Research Methods for Revenue Research

Transcript

Building an indie business, in the center of venture capital. I am Alex Edmonds, on the internet. I'm known as supremerumham, and this is the building an indie business podcast. Okay, so today I'm new talking about research and how I research content and information for revenue research. I want to be very clear about this. I'm not looking to copy the first thing on Google, when I do my research, I'm looking at break content down even further. So I'm trying to explain a high level concept and break it down where I can explain it to my nephew. Hey buddy, how you doing, just in case you're listening. Um, so yeah, it's a lot of time, I have to search through content and piece things together. So I might take one piece from one article. Another piece from another article. Another piece from a video. So I'm gonna be talking about the different ways I collect information. What I'm looking to accomplish with that the benefits, problems with each method. And what ways I've you or for what blog posts I've used each of these methods for. Okay, so let's get into it. Um, interviews, is the first way I gather information. So, I write down the questions that accomplish my goals. So that's how does the industry make money from businesses, and how do they make money from consumers, right. And then I have to find someone to interview. So in the case of Tik Tok, I was Brandon. In the case of airlines that was Ross, because Ross gave me the idea for the, for the content, right. So, along the way, I might have more questions. So, like in the case of airlines. I was talking to Ross about how they generate revenue. So, the only things I really knew were tickets cargo and bags, and then he just started going off and off and like every little thing like he broke down, how they make money from bags or know how they make money from tickets, where it's their formula, the basic formula that they use. And then on credit cards I didn't know about that. And then crashes, not that they make money but where they lose money from crashes. So, um, yeah, while I'm interviewing them, I'll get ideas for content, and ask them the questions that helped me fill out that content. And then, once the interview is done. I listened to it. And then I copy down what's been said and, you know, remove some things. It's also been. I'm also hearing it. I'm also reading the transcript of it right. So, as I am reading and listening to the transcript and copying things down piecing it together. That's when I, I have my own ideas. And I form my own opinion. So this is where I get the revenue ideas, and the my opinion section. Right. So, yeah, I use this for airlines and tick tock. Um, so one benefit of the interview is it's one source, right, I don't have to be searching multiple places for it. I just have to prepare well, so that people can give me the answers that I want. Right, it's minimal research right I don't do a lot of research, I go in with to less than five questions, because I have a basic idea of what I want to know. And there might be a little more details that I need to adjust for each subject but that's about it compared to the time I spent even on this episode, it's very minimal to an interview, which is why I like doing them. Right. And then they grow my network because I might be asking someone who doesn't really know me, Or who I am in contact with, but I don't really interact with them so they might be a member of maker log, but we don't really interact, but I like their product, and they know me enough to come on the podcast, right, that was the case with Josh a little bit Josh actually, I know Josh really well. I know him through Brendan, as I said in the podcast, but we haven't really interacted on a really personal level, and having him on the podcast was great because we got really personal there. And we got the chance to interact in real time. Right, so that was great. So one problem with these interviews, is finding and booking a time with someone. So I record the podcast every Wednesday and every Friday. So those are the times that I can do it and I've carved out that time to do the podcast. So, the times that I have to record the podcast might not fit into someone's schedule. And so I have to adjust my schedule to accommodate them because they're doing me a favor. Right, so that might be a little difficult. It might take a couple weeks or days to find the time to link up and do the interview, right. Um, another, the final problem I have with interviews is that someone might not be able to give me the exact information I'm looking for. So, I might be looking to go. They might be able to give me an overview on a subject, and they might not be able to go into the details which details is what I'm looking for when I do an interview. So, I might have to do extra research when I interview someone but that hasn't been the case so far, so that's great. All right. Um, my next source of information is Google Scholar. And what Google Scholar is, is it's a place where people can go to look up like academic papers and articles on the subject. So when you do a Google search. It's basically like blog posts, and very popular websites for Google Scholar, it's like the academic top side of things, so you can look up something like Christmas trees, or the Christmas tree lifecycle. And when you search for that on Google search, you'll get things like things for kids, it'll be like teaching the Christmas tree life cycle to kids and like a bunch of things for them the color, right, when you Google the Christmas when you search on Google Scholar, the Christmas tree life cycle, you'll get articles from Michigan State University, and they're going to be talking about how the Christmas tree, industry and like, what, what it takes to start a Christmas tree farm, which was exactly what I was looking for. It was fantastic. I loved it was amazing. Okay, so, yeah. And then I'm looking for certain kinds of articles like I'm looking for the information I have and I can tell. So what I do is I searched through the table of contents of the academic papers because these papers could be like 50 to 100 pages long. And so I'm able to just scroll through the information that I need and I can do that five or 10 times and piece