Equation of Excellence Fermat Commerce

Each season on Decoded, we demystify a nebulous concept in commerce. In this season of Decoded, presented by FERMÀT, Phillip sits down with Rabah Rahil, the CMO at FERMÀT, to examine the legacy of these prolific thinkers, inventors, and polymaths, philosophers, and mathematicians whose work inspired Steve Jobs, Jeff Bezos, and Bill Gates. One of these inspirations from the past is the mathemetician Srinivasa Ramanujan. Listen now!
The best time to be excellent, and the worst time to be average.
{00:08:07} - “The first lesson we could learn {from Srinivasa Ramanujan} is becoming your own self-advocate, especially in your career, and understanding that maybe you have a talent and an intuition that can be useful for others.” - Phillip{00:10:12} - “Outside of an Ivy or if you want to go study under a professor, I think academia isn't a lot of times the path for you because I think a lot of times when you have these innate geniuses, if you would have taken them through an academic establishment, the creativity would have been beaten out of them. Because when you think of academics, it's very conformist.” - Rabah{00:13:50} - “I would rather hire people that have had a bunch of failures and pick themselves back up versus people that have never failed. Because I found those people that have never failed are candidly just quite soft.” - Rabah{00:17:05} - “Some truths look like universal laws in one context. But if you zoom out to a bigger context, the law doesn't hold true anymore. The law is broken from a different point of view.” - Phillip{00:24:38} - “When you lack conviction, you can be convinced that your intuition is wrong.” - Phillip{00:29:55} - “The cheat code of mathematics is it's cold and sterile, and there's usually a right answer. What we deal with is humans. Humans are insanely jagged. They flip from logic to emotion to logic to emotion, and there's going to be way more nuance in like, that's why marketing degree is an arts.” - Rabah

Summary
Michael True, President, co-founder, and CEO of Fermat, shares his entrepreneurial journey and the founding of Preshy. He discusses his background in sales and working with blue-chip companies like IBM and Oracle. He explains how he transitioned into the music industry and developed a model to predict tour locations for record labels. When COVID hit and touring stopped, he shifted his focus to streaming and solving the problem of measuring marketing spend and driving streams. He talks about the challenges of building a team and finding the right balance between product velocity and marketing. The conversation covers topics such as the importance of focusing on client value rather than competition, the role of product velocity in different market segments, the elevator pitch for Prescient AI, and the company's media mix model. The conversation also touches on the significance of discipline and culture in achieving excellence.
Takeaways
Michael True started his career in sales and worked with blue-chip companies like IBM and Oracle before transitioning into entrepreneurship.He founded Preshy, a company that used data science to predict tour locations for record labels in the music industry.When COVID hit and touring stopped, he shifted his focus to streaming and developed a model to measure marketing spend and drive streams.Building the right team is crucial, and Michael focused on hiring data scientists, engineers, and product managers with the right expertise.Finding the balance between product velocity and marketing is a challenge, but it's important to ensure the product delivers on its promises. Focus on client value rather than competition to ensure quality and alignment with client needs.Product velocity is more important for lower-level customers, while up-market customers prioritize value and complexity.The elevator pitch for Prescient AI is a media mix model that measures and optimizes marketing spend across various channels.Excellence is a function of discipline and a strong culture that prioritizes employee happiness and well-being.Gratitude, strong opinions weakly held, and beginner's mind are key elements of an equation of excellence.
Sound Bites
"From Sales to Entrepreneurship: Michael True's Journey""Predicting Tour Locations: Preshy's Innovative Solution""Shifting Focus to Streaming: Solving the Marketing Spend Problem""If you're trying to build against a competitor, versus build for the value of your clients, it's a very slippery slope.""Up-market doesn't really care about product velocity. It's just a different sales motion where the contracts can actually be insanely complex.""That down folks. That is what we call an elevator pitch. That is a fantastic."
Chapters
00:00 From Sales to Entrepreneurship07:10 Predicting Tour Locations25:12 Balancing Product Velocity and Marketing31:22 The Elevator Pitch for Prescient AI48:05 The Significance of Discipline and Culture

Summary
In this episode of Equation of Excellence, Rishabh Jain, CEO and co-founder of FERMÀT Commerce, discusses his journey in entrepreneurship and the evolution of the company. He shares his belief that business is the best way to propagate ideas in the world and talks about his experiences in building various businesses, including a solar energy company and a lab data sharing platform. Rishabh also discusses the importance of choosing the right co-founder and making bold bets in business. He shares insights on the pivot FERMÀT Commerce made and the significance of focusing on people and systems in the growth of a company.
Keywords
entrepreneurship, business, solar energy, co-founder, pivot, FERMÀT Commerce, people, systems
Takeaways
Business is a powerful way to propagate ideas in the world.Choosing the right co-founder is crucial for the success and longevity of a company.Pivoting is a natural part of the entrepreneurial journey and can lead to new opportunities.Investing in high-quality people and trusting them to do their best work is essential for growth.Systems should be implemented to enhance efficiency and allow for focus on solving big problems.
Sound Bites
"Business was the best way to propagate ideas in the world.""Co-founders having a durable relationship is rare.""Building a feature, not a business."
Chapters
00:00 Propagating Ideas Through Business04:34 The Importance of Choosing the Right Co-founder09:18 Investing in High-Quality People

