He turned a broke team into a billion dollars

Key Concepts

Savannah Bananas, Jesse Cole, FanFirst Entertainment, Banana Ball, Unreasonable Hospitality, Showmanship, Idea Generation, "Insanely Great," "Down" Mentality, Live Entertainment, Spotify Growth.

Savannah Bananas: A Billion-Dollar Business Built on "Insanely Great" Fan Experience

The podcast episode focuses on the Savannah Bananas, a baseball team and entertainment company, as an inspiring business case study. The hosts, Sean and Sam, express admiration for the founder, Jesse Cole, and his innovative approach to transforming a traditionally "boring" sport into a highly engaging and profitable entertainment experience.

1. Origin Story and Early Struggles:

• Jesse Cole, a former college baseball player, realized the spectator experience of baseball was often dull.
• He became the GM of the Gastonia Grizzlies, a struggling college summer league team with only 200 fans per game and $268 in the bank.
• Cole immersed himself in studying successful entertainment models like Disney, PT Barnum, WWE, UFC, Apple, the Grateful Dead, and the Beatles to learn how to build a fan base.
• He experimented with various promotions, such as fan-thrown first pitches and dollar hot dog nights, to increase attendance.
• He even created publicity stunts, like "firing" the mascot for taking "bear growth hormone" (BGH), to generate media attention.
• After nearly a decade of experimentation, Cole met his future wife, Emily, at a minor league baseball seminar where he presented his innovative ideas.
• Emily suggested a trip to Savannah, Georgia, where they discovered a historic baseball stadium and decided to start a team there.

2. Building the Savannah Bananas:

• Cole secured a $20,000/year lease for the Savannah stadium.
• The team initially struggled, selling only two tickets in the first few months.
• Cole and his wife sold their house, moved into a garage, and slept on a twin air mattress to keep the team afloat.
• They engaged the community by holding a naming contest, which led to the team being named the "Savannah Bananas" by a 62-year-old nurse.
• Despite financial constraints, Cole invested in a professional logo design, recognizing the importance of branding.
• The Savannah Bananas team has a dance team called "The Nanas" which is a group of grandmas. They also have male cheerleaders called "The Man Nanas".

3. Revolutionizing the Baseball Experience with "Banana Ball":

• Cole focused on eliminating the boring aspects of baseball and creating a more engaging experience for fans.
• He implemented a flat $25 ticket price, covering all taxes and fees, to provide transparency and value.
• He mandated that employees write down 10 new ideas every day to flex their "idea muscle".
• Cole introduced unconventional rules to speed up the game and increase excitement, including:
  • Foul balls caught by fans count as outs.
  • Walks require the batter to sprint to first base.
  • The defense must touch the ball in between walks.
  • Bunting is prohibited, resulting in ejection.
  • Games are capped at two hours.
• These new rules were called "Banana Ball".
• Cole analyzed security footage to understand fan behavior and identify areas for improvement.
• He took snapshots of the bleachers every 10-15 minutes to monitor fan engagement and adjust the game accordingly.

4. The "Insanely Great" Philosophy and Unreasonable Hospitality:

• The hosts emphasize the importance of striving for "insanely great" experiences, drawing parallels to Steve Jobs' product strategy.
• They highlight the need to focus on the "insane" part of "insanely great," which involves sweating the details and going above and beyond expectations.
• They discuss the concept of "unreasonable hospitality," inspired by Will Guidara's approach at Eleven Madison Park, the world's best restaurant.
• Guidara's philosophy involves anticipating and fulfilling customer needs in unexpected ways, such as providing a New York street hot dog to a tourist who missed the opportunity.
• He allocated 5% of revenue to do "wacky stuff" and create memorable experiences.
• The hosts suggest that mistakes are opportunities to create exceptional customer experiences by going above and beyond to resolve them.

5. The "Down" Mentality and Building a Supportive Team:

• The hosts discuss the importance of hiring people who are "down" to try new ideas, even if they seem unconventional or unproven.
• They argue that a supportive team environment fosters creativity and encourages individuals to share their ideas without fear of judgment.
• They emphasize that censoring oneself due to a lack of support can stifle innovation and limit potential growth.

6. Overtime's Strategy:

• Dan Porter from Overtime said that "If your strategy is something that everybody agrees with, it's not a strategy."
• Overtime replied to a million comments on social media in their first year.

7. Current Success and Future Potential:

• The Savannah Bananas have a 3 million person waiting list for tickets.
• The company generates an estimated $70-100 million in revenue and is valued at $500 million to $1 billion.
• In the past year, 2 million fans attended their games.
• They have more followers on TikTok and social media than all MLB teams combined.
• The team is now embarking on a world tour, expanding its reach beyond North America.
• The hosts compare the Savannah Bananas to the Harlem Globetrotters, suggesting a sustainable model for live entertainment that focuses on family-friendly experiences.
• They also draw parallels to Feld Entertainment, the company behind Monster Jam and the Ringling Bros. and Barnum & Bailey Circus, highlighting the potential for long-term success in the live entertainment industry.

8. Call to Action:

• The hosts encourage listeners to brainstorm creative marketing ideas for their own businesses, aiming for "unreasonable" and attention-grabbing strategies.
• They request listeners to connect them with Jesse Cole for a potential podcast interview.
• They also encourage listeners to follow "My First Million" on Spotify, where they are experiencing significant growth and investing in video content and community engagement.

Conclusion

The Savannah Bananas' success story demonstrates the power of innovation, customer-centricity, and a willingness to challenge conventional norms. By focusing on creating an "insanely great" fan experience and building a supportive team culture, Jesse Cole has transformed a struggling baseball team into a thriving entertainment company with a global following. The podcast episode serves as an inspiration for entrepreneurs to embrace creativity, prioritize customer satisfaction, and pursue "unreasonable" strategies to achieve remarkable results.