What Can We All DO to Heal the Racial Divide in America
The creator of multiple billion-dollar products, Michael Casey, joins the show to share his story as well as his approach to business and new ideas. Michael has created, patented, and commercialized more than 100 various exercise innovations; his ad campaigns have aired in more than 120 countries, with sales exceeding three billion dollars. Michael also delivered the popular TEDx Series Talk, ‘How to Design a Billion Dollar Product.’ Tune in to hear Michael’s unique approach to business, his latest ideas that are coming to life, as well as his new book, How to Create a Billion Dollar Product From Concept to Consumer.
Click to Read Transcript

Ron:

I want to welcome to the show from Austin, Texas, my friend Michael Casey; how are you this morning, Michael?

 

Michael:

Thanks Ron, how you doing, buddy?

 

Ron:

Hey, and let me say that if I sound a little bit out of breath that I start my day with one of your newest inventions, I guess the 10-minute total workout is that what is named?

 

Michael:

10 moves in 10 minutes.

 

Ron:

Yes. And I just finished a few minutes ago and they may be why I’m kind of out of breath.

 

Michael:

Glad I could help.

 

Ron:

Hey, well, you know what I want to talk about This morning, my favorite song for a long time was ‘I want to be a billionaire.. so freakin bad…’ you know. So I’ve told all my friends this morning that are going to be listening, that you’re going to teach us how to become billionaires or at least a billion dollar product.

 

Michael:

So yeah, that’s fun. And when you get your product to hit the billion mark, you should be able to scrape a little bit away for yourself. Depending on who you’re working with a lot of times.

 

Ron:

Oh, absolutely. It’s kind of that way in the movie business too. So you understand the movie accounting spreadsheets?

 

Michael:

Yes. You know, it’s kind of like you’re going in the gold mining business and they get the gold and you get the shaft. So that’s funny. I used to love the conversations I was younger. You know, we sold a lot but we just really didn’t do well.

 

Ron:

Yes, and I know all about that.

 

Michael:

So absolutely love it. But unfortunately nobody paid for it.

 

Ron:

Well, you know, you hear about all these people selling these millions and millions of dollars worth of paintings. What they don’t talk about is the people that sell them the final negotiations all come down to the Commission’s and most of those get cut out at the closing.

 

Michael:

Terrible yeah that’s it’s the big thing about what I learned so you got a young guy in licensing when you give something to somebody, you want something in return right and when you don’t know them contracts are only as good as the person you’re shaking hands with, you know and if somebody wants to beat you, and they’re bigger than you they’re gonna beat you.

 

Ron:

Well, you know, I have learned that but I honestly try to always be fair with everybody and I don’t mind cutting my commission a little bit. I just like everybody else taking a little outsiders risk, right? Yeah. Share the load. So, you know, I tell you that today and everybody knows that so many people are out of work. So is this a good time to if you’re home and thinking with nothing else to do? Is it a good time to become an inventor?

 

Michael:

Well, it’s a unbelievable time to be selling into somebody anything that they need at home. Because what did we all do in the lockdown? We started looking around our house. When our gym was closed, so we needed to work out equipment. You didn’t like the color of the walls. So you went got some paint, you know, maybe started to fix your back patio. I mean, Home Depot, Lowe’s, and fitness companies. I mean, we were locked down there’s a silver lining for everybody. We saw everything and look at Amazon. Bezos went to 180 billion in net worth from 110 and this is after the guy got divorced and gave half his money away.

 

Ron:

Oh, that’s the all time greatest divorce comeback story ever.

 

Michael:

But anything for the home right now is so popular because I think for the next couple of years we’re all going to be home a lot. You know, we’re rethinking how we look at going out.

 

Ron:

Oh, exactly. There’s the New World Order right now for because of this, this COVID thing. So but I guess if somebody has a great idea of Michael, what do they do with it?

