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CMR 1: The Netflix Dilemma

By Ben Willson

Conversion Marketing Radio EP1: The Netflix Dilemma   [00:00:00] I've got a question for you guys. If Netflix only gave you one movie or TV show to watch at a time and you had two buttons one that said "Yes, watch this movie now".   [00:00:11] And the other by and I said "no thanks". Next choice do you think that Netflix would be more or less successful.   [00:00:21] Welcome to Conversion Marketing Radio. Uncovering the secrets of how to convert your dream clients into paying customers. If you're here to learn about maximizing conversions for your business. Without wasting money on "Vanity" results, Consider subscribing to this podcast. And Now, Here's your host Ben Willson.   [00:00:43] Hey, What's going on guys. How are you doing today. You know I've been thinking about this topic for quite some time now.   [00:00:51] In fact I wrote it out several months ago before I ever considered making a podcast or anything and I just felt like I needed to get it out there and so I wrote it out for myself initially and I'm excited to share with you now and for myself to go through and dive deeper into the entire concept knowing that I'm sharing it with other people.   [00:01:13] So I've got a buddy who I consider to actually be a really good friend of mine. He's a phenomenal marketer in fact he is probably one of the best sales funnel builders in the entire world. You might have heard his name is Steve Larson. He's got his own podcast called cell phone or radio. If you haven't checked it out yet definitely hop over there ASAP. He drops some amazing content every single week. That is literally life changing so when he first started his podcast I was honored to actually be the very first person that he interviewed. At least that's what he tells me. Hopefully that's still true of Stephen so I was doing a like a new business venture at the time with two other friends of mine and as Stephen was starting this and I was telling him about some of the successes he wanted to do an interview. So here's what was going on with that business venture. So we had just launched a minimum viable product on NVP to actually test and see if it was going to work out. And right after we launched I mean I'm talking minutes after launching there was an absolute proven model that we thought wow this is going to be so successful so in that first day we sold eight thousand dollars worth of products in fact that was like 24 hours our sites shut down we had so many people on it at that time. And what came to find out was we had 50000 unique visitors in that very first month.   [00:02:55] The craziest part of all it was without spending a single penny on advertising. So you're probably asking what we did. If you want to learn more check it out on Steevens podcast.   [00:03:08] Because this side of the story goes a little different way. So if you want to see the happy side of it. Check out his podcast. When we first started. And then you can hop back over here and hear the rest of the story because it's great. So good. So my then business partners and I thought we had proven our idea and that this was really going to take off we could replicate it over and over and over again and just crush it. And so what we did is we took two months improving our Web site we took and took quality pictures. We paid to license a ton of awesome pictures and videos to make sure that we looked legit. In fact we also listed more than 500 products from various suppliers around the world and making sure that we also had unique interesting awesome stuff that was similar to other top brands in the industry. Our goal was to make. Our company look and appear as if we were this massive brand that people had never heard of and we actually branded it like we were from the UK figured that was going to be pretty attractive to people thinking weve got a fashion clothing line coming in from a whole like a fashion capital of the world and people would suddenly start tailgating to it. These were all these massive assumptions that we had made we had proven the hypothesis.   [00:04:35] We really thought we were on to something just huge so it took 15 hours a day six days a week and we did this for eight weeks.   [00:04:48] I literally coded like one of the best most technical websites I'd ever made without really even studying much about code. This thing had advanced searching capabilities I mean it was on par with other brands unless you were just leading this industry is probably could even compete with like an Amazon on the search functionality it was so good I couldn't have been more proud of that type of level of coding.   [00:05:19] And here is that twist right.   [00:05:24] You've been waiting for it. So with all that preparation the big launch with the expectations a double even triple our sales of from our initial minimum viable product launch and testing that out we were ready for the traffic to come in.   [00:05:38] We made sure that products could be sent out smoothly and timely as ever and you guessed it it failed. It flopped harder than any soccer player trying to get any attention from the referees. I mean this thing just plummeted. So.   [00:06:01] For several weeks we waited and we we we tried all these different ways to make sure that visitors were coming in. However even checking our analytics it wasn't the amount of traffic that was our problem. It wasn't our bounce rate. It wasn't even the amount of time spent on the website. I mean in fact we actually had like 11 minutes of time spent on the sites and back in 2015.   [00:06:25] That's pretty much what people were spending on Facebook and we're talking Facebook right the social interacting Web site like that enables personal indulgence for entertainment and snooping on all the high school and college friends and judging your life against theirs. I mean it was insane the amount of time that people were spending on our site.   [00:06:46] So I started reading more and more trying to figure out where did I go wrong. Like what did I overlook. And I went checked all the big blogs like the big businesses out there and they said here's all the key indicators for success and here's what leads to sales and everything matched up perfectly made sense except for the fact that we. Literally weren't getting any sense. So after closely examining our analytics for several days you know really the stats show that our visitors would go through just about every single page on our site looking over like the 500 products that we had. And our sales were so low this was such a mystery. We targeted the exact audience we had social media influencers sending traffic. We lowered our prices even by like below any competitor. We were talking like one fourth of the price of what you could get stuff elsewhere.   [00:07:44] We had an amazing website with like all the search functionalities and it wasn't putting our. It wasn't until we put our business on or that business venture on the backburner that the light bulb went off. Right. Moved on to something else and I was seeing success in other places trying something completely different and it wasn't until a few months later that really this light bulb went off like it had a big epiphany and I realized our problem was the fact that we just literally had too many options to choose from. I mean if you think about it the decisions that are visitors made at the end of the day were it was to decide to actually not buy anything. I wasn't to decide on like yes I'm going to buy something. No not going to buy something. It was literally is just too much to look at. They would spend less time they were window shopping and not actually buying a single thing or very very little things and we even had upsets that happened later where Cross sells and things that were you know targeted later on. So that we could get more and more sales out of it. But even that first part there were just too many choices and eventually the choice for them was to leave the site because you know it was just too much to take out their credit critic or they just felt like they can come back and you know they could buy it later. So does this sound like a familiar problem.   [00:09:21] I mean have you ever gone and watched a film or like a movie for many like streaming company like Netflix or Hulu Amazon. You sit there and you go through all the different movie options and so minutes even maybe even hours later passed by and you still haven't selected a movie to watch if you finally snap. You might be brave enough to finally pick up. Are to pick something new to watch or you probably are more like me and I end up picking something that you already wash before because you know you're going to like it it's going to be entertaining and you only know where to take this new risk out on rights if you don't start a movie and have it just suck.   [00:10:06] Right. So I literally sat there for hours before too. That's the other part. As I sat there for so long and the time that I applauded myself for entertainment was just over before I even pick something I just literally looked through so many movies until I actually had to just turn off the TV and get back to work. And so my question is has anyone else done this before. Have you been in the situation. I mean maybe I'm the only one out there who just has a hard time picking a Netflix show to watch or taking something to eat. I mean there's a lot of different things when it comes to decisions and the more choices there are it's harder to pick because everything starts to kind of blend together. So in spite of this and after sitting there for so many nights of not being able to select a movie and also then thinking of this this problem that we had in our business venture have coined the term the Netflix dilemma to really hone in on this on this issue.   [00:11:17] So we have a difficult time slicing products because there's literally just too many to choose from right if there's two products to choose from let's say like one was a hamburger or pizza. Right. You can't jump in there and start thinking OK well the options are tacos burritos and then different kinds of burgers.   [00:11:37] And then you've got different kinds of pizzas. I mean if you think of it as it you guys have ever been to.   [00:11:43] What is that place.   [00:11:45] The Cheesecake Factory. Their menu is huge. It's the hardest thing to choose from I feel like every time I got to tell the waitress to come back and give me another minute cause they've got so many things that I got to decide on. Well do I want something from this entire section. Do I want a salad. And if so do I like what kind of salad.   [00:12:04] And then you've got to start narrowing it down as opposed to places like an in and out. They've got you know five options to choose from and they're all pretty much the same it just depends on the small differences. So as a business owner how does this apply to you. You start thinking the way that.   [00:12:24] I had to come to that first epiphany of realizing there is this dilemma out there with choice. And when you've got too many options to choose from as a customer the choice you end up making is just literally to come back or Now's not the time. And there's nothing that's going to really bring you or suck you in because you just feel like it's just there. You know and Brad people are browsing around. They're just window shopping on your site. So as a business owner what you can do is if you learn of this dilemma early in your business or even if it's now that you're learning of it's wherever you are you're at. You start to hone in and figure out what kind of landing pages you can set up to have specific offers. We'll talk more about sales funnels are going to see if I can get Stephen Larson on the show to talk all about his sales funnels and explain it even more in depth. I mean he's literally one of the best teachers of this. Like I said in the entire world. So I mean to leave it to him we'll come back to it but at least opening up inserted to figure out early on of these different kinds of choices and looking at your business now and letting your subconscious start running through and figuring out on the back end what can you start to change in your own business to become more successful to create more conversions inside.   [00:13:38] Is that something that we started to do was hone in as one product one service one different kind of solution for each and every different type of visitor that we wanted to our sites and started going through questionnaires and having different values that people could come to. It wasn't until literally failing and it felt like falling on my face from like ten thousand feet up. It hurts so bad because at the time we needed the cash. It's not just just feeling like you had it dialed in and then all of a sudden not being able to figure out until you literally had to put it on the backburner. And we actually even gone back and still haven't brought it back up. It's hanging it's just too much of a pain points and I think there's there's so many other value Balibo options to get into later.   [00:14:41] So as a business owner there's a couple of questions that I wrote down when you want to start looking at your own business right. Ask yourself if you would buy from your own web. I literally take yourself through your own process browse through all the pages of what kind of visitor would you be. And can you eliminate any type of variables or different choices and start giving people an option or option B there's no option C you can either decide a or leave. And from that point you can then start targeting exact customer. So the next thing I want to ask you is are you showing your customers everything you have to offer up front. Right. Are you taking them through and saying Hey anything you need like we can supply. This obviously is going to be an issue because they feel drowned out I imagine a person showing up to your door instead of selling you a single product. They literally open like this massive suitcase and they're like hey you want any of these things like I'm just walking around the neighborhood offering whatever you want. Right it's like you take a look through our bags and we'll take a look like you obviously you're not going to do that. So with your web site why would you do the exact same thing. Right you're just literally offering a bag to whichever visitor comes in saying will take a look. We've got different categories and different sections but for the most part. Good luck right.   [00:16:08] The next one is you need to help your customer make that decision.   [00:16:12] So in order to help them take out their credit card you've got to entice them to do it and you get to solving their problem and showing how that specific product or that service whatever it is that your business does to that visitor. They are coming there expecting something and if you want their credit card to come out and to be dialed into your system you've got to help them make that decision by offering them one thing at a time.   [00:16:41] I mean that's going to be scary. First it literally when as Steve was telling me about this I was like man I don't know that we can do that. It just feels like you're limiting yourself. And if they come to your website you're paying for that traffic and then whatever that product is that they land on and it's not it's you feel like you're just going to you're going to waste all of it. But it wasn't until literally taking the jump leaping out there trying it out on a whole new different business venture. And we were successful in the first weekend of trying it this way. I   [00:17:13] mean it was it was just the fact that you got to take that risk try it out. I mean if you have to build a whole other Web site to try this out do it it's absolutely worth it split task. What we're talking about and see if it's going to work inside of your business. This is this is something that I noticed was my issue in my business and this might be the exact issue that's preventing your visitors from becoming your customers.   [00:17:44] So I just want to leave you with that today. Guys thank you so much for listening. That wraps up today's show and it's all next time. Keep hustlin keep improving. And most of all keep converting.  

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