1
00:00:00,049 --> 00:00:01,569
They want to use things
as they want to use them.

2
00:00:01,569 --> 00:00:03,460
They wanna stop using them as
they don't want to use them.

3
00:00:03,460 --> 00:00:06,159
And I always joke, like they
wanna live on the beach one month,

4
00:00:06,159 --> 00:00:08,019
and then like three months later
they wanna go live in the city.

5
00:00:08,024 --> 00:00:08,169
Right.

6
00:00:08,169 --> 00:00:09,250
So they're renting more.

7
00:00:09,700 --> 00:00:12,339
They don't necessarily, they
don't buy cars, they lease cars.

8
00:00:12,339 --> 00:00:13,869
Look at all the streaming services.

9
00:00:14,199 --> 00:00:15,009
Use them as you want.

10
00:00:15,009 --> 00:00:16,269
Cancel 'em as you don't want to use them.

11
00:00:17,199 --> 00:00:20,379
Everything has moved to this model
because subscriptions provide convenience.

12
00:00:20,762 --> 00:00:22,092
And that's what our
next generation's about.

13
00:00:27,906 --> 00:00:32,256
Welcome to the e-Commerce podcast
with me, your host, Matt Edmundson.

14
00:00:32,256 --> 00:00:37,036
The E-Commerce podcast is all about
helping you deliver e-commerce wow.

15
00:00:37,186 --> 00:00:44,236
And to help us do just that, I am chatting
with today's guest, uh, Chris George

16
00:00:44,476 --> 00:00:50,596
from the subsummit.com, and also from the
Subscription Trade Association about how

17
00:00:50,596 --> 00:00:53,886
subscriptions improve customer experience.

18
00:00:53,886 --> 00:00:57,456
Yes, we're gonna get into all
subscription stuff, uh, but before

19
00:00:57,456 --> 00:01:02,526
Chris and I dive into our conversation,
uh, let me share with you, uh, my

20
00:01:03,016 --> 00:01:05,466
previous podcast pick, the three Ps.

21
00:01:05,646 --> 00:01:06,126
Oh yes.

22
00:01:06,126 --> 00:01:08,886
The previous episode that
I think you're gonna enjoy.

23
00:01:09,321 --> 00:01:13,341
Based on today's topic, check out how
to increase your customer retention.

24
00:01:13,641 --> 00:01:18,471
The ultimate guide, uh, and everything
you need to know to take over with

25
00:01:18,471 --> 00:01:22,011
subscription e-Commerce, with Evan
Padgett, uh, it's just gonna add to

26
00:01:22,016 --> 00:01:26,781
the conversation, uh, and you can
access my podcast pick, uh, it's just

27
00:01:26,781 --> 00:01:31,296
not easy to say, is it, uh, on our,
and our entire podcast for free on

28
00:01:31,296 --> 00:01:33,246
our website, eCommerce podcast.net.

29
00:01:33,246 --> 00:01:37,806
Plus, if you are there, sign up to the
newsletter and we'll send you our links

30
00:01:37,806 --> 00:01:42,726
to our podcast Picks, the notes from
today's conversation with Chris, the

31
00:01:42,726 --> 00:01:47,676
links, everything just gets delivered
straight to your inbox, all at no cost

32
00:01:47,676 --> 00:01:49,066
to you, which I think is pretty amazing.

33
00:01:50,216 --> 00:01:53,936
Now, uh, Chris, I'm sure you've come
across a bunch of folks stuck with their

34
00:01:53,966 --> 00:01:58,946
e-commerce website, or they've got siloed
into working on just one or two areas of

35
00:01:58,946 --> 00:02:00,821
their business and miss the big picture.

36
00:02:01,766 --> 00:02:05,696
Well enter e-commerce cohort
solve this particular problem.

37
00:02:05,696 --> 00:02:10,286
It is a membership group which you
can join if you are in e-commerce,

38
00:02:10,286 --> 00:02:13,916
which is gonna help you cycle through
all the key areas of e-commerce.

39
00:02:14,216 --> 00:02:19,646
The sole purpose of which is to provide
you with clear and actionable jobs to be

40
00:02:19,646 --> 00:02:24,596
done so you'll know what to work on and
you'll have the support to get it done.

41
00:02:24,596 --> 00:02:28,466
So whether you are just starting out an
e-commerce or if, like me, you're a bit

42
00:02:28,466 --> 00:02:33,311
of an e-commerce dinosaur, uh, then I
encourage you to definitely check it out.

43
00:02:33,686 --> 00:02:38,946
You can find out more information at
ecommercecohort.com, have a look at that

44
00:02:38,946 --> 00:02:40,686
because what they're doing is great.

45
00:02:40,686 --> 00:02:41,436
I'm a part of it.

46
00:02:41,796 --> 00:02:43,026
Uh, love being a part of it.

47
00:02:43,326 --> 00:02:45,456
Uh, and in fact we just, we've
got some great guests doing

48
00:02:45,456 --> 00:02:48,926
some great, uh, workshops and
cohorts, so it's gonna be awesome.

49
00:02:48,926 --> 00:02:49,446
Anyway.

50
00:02:50,436 --> 00:02:51,036
Enough about me.

51
00:02:51,036 --> 00:02:55,206
Let's meet Chris, the unstoppable
serial entrepreneur who has

52
00:02:55,206 --> 00:03:00,636
successfully launched and managed seven
businesses and has sold two of them.

53
00:03:00,936 --> 00:03:04,356
Uh, he's the mastermind behind
the wildly popular gentleman's

54
00:03:04,361 --> 00:03:06,846
box and hosts his own podcast.

55
00:03:07,536 --> 00:03:09,646
Oh, yes, he does.

56
00:03:09,886 --> 00:03:12,756
We're gonna get into what his
podcast does, what it's all about.

57
00:03:12,756 --> 00:03:16,546
We're gonna get into
this, uh, subsummit.com.

58
00:03:16,716 --> 00:03:18,936
I'm really excited, Chris,
to have you on the show.

59
00:03:19,131 --> 00:03:19,791
Welcome man.

60
00:03:19,791 --> 00:03:20,541
Great to have you here.

61
00:03:20,541 --> 00:03:21,291
How are you doing?

62
00:03:21,861 --> 00:03:22,401
I'm very well.

63
00:03:22,401 --> 00:03:23,121
Thank you for having me.

64
00:03:23,721 --> 00:03:24,291
Oh, no worries.

65
00:03:24,291 --> 00:03:24,771
It's great.

66
00:03:24,771 --> 00:03:25,401
It's great to have you.

67
00:03:25,401 --> 00:03:26,511
So let's just dive.

68
00:03:26,511 --> 00:03:28,101
What, tell us about your podcast.

69
00:03:28,101 --> 00:03:28,911
Let's start off there.

70
00:03:28,911 --> 00:03:30,141
You're a podcaster yourself.

71
00:03:30,471 --> 00:03:34,131
Yeah, I can tell actually
by the, by the, the gear.

72
00:03:34,311 --> 00:03:36,441
Uh, you know, and you have
people cuz if you're watching

73
00:03:36,441 --> 00:03:37,521
the video, you'll see, right?

74
00:03:37,526 --> 00:03:40,371
There are some people that come on
with just like AirPods and you kind

75
00:03:40,371 --> 00:03:43,131
of think, okay, you've not really
done many of these, but not you.

76
00:03:43,191 --> 00:03:43,791
No, no, no.

77
00:03:43,796 --> 00:03:44,701
You've got a bunch of tech.

78
00:03:44,721 --> 00:03:47,241
So, uh, tell us about the podcast
and what that's all about.

79
00:03:48,121 --> 00:03:49,941
Yeah, it's a subscription podcast.

80
00:03:50,061 --> 00:03:52,881
You know, we, my background
is in subscriptions and we run

81
00:03:52,881 --> 00:03:55,461
the largest event in the world
for all consumer subscriptions.

82
00:03:55,521 --> 00:03:55,841
Mm-hmm.

83
00:03:55,921 --> 00:03:59,761
So it was only fitting that we'd
have a podcast around subscriptions.

84
00:03:59,761 --> 00:04:00,001
Right.

85
00:04:00,861 --> 00:04:04,821
And it's, uh, you know, me and my
co-founder Paul, we jump on, we chat

86
00:04:04,826 --> 00:04:06,621
about relevant things that are happening.

87
00:04:06,621 --> 00:04:06,921
Right.

88
00:04:06,951 --> 00:04:09,711
Twitter, coming out with the Twitter
blue and how that's a subscription

89
00:04:09,711 --> 00:04:12,741
and you're seeing more and more brands
pivoting to the subscription model.

90
00:04:13,771 --> 00:04:16,171
So it only makes sense that we'd have
some sort of podcast around that.

91
00:04:16,171 --> 00:04:19,351
But you know, I always say, I
think we think we're funnier

92
00:04:19,351 --> 00:04:20,551
than everybody else might think.

93
00:04:21,061 --> 00:04:21,271
No.

94
00:04:21,511 --> 00:04:26,901
Us watching it is always great,
but it's um, It's relevant to

95
00:04:26,901 --> 00:04:28,941
what's happening within e-commerce.

96
00:04:29,121 --> 00:04:30,891
Yeah, it's everything subscription.

97
00:04:30,891 --> 00:04:33,201
More and more brands are pivoting
to the subscription model.

98
00:04:33,771 --> 00:04:36,141
So we're, you know, we stay
at the forefront of that.

99
00:04:36,146 --> 00:04:36,411
Mm-hmm.

100
00:04:36,491 --> 00:04:37,911
And we do that through a large event.

101
00:04:38,061 --> 00:04:39,171
We do that through our podcast.

102
00:04:39,176 --> 00:04:42,561
We do that through written content,
all the above to keep us as a

103
00:04:42,561 --> 00:04:43,971
leading voice within the space.

104
00:04:44,271 --> 00:04:44,751
Yeah.

105
00:04:44,751 --> 00:04:48,756
It's interesting, isn't it, that you
are, um, The, the, the podcasting.

106
00:04:49,236 --> 00:04:53,226
Um, and how actually that does help you
become a sort of a leading, like you say,

107
00:04:53,226 --> 00:04:54,966
the leading voice, uh, in an industry.

108
00:04:54,966 --> 00:04:57,696
And I'm a, I'm a big fan of
podcasts for that reason.

109
00:04:58,236 --> 00:05:01,596
Uh, but like you, I probably think
I'm funnier than I actually am when it

110
00:05:01,596 --> 00:05:04,206
comes to, when it comes to the podcast.

111
00:05:04,656 --> 00:05:07,851
Uh, so, so yeah, I mean,
it's what have you.

112
00:05:08,676 --> 00:05:11,286
I appreciate this is a show about
e-commerce, but uh, it's always

113
00:05:11,286 --> 00:05:13,206
nice to speak to a fellow podcaster.

114
00:05:13,546 --> 00:05:14,036
Yeah.

115
00:05:14,931 --> 00:05:18,111
What are some of the key things that
you've learned from podcasting that you

116
00:05:18,111 --> 00:05:19,941
kind of wish you knew when you started?

117
00:05:22,731 --> 00:05:23,031
You know what?

118
00:05:23,036 --> 00:05:28,146
I think, um, I think a lot of
it's the basic stuff, right?

119
00:05:28,146 --> 00:05:34,056
Like being consistent, having relevant
content, you know, and I, I don't know

120
00:05:34,056 --> 00:05:35,796
that it's anything that's special, right?

121
00:05:35,796 --> 00:05:37,866
It, it's the consistency,
it's the relevant content.

