Jim McIlree: Okay. And then also, Bryan, you talked about – I just want to make sure I heard you properly. You said that increasing the frequency of advertising does not increase sales, is that true? And then, so what is the current frequency of advertising that you were referring to when you said increasing it doesn’t increase sales?
Bryan Ganz: So, once we have reached kind of the threshold of around four days a week, going up to 5 ads a week, 10 ads a week with the same celebrity doesn’t have the same impact. You start to see a diminishing return in terms of ROAS. So, if we are spending, let’s just say, $2 million a year with Sean Hannity, spending $4 million a year with Sean Hannity would not double our return from Sean Hannity. So, you reach a point where you can’t just pour more money into the successful celebrity endorsers, but you have to add celebrity endorsers to the roster. This year, our intention is to add one more celebrity endorser, which will start next quarter in March. But beyond that, we do not intend to add any more celebrity endorsers to the roster because we feel that, with these five, we will be able to generate all the growth we can handle.
Jim McIlree: Okay. And just one other thing on this same issue. So, when you start with a new celebrity endorser, do you scale up to that, let’s call it that 4x a week baseline, or does it take – and does it take a little time to get that ROAS that you referred to, or do you get it somewhat instantaneously?
Bryan Ganz: Our experience has been that we get it somewhat instantaneously. One of the things that we have discovered is if we can get on their show, in other words, if we can get an interview on their show, as we did with Sean, as we hope to do with Glenn Beck and Bill O’Reilly, it allows us to really jump-start the advertising effectiveness. But so far, we have not seen any delay in hitting our ROAS numbers. In fact, with Glenn Beck, the ROAS numbers were extraordinarily strong right out of the box, because in December, Glenn spoke about our product on his show, not as part of our advertising, but just as something that he was interested in. So, we are looking for those celebrity endorsers that really believe in our product, that are passionate about our product, that believe in less-lethal self-defense. And as a result, there is a tendency for them to talk about it beyond just the advertising that we are paying for.
David North: The other thing is that, with all of these, we start out with a relatively short-term contract so that we can make sure that this is going to be effective before we commit to anything long-term.
Bryan Ganz: Yes, that’s correct. So, for example, with Sean, we started with a 90-day contract, but then we have now committed to the full-year 2024, with Glenn Beck, the same thing, with Bill O’Reilly, the same thing.
Jim McIlree: Okay. Thank you. That’s it for me.
Bryan Ganz: Thanks Jim.
Operator: Thank you. At this time, this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Ganz for closing remarks.
Bryan Ganz: Okay. Thank you, operator, and thank you everybody who participated today, and particularly our investors, I want to thank you for your continued support. Thank you.
Operator: And this concludes today’s conference. We thank you for joining us today for Byrna’s fiscal fourth quarter and full year 2023 conference call. You may now disconnect.