together what I'm looking for, right. And these are reliable sources, you know, it's not from BuzzFeed, sorry BuzzFeed. Right. The these sources have been checked, and these papers have been reviewed. So I know the information is right. Um, I use Google Scholar to for the Christmas tree blog post right, and for film production budgets, and those are probably two of my best blog posts if you asked me, but that's just my opinion. And then my opinion matters. Don't worry about it. Okay, um, benefits, it's easy to find the information because again these are academic papers. You can't just throw information together. That's not how it's done, it's kind of written like a book, in a way, so Right. Um, problems is that for new topics, there's not many publications writing about new topics like non fungible tokens or direct listings. I couldn't find a lot of information on non fungible tokens, and same thing with directly scenes. I've been there was one from Stanford Law on direct listings, and it wasn't what I was looking for. It was, it was just really weird, I think I still have it. Let me check. No I don't. I know I did, I took it off because it wasn't helpful to me. So, like the legal aspect of it. No, I was looking for how to do a direct listing, That's what I was looking for. And then, or was it the process of it, something that didn't involve the legal aspect of direct listings, and it wasn't giving me the all. I was looking for how to do a direct listing, select the process step by step how to do a direct listing and I kept talking about like, not the process step by step. It was just like, oh, this is what a direct listing is this is how it differs from an IPO and I already had research that so I didn't need that at the time, right. Another problem is the academia, academic articles are really hard to read, because they're so boring dude, like, like so when I was in college, I would write my papers, so that they were difficult to read, so that the professors would just skim through the article, or my, my writing, and wouldn't really read it. So, they would just like give me a grid. And this was before I started really writing my content. This is before I started before the book. This is before even my blog posts on interviewing. So I didn't really know how to write. Um, I never really learned at a rate. I learned how to write for for school but not really like read my stuff writing. So I just wanted my professors to skim through my stuff. And so I think that other academics, use that approach. And so it's really hard to read. Just a lot of fluff. Right, there's no, it's hard to find the substance of an academic paper. And that's a problem because when you have to go through 100 pages to find the information. It can get really boring. Right. Okay. Another method I use to gather content is videos. So, like I said, there's not a lot of publications on new topics and FTS direct listings. But there are videos. And the way I search for videos is I look for short videos by big publications. So, um, if I'm looking for something on direct listings, I'm going to look for Yahoo Finance, CNBC, and that they, they have a team of people trying to explain the content. And so they know how to break it down and explained to people, whereas someone who's just doing the content themselves might make a 30 minute video 15 minute video, a 20 minute video on something that CNBC can explain in four minutes. Right. Okay. There are many problems with videos though. Okay, so you have to wait to get the real information is what I've noticed so they're introducing themselves blah blah blah. And then two minutes and to that five minute video, is where the real information is right. And then, you can't really skip to the important information, because you don't know how long their intro is going to be safe to sit there and wait for them to introduce themselves, you can go on Twitter. During this time, but you never know. Right. You still have to wait. Also, and that's the annoying part. Okay, and then you have to watch many, many videos, and then YouTube's algorithm is kind of like iffy, it's like the first 10 videos, or, you know, based on the content, and it's like oh, this is similar to what you're searching for. It's like, Dude, I don't want what's similar to what I'm searching for I want what I was searching for. So that's a problem. And then you need to watch the video multiple times because, you know, you need to. You might zone out in the middle of the video. During that two minute introduction, because it's so boring. Right. And then on like articles, blog posts, you can't highlight the important stuff. So that's why you have to keep watching also, because you need to take notes on it and you might miss something while you're taking notes, because you forget to pause it. It's a whole thing. Right. Okay. Um, yes. Then there's the final way, I gather information is articles and blog posts. So for articles and blog posts. I look for stuff that's recently published. So that way, I have the most up to date information on because I use articles and blog posts for relatively new topics. So this is what I use for digital art and NF T's, because that stuff is new. And, yeah, there's not a lot of academic research on it, academic research is mostly used for, like, really old topics like Christmas trees where there's an entire industry in multiple places like Michigan, and I want to say, Virginia, let's just say Virginia. So, you know, there are people who have been researching Christmas cheese for 50 years, or not, people but like institutions, that's what I was looking for. Okay. So, a problem with blog posts and articles is that the information might be unreliable because it's a new topic, people might not know what they're talking about. And, you know, it's not being checked. Right. Okay. So, there are some are revenue research, pieces of content that I didn't have to use any research for, because, you know, either I'm in, in the industry or I just happen to know about it, and they were podcast, podcast players, free apps and movie theaters. I don't know I don't know how do I know about movie theaters such that, okay. I hope this was helpful you. Thank you for listening. Have a nice day. Bye. marzipan Aska bam, Same thing. Oh my God.