122
00:05:37,866 --> 00:05:41,496
It's using clips from the podcast
to drive more people to watch it.

123
00:05:42,276 --> 00:05:43,696
I think you have to love it, right?

124
00:05:43,806 --> 00:05:46,446
Like, don't just podcast because
you think you should podcast, right?

125
00:05:46,446 --> 00:05:47,256
You hear that all the time.

126
00:05:47,256 --> 00:05:49,446
Like someone's like, oh,
I'm gonna start a podcast.

127
00:05:49,446 --> 00:05:50,251
And then I also think.

128
00:05:51,351 --> 00:05:53,991
Everybody probably thinks that
they're more entertaining and

129
00:05:53,991 --> 00:05:55,221
funnier than they really are.

130
00:05:55,221 --> 00:05:57,381
And so I always will joke,
like people will be, oh my

131
00:05:57,381 --> 00:05:58,461
God, that podcast is amazing.

132
00:05:58,461 --> 00:06:02,241
And I'll be like, look, you know me when
I hear about like some person that's like

133
00:06:02,241 --> 00:06:05,211
in California that doesn't know who Chris
is and like thinks it was really good.

134
00:06:05,481 --> 00:06:05,571
Mm-hmm.

135
00:06:05,816 --> 00:06:07,071
Then I'll feel really good about it.

136
00:06:07,586 --> 00:06:08,621
Um, but.

137
00:06:09,951 --> 00:06:12,711
I think you, you do it
because you like it.

138
00:06:12,951 --> 00:06:14,961
You don't do it because you
think you're supposed to.

139
00:06:14,961 --> 00:06:16,791
I think you do it because you like it.

140
00:06:16,871 --> 00:06:17,471
Mm-hmm.

141
00:06:17,556 --> 00:06:21,261
You know how you can use that
within your business or industry

142
00:06:21,831 --> 00:06:23,421
and really have purpose behind it.

143
00:06:23,811 --> 00:06:24,051
Right.

144
00:06:24,051 --> 00:06:26,991
Some people run podcasts so that they
can build relationships with others.

145
00:06:26,991 --> 00:06:29,691
They build podcasts as lead gen, right?

146
00:06:29,691 --> 00:06:35,481
There's gotta be some sort of purpose,
uh, And drive around why you're doing it.

147
00:06:35,481 --> 00:06:35,541
Yeah.

148
00:06:35,541 --> 00:06:36,621
What's the end goal?

149
00:06:36,621 --> 00:06:39,261
It's not always just viewers,
it's not always listeners.

150
00:06:39,381 --> 00:06:39,471
Mm-hmm.

151
00:06:40,041 --> 00:06:41,541
And I think people get caught up on that.

152
00:06:41,541 --> 00:06:46,611
So, you know, I think for me it would've
been, I wish I did it five years ago.

153
00:06:47,061 --> 00:06:47,721
Right, okay.

154
00:06:47,721 --> 00:06:48,631
Instead of doing it out.

155
00:06:48,636 --> 00:06:48,921
Yeah.

156
00:06:48,921 --> 00:06:53,241
So we were so focused on so many
other things, and I think that.

157
00:06:54,226 --> 00:06:58,191
We're seeing consumer's attention
is, is all on the phone, and being

158
00:06:58,621 --> 00:07:02,631
able to put clips together that
drive them to a larger format podcast

159
00:07:02,631 --> 00:07:06,591
longform video, use the short form
to drive them to longform as mm-hmm.

160
00:07:06,741 --> 00:07:07,731
A recipe they should be doing.

161
00:07:07,791 --> 00:07:07,941
Right.

162
00:07:07,946 --> 00:07:10,941
Because one one hour podcast,
you might pull 30 clips from it.

163
00:07:11,301 --> 00:07:11,781
Yeah.

164
00:07:11,901 --> 00:07:12,081
Yeah.

165
00:07:12,081 --> 00:07:13,641
You can pull a lot from one episode.

166
00:07:13,641 --> 00:07:13,731
Right.

167
00:07:13,731 --> 00:07:13,791
Yeah.

168
00:07:15,111 --> 00:07:16,401
No, we do exactly the same thing.

169
00:07:16,401 --> 00:07:19,251
You just, you pull a lot of the clips
out of it, which is just wonderful.

170
00:07:19,971 --> 00:07:22,011
So why, why subscriptions?

171
00:07:22,011 --> 00:07:24,981
So you've got this event Sub
Summit, which is the largest, uh,

172
00:07:24,981 --> 00:07:26,091
event to do with subscriptions.

173
00:07:26,091 --> 00:07:26,901
We'll talk about that.

174
00:07:26,901 --> 00:07:29,151
You've got your podcast,
the subscription podcast.

175
00:07:29,361 --> 00:07:31,521
I'm spotting a theme with
the word subscription.

176
00:07:31,521 --> 00:07:32,271
I'm not gonna lie, Chris.

177
00:07:32,601 --> 00:07:34,731
Um, so why subscriptions?

178
00:07:34,731 --> 00:07:37,101
How did you get into that?

179
00:07:37,101 --> 00:07:38,911
Was that by accident or was it by design?

180
00:07:40,411 --> 00:07:42,981
Well, I'll say why subscriptions
because every e-commerce brand

181
00:07:42,981 --> 00:07:44,271
should have a subscription model.

182
00:07:44,841 --> 00:07:48,501
But I got into it because I was originally
the co-founder and CEO of the Gentleman's

183
00:07:48,501 --> 00:07:50,661
Box, which was a subscription box for men.

184
00:07:51,441 --> 00:07:55,011
We sent you ties, dress socks, tie clips,
all delivered to your door monthly.

185
00:07:55,016 --> 00:07:58,281
This was 2014 when subscription
boxes were still relatively new.

186
00:07:58,471 --> 00:08:03,351
Yeah, we had a partnership with
GQ Magazine very early on, and you

187
00:08:03,351 --> 00:08:08,061
know, I sort of identified that
consumers were looking for value.

188
00:08:08,416 --> 00:08:08,976
Mm-hmm.

189
00:08:09,786 --> 00:08:13,236
It's easier to retain a customer than
to acquire a new one every single month.

190
00:08:13,656 --> 00:08:16,266
And if I can consistently build a
relationship with a customer with

191
00:08:16,266 --> 00:08:20,166
my subscription, that was the way I
was going to be able to compete with

192
00:08:20,166 --> 00:08:22,326
the amazon.com and the walmart.com.

193
00:08:22,326 --> 00:08:23,976
Cause I'm gonna provide them
with an experience that you

194
00:08:23,981 --> 00:08:25,236
can't get on a retail level.

195
00:08:25,626 --> 00:08:25,716
Mm-hmm.

196
00:08:26,226 --> 00:08:30,006
That worked well, that got accord
in 2020, but in that time, we

197
00:08:30,376 --> 00:08:33,186
identified nobody was cultivating
this community within subscriptions.

198
00:08:33,636 --> 00:08:35,076
And that's when we started Sub Summit.

199
00:08:36,066 --> 00:08:39,651
And I think that becomes very
important because, Gentleman's box was.

200
00:08:40,536 --> 00:08:42,546
Was like the launchpad for what?

201
00:08:42,876 --> 00:08:46,986
Us having a product within an industry
to us then leading the whole industry.

202
00:08:47,766 --> 00:08:52,386
And now you're seeing every
brand nearly from Mercedes-Benz

203
00:08:52,386 --> 00:08:55,416
to Porsche to Microsoft office.

204
00:08:55,416 --> 00:08:55,776
Right.

205
00:08:55,956 --> 00:08:59,736
You know, five, seven years ago you paid
$500 for that program, or maybe you lied

206
00:08:59,736 --> 00:09:04,056
and said you were a student and got it for
150 bucks, but now you pay a monthly fee.

207
00:09:04,236 --> 00:09:04,536
Right?

208
00:09:04,536 --> 00:09:04,686
Yeah.

209
00:09:04,686 --> 00:09:09,226
And I, and the big reason for that,
This next generation of consumers

210
00:09:09,226 --> 00:09:10,796
are about usership over ownership.

211
00:09:11,216 --> 00:09:11,336
Mm-hmm.

212
00:09:11,796 --> 00:09:13,316
They want to use things
as they want to use them.

213
00:09:13,316 --> 00:09:15,206
They wanna stop using them as
they don't want to use them.

214
00:09:15,206 --> 00:09:17,906
And I always joke, like they
wanna live on the beach one month,

215
00:09:17,906 --> 00:09:19,766
and then like three months later
they wanna go live in the city.

216
00:09:19,771 --> 00:09:19,916
Right.

217
00:09:19,916 --> 00:09:20,996
So they're renting more.

218
00:09:21,446 --> 00:09:24,086
They don't necessarily, they
don't buy cars, they lease cars.

219
00:09:24,091 --> 00:09:24,466
Mm-hmm.

220
00:09:24,746 --> 00:09:26,276
Look at all the streaming services.

221
00:09:26,606 --> 00:09:27,416
Use them as you want.

222
00:09:27,416 --> 00:09:28,676
Cancel 'em as you don't want to use them.

223
00:09:29,606 --> 00:09:32,786
Everything has moved to this model
because subscriptions provide convenience.

224
00:09:33,176 --> 00:09:33,536
Right.

225
00:09:34,646 --> 00:09:35,976
And that's what our
next generation's about.

226
00:09:35,976 --> 00:09:40,326
They don't, I joke, but Gen Zs don't
have to work hard for anything.

227
00:09:41,856 --> 00:09:42,186
Right.

228
00:09:42,396 --> 00:09:44,886
You want food, you just
DoorDash and it's at your door.

229
00:09:44,926 --> 00:09:45,366
Yeah.

230
00:09:45,371 --> 00:09:45,606
Yeah.

231
00:09:46,506 --> 00:09:46,656
Right.

232
00:09:46,656 --> 00:09:48,456
You wanna drive somewhere,
you jump in an Uber.

233
00:09:48,906 --> 00:09:49,056
Yeah.

234
00:09:49,056 --> 00:09:50,496
10 years ago you couldn't do that.

235
00:09:50,586 --> 00:09:50,886
Right.

236
00:09:50,886 --> 00:09:54,576
And so subscriptions are a
big reason why that works.

237
00:09:54,846 --> 00:09:56,406
That's why I'm a big proponent of it.

238
00:09:56,496 --> 00:09:58,956
And, and like I said, you're
seeing more and more brands

239
00:09:59,526 --> 00:10:00,636
that are pivoting to the model.

240
00:10:01,926 --> 00:10:02,916
So this is really interesting.

241
00:10:02,916 --> 00:10:06,216
So when you started out, the
gentleman, uh, the gentleman's

242
00:10:06,216 --> 00:10:10,776
box, uh, and the subscription
model was definitely back in 2014.

243
00:10:11,496 --> 00:10:14,406
Was, like you say, it was around,
but it was not properly around.

244
00:10:14,496 --> 00:10:18,126
Um, at that point I saw a few things
like the beauty box and, you know,

245
00:10:18,126 --> 00:10:20,586
those kind of sort of things start
to come out and people were like,

246
00:10:20,586 --> 00:10:25,596
I, yeah, this, you know, I, I could
see how people found it attractive.

247
00:10:25,836 --> 00:10:30,336
It seemed relatively cheap and relatively
convenient to, to sort of get it.

248
00:10:31,951 --> 00:10:35,151
And so you are, you are, you've got
the business and you kind of think,

249
00:10:35,151 --> 00:10:38,391
oh, we could do this around the
gentleman's box, what was, and then

250
00:10:38,391 --> 00:10:40,371
you did it to 2020, is that right?