SummaryIn this conversation, the guest shares his journey from influencer marketing to building and scaling e-commerce brands. He discusses the challenges of running a fulfillment center and the decision to transition from brand incubation to an agency. The potential of TikTok shops and subscription-based brands is explored, along with the impact of TikTok SEO on brand building. The guest also explains bid cap multipliers on Meta platforms and shares thoughts on Klaviyo's professional services announcement. The conversation covers concerns about Clavio's strategy, the importance of enterprise brands in DTC, potential negative effects of scaling service teams, predictions for the year, rising ad costs in an election year, the opportunity in TikTok Shops, the challenge of keeping up with marketing changes, and the equation of excellence.
TakeawaysKlaviyo strategy may alienate partners and blur the line between being a tech company and a service company.Enterprise brands play a significant role in the DTC market, and it is important for platforms like Klaviyo to cater to their needs.Scaling service teams can lead to challenges in maintaining relationships with agency partners and talent procurement.Ad costs are expected to rise in an election year, impacting DTC marketing strategies.TikTok Shops present a significant opportunity for e-commerce brands, especially those with an average order value under $50.Keeping up with marketing changes and deploying marketing dollars effectively is a challenge for businesses.Excellence is a function of curiosity and work ethic.
Chapters00:00 Introduction and Background01:22 From Influencer Marketing to E-commerce Brands05:16 Challenges of Running a Fulfillment Center08:54 Considerations for Brand Incubation10:17 The Potential of TikTok Shops and Subscription-Based Brands15:13 The Impact of TikTok SEO on Brand Building23:39 Klaviyo's Professional Services Announcement24:14 Concerns about Clavio's Strategy26:06 The Importance of Enterprise Brands in DTC27:21 Potential Negative Effects of Scaling Service Teams29:32 Predictions for the Year33:37 Rising Ad Costs in an Election Year35:23 Opportunity in TikTok Shops40:01 The Challenge of Keeping Up with Marketing Changes45:36 The Equation of Excellence

Summary
Saunders Schroeder shares his journey from starting an e-commerce business to becoming a leader in the digital marketing industry. He then discusses the inspiration behind Buffed Energy, a premium energy drink made with organic mushrooms and nootropics. Saunders explains the product mix and pricing strategy, as well as his plans for the future of Buffed Energy. In this conversation, Saunder Schroeder discusses his next product and the challenges of entrepreneurship. He emphasizes the importance of consistency and building a strong brand. Saunder also shares his desire to have a conversation with Steve Jobs and asks about unlocking genius. He reveals his unusual skill as a competitive gamer and discusses what he would bring if stranded on a deserted island. Saunder expresses his fascination with ancient Egypt and his equation of excellence: resilience, discipline, and creativity. He concludes by sharing where to find Buffed Energy.
TakeawaysStarting an e-commerce business can provide valuable experience and insights into marketing and sales.Dealing with a career-ending injury can lead to unexpected opportunities and new directions.Being a leader and manager requires meeting people where they are and helping them become the best version of themselves.Launching a new product requires careful consideration of the product mix and pricing strategy.Future plans for a brand should focus on growth and expansion.
Chapters
00:00 Introduction and Background01:39 Starting an E-commerce Business03:03 Dealing with a Career-Ending Injury06:12 Transitioning to Sales and Marketing09:03 Becoming a Leader and Manager19:33 Launching Buffed Energy24:19 Product Mix and Pricing Strategy29:23 Future Plans for Buffed Energy31:14 Next Product and Entrepreneurship Challenges32:42 Consistency and Building Brand33:59 Conversation with Steve Jobs35:29 Unusual Skill or Hobby36:46 Stranded on a Deserted Island38:12 Visiting Ancient Egypt39:40 Equation of Excellence40:15 Where to Find Buffed Energy

In this solo cast, FERMÀT Commerce shares five tips for becoming a better marketing leader. The tips include hiring the right talent, delegating responsibility, running effective leadership meetings, distributing workload, and being your number one fan. FERMÀT also discusses the agency talent matrix, the RACI framework for responsibility, the L10 meeting structure, the IDS method for problem-solving, and the goals-rocks-to-dos framework for workload management.
Takeaways
Hire go-getters and game changers who can have a significant impact on the organization.Clearly define responsibility and ownership using the RACI framework.Run effective leadership meetings using the L10 meeting structure.Use the IDS method to identify, discuss, and solve issues.Manage workload using the goals-rocks-to-dos framework.
Chapters
00:00 Introduction00:39 Tip 1: Hiring01:30 Tip 2: Delegating Responsibility02:20 Tip 3: Running Leadership Meetings04:17 Tip 4: Distributing Workload05:17 Tip 5: Being Your Number One Fan06:16 Agency Talent Matrix06:45 Responsibility, Accountable, Consulted, Informed (RACI)09:55 L10 Meeting Structure11:23 Identify, Discuss, Solve (IDS)15:11 Workload Structure: Goals, Rocks, To-Dos18:25 Being Your Number One Fan