Why More Course Content Can Increase Churn — Transcript

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1. 0:00My question is in in regards to the
2. 0:02correlation between content and context.
3. 0:05Right, so you said again the whole big
4. 0:06thing here is that there's a community
5. 0:08aspect. In terms of content, so whatever
6. 0:11courses and all that stuff, most or many
7. 0:13communities
8. 0:14have a starting point of quick win, 10
9. 0:17days to this, 90 days to that, 10 kg and
10. 0:19whatever.
11. 0:20So, if I'm looking at retention after
12. 0:23that,
13. 0:25um again, comes back to your question of
14. 0:28oh, I have to put more courses in, more
15. 0:30content.
16. 0:31Um what would you say can drive more
17. 0:34attention on a long-term where the
18. 0:37base of the content is framed in a in a
19. 0:41time frame.
20. 0:42>> I think you're talking about like
21. 0:43promises.
22. 0:44>> No, so like
23. 0:46if I have a community, 90 days to you
24. 0:48know,
25. 0:49lose 10
26. 0:50>> what happens on the 91st day?
27. 0:52>> Exactly. Like how do actually keep
28. 0:54people inside?
29. 0:55>> better, right? But it will also have
30. 0:57higher churn. It's a trade.
31. 0:59The more you promise, the lower the bar
32. 1:01for saying yes, but also they have more
33. 1:04they've less reason to say yes, and so
34. 1:06they've more reason to say no, which
35. 1:07means they'll leave.
36. 1:09It's a trade. Like the perfect world is
37. 1:10one where you say, "I will promise you
38. 1:12absolutely nothing."
39. 1:14And you should you should buy it only if
40. 1:16you're this very rare type of person,
41. 1:18and it may or may not suck.
42. 1:20And if someone buys at that point, the
43. 1:22likelihood that they churn is
44. 1:23significantly lower than like I'm going
45. 1:24to save your life in 30 days.
46. 1:27So, the expectations are significantly
47. 1:28lower. That's just a trade that you
48. 1:30make.
49. 1:31>> Yeah. And in regards to the community
50. 1:33being a factor, like okay, after these
51. 1:3590 days, the community is what
52. 1:37>> So, two things. So, one is the
53. 1:38qualification piece that I was
54. 1:40referencing earlier. Are they staying
55. 1:41for other people? Are they staying for
56. 1:42you? If they have to stay for you, then
57. 1:44you always have to be generating stuff.
58. 1:46It's different. Everyone else Everyone
59. 1:47else already does the generation on
60. 1:48their own.
61. 1:49Um the other piece, shoot, I had it. Oh,
62. 1:52um oh. So, it's making sure that
63. 1:55whatever problem you solved with the
64. 1:57first 90 days, there's probably a clear
65. 2:00problem that when that is solved creates
66. 2:02well when that first problem is solved
67. 2:04you create another problem. Like all
68. 2:05problems lead to more problems. And so
69. 2:07as long as you're clear about what that
70. 2:08new problem is, that becomes continuity.
71. 2:11And so the the classic example that I've
72. 2:13I've given that I've seen the people who
73. 2:15have phenomenally low churn
74. 2:17um inside of school that do create that
75. 2:19are not kind of quote
76. 2:21that are not high qualification but are
77. 2:23actually high on the on the delivery
78. 2:25themselves are people who have
79. 2:26consumable
80. 2:29uh consumable deliverables. So it
81. 2:31expires functionally. So it's like the
82. 2:33the one time thing, the 90-day thing,
83. 2:35the course or whatever it is that you
84. 2:37get to to convert people on the front
85. 2:38end ideally should be sort of like a
86. 2:40black box of like this is a system to do
87. 2:43lose weight, to you know, get your
88. 2:45marriage fixed, to make money, whatever
89. 2:46it is, right? This is the system. But
90. 2:49the best in terms of uh decreasing churn
91. 2:52and increasing stick is going to be
92. 2:54I give you this thing one time you
93. 2:56learned it. But in order to run that
94. 2:58machine, you still need to buy ink from
95. 3:00me, right? You still need to get the hot
96. 3:02list of wholesaling
97. 3:05um you know, real estate addresses that
98. 3:07are new this week. And next week they're
99. 3:08going to be different. And the 3D
100. 3:10printing community which we saw like he
101. 3:12had two or three percent churn monthly
102. 3:14and it was because he would find his own
103. 3:16team would scrape and figure out what
104. 3:17are the top ranked 3D printing uh
105. 3:20products that are selling right now. And
106. 3:22then he he'd already taught everyone how
107. 3:24to do the 3D printing and so they stayed
108. 3:26so that they could get whatever that
109. 3:27news is. So it's like how can I have
110. 3:29that blend of education and news
111. 3:32functionally? That consumable. And then
112. 3:34that's if you're in a broadcast kind of
113. 3:36community where you're the one providing
114. 3:38the value in the deliverable, that is
115. 3:39what I've seen like works really really
116. 3:41well. If it's not hey, everybody in here
117. 3:44provides value for each other. If you
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119. 3:46owner who wants to break through your
120. 3:47current revenue ceiling, I distilled
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122. 3:50past 10 million and three businesses
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127. 4:00and you can check it out. Again,
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130. 4:04enjoy.