251
00:10:40,371 --> 00:10:42,411
So you did that for
sort of over six years.

252
00:10:43,761 --> 00:10:46,311
Let's jump into the nitty
gritty a little bit.

253
00:10:46,521 --> 00:10:53,301
Um, uh, Chris, if you don't mind, so
what if I'm an e-commerce business and

254
00:10:53,301 --> 00:10:57,531
I don't have subscription uh, as part
of my arsenal, what are some of the,

255
00:10:57,711 --> 00:11:00,921
sort of the key lessons that you've
learned that I should really think about?

256
00:11:01,131 --> 00:11:03,211
Um, when I, when I do start?

257
00:11:04,911 --> 00:11:07,911
When you do start a subscription or
when you go start an e-commerce brand?

258
00:11:08,391 --> 00:11:09,801
When you start a subscription yeah.

259
00:11:09,801 --> 00:11:10,881
I mean any, I mean, if you,

260
00:11:11,061 --> 00:11:11,421
yeah.

261
00:11:11,601 --> 00:11:16,101
I mean, look, if I'm an e-commerce
business that I'm already selling

262
00:11:16,106 --> 00:11:19,161
products and I wanna say, well, how can
I build a subscription model around it?

263
00:11:19,161 --> 00:11:19,341
Mm-hmm.

264
00:11:19,581 --> 00:11:23,751
I think it becomes what is something
that I can provide the consumer monthly,

265
00:11:23,751 --> 00:11:27,861
or quarterly, or bimonthly, whatever
that cadence might be, that's going to

266
00:11:27,861 --> 00:11:31,791
provide the consumer value that's going
to keep them engaged with my brand.

267
00:11:33,471 --> 00:11:34,971
Yeah, I think it becomes very important.

268
00:11:35,721 --> 00:11:39,291
Nobody, I don't care who you are,
you start, you have an e-commerce

269
00:11:39,291 --> 00:11:41,871
company, you're never going to sell
something cheaper than Amazon will.

270
00:11:42,111 --> 00:11:44,121
You're never going to ship
it to the consumer faster.

271
00:11:44,541 --> 00:11:44,661
Mm-hmm.

272
00:11:44,906 --> 00:11:46,971
But the way you're gonna separate
yourself from them is by having

273
00:11:46,971 --> 00:11:50,091
an exclusive product, something
you can't get anywhere else.

274
00:11:50,096 --> 00:11:50,531
Right?

275
00:11:51,111 --> 00:11:51,201
Yep.

276
00:11:52,071 --> 00:11:55,011
Or you build a relationship
with a consumer, so they don't

277
00:11:55,011 --> 00:11:56,421
wanna buy it from anywhere else.

278
00:11:56,601 --> 00:11:56,931
Right.

279
00:11:57,591 --> 00:11:59,421
Amazon sells candles.

280
00:11:59,571 --> 00:12:05,121
But if I provide a really unique
candle subscription, I might

281
00:12:05,121 --> 00:12:08,091
be able to differentiate my,
differentiate myself from Amazon.

282
00:12:08,091 --> 00:12:08,271
Yeah.

283
00:12:08,276 --> 00:12:08,421
Right.

284
00:12:08,421 --> 00:12:09,591
Look at like what Chewy did.

285
00:12:10,251 --> 00:12:13,141
chewy.com sold for 2.5, 3.5 billion.

286
00:12:13,146 --> 00:12:14,901
They were selling dog food and dog treats.

287
00:12:15,111 --> 00:12:15,831
There was nothing special.

288
00:12:15,831 --> 00:12:16,761
I mean, so did Amazon.

289
00:12:16,941 --> 00:12:17,031
Mm-hmm.

290
00:12:17,461 --> 00:12:19,461
But they built that
experience with the consumer.

291
00:12:20,101 --> 00:12:21,631
That they couldn't get anywhere else.

292
00:12:21,631 --> 00:12:23,881
Yeah, and that's what separated
themselves from Amazon.

293
00:12:23,881 --> 00:12:25,651
That's what allowed them
to get acquired by peco.

294
00:12:26,311 --> 00:12:31,711
That's what subscriptions do, is it builds
a relationship with the consumer, and

295
00:12:31,711 --> 00:12:33,241
that's something that Amazon won't do.

296
00:12:33,301 --> 00:12:34,231
Walmart won't do.

297
00:12:34,236 --> 00:12:35,161
Target won't do.

298
00:12:35,166 --> 00:12:35,611
Right.

299
00:12:37,286 --> 00:12:39,321
And, and so what I'm doing,
if I'm an e-commerce brand and

300
00:12:39,321 --> 00:12:41,661
I'm thinking, well, what's the
product or service I can provide?

301
00:12:42,141 --> 00:12:44,661
How can I consistently use
that to engage the customer?

302
00:12:44,961 --> 00:12:45,051
Mm-hmm.

303
00:12:45,291 --> 00:12:46,971
What's the value to that customer?

304
00:12:47,091 --> 00:12:49,641
And then the value to the
business is already proven.

305
00:12:49,641 --> 00:12:49,971
Right.

306
00:12:50,091 --> 00:12:54,621
Subscriptions businesses have way higher
valuations than typical e-commerce brands.

307
00:12:55,041 --> 00:12:56,361
You've got predictable income.

308
00:12:56,751 --> 00:12:57,171
Yeah.

309
00:12:57,651 --> 00:12:57,981
Right?

310
00:12:58,071 --> 00:12:59,651
And so that changes everything.

311
00:13:00,441 --> 00:13:00,636
Yeah.

312
00:13:00,726 --> 00:13:03,246
And the predictable income is
quite a big deal, isn't it?

313
00:13:03,276 --> 00:13:06,906
I mean, this is part of the reason why
subscription models are more valuable.

314
00:13:07,386 --> 00:13:12,096
Um, and why actually, me, as an
e-commerce business owner, I'm kind

315
00:13:12,096 --> 00:13:16,596
of, I'm, I'm really predictable income
is not something you would've normally

316
00:13:16,746 --> 00:13:19,506
associated with e-commerce business,
other than the fact if I spent 10 grand

317
00:13:19,506 --> 00:13:22,686
over here on paid media, I should in
theory, get 20 grand worth of sales.

318
00:13:23,166 --> 00:13:28,461
That was as bad as predictable as it
got, but, With the, with the subscription

319
00:13:28,461 --> 00:13:31,431
model, you do have that predictability.

320
00:13:31,431 --> 00:13:34,821
Do you, I guess some of the questions
that people have about this, um,

321
00:13:34,826 --> 00:13:37,041
Chris, if I can ask them, cause
we've got some questions come in.

322
00:13:37,041 --> 00:13:37,371
Of course.

323
00:13:38,421 --> 00:13:44,061
Do you have, uh, many people who sign up
to the subscription and then cancel, like

324
00:13:44,151 --> 00:13:48,311
just to get the offer or the benefit,
but then there's a high fallout rate?

325
00:13:48,391 --> 00:13:49,986
Of course, right?

326
00:13:49,986 --> 00:13:51,476
But everything comes onto LTV.

327
00:13:51,936 --> 00:13:53,676
There's an average lifetime
value of the customer.

328
00:13:53,676 --> 00:13:57,306
So you had made a comment, you said
you'd spend 20, $10,000 on paid

329
00:13:57,306 --> 00:13:58,926
media and you get $20,000 in revenue.

330
00:13:58,926 --> 00:14:00,426
That doesn't happen with subscriptions.

331
00:14:00,696 --> 00:14:00,816
Mm-hmm.

332
00:14:01,266 --> 00:14:01,386
Right?

333
00:14:01,386 --> 00:14:04,446
You might spend 10,000 in media
and you might get 7,000 in revenue,

334
00:14:04,451 --> 00:14:06,006
but that's on first purchase.

335
00:14:06,516 --> 00:14:12,426
Now, if I'm a $50 a month
subscription, and I know on average.

336
00:14:13,186 --> 00:14:14,316
Customers stay on for eight months.

337
00:14:14,346 --> 00:14:14,556
Right.

338
00:14:14,556 --> 00:14:15,846
There's some that cancel right away.

339
00:14:15,846 --> 00:14:15,906
Yeah.

340
00:14:15,966 --> 00:14:17,616
There's some that stay on for 15 months.

341
00:14:17,886 --> 00:14:18,936
My average is eight.

342
00:14:19,116 --> 00:14:20,946
Well, my revenue's $400.

343
00:14:21,276 --> 00:14:21,636
Yeah.

344
00:14:22,206 --> 00:14:22,986
Per customer.

345
00:14:23,616 --> 00:14:29,016
That theoretically might mean that that
$10,000 in ad spend netted me $40,000.

346
00:14:30,966 --> 00:14:32,106
It just, it takes time.

347
00:14:32,436 --> 00:14:32,736
Yeah.

348
00:14:32,796 --> 00:14:32,976
Right.

349
00:14:32,976 --> 00:14:36,096
You need the renewals and
if you can get your consumer

350
00:14:36,101 --> 00:14:38,136
investment back within two months.

351
00:14:38,766 --> 00:14:39,666
Huge win.

352
00:14:39,996 --> 00:14:44,266
They stay on average for if, if
there's a three to one ratio CAC to

353
00:14:44,266 --> 00:14:49,656
LTV, you're on pace to build a really
successful, healthy subscription model.

354
00:14:50,826 --> 00:14:55,446
And that's why you'll find that a
lot of brands that are scaling fast

355
00:14:55,446 --> 00:14:56,886
are like on a one-to-one ratio.

356
00:14:56,916 --> 00:15:00,936
Like, I don't know how familiar
you are with like acquisition

357
00:15:00,936 --> 00:15:03,826
costs on subscription models,
but they can be very high.

358
00:15:05,286 --> 00:15:05,576
Right?

359
00:15:05,576 --> 00:15:05,636
Yeah.

360
00:15:05,706 --> 00:15:10,206
Like for example, you might find
that Netflix is a $20 a month

361
00:15:10,211 --> 00:15:13,476
service and they're spending
$130 to acquire a customer.

362
00:15:14,136 --> 00:15:17,046
And you're gonna say, well, gosh,
those unit economics don't make sense.

363
00:15:17,046 --> 00:15:19,806
But then they look back and
they say, well, on average our

364
00:15:19,806 --> 00:15:21,636
customers stay on for 24 months.

365
00:15:21,996 --> 00:15:22,326
Yeah.

366
00:15:23,496 --> 00:15:25,806
So we're making $480.

367
00:15:25,926 --> 00:15:26,316
Mm.

368
00:15:26,851 --> 00:15:29,931
And those customers over the lifetime
of the, of the customer, so they

369
00:15:29,931 --> 00:15:32,211
can spend $120 to acquire one.

370
00:15:32,451 --> 00:15:32,541
Mm-hmm.

371
00:15:32,781 --> 00:15:35,751
And Netflix has got a different
disadvantage or a different advantage.

372
00:15:35,751 --> 00:15:36,021
Right.

373
00:15:36,111 --> 00:15:37,191
I'm sure they're not spending that much.

374
00:15:37,191 --> 00:15:42,351
But you could look at that for brands
like Dollar Shave Club or HelloFresh.

375
00:15:42,351 --> 00:15:42,561
Right.

376
00:15:42,681 --> 00:15:46,941
Brands like HelloFresh have a
huge, they're probably, their first

377
00:15:46,941 --> 00:15:49,221
month churn is probably like 80%.

378
00:15:51,921 --> 00:15:52,851
That's really high.

379
00:15:52,851 --> 00:15:53,301
Yeah.

