Niche Markets and Consumer Loyalty

27min

Navigating Customer Development and Financial Decisions

3min

Navigating the Debt Market and Personal Growth

8min

The Publicly Traded Person: Mike Merrill's Experiment

16min

Glimpses of Celebrity Parties and Entrepreneurial Efficiency

3min

Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) talk to Founder & CEO at ProfitWell, Patrick Campbell (@Patticus), about the billion dollar quilting industry, using spy secrets in business, buying cheap debt and a hostile takeover of a person.

Also, want $5,000? Check out the My First Million Clips contest.

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Links:

* ProfitWell

* Missouri Star Quilt Co.

* Hallmark

* KMikeyM

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* Want more insights like MFM? Check out Shaan's newsletter.

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Show Notes:

(01:35) - Patrick Campbell background

(07:55) - Surprising businesses: Quilting and craft industry

(20:55) - Chili's and Applebees

(25:25) - Why you should invest in unsexy businesses

(26:50) - Rolling up trades & things for old people

(30:05) - Using spy secrets to get competitive intel

(46:30) - Buying debt to forgive it

(49:40) - How it feels to get very rich very young

(55:00) - Hostile takeover of a person

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Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.

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