The genius of the Costco $1.50 hotdog, How 'Founder Mode' will shift the tides of business, and Startups that raise less money grow revenue faster

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Careers, Business, Marketing

4.6 • 1.3K Ratings

🗓️ 17 September 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #2822, Eric Siu and Neil Patel discuss how Costco's $1.50 hot dog serves as a loss leader to attract customers, the importance of founders being deeply involved in their businesses, and the pitfalls of overfunding in startups, suggesting that less funding can lead to greater revenue growth. Don’t forget to help us grow by subscribing and liking on YouTube! Check out more of Eric’s content (Leveling UP YT) and Neil’s videos (Neil Patel YT) TIME-STAMPED SHOW NOTES: (00:00) The genius of the Costco $1.50 hot dog (02:14) How 'Founder Mode' will shift the tides of business (13:30) Startups that raise less money grow revenue faster (16:59) That’s it for today! Don’t forget to rate, review, and subscribe! Go to https://www.marketingschool.io to learn more! Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us: Single Grain << Eric’s ad agency NP Digital << Neil’s ad agency X @neilpatel X @ericosiu

Transcript

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0:00.0	Let's talk about the genius of the Costco $1.50 hot dog.
0:02.8	Have you had one recently?
0:04.8	Oh, you can't eat hot dogs, that's right.
0:06.3	But I know they lose money on hot dogs from my understanding.
0:08.8	But it gets people in.
0:09.8	This is from Trung fan.
0:10.8	You know Trung fan on Twitter?
0:12.2	So he's a funny guy.
0:14.0	He's got like a lot of subs.
0:15.0	He's like, parody account almost.
0:18.0	But Trung says, this is the image over here,
0:21.0	it's Costco founder mode.
0:22.0	So talk about founder mode again.
0:23.5	Everyone's talking about founder mode now, right?
0:25.2	So Seattle Times says, if that price of the hot dog combo goes up,
0:28.9	what will it mean?
0:29.7	Costco founder Jim Senegal says that I'm dead. It's amazing how creative we have been to
0:34.8	figure out ways to keep the price down. It was a Sinai signai hot dog and now it's a
0:40.0	Kirkland signature hot dog. It's actually 4.4 ounces so it's slightly bigger than a quarter pound now.
0:44.7	It's a drink and a free refill on the drink for a buck 50. We used to sell the soda in a can,
0:50.0	we put in soda machines which took the price down. We improved the cause of the
0:53.1	condiments we purchased better on buns and things like that. It's the same
	...

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