380
00:15:54,031 --> 00:15:54,091
Yeah.

381
00:15:54,631 --> 00:15:55,151
It is.

382
00:15:55,601 --> 00:15:59,916
The reason for their success is
HelloFresh is looking to build

383
00:15:59,916 --> 00:16:01,416
a habit within their consumer.

384
00:16:01,836 --> 00:16:01,926
Mm-hmm.

385
00:16:02,676 --> 00:16:05,946
You're either gonna like the idea of
cooking it or you're not, and if you like

386
00:16:05,946 --> 00:16:10,386
it and it becomes part of your lifestyle,
you might be on for three, four years.

387
00:16:10,476 --> 00:16:10,836
Mm-hmm.

388
00:16:11,466 --> 00:16:13,746
And the ones that try it and
after two weeks you're like, well,

389
00:16:13,746 --> 00:16:15,096
like, I don't really wanna cook.

390
00:16:15,156 --> 00:16:15,306
Yeah.

391
00:16:15,306 --> 00:16:17,136
Just looked like it was
fun, but it's not for me.

392
00:16:17,136 --> 00:16:18,126
They're gonna cancel fast.

393
00:16:18,486 --> 00:16:18,846
Yeah.

394
00:16:19,686 --> 00:16:19,866
Yeah.

395
00:16:19,866 --> 00:16:21,036
No, that's, that's fascinating.

396
00:16:21,426 --> 00:16:23,106
So I, I.

397
00:16:23,706 --> 00:16:29,616
The three to one, um, CAC to LTV ratio,
um, for those, I mean, you have mentioned

398
00:16:29,616 --> 00:16:31,956
it, but I just wanna be super clear
for those listening to the show that

399
00:16:31,956 --> 00:16:34,206
might not understand what CAC or LTV is.

400
00:16:34,206 --> 00:16:34,296
Sure.

401
00:16:34,296 --> 00:16:35,316
Just, just explain that.

402
00:16:36,366 --> 00:16:39,046
Yeah, so LTV is lifetime
value of the customer.

403
00:16:39,046 --> 00:16:41,676
So how much am I going to make
on the customer over the lifetime

404
00:16:41,676 --> 00:16:43,116
of them being a customer of mine?

405
00:16:43,206 --> 00:16:43,296
Mm-hmm.

406
00:16:43,446 --> 00:16:46,326
And CAC is the amount of money
I paid to acquire the customer.

407
00:16:46,746 --> 00:16:48,816
I can give a really easy
example if you want me to.

408
00:16:48,936 --> 00:16:50,616
That could clarify it for the audience.

409
00:16:50,616 --> 00:16:50,766
Yeah.

410
00:16:51,426 --> 00:16:53,166
You know, this is a simple example.

411
00:16:53,346 --> 00:16:56,626
Let's say that I'm a dentist, I have
a dental office, uh, in my city.

412
00:16:57,256 --> 00:16:59,896
Typically people that go to the dentist,
they don't switch their dentist unless

413
00:16:59,896 --> 00:17:02,806
they move or some sorts where the
dentist really screws their teeth up.

414
00:17:03,496 --> 00:17:09,706
But if I spent $10,000 on TV ads
and it got me 10 customers, well

415
00:17:09,706 --> 00:17:11,956
then I know I spent a thousand
dollars to acquire each customer.

416
00:17:12,016 --> 00:17:12,416
Yeah, yeah.

417
00:17:12,586 --> 00:17:15,946
But I know through data that
over the span of that patient,

418
00:17:16,906 --> 00:17:21,516
between billing, fillings, crowns,
Dentures, whatever it might be.

419
00:17:21,516 --> 00:17:25,326
I make $10,000 on a, on a new
patient every time I get one.

420
00:17:25,406 --> 00:17:25,806
Mm-hmm.

421
00:17:25,886 --> 00:17:27,126
Well then I'm in a 10 to one ratio.

422
00:17:27,486 --> 00:17:27,546
Yeah.

423
00:17:27,546 --> 00:17:28,786
I'm spending a thousand acquirement.

424
00:17:28,806 --> 00:17:30,756
I'm gonna make 10 grand on
them over the lifetime of the

425
00:17:30,756 --> 00:17:31,896
customer being a patient of mine.

426
00:17:31,896 --> 00:17:32,046
Yeah.

427
00:17:32,676 --> 00:17:33,846
Those are great unit economics.

428
00:17:33,846 --> 00:17:36,106
If I knew that was the case, I would
spend a million dollars on tv ads.

429
00:17:36,326 --> 00:17:36,646
Right.

430
00:17:37,806 --> 00:17:42,366
Well, you'd, I suppose the, the question
then becomes, when you look at those

431
00:17:42,371 --> 00:17:45,966
numbers and you are, and you are
calculating this, obviously you've gotta

432
00:17:45,966 --> 00:17:47,616
understand your, your lifetime value.

433
00:17:47,621 --> 00:17:49,896
You've gotta understand the
customer acquisition costs.

434
00:17:50,796 --> 00:17:55,116
Um, and I suppose the, the other
metric here is how much cash can

435
00:17:55,116 --> 00:17:57,096
I sustain before I get it back?

436
00:17:57,126 --> 00:18:01,086
So what, what, so you know, if, if
Netflix is an example where it's a year

437
00:18:01,086 --> 00:18:05,286
before they're profitable, you the, you
need to have that year's cash flow Yep.

438
00:18:05,346 --> 00:18:08,376
Or the ability to pay cash for
that year before you start to see

439
00:18:08,376 --> 00:18:09,516
profit at the other end, right?

440
00:18:10,176 --> 00:18:10,596
Correct.

441
00:18:11,016 --> 00:18:12,936
And you gotta keep the
engagement going, right?

442
00:18:12,936 --> 00:18:16,716
You might, your data might show that
on average they say for 12 months,

443
00:18:16,836 --> 00:18:21,876
but if I don't consistently engage the
customer or I start to make mistakes,

444
00:18:22,176 --> 00:18:23,456
my LTV is gonna start to drop.

445
00:18:24,636 --> 00:18:24,916
Right.

446
00:18:25,446 --> 00:18:28,146
It could go from 12 months to 10
months, or 10 months to 8 months,

447
00:18:28,236 --> 00:18:29,736
have one bad month of a product.

448
00:18:30,066 --> 00:18:33,816
Let Netflix go down for two days,
watch all the customers cancel.

449
00:18:33,821 --> 00:18:33,996
Yeah.

450
00:18:34,056 --> 00:18:34,356
Right.

451
00:18:34,596 --> 00:18:34,956
Yeah.

452
00:18:34,956 --> 00:18:39,186
So it doesn't just mean, oh, we,
ah, we got the customer there

453
00:18:39,186 --> 00:18:40,206
for sure staying for 12 months.

454
00:18:40,206 --> 00:18:42,486
We still have to build a product
or service we're offering that's

455
00:18:42,486 --> 00:18:43,896
going to keep the customer engaged.

456
00:18:44,226 --> 00:18:44,496
Mm-hmm.

457
00:18:45,876 --> 00:18:47,976
So, and, and again, you need to
be able to bankroll that, right?

458
00:18:47,981 --> 00:18:48,816
So assume Correct.

459
00:18:48,816 --> 00:18:49,206
So,

460
00:18:52,281 --> 00:18:56,871
So if I, if I'm, um, if I'm
building this subscription model,

461
00:18:56,871 --> 00:19:00,381
how do I, how do I build that
engagement then with the client?

462
00:19:00,381 --> 00:19:04,791
So obviously keeping them engaged, keeping
them paying, uh, well, I mean, they're

463
00:19:04,791 --> 00:19:08,061
not paying every month, but then keeping
them from stopping to pay every month

464
00:19:08,061 --> 00:19:09,571
is probably a better way of putting it.

465
00:19:10,101 --> 00:19:12,501
How do I, how do I keep
that engagement going?

466
00:19:14,241 --> 00:19:15,501
Uh, being proactive.

467
00:19:16,601 --> 00:19:18,036
So you don't wanna be reactive.

468
00:19:18,186 --> 00:19:18,276
Mm-hmm.

469
00:19:18,676 --> 00:19:20,766
You don't wanna wait to find
out why they might be canceling

470
00:19:20,766 --> 00:19:22,146
after they've already canceled.

471
00:19:22,986 --> 00:19:26,316
So the biggest thing that I'm a
proponent of is proactive retention.

472
00:19:26,616 --> 00:19:30,366
That means consistently surveying my
customers, identifying and making sure

473
00:19:30,366 --> 00:19:34,686
that they're happy and satisfied with
the service or product that I'm offering.

474
00:19:34,691 --> 00:19:35,116
Mm-hmm.

475
00:19:35,196 --> 00:19:38,076
Which may re may mean that I'm going
to send them an email and I'm gonna

476
00:19:38,076 --> 00:19:39,936
ask 'em a question very early on.

477
00:19:39,936 --> 00:19:43,056
Like, one of the things that I like to do.

478
00:19:43,776 --> 00:19:46,116
Is like, have three
smiley faces on an email.

479
00:19:47,106 --> 00:19:47,556
Okay.

480
00:19:48,066 --> 00:19:49,446
On the left is a smiley face.

481
00:19:49,446 --> 00:19:50,046
I'm happy.

482
00:19:50,106 --> 00:19:51,606
And the middle is like the meh face.

483
00:19:51,606 --> 00:19:54,186
Like I'm like, I'm medium, I'm okay.

484
00:19:54,186 --> 00:19:54,936
It's a sad face.

485
00:19:55,446 --> 00:19:57,336
So how happy are you with
my product or service?

486
00:19:57,336 --> 00:20:00,006
If they click the happy
face, well lemme start here.

487
00:20:00,186 --> 00:20:03,246
If they click the sad face
or the medium face, immediate

488
00:20:03,456 --> 00:20:04,716
trigger to customer service.

489
00:20:05,166 --> 00:20:05,616
Yep.

490
00:20:05,896 --> 00:20:06,756
Versus not happy.

491
00:20:07,836 --> 00:20:10,476
We find out why, but it's an immediate
trigger to customer service, and now our

492
00:20:10,476 --> 00:20:11,946
customer service team is getting ahead.

493
00:20:12,006 --> 00:20:12,096
Mm-hmm.

494
00:20:12,506 --> 00:20:14,676
They're reaching out to that customer
for their thinking about canceling.

495
00:20:15,426 --> 00:20:17,646
If they click the happy face, then
I'm sending 'em to one of the social

496
00:20:17,646 --> 00:20:19,026
channels with like a pre-made post.

497
00:20:19,026 --> 00:20:21,786
It's like, Hey, let everybody know how
happy you are with our product or service.

498
00:20:22,566 --> 00:20:23,616
That's a big part of it.

499
00:20:23,646 --> 00:20:28,416
It's also being very intelligent
about who you are targeting.

500
00:20:28,836 --> 00:20:28,986
Mm-hmm.

501
00:20:30,241 --> 00:20:30,366
Right.

502
00:20:30,366 --> 00:20:33,996
If you acquire a thousand customers,
but 90% of 'em are the wrong customer,

503
00:20:33,996 --> 00:20:36,306
then they're gonna be unhappy when
they get their product or service.

504
00:20:36,366 --> 00:20:39,696
They're gonna cancel quickly and
then staying engaged with them is

505
00:20:39,701 --> 00:20:43,026
consistently communicating with them
through all channels, making it easy

506
00:20:43,031 --> 00:20:46,746
to have them be able to contact you,
making sure that you're staying on

507
00:20:46,746 --> 00:20:50,136
top of social, responding to comments,
being a, having a chat feature on

508
00:20:50,136 --> 00:20:54,756
your website, making the customer feel
like as easy as it was for them to

509
00:20:55,776 --> 00:20:57,966
sign up, it's just as easy to cancel.

