think about switching costs if you are
asking a customer to move from a current
supplier to working with you they’re
switching costs switching costs are all
that the time and money that’s going to
be invested into moving things all over
from one account to another to working
with another company to yours so you
have to provide incredible value because
if you don’t it’s not just that they may
like the company better if you’re at the
same company level they’re never going
to go with you because it costs too much
time and energy to switch you have to
provide crazy amounts of value to get
them to come over to you I got it
YouTube comment from Alex grow it and he
wants to basically create a new Facebook
so once create the next Facebook and he
says how is this different is he’s gonna
help help share in the revenue so
instead of Facebook and get all the
money he’s gonna give the money to the
people 80% of it he keeps 20 what a
great idea
here’s the problem there’s huge
switching costs to moved from Facebook
over to this network because none of my
friends are on your new network why do I
go to Facebook it’s not because it’s a
great experience because all of my
friends are there so why would I go to
your system I’m not gonna go just to
make money and I’m not gonna make a lot
of money because I won’t spend much time
there cuz my friends aren’t there so you
need to come up with something way
better way more value crazy value not
just making a little bit of money what’s
the main reason for me to want to switch
from one network to another listen today
I was at a bank I got a check that I had
the deposit at Bank of Montreal okay and
I didn’t want to go to Bank of Montreal
all my banking is at TD okay but this
check was an insurance claim and I had
to go to Bank of Montreal so I had to go
to Bank Montreal to open up an account
to deposit a check just so I could then
close the account I went in today opened
up my account everybody there was
awesome they were better than the people
at my TD branch it was great working
with them we had great conversations and
they knew that I was gonna leave
they knew that as soon as that money was
deposited and the check cleared I’m
closed
in my account and I feel bad for a
little bit you know like I really like
these guys like I could I could get
along with them while I could see myself
doing banking there I really liked them
but there’s too much switching costs as
much value as they provided they didn’t
give me enough to make it worth my time
to switch all of my accounts that got
like ten different bank accounts to move
them over to Bank Montreal even simple
things like I use visa I love my visa
credit card it integrates well with my
bank well they use MasterCard I don’t
have a MasterCard I don’t want a
MasterCard switching cost so even though
they had better service I’m still not
gonna go there because I used to using
TD and it’s gonna cost me too much time
grief and aggravation to move over so if
you want people to switch from one thing
to another the value has to be off the
charts it’s got to be crazy good if you
want to compete with Facebook you’ve got
to provide something that Facebook
doesn’t even touch something that’s way
better than Facebook something that the
world hasn’t even seen yet and it’s not
going to be from giving people eighty
percent of the ad revenue it has to be
something value-based and whatever
business in you’re in if you want people
to switch one customer to you you got to
find a way to really stand out to really
be different to really touch people than
the way that none of your competition
does because the more they’re built in
and locked in with their current
suppliers the harder it’s gonna be to
get them to do business with you
so always factor in those switching cost
your business otherwise you’re not gonna
make any sales believe for those of you
watching liked the video please give a
thumbs up below and I want to hear your
thoughts what do you think about
switching costs what do you think about
Alex’s idea let me know leave a comment
underneath if you have a question for
your business leave it below I’ll make a
video response thank you so much and
I’ll see you soon
asking a customer to move from a current
supplier to working with you they’re
switching costs switching costs are all
that the time and money that’s going to
be invested into moving things all over
from one account to another to working
with another company to yours so you
have to provide incredible value because
if you don’t it’s not just that they may
like the company better if you’re at the
same company level they’re never going
to go with you because it costs too much
time and energy to switch you have to
provide crazy amounts of value to get
them to come over to you I got it
YouTube comment from Alex grow it and he
wants to basically create a new Facebook
so once create the next Facebook and he
says how is this different is he’s gonna
help help share in the revenue so
instead of Facebook and get all the
money he’s gonna give the money to the
people 80% of it he keeps 20 what a
great idea
here’s the problem there’s huge
switching costs to moved from Facebook
over to this network because none of my
friends are on your new network why do I
go to Facebook it’s not because it’s a
great experience because all of my
friends are there so why would I go to
your system I’m not gonna go just to
make money and I’m not gonna make a lot
of money because I won’t spend much time
there cuz my friends aren’t there so you
need to come up with something way
better way more value crazy value not
just making a little bit of money what’s
the main reason for me to want to switch
from one network to another listen today
I was at a bank I got a check that I had
the deposit at Bank of Montreal okay and
I didn’t want to go to Bank of Montreal
all my banking is at TD okay but this
check was an insurance claim and I had
to go to Bank of Montreal so I had to go
to Bank Montreal to open up an account
to deposit a check just so I could then
close the account I went in today opened
up my account everybody there was
awesome they were better than the people
at my TD branch it was great working
with them we had great conversations and
they knew that I was gonna leave
they knew that as soon as that money was
deposited and the check cleared I’m
closed
in my account and I feel bad for a
little bit you know like I really like
these guys like I could I could get
along with them while I could see myself
doing banking there I really liked them
but there’s too much switching costs as
much value as they provided they didn’t
give me enough to make it worth my time
to switch all of my accounts that got
like ten different bank accounts to move
them over to Bank Montreal even simple
things like I use visa I love my visa
credit card it integrates well with my
bank well they use MasterCard I don’t
have a MasterCard I don’t want a
MasterCard switching cost so even though
they had better service I’m still not
gonna go there because I used to using
TD and it’s gonna cost me too much time
grief and aggravation to move over so if
you want people to switch from one thing
to another the value has to be off the
charts it’s got to be crazy good if you
want to compete with Facebook you’ve got
to provide something that Facebook
doesn’t even touch something that’s way
better than Facebook something that the
world hasn’t even seen yet and it’s not
going to be from giving people eighty
percent of the ad revenue it has to be
something value-based and whatever
business in you’re in if you want people
to switch one customer to you you got to
find a way to really stand out to really
be different to really touch people than
the way that none of your competition
does because the more they’re built in
and locked in with their current
suppliers the harder it’s gonna be to
get them to do business with you
so always factor in those switching cost
your business otherwise you’re not gonna
make any sales believe for those of you
watching liked the video please give a
thumbs up below and I want to hear your
thoughts what do you think about
switching costs what do you think about
Alex’s idea let me know leave a comment
underneath if you have a question for
your business leave it below I’ll make a
video response thank you so much and
I’ll see you soon
Please follow and like us: