Why More Content Can Make Customers Leave — Transcript

Full transcript

1. 0:00Figure out what the inputs are for
2. 0:01growing your business.
3. 0:03And most of the inputs in this business
4. 0:04are going to be related to advertising.
5. 0:06Most of them. Cuz you have traffic, you
6. 0:09have conversion, you have pricing, and
7. 0:11you have churn. Those are the levers of
8. 0:12this business. And pricing you pretty
9. 0:15much just pick, and that's done.
10. 0:17Conversion you fix one time, you do
11. 0:19little tweaks, but for the most part the
12. 0:20page remains more or less the same. And
13. 0:23so the only inputs in the system are
14. 0:24going to be the things that you put on
15. 0:25the back end inside the community to
16. 0:27reduce churn, and things on the front
17. 0:28end that you do to get more people in
18. 0:30there. And I want to tell you one story
19. 0:31and then I will go to the A's and Q's.
20. 0:34Very good friend of mine had a very,
21. 0:36very successful newsletter.
22. 0:37Um and I'll say like when I say very,
23. 0:39very successful I'll give you scale.
24. 0:40Probably 500,000 a month. All right, so
25. 0:41print newsletter, old school marketer.
26. 0:44And I was talking to him about it. And
27. 0:46he said uh I said, "What was your churn
28. 0:48on that?" And he was like, "Ah it was
29. 0:49about 15%." And I was like, "Okay,
30. 0:51that's pretty good for like a a
31. 0:52newsletter offer." It was high ticket.
32. 0:53It was two or three hundred dollars a
33. 0:54month. I think it's sorry, three or four
34. 0:55hundred dollars a month. So it's an
35. 0:56expensive newsletter. Targeted for
36. 0:58business owners.
37. 0:59And I was a reader of the newsletter and
38. 1:00I was like, "Why'd you stop this thing?
39. 1:01I loved it. It was awesome." And he
40. 1:03said, "Ah I stopped it because, you
41. 1:04know, I'm an entrepreneur and it, you
42. 1:05know, I got bored with it because it
43. 1:06just made money and it was really easy.
44. 1:08So I just decided to start something
45. 1:09really hard and lose all my money." And
46. 1:11so before before he So going back to the
47. 1:14churn I said, "Okay, so you're 15%." I
48. 1:17said, "What did you do to reduce churn?"
49. 1:18He said, "Well, I can tell you all the
50. 1:20things that I did that didn't reduce
51. 1:21churn." And I was like, "Well, that
52. 1:22works." He said, "Churn was at its
53. 1:24absolute lowest when I only had two
54. 1:26things in my deliverable."
55. 1:28They had a call once a month.
56. 1:31Once a month. And they had a newsletter.
57. 1:33That was it. He said, "Then I went from
58. 1:36once a month to once a week. And then I
59. 1:37added two a week. I added Facebook
60. 1:39Fridays where I talk about ads and then
61. 1:41I would do Q&A's on on Mondays. And then
62. 1:43I added in two or three other things
63. 1:45inside the community. And and and and
64. 1:47and and and the more things he added,
65. 1:49the more churn increased."
66. 1:51And so I just think that there's just a
67. 1:52huge lesson in clarity and simplicity
68. 1:54here in in messaging and also your
69. 1:55deliverable. Is it because you get bored
70. 1:57has nothing to do with your customers
71. 1:59getting bored. And a lot of times
72. 2:01reduction of churn is about simplicity
73. 2:03and making thing and about activation,
74. 2:05getting someone to consume it rather
75. 2:06than having more things for them to
76. 2:08consume. I would rather increase the
77. 2:10likelihood that they consume 100% of my
78. 2:11stuff than try and give them more things
79. 2:15to consume.
80. 2:17And so, that was my my little lesson, my
81. 2:19little takeaway that I'll I'll share
82. 2:20with you guys. He had two things and he
83. 2:22was charging $400 a month.
84. 2:26And so, some of you guys are mispriced
85. 2:28for sure.
86. 2:29But, you just want to make sure that the
87. 2:31thing that you actually give, that they
88. 2:32actually consume, is really good. I'd
89. 2:35rather you just spend one whole month
90. 2:36making one really valuable thing that
91. 2:39they're like, "This is worth $2,000."
92. 2:40And then they stay.
93. 2:42So, that is my TLDR for this, but the
94. 2:45inputs that you have will be, "What do I
95. 2:46make that's exceptional on the back
96. 2:48end?" And try and put all my effort in
97. 2:50getting them to consume it, and then
98. 2:51everything else of my time goes towards
99. 2:54advertising. And so, if you look at your
100. 2:56day and you did not let more people know
101. 2:58about your stuff, you will stop making
102. 2:59money.
103. 3:00And that is what many of the people who
104. 3:02win the games do because they're
105. 3:03committed the outcome not the inputs.
106. 3:04All right.
107. 3:05If you like this video and you're
108. 3:06business owner who wants to break
109. 3:07through your current revenue ceiling, I
110. 3:09just distilled every lesson from scaling
111. 3:1010 businesses past 10 million and three
112. 3:12businesses past 100 million into a
113. 3:14completely free scaling roadmap that
114. 3:16I've used to go from zero to one, zero
115. 3:17to 10, and zero to 100 plus. And so, you
116. 3:19can click here and you can check it out.
117. 3:21Again, absolutely free, and since you're
118. 3:22business owner, I appreciate you and uh
119. 3:24enjoy.