510
00:20:59,781 --> 00:21:03,336
And that you're providing a product or
service that's going to keep them engaged.

511
00:21:03,606 --> 00:21:07,086
I think one of the things that's really
important to understand is, let's say

512
00:21:07,086 --> 00:21:08,976
that I have a s a beauty subscription.

513
00:21:09,456 --> 00:21:09,546
Mm-hmm.

514
00:21:10,566 --> 00:21:13,356
Two, three years ago, my
competition was other beauty

515
00:21:13,356 --> 00:21:16,146
subscriptions, but now it's not.

516
00:21:17,466 --> 00:21:20,526
Now you're competing against every
other subscription service because

517
00:21:20,526 --> 00:21:21,966
you're competing for share of wallet.

518
00:21:23,376 --> 00:21:27,606
I had a, are you familiar with Truebill,
the app and manages your subscriptions?

519
00:21:28,181 --> 00:21:30,111
No, it's called Rocket Money now.

520
00:21:31,041 --> 00:21:32,331
Really large brand.

521
00:21:32,511 --> 00:21:34,071
It got acquired for a billion dollars.

522
00:21:34,071 --> 00:21:39,051
Me and the CEO did a keynote
together, and one of the data

523
00:21:39,051 --> 00:21:43,071
points that he had identified was
that in years past, customers were

524
00:21:43,071 --> 00:21:44,661
adding two or three subscriptions.

525
00:21:44,661 --> 00:21:47,151
If they added two or three
subscriptions, they would cancel one.

526
00:21:48,051 --> 00:21:48,501
Okay.

527
00:21:48,501 --> 00:21:52,851
But now those charts have crossed,
meaning if a customer adds a

528
00:21:52,851 --> 00:21:54,681
subscription, they're going to cancel one.

529
00:21:56,271 --> 00:22:00,381
That means every subscription is
competing for share of wallet.

530
00:22:00,711 --> 00:22:04,821
That means Netflix is competing with
HelloFresh because the consumer is

531
00:22:04,821 --> 00:22:08,721
thinking about, well, if I'm gonna, if
I'm gonna add a $25 a month subscription,

532
00:22:08,721 --> 00:22:09,801
I need to cancel one of them.

533
00:22:10,851 --> 00:22:12,291
And you don't wanna be the
one that gets canceled.

534
00:22:13,911 --> 00:22:14,931
That's really interesting.

535
00:22:16,281 --> 00:22:19,821
So actually as an e-commerce business
and the beauty subscription, the,

536
00:22:20,061 --> 00:22:23,901
you are competing with Netflix, um,
you're competing with HelloFresh.

537
00:22:24,321 --> 00:22:27,741
So does that mean, and I, and I'm,
I'm li I, I fully appreciate what

538
00:22:27,741 --> 00:22:29,601
you're saying, Chris, and I'm going
Well, that makes a lot of sense.

539
00:22:29,601 --> 00:22:31,401
Cause I'm thinking back through me, right?

540
00:22:31,406 --> 00:22:34,851
I'm like, well, I canceled that
subscription to that and I've canceled

541
00:22:34,851 --> 00:22:36,291
that and I've taken that one on there.

542
00:22:36,291 --> 00:22:40,791
And I, um, especially with cost
of Living crisis, and you can see.

543
00:22:41,421 --> 00:22:44,781
This sort of having a big effect on
things certainly here in the uk I dunno

544
00:22:44,781 --> 00:22:47,361
what it's like in the states as much,
but here in the UK it's unbelievable.

545
00:22:48,231 --> 00:22:50,661
Um, and so I, I get that.

546
00:22:50,661 --> 00:22:55,881
So I, I, I'm then sitting here
thinking, well, if I was starting

547
00:22:55,881 --> 00:22:59,361
out either an e-commerce or I was
already established an e-commerce and

548
00:22:59,361 --> 00:23:05,736
thinking about starting a subscription
business, I'm now, uh, as we would

549
00:23:05,736 --> 00:23:08,176
say in the uk, quietly cacking myself.

550
00:23:08,236 --> 00:23:12,816
Um, cacking, pooping is, is the, uh,
translation, not cost of acquisition.

551
00:23:12,816 --> 00:23:16,776
It's a bit of a slang term, uh, but works
well here because I'm thinking, well,

552
00:23:16,776 --> 00:23:20,526
not only if I wanna start a subscription
service in a beauty business, not only

553
00:23:20,526 --> 00:23:23,736
am I now competing with Beauty Box,
what Chris is telling me is actually

554
00:23:23,736 --> 00:23:25,446
I'm now competing with Netflix.

555
00:23:25,446 --> 00:23:28,566
How in the hell am I gonna do this
in a way that's gonna work, right?

556
00:23:30,636 --> 00:23:31,626
Hey, you're gonna, yeah.

557
00:23:31,626 --> 00:23:34,746
How you're gonna do it is by
targeting the right customers and

558
00:23:34,746 --> 00:23:37,896
making sure that you're getting the
attention of the ones that'll want

559
00:23:37,896 --> 00:23:39,876
your product or service, right?

560
00:23:40,236 --> 00:23:40,326
Mm-hmm.

561
00:23:40,566 --> 00:23:44,226
I think that one of the biggest
mistake marketers make is that they

562
00:23:44,226 --> 00:23:45,786
target a large, large audience.

563
00:23:45,786 --> 00:23:48,216
They don't really get into the nitty
gritty and understand the customer

564
00:23:48,216 --> 00:23:52,356
profile, the ones that really, really like
their product, and then look at that data

565
00:23:52,356 --> 00:23:56,346
in the future to make better marketing
decisions on your product or service.

566
00:23:56,646 --> 00:23:58,326
Everybody has needs and wants.

567
00:23:59,671 --> 00:24:04,746
And so for example, if you've got a
beauty subscription, you're more than

568
00:24:04,746 --> 00:24:06,696
likely targeting the female demographic.

569
00:24:06,701 --> 00:24:07,206
Well mm-hmm.

570
00:24:08,466 --> 00:24:10,746
The female demographic's not
gonna stop with the beauty.

571
00:24:11,256 --> 00:24:11,616
Right.

572
00:24:12,216 --> 00:24:15,546
So make sure that if, when they're
going to select one that they need,

573
00:24:15,546 --> 00:24:16,826
that you're the one that they select.

574
00:24:16,846 --> 00:24:17,446
Mm-hmm.

575
00:24:18,756 --> 00:24:23,136
And you shouldn't be surprised if
they would wanna cancel their Netflix

576
00:24:23,136 --> 00:24:24,666
subscription for your beauty subscription.

577
00:24:25,296 --> 00:24:27,306
You're, you're offering two
different products or services.

578
00:24:28,776 --> 00:24:29,106
You know?

579
00:24:29,976 --> 00:24:30,486
Yeah, I do.

580
00:24:30,486 --> 00:24:32,886
And actually I think it's quite
a sobering thing, isn't it?

581
00:24:32,886 --> 00:24:36,186
In some respects, but in other, in
other respects, it's forcing you to

582
00:24:36,191 --> 00:24:43,011
think about, Your product offering, cuz
before in 2015, 2016, I could just put

583
00:24:43,016 --> 00:24:44,421
anything out on a subscription model.

584
00:24:44,421 --> 00:24:46,761
And people go, that's kind of
cool, that's kind of new niche.

585
00:24:46,911 --> 00:24:47,901
Cool, I'll take that.

586
00:24:48,621 --> 00:24:52,401
Now I can't do that because
they're deciding whether or not my

587
00:24:52,401 --> 00:24:55,881
product is, is worth keeping over
keeping their Netflix subscription.

588
00:24:56,181 --> 00:24:58,881
So that's gonna, that's an opportunity
in a lot of ways, but it's gonna

589
00:24:58,881 --> 00:25:02,781
force you to think outside the box
and it's gonna force you to, to offer

590
00:25:02,781 --> 00:25:08,961
something of value to your well chosen
target audience, I'm guessing, right?

591
00:25:10,611 --> 00:25:13,221
You can absolutely provide
more value than Netflix.

592
00:25:16,671 --> 00:25:18,681
That should be the title
of this this week's show.

593
00:25:18,741 --> 00:25:21,171
You can you provide
more value than Netflix?

594
00:25:21,311 --> 00:25:21,801
Okay.

595
00:25:22,101 --> 00:25:23,901
Uh, it, it's, it's interesting.

596
00:25:23,901 --> 00:25:24,081
Is it?

597
00:25:24,081 --> 00:25:25,881
So why, why do you say that?

598
00:25:25,881 --> 00:25:31,641
So, um, uh, if I can put it this
way, so carefree, so, so assured.

599
00:25:31,731 --> 00:25:31,791
Yeah.

600
00:25:32,001 --> 00:25:32,391
Um.

601
00:25:35,256 --> 00:25:40,116
I say that so assured because we all have
things that we truly are passionate about.

602
00:25:40,116 --> 00:25:42,246
For example, like I've got a dog, right?

603
00:25:42,246 --> 00:25:43,626
I love my dog to death.

604
00:25:43,746 --> 00:25:43,836
Mm-hmm.

605
00:25:44,081 --> 00:25:47,046
If you ask me to pick between BarkBox
and Netflix, I'm picking BarkBox.

606
00:25:47,316 --> 00:25:47,556
Okay?

607
00:25:47,556 --> 00:25:47,856
Right.

608
00:25:48,186 --> 00:25:51,246
We've all got passions and
things that we want and need.

609
00:25:51,246 --> 00:25:52,056
And you know what?

610
00:25:53,106 --> 00:25:55,716
Netflix has got a lot of competition
when it comes down to just like the

611
00:25:55,716 --> 00:25:59,196
consumer entertainment and consumer
attention, there's more eyeballs glued

612
00:25:59,196 --> 00:26:00,786
on TikTok than they are on Netflix.

613
00:26:00,786 --> 00:26:01,176
Mm-hmm.

614
00:26:02,346 --> 00:26:02,676
Right?

615
00:26:02,676 --> 00:26:05,886
And you know, I can watch
a lot of things on YouTube.

616
00:26:06,636 --> 00:26:08,166
I can watch Disney Plus.

617
00:26:08,976 --> 00:26:10,536
I mean, I personally only watch Net.

618
00:26:10,566 --> 00:26:13,506
I used to only watch Netflix
for Stranger Things in Ozark.

619
00:26:15,126 --> 00:26:18,576
I just, they're just lucky that I'm one
of the customers that doesn't cancel

620
00:26:18,581 --> 00:26:22,446
when I'm not, I'm not using Netflix, so
I just keep paying the bill every month.

621
00:26:22,451 --> 00:26:22,716
Right.

622
00:26:22,721 --> 00:26:28,246
But yeah, if I had to choose, if,
if I was, if I had to start watching

623
00:26:28,251 --> 00:26:29,586
what I was purchasing Netflix.

624
00:26:29,796 --> 00:26:32,136
Netflix is near the top of
the list of getting cancelled.

625
00:26:32,556 --> 00:26:34,191
It might be at the top right now.

626
00:26:34,611 --> 00:26:36,081
I don't even, I don't know
the last time I turned it on.

627
00:26:37,341 --> 00:26:37,521
Right.

628
00:26:37,521 --> 00:26:39,981
Like I really haven't turned it
on in a minute, so, so, mm-hmm.

