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