Shopify1Percent Facebook ad: “The Federal Reserve Bank of Philadelphia ran a…”

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1980082592608739

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Instagram

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2,157

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The Federal Reserve Bank of Philadelphia ran a study in 2018 on lottery winners. What they found was wild... For every $1,000 in lottery winnings someone in a neighbourhood won... the bankruptcy rate of their NEIGHBOURS went up by 2.4%. Not the winners. The neighbours. Let that sit for a second. Someone across the street wins money, and YOU are more likely to go broke. When you see someone nearby succeeding, you start making decisions based on what's working for them. New car. New kitchen. New wardrobe. New everything. Without realizing their context, their income, and their situation is completely different from yours. It's "keeping up with the Joneses" but with receipts. Phillip Jackson says this is exactly what happens to Shopify merchants every single day. We see what Glossier is doing. We copy it. We see what Gymshark is doing. We copy it. We see what Ridge Wallet is doing. We copy it. We see the Slack thread about what tech stack Kith uses. We copy it. We read a Twitter thread about a $100M brand's email flow. We copy it. And we do this WITHOUT asking... ...do their customers match mine? ...do their budgets match mine? ...does their stage match mine? ...does their margin structure match mine? ...does their audience give a crap about the same things? usually no. Here's my Shopify 1% takeaway for this one. Next time you see a brand doing something cool and your first instinct is "we should do that"... pause. Ask yourself three questions first: Are their customers actually my customers? Do I have the same margin structure to afford that move? Am I copying the tactic or the thinking behind the tactic? The tactic is usually the trap. The thinking is the gold. Copy the thinking. Ignore the tactic. Run your own playbook. 🎧 Full episode link in bio, or: https://www.shopify1percent.com/futurecommerce/ @philwinkle @futurecommerce #Shopify #ecommerce #podcast #Shopify1Percent

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