629
00:26:40,281 --> 00:26:43,821
I think that you, I think that
just, it, it, it may seem like

630
00:26:43,821 --> 00:26:46,491
it's a big competition cuz of what
the name is, but what's the true

631
00:26:46,491 --> 00:26:47,901
product and service it's offering?

632
00:26:48,051 --> 00:26:48,141
Mm-hmm.

633
00:26:48,386 --> 00:26:50,781
The only way Netflix wins
is by its original series.

634
00:26:51,456 --> 00:26:54,036
Netflix will never win unless
it comes out with content that

635
00:26:54,036 --> 00:26:55,386
you can only watch on Netflix.

636
00:26:55,386 --> 00:26:55,446
Yeah.

637
00:26:55,746 --> 00:26:58,746
Well, 99% of its content
is everywhere else too.

638
00:26:58,746 --> 00:27:02,436
It's not just on Netflix, it's on Amazon,
it's on Disney, it's on YouTube there.

639
00:27:02,436 --> 00:27:05,886
There's tons of sites that have
those same movies for free.

640
00:27:06,606 --> 00:27:11,016
Yeah, there's just certain shows you can't
get anywhere else but Netflix, which is

641
00:27:11,016 --> 00:27:12,936
what keeps people signed up for Netflix.

642
00:27:13,266 --> 00:27:13,536
Yeah.

643
00:27:14,766 --> 00:27:15,966
Very powerful stuff.

644
00:27:15,966 --> 00:27:19,746
And I, I, I, I like, I like the way
you're saying it actually, and I, I'm

645
00:27:19,746 --> 00:27:22,506
thinking to myself, yeah, that's true.

646
00:27:22,836 --> 00:27:24,516
I, I only stay subscribed to Netflix.

647
00:27:24,516 --> 00:27:26,526
Not cause I watch it,
but I know my kids do.

648
00:27:26,886 --> 00:27:31,296
Um, and my, you know, I know my,
my boys at university wouldn't,

649
00:27:31,566 --> 00:27:34,326
they just, they just haven't got
the money to pay for Netflix.

650
00:27:34,326 --> 00:27:35,946
So I'm kinda like, well,
well, dad will pay for it, of

651
00:27:35,946 --> 00:27:38,406
course, typically then, right.

652
00:27:38,406 --> 00:27:40,836
And I, I, Chris, I don't know if you
know the answer this or whether it's in

653
00:27:40,836 --> 00:27:44,916
fact a, a stupid question to ask in a
lot of ways, but how many subscriptions

654
00:27:44,916 --> 00:27:47,666
does a typical consumer have these days?

655
00:27:48,816 --> 00:27:52,806
You know, don't quote me on this,
but I think it was like 15 or 16.

656
00:27:54,951 --> 00:27:58,121
When you really think about, it's
funny, uh, everybody sits and

657
00:27:58,121 --> 00:27:59,151
thinks I don't have that many.

658
00:27:59,151 --> 00:28:01,551
Then you start to think
about the apps Yeah.

659
00:28:01,551 --> 00:28:02,211
On your phone.

660
00:28:03,501 --> 00:28:06,291
And then you start thinking about the
streaming services you have and you

661
00:28:06,291 --> 00:28:09,411
quickly realize it gets to 10 fast.

662
00:28:09,411 --> 00:28:09,501
Mm-hmm.

663
00:28:09,961 --> 00:28:11,121
It gets to 10 really fast.

664
00:28:11,331 --> 00:28:12,951
I might have like 20, 20.

665
00:28:12,951 --> 00:28:13,611
I don't even know.

666
00:28:14,726 --> 00:28:19,371
Like I, I, I have so many and you know,
what's the beautiful thing about that?

667
00:28:20,421 --> 00:28:22,401
They can all be canceled tomorrow.

668
00:28:23,391 --> 00:28:23,631
Right.

669
00:28:23,631 --> 00:28:26,241
That's what's changed the
landscape of e-commerce.

670
00:28:26,771 --> 00:28:27,121
Mm.

671
00:28:27,981 --> 00:28:29,481
And actually, yeah, you're right.

672
00:28:29,481 --> 00:28:32,561
That, uh, you know, and I've seen a
lot of the subscription businesses

673
00:28:32,566 --> 00:28:35,841
now making it easy to pause and to
restart just because they're obviously

674
00:28:35,841 --> 00:28:36,741
getting, a lot of people do this.

675
00:28:37,311 --> 00:28:39,771
One of the things that I'm listening to
you talk, one of the things that I've

676
00:28:39,771 --> 00:28:43,701
noticed, for example, with Netflix, um,
and, and this, I suppose I'm thinking

677
00:28:43,701 --> 00:28:47,181
about my own subscription services
that we sell on, on, on our sites,

678
00:28:47,181 --> 00:28:52,251
but one of the things that strikes
me as you are talking is Netflix have

679
00:28:52,251 --> 00:28:54,651
started certainly here in the uk.

680
00:28:54,711 --> 00:29:00,441
I imagine it's the same most of the way
around the world, they've started to.

681
00:29:01,356 --> 00:29:05,166
Um, bundle their subscription
with other services.

682
00:29:05,166 --> 00:29:08,556
So, uh, we have a, we have a,
a subscription service over

683
00:29:08,556 --> 00:29:09,936
here called Sky Sports, right?

684
00:29:09,936 --> 00:29:12,456
So if you wanna watch sports,
you pretty much have to

685
00:29:12,966 --> 00:29:14,046
subscribe to the sports Channel.

686
00:29:14,196 --> 00:29:17,986
And it's like, the way they do it
is you subscribe to Sky Sports,

687
00:29:18,006 --> 00:29:21,246
but if you get this bundle, you
get Sky Sports, you get Netflix,

688
00:29:21,246 --> 00:29:23,696
you get this, you get that, and so.

689
00:29:24,116 --> 00:29:28,501
Rather than me feeling like I've, I'm
paying for 10 subscriptions, I'm, I'm

690
00:29:28,501 --> 00:29:32,971
in effect paying for one slightly more
than what I would've paid for the, the

691
00:29:32,971 --> 00:29:34,591
one without the 10, if that makes sense.

692
00:29:34,591 --> 00:29:38,101
So there's this, I guess there's
this psychological factor of

693
00:29:38,101 --> 00:29:41,131
sort of boosting up that way.

694
00:29:41,611 --> 00:29:43,741
Um, is that a strategy
people are using a lot now?

695
00:29:44,791 --> 00:29:45,061
Yeah.

696
00:29:45,061 --> 00:29:48,121
I mean, they, they're doing
that as like a defense mechanism

697
00:29:48,121 --> 00:29:49,651
to keep the customer, right?

698
00:29:49,661 --> 00:29:49,901
Mm-hmm.

699
00:29:49,981 --> 00:29:54,936
Because, Netflix was like the first
streaming service and now there's 10,

700
00:29:54,996 --> 00:29:56,616
20, I don't even know how many, right?

701
00:29:56,636 --> 00:29:56,836
Mm-hmm.

702
00:29:56,916 --> 00:29:59,976
So they're doing that to
compete to provide more value.

703
00:30:00,426 --> 00:30:00,756
Right.

704
00:30:00,756 --> 00:30:05,796
So subscriptions provide one of three
things, access, value, or convenience.

705
00:30:07,476 --> 00:30:11,376
By com by merging different
streaming services.

706
00:30:11,381 --> 00:30:12,786
You just did two of them.

707
00:30:13,536 --> 00:30:16,236
You just nailed two of the three reasons
why somebody would sign up for something.

708
00:30:16,236 --> 00:30:18,486
There's value and access.

709
00:30:19,806 --> 00:30:22,626
And really in some respects,
convenience, cuz it's great to your tv.

710
00:30:22,626 --> 00:30:25,686
But yeah, I'm saying the true value,
like they're saying, we're giving

711
00:30:25,686 --> 00:30:28,926
you access to shows and movies
that you can't get anywhere else.

712
00:30:28,926 --> 00:30:31,116
And by the way, we're giving you
value cuz we just teamed up with a

713
00:30:31,116 --> 00:30:33,426
couple of their streaming services
and put it all together in one bundle.

714
00:30:33,876 --> 00:30:35,376
Yeah, no, that's fair play.

715
00:30:36,066 --> 00:30:40,386
And so, and, and I like this and I
suppose, and I, I'm thinking this

716
00:30:40,386 --> 00:30:43,276
through that I, I, I dunno where
I'm going with this Chris other than

717
00:30:43,276 --> 00:30:45,756
the fact that I'm just thinking it
through, uh, as you are chatting.

718
00:30:47,556 --> 00:30:50,676
Actually, it becomes
harder to cancel Netflix.

719
00:30:50,676 --> 00:30:54,216
So I can't, because Netflix is now
bundled with my sports channel.

720
00:30:54,606 --> 00:30:58,596
Yes, I can't, if I cancel Netflix,
I've gotta cancel my sports channel.

721
00:30:58,596 --> 00:31:01,176
Or if I cancel my sports channel,
I've gotta cancel Netflix.

722
00:31:01,176 --> 00:31:01,506
Right?

723
00:31:02,196 --> 00:31:04,656
And so this is where
you're talking about value.

724
00:31:04,716 --> 00:31:06,576
I've, I've increased value massively.

725
00:31:06,746 --> 00:31:10,566
So it makes, makes it harder to cancel
that one particular bit over there.

726
00:31:11,121 --> 00:31:14,151
You know, I, I don't care with my sports
channel, I get the Discovery Channel.

727
00:31:14,151 --> 00:31:14,841
I never watch it.

728
00:31:14,841 --> 00:31:15,621
I don't care.

729
00:31:15,681 --> 00:31:17,601
But, you know, I, I can't cancel that.

730
00:31:17,601 --> 00:31:18,951
But it makes no difference, you know?

731
00:31:19,761 --> 00:31:24,351
Um, so Chris, I have so
many questions, right?

732
00:31:24,601 --> 00:31:30,711
Uh, if you, uh, if you, um, if you are
starting again the gentleman's box, right?

733
00:31:30,801 --> 00:31:37,281
Um, you started that, uh, again
here, 2023, and I'm curious,

734
00:31:37,281 --> 00:31:38,481
what would you do differently?

735
00:31:38,961 --> 00:31:43,581
Uh, how, you know, what, what would that
subscription business look like now?

736
00:31:46,251 --> 00:31:47,811
If I was starting the Gentleman's box?

737
00:31:49,521 --> 00:31:56,331
Oh, I wouldn't start the gentleman's
box now, but if I was starting a

738
00:31:56,331 --> 00:31:58,341
new subscription, what would I do?

739
00:31:58,731 --> 00:31:58,851
Mm-hmm.

740
00:32:03,291 --> 00:32:07,401
If I was starting a new subscription
right now, what would I do?

741
00:32:07,431 --> 00:32:08,481
That's a great question.

742
00:32:08,681 --> 00:32:10,191
No one's asked me that in a while.

743
00:32:10,881 --> 00:32:18,831
Um, I would probably build a product that
was a depleting product, so something that

744
00:32:18,831 --> 00:32:22,551
every month or every quarter depleted,
meaning they had to get more of it.

745
00:32:24,171 --> 00:32:28,971
Um, what industry would I go into?

746
00:32:29,241 --> 00:32:29,751
Wow.

747
00:32:32,001 --> 00:32:35,931
I would either do that or I would
do something that was exclusive.

748
00:32:37,071 --> 00:32:39,201
Meaning that you couldn't
get it anywhere else.

749
00:32:39,201 --> 00:32:40,491
There was limited quantity.

750
00:32:40,851 --> 00:32:40,941
Mm-hmm.