 

Michael:

Well, the first thing, thank God for the internet, because before that, you know, you had to go spend money to find out that somebody else has it down the street from you. So now it’s basically go to Google, look for it. If you can’t find it. There’s two reasons why you might not find it on Google one. You’re brilliant and nobody thought of it. Or two, it’s such a bad idea. Nobody thought of it and you shouldn’t do it.

It’s one of it’s one of those two things.

 

Ron:

So I know when your TED talk, you talk about some bad ideas as well.

 

Michael:

So yeah, there’s some bad ones… but the beauty of the Facebook, Instagram, TikTok, and all that social media platforms is you can put your idea out there for free and see what the universe thinks of it before you spend any money. And if it’s really bad, they’ll let you know, people are free to hurt your feelings on social media.

 

Ron:

Yeah. So what does it cost to develop a product?

 

Michael:

I guess it depends on how complicated it is. We used to before we would get something to market, we could have a million dollars invested in it because you had to build it and make it you had to ship it over here. You had to if you made it here or in China, then you had to make a commercial and put it up on Saturday morning TV while you’re out there. Making your bagel and an eggs in the morning that you’re watching Discovery Channel and you see the half hour infomercial on how it’s going to change your life. That cost a lot of money to get to that point. Now all I do is make a handmade prototype. Make it look real and then I’ll put somebody on it if it requires a model and then I’ll put it put it on Facebook, and I’ll run out $100-200 ad. And you’ll know within a couple hundred bucks if anybody is going to end up one. And then if they want it, then you go and you do all the tooling and molds and then you start to ramp up and do the legal protection and patents. But the first thing you should do is find out if anybody cares.

 

Ron:

So a $200 ad, how many people will a $200 ad actually reach?

 

Michael:

Well, interesting, it’s all the analytics are the same over 200 versus 200,000. You have a return on investment for your media. And you look for that number, whether it’s 100 people in the audience, if you get 10 of them to respond. That means if you run 1000, you’ll get 100 to respond. So it so you want to go on the low end and then if you’re not sure, maybe you got a false positive, you’re like wow, that was a really good response, then spending another couple hundred and see if the same thing happens. And if it doesn’t work, maybe change the name, the messaging, but spend a few hundred bucks playing around. And I typically literally do 50 different ads before I for one product before I find the right message, and then I push it out to the world.

 

Ron:

So you’re writing a book now I know. We’ve talked about that earlier. So you’re writing a book, have you’ve given it a title yet?

 

Michael:

Right now, it’s Concept to Consumer: How to Create a Billion Dollar Product.

 

Ron:

All right, and you want to talk a little bit about that without maybe we’ll sell some books today. But we want to tee it up so people will want to buy it because I know that a lot of people would like to create a billion dollar product.

 

Michael:

Yes. So my book goes from concept to consumer, when you have an idea and you’re like, Okay, what do I do and it’s as simple as starting with Google search, and then it takes you all the way through how to get it tested, and how to get it made. You know, we have another book is called The Billion Dollar Prototype, how to build anything that you want to sell. And the third book in that in the trilogy is the Billion-Dollar Marketing Plan. Because if you don’t have customers, you’re not going to sell anything. So in the first book, I go through everything, I touch on a little bit of how to create it, a little bit of how to build it and a little bit of how to market it a lot at the beginning, on on what to do once you have the idea. And then the other books will give you the actual workbook on how to run a Facebook ad, how to get a prototype built in China without getting you know, your ideas stolen. And then the marketing plan is how to make it global. And over the last 30 years, I was fortunate to build a network in about over 100 markets, but there’s about 60 key distributors that have pushed out to all those markets. It’s almost like Hollywood, you know, the theaters in Europe sit and wait for Hollywood to send a movie so they can get butts and seats, lab shopping channels around the world that wait for me to send them content, they can get people on the phone or on the internet. And the countries are so too small to create their own content. So they rely on us to feed them with a global product.

Tune in to the episode to hear the rest of my remarkable interview with Michael Casey.