751
00:32:41,181 --> 00:32:41,271
Right.

752
00:32:41,271 --> 00:32:43,371
So limited supply would sell out.

753
00:32:43,671 --> 00:32:45,441
I'd build demand and hype around it.

754
00:32:46,221 --> 00:32:48,771
I'd use influencers to build
demand and hype around it.

755
00:32:49,221 --> 00:32:53,961
I would try to come up with a product
or offering that was unique, exclusive

756
00:32:54,081 --> 00:32:57,411
in-demand, hard to get waiting list.

757
00:32:58,161 --> 00:33:02,181
On a subscription and membership to
the point where people were like dying

758
00:33:02,181 --> 00:33:05,481
to be one of the members, and I'd make
those members feel super exclusive.

759
00:33:05,481 --> 00:33:09,441
It'd be almost like VIP, it'd be like,
oh, you're part of this subscription

760
00:33:09,446 --> 00:33:12,291
and you get this shirt, or whatever
it might be, this piece of art.

761
00:33:12,681 --> 00:33:13,811
Whatever the case may be.

762
00:33:14,311 --> 00:33:14,521
Yeah.

763
00:33:15,021 --> 00:33:20,691
I think that exclusivity is really
a big part of a big thing right now.

764
00:33:20,871 --> 00:33:21,831
Exclusivity.

765
00:33:22,941 --> 00:33:23,931
Uniqueness.

766
00:33:24,141 --> 00:33:27,381
Products that are, that
are in demand, right?

767
00:33:27,381 --> 00:33:30,561
Like you look at like little
things like the prime drink

768
00:33:30,561 --> 00:33:31,881
that Logan Paul came out with.

769
00:33:32,271 --> 00:33:32,631
Yeah.

770
00:33:33,711 --> 00:33:37,281
The fact that he sold out and
because of who he is, people were

771
00:33:37,286 --> 00:33:39,081
selling them like $20 a bottle.

772
00:33:39,471 --> 00:33:40,281
Oh, it's crazy.

773
00:33:40,281 --> 00:33:41,271
Yeah, it was crazy.

774
00:33:41,361 --> 00:33:46,221
What happens now if anybody that
knows that drink happens to see one

775
00:33:46,221 --> 00:33:48,591
available in a store, they snatch it up.

776
00:33:48,951 --> 00:33:49,041
Mm-hmm.

777
00:33:49,286 --> 00:33:49,671
Right?

778
00:33:50,361 --> 00:33:50,691
Why?

779
00:33:50,691 --> 00:33:51,531
Cause of the demand.

780
00:33:52,191 --> 00:33:52,581
Yeah.

781
00:33:53,211 --> 00:33:53,451
Right.

782
00:33:53,451 --> 00:33:58,491
So I, that's how I would build, I'd build
something around that super exclusive,

783
00:33:59,871 --> 00:34:06,531
um, hard to get, and I would, I would
channel some high end influencers and

784
00:34:06,531 --> 00:34:08,031
make sure that they had 'em mm-hmm.

785
00:34:09,081 --> 00:34:11,991
And get them to, you
know, push that product.

786
00:34:12,351 --> 00:34:12,711
Yeah.

787
00:34:12,861 --> 00:34:13,601
That's really interesting.

788
00:34:13,606 --> 00:34:14,361
And it's sellout.

789
00:34:15,501 --> 00:34:17,181
I like the idea of exclusivity.

790
00:34:17,181 --> 00:34:17,931
I mean, you're right.

791
00:34:18,471 --> 00:34:20,421
I remember being at
Costco a few weeks ago.

792
00:34:21,141 --> 00:34:25,641
A lady came up to me and she said, listen,
I wanna buy two boxes of these drinks.

793
00:34:26,061 --> 00:34:29,811
But Costco was limiting it to just
one because the demand was so high.

794
00:34:30,501 --> 00:34:34,311
Can you buy this for me and I will
give you the cash, uh, here and now.

795
00:34:34,311 --> 00:34:35,361
And I'm like, of course I don't care.

796
00:34:35,421 --> 00:34:36,501
Just put it on the conveyor.

797
00:34:36,621 --> 00:34:37,221
It's not a problem.

798
00:34:37,221 --> 00:34:37,431
Right.

799
00:34:37,911 --> 00:34:38,141
But it.

800
00:34:38,661 --> 00:34:41,451
I, I dunno how much you know about
England, Chris, but we don't do

801
00:34:41,451 --> 00:34:44,001
things like that in England because,
you know, it's, it's not very

802
00:34:44,001 --> 00:34:45,441
British to ask somebody to do stuff.

803
00:34:45,621 --> 00:34:47,691
So the fact that she was
willing to do that Yeah, kind.

804
00:34:47,691 --> 00:34:50,691
I was like, what is this that we're
buy, I'm like, is this cocaine?

805
00:34:50,691 --> 00:34:51,291
I don't know.

806
00:34:53,581 --> 00:34:54,721
And so, yeah.

807
00:34:54,721 --> 00:34:57,921
And so I just found it
fascinating and that exclusivity,

808
00:34:57,921 --> 00:34:59,031
I, I get the value of that.

809
00:34:59,031 --> 00:35:00,561
So let me ask you a question, right?

810
00:35:00,561 --> 00:35:01,941
Going back to the beauty website.

811
00:35:02,751 --> 00:35:04,881
Someone has a beauty website,
they're online, they're

812
00:35:04,881 --> 00:35:06,441
selling all kinds of products.

813
00:35:06,861 --> 00:35:10,851
Um, and if I go back to the start, you
know, your premise at the start was you

814
00:35:10,851 --> 00:35:12,351
should have a subscription business.

815
00:35:12,921 --> 00:35:18,351
Um, Does the beauty company
start a subscription business?

816
00:35:18,381 --> 00:35:19,341
Is my first question.

817
00:35:19,341 --> 00:35:23,481
And my second question is, if I
started a beauty company today,

818
00:35:24,051 --> 00:35:25,581
should I be subscription only?

819
00:35:25,581 --> 00:35:28,811
I'm curious to un understand how
you think the sort of the, the

820
00:35:28,961 --> 00:35:30,231
you know, you can buy it normally.

821
00:35:30,261 --> 00:35:30,321
Yeah.

822
00:35:30,411 --> 00:35:32,741
Or you can buy it through
a subscription model thing.

823
00:35:32,741 --> 00:35:33,101
Yeah.

824
00:35:33,171 --> 00:35:35,121
You know, is that, is that too weak?

825
00:35:35,151 --> 00:35:37,326
I'm, I'm kind of curious as
to your thinking on that.

826
00:35:37,936 --> 00:35:41,151
It's funny, you know, me as an
entrepreneur, I'm like, I'm like the worst

827
00:35:41,151 --> 00:35:43,281
guy that you want to tell an idea to.

828
00:35:43,281 --> 00:35:47,601
Cuz like, I poke a hole in
everything and I'm like, like I

829
00:35:47,606 --> 00:35:48,861
have a friend that jokes with me.

830
00:35:48,861 --> 00:35:51,261
He's like, I'm not even gonna tell
you my idea because you're just

831
00:35:51,261 --> 00:35:53,301
gonna like piss on it, you know?

832
00:35:53,306 --> 00:35:54,271
But I'm, I'm looking out for you.

833
00:35:54,271 --> 00:35:57,816
So one, I'm like, Everything.

834
00:35:57,816 --> 00:36:02,196
Like, see, like, you know, this
like, ideas are so cheap, right?

835
00:36:02,196 --> 00:36:02,286
Mm-hmm.

836
00:36:02,526 --> 00:36:04,656
It's all about like, how are we
gonna execute on this product?

837
00:36:04,656 --> 00:36:06,006
What's the go-to-market strategy?

838
00:36:06,006 --> 00:36:08,766
So I get pitched, I'm gonna get your
answer to this question, by the way.

839
00:36:08,796 --> 00:36:08,886
Mm-hmm.

840
00:36:09,126 --> 00:36:13,896
So I get, I get pitched ideas once
a week probably, and, um, I'm trying

841
00:36:13,896 --> 00:36:20,796
to limit that because it's, it's a
big time waster, but, um, everything

842
00:36:20,796 --> 00:36:23,736
comes, I care less about the idea
and I care more about the strategy of

843
00:36:23,736 --> 00:36:25,116
getting the attention of the audience.

844
00:36:25,116 --> 00:36:25,926
You could have.

845
00:36:27,036 --> 00:36:31,416
A wildly insane idea, but there could
be this like niche group of individuals

846
00:36:31,416 --> 00:36:32,976
that really love it and like mm-hmm.

847
00:36:33,066 --> 00:36:34,506
You can build a real business around it.

848
00:36:34,506 --> 00:36:36,576
Like, I, that's, that's great.

849
00:36:36,576 --> 00:36:38,466
Like, I wanna know what
the strategy's gonna be.

850
00:36:38,526 --> 00:36:39,456
How are we gonna go to market?

851
00:36:39,456 --> 00:36:40,926
How are we get the attention to consumers?

852
00:36:41,226 --> 00:36:42,246
It's not field of dreams.

853
00:36:42,251 --> 00:36:44,496
It's not like if you build a baseball
field in your backyard, all these people

854
00:36:44,496 --> 00:36:45,666
are gonna show up and play baseball.

855
00:36:46,026 --> 00:36:48,066
That's not how, how e-commerce works.

856
00:36:49,716 --> 00:36:52,246
If I have the right plan,
I have the right product.

857
00:36:52,626 --> 00:36:54,666
And I'm building a new
beauty subscription.

858
00:36:54,876 --> 00:36:58,416
I'm absolutely building subscription
first, because typically beauty

859
00:36:58,416 --> 00:37:00,756
products are depleting, they're
gonna need it month over month.

860
00:37:00,816 --> 00:37:01,056
Mm-hmm.

861
00:37:01,141 --> 00:37:01,176
Mm-hmm.

862
00:37:01,626 --> 00:37:05,466
And I don't want them to get their
facial cleanser anywhere else or

863
00:37:05,466 --> 00:37:08,436
their eyeliner anywhere else, or
their lip gloss anywhere else.

864
00:37:08,436 --> 00:37:12,006
And if I'm gonna get super aggressive
and I'm brand new, I'm gonna say

865
00:37:12,006 --> 00:37:14,916
try my product for free potentially.

866
00:37:14,916 --> 00:37:16,086
Or samples of it.

867
00:37:16,086 --> 00:37:19,986
Or I'm gonna, uh, you know, either my
marketing strategy's gotta be that.

868
00:37:20,376 --> 00:37:23,751
If you think about beauty products in
general, either they've gotta use it

869
00:37:23,901 --> 00:37:26,601
or somebody they know or influences
them's gotta tell 'em to use it.

870
00:37:26,761 --> 00:37:26,881
Yeah.

871
00:37:26,931 --> 00:37:27,141
Yeah.

872
00:37:27,141 --> 00:37:27,861
There's no other way.

873
00:37:27,861 --> 00:37:28,161
Right.

874
00:37:28,401 --> 00:37:31,071
If I'm selling a t-shirt, I could
look at the design and say, oh, I like

875
00:37:31,071 --> 00:37:33,711
this, this design, I'm gonna buy it
cause I'm gonna like the way it looks.

876
00:37:34,131 --> 00:37:34,221
Yeah.

877
00:37:34,226 --> 00:37:35,691
I don't need to feel it or touch it.

878
00:37:36,651 --> 00:37:38,801
With beauty, I need to u the, the, the.

879
00:37:40,166 --> 00:37:42,066
Audience needs to use the
product to see that it works.

880
00:37:42,486 --> 00:37:45,546
So now I'm trying to get the product in
their hands, whether that's give it to

881
00:37:45,546 --> 00:37:48,936
them for free, let them pay shipping and
handling only, and maybe it covers my

882
00:37:48,936 --> 00:37:52,326
cost and I'm getting 'em on a subscription
so that they know that when it comes the

883
00:37:52,326 --> 00:37:55,746
next month, they're going to have it again
and that's when they're gonna get billed.

884
00:37:55,746 --> 00:37:58,416
And yeah, there might be high
churn, but if it's a net zero on

885
00:37:58,416 --> 00:38:01,806
the cost, like great, like it's
a low cost marketing tool, um,

886
00:38:02,826 --> 00:38:04,296
that's probably how I'm doing it.

887
00:38:05,946 --> 00:38:08,226
And that, and with beauty, I'm
absolutely building a subscription.

888
00:38:08,496 --> 00:38:11,016
I, I'm subscription first
in nearly everything.

889
00:38:11,016 --> 00:38:13,026
I don't know that anybody
would convince me to build.

890
00:38:14,076 --> 00:38:16,926
I don't think that there's a lot of
industries where subscriptions don't work.

891
00:38:16,931 --> 00:38:19,356
Maybe in some medical fields, maybe.

892
00:38:19,806 --> 00:38:20,166
Yeah.

893
00:38:20,646 --> 00:38:23,886
So you're subscription, you're
subscription first, but does that mean

894
00:38:23,886 --> 00:38:28,206
on your new beauty business, you're
subscription only or can subscription work

895
00:38:28,206 --> 00:38:31,446
alongside traditional typical e-commerce?

896
00:38:31,451 --> 00:38:31,816
It work.

897
00:38:32,046 --> 00:38:34,416
It can work, but I'm
subscription only and I.

898
00:38:34,971 --> 00:38:40,021
I mean, may be because I'm biased, but the
value of the customer on a subscription

899
00:38:40,071 --> 00:38:42,051
is way higher than the one-off purchase.

900
00:38:42,321 --> 00:38:44,541
Yeah, that's really fascinating.

901
00:38:45,081 --> 00:38:46,791
That's really, there's
no, there's no comparison.

902
00:38:47,301 --> 00:38:47,691
Yeah.

903
00:38:47,931 --> 00:38:48,261
Yeah.

904
00:38:48,621 --> 00:38:51,921
So you're building this beauty business
subscription only and it's like, add

905
00:38:51,921 --> 00:38:55,961
these products to your basket, um, and
we're gonna get them out to you every

906
00:38:55,961 --> 00:38:57,591
month or whatever the frequency is.

907
00:38:58,281 --> 00:39:00,531
Uh, I'm kind of curious actually.

908
00:39:00,921 --> 00:39:03,681
Uh, I dunno if anyone's done the study,
cuz nothing's springing to my mind.

909
00:39:03,681 --> 00:39:07,761
Is, If you took a subscription only
model and then added traditional

910
00:39:07,761 --> 00:39:12,811
e-commerce to it, whether the total
revenue of that site falls, um,

911
00:39:12,811 --> 00:39:15,891
yeah, Does it dilute it too much?

912
00:39:15,891 --> 00:39:16,191
You know?

913
00:39:16,491 --> 00:39:16,731
Yeah.

914
00:39:16,731 --> 00:39:17,781
I've seen it all the time.

915
00:39:17,961 --> 00:39:21,861
I hate one time purchase and brands
that add that element are either

916
00:39:21,861 --> 00:39:24,491
trying to move old inventory, right.

917
00:39:24,651 --> 00:39:26,931
So they, they made some
inventory mistakes.

918
00:39:26,961 --> 00:39:27,051
Mm-hmm.

919
00:39:27,531 --> 00:39:29,751
There's so many better ways to do it than.

920
00:39:30,261 --> 00:39:35,346
If you're gonna pay for the customer
to come to the site, let's sell them

921
00:39:35,346 --> 00:39:38,806
the product that's gonna get us the
most conversion, the most value.

922
00:39:38,806 --> 00:39:41,796
That's gonna be on a subscription
over a one time, every single time.

923
00:39:42,156 --> 00:39:42,516
Yeah.

924
00:39:43,146 --> 00:39:44,196
No, that's really powerful.

925
00:39:44,616 --> 00:39:47,286
There's, and there's a, I, I'm,
I'm really tempted actually

926
00:39:47,286 --> 00:39:48,456
to do some, I've not done it.

927
00:39:48,546 --> 00:39:52,506
Uh, but you, you've inspired me to go
away and do some split tests with our ads.

928
00:39:52,506 --> 00:39:59,961
So run people to subscription only pages
versus running people to just buy pages.

929
00:40:00,171 --> 00:40:00,631
Do you know what I mean?

930
00:40:00,631 --> 00:40:00,711
Yeah.

931
00:40:00,711 --> 00:40:03,081
So the same product, one's on
subscription, one's on buy now.

932
00:40:03,201 --> 00:40:03,981
What are you selling?

933
00:40:04,071 --> 00:40:04,731
What's the product?

934
00:40:05,361 --> 00:40:06,831
Uh, I would do this with supplements.

935
00:40:07,071 --> 00:40:10,071
Um, so we have a supplement business,
and this is the one that I'm thinking of.

936
00:40:10,551 --> 00:40:12,751
Um, like a vitamin supplement
or like a, yeah, yeah.

937
00:40:13,431 --> 00:40:14,361
Oh gosh.

938
00:40:14,751 --> 00:40:15,991
I don't even, you don't
even need to test it.

939
00:40:18,336 --> 00:40:20,416
Well, no, I'm, cause I
wanna see the results.

940
00:40:20,416 --> 00:40:22,176
You'd think that I'm joking
with you, but Yeah, yeah.

941
00:40:22,176 --> 00:40:26,376
No, there's, there's like, no, there's
like, there is not a doubt in my mind

942
00:40:26,586 --> 00:40:29,886
like, email me in three months and
I'll, there's not a doubt in my mind

943
00:40:29,886 --> 00:40:33,396
you are gonna see way higher value
on the, on the subscription side.

944
00:40:33,396 --> 00:40:34,406
It's, it's depleting.

945
00:40:34,836 --> 00:40:36,636
I need the supplements
quarterly and monthly.

946
00:40:36,636 --> 00:40:39,846
Like, there is not a doubt in
my mind that the, yeah, one

947
00:40:39,846 --> 00:40:41,106
time purchase should be gone.

948
00:40:42,021 --> 00:40:42,381
Okay.

949
00:40:42,921 --> 00:40:43,341
Okay.

950
00:40:43,971 --> 00:40:44,471
And you know what?

951
00:40:44,891 --> 00:40:46,731
You should, you should be
at Sub Summit this year.

952
00:40:46,731 --> 00:40:48,381
You'll even see more about that.

953
00:40:49,071 --> 00:40:50,541
Well, let's talk about that actually.

954
00:40:50,631 --> 00:40:54,271
Um, uh, because I, I, I, when you
were saying, I mean, subsummit's in

955
00:40:54,291 --> 00:40:56,841
Dallas, and I'm, I'm actually thinking
to myself, I'm tempted to go here.

956
00:40:56,841 --> 00:40:58,041
I've got some good friends in Dallas.

957
00:40:58,046 --> 00:41:00,921
I'm gonna go stay with them and,
and, and, uh, and come over.

958
00:41:01,611 --> 00:41:08,661
Um, let's talk about subsummit then,
because, um, we'll just tell the folks

959
00:41:08,666 --> 00:41:12,321
what it, what it actually is, and
then I've got some questions about it.

960
00:41:12,381 --> 00:41:15,756
Yeah, so it's the largest event in the
world for all consumer subscriptions.

961
00:41:15,756 --> 00:41:19,026
We bring together brands like Netflix
and HelloFresh and BarkBox to your

962
00:41:19,026 --> 00:41:23,466
mid-level Hunt a killer, FabFitFun, battle
box to your startup and growth phase.

963
00:41:23,466 --> 00:41:24,456
It's three days long.

964
00:41:24,936 --> 00:41:27,306
There's a huge expo hall
with solution providers.

965
00:41:27,576 --> 00:41:29,166
There's multiple track rooms.

966
00:41:29,586 --> 00:41:34,506
We've got speakers from the NBA,
uh, Harry's Razor, Time Magazine.

967
00:41:35,221 --> 00:41:38,991
There's like a panel I think with
time, uh, New York Times and Wall

968
00:41:38,991 --> 00:41:42,711
Street Journal talking about how to
start up and grow your subscription.

969
00:41:42,981 --> 00:41:43,071
Mm-hmm.

970
00:41:43,311 --> 00:41:44,181
There's three, there's three tracks.

971
00:41:44,181 --> 00:41:46,371
So there's like a startup track,
there's a mid growth track, and

972
00:41:46,376 --> 00:41:47,421
there's an enterprise track.

973
00:41:47,691 --> 00:41:47,781
Mm-hmm.

974
00:41:48,381 --> 00:41:50,701
We, we, we built this event to help.

975
00:41:51,261 --> 00:41:54,321
Entrepreneurs and subscription-based
businesses build better

976
00:41:54,321 --> 00:41:55,641
subscription-based companies.

977
00:41:57,021 --> 00:41:57,921
Tons of networking.

978
00:41:57,921 --> 00:42:00,591
There's a huge award ceremony
on day two with a red carpet.

979
00:42:00,591 --> 00:42:03,351
It's tons of fun, fake paparazzi
screaming people's names.

980
00:42:03,351 --> 00:42:08,991
It's it's 15th category, um, huge
exhibit hall with all your solution

981
00:42:08,991 --> 00:42:13,401
providers from fulfillment to payment,
processing the CRMs to Shopify plugins

982
00:42:14,001 --> 00:42:19,011
to three, three days of packed tracks
with leaders within subscriptions.

983
00:42:19,611 --> 00:42:22,851
How to grow and build it, how to retain
customers, how to go international.

984
00:42:23,091 --> 00:42:23,181
Mm-hmm.

985
00:42:24,141 --> 00:42:30,021
How do you consistently engage with
the consumer and 2000 attendees.

986
00:42:30,741 --> 00:42:34,201
It's, it's a lot of fun and if you're in
e-commerce, you should be at subsummit.

987
00:42:35,361 --> 00:42:37,641
If you're in subscriptions,
you should be at subunit.

988
00:42:37,851 --> 00:42:38,661
Yeah, totally.

989
00:42:38,661 --> 00:42:41,991
So, uh, just to circle back on
something that you said there,

990
00:42:42,021 --> 00:42:43,221
there are three different tracks.

991
00:42:43,226 --> 00:42:45,601
So if I'm just new in e-commerce,
go to subsummit, there's

992
00:42:45,621 --> 00:42:46,851
gonna be something of value.

993
00:42:47,151 --> 00:42:50,421
If I'm Netflix, go to subsummit because
there's gonna be something of value

994
00:42:50,421 --> 00:42:51,981
and then everyone in between you cover.

995
00:42:52,041 --> 00:42:52,431
Right?

996
00:42:53,361 --> 00:42:54,201
100%.

997
00:42:54,291 --> 00:42:54,961
Awesome.

998
00:42:55,161 --> 00:42:57,051
So how long has this,
uh, event been going?

999
00:42:58,011 --> 00:42:59,921
We had our first event in 2016.

1000
00:43:00,741 --> 00:43:02,031
We had like 200 attendees.

1001
00:43:02,031 --> 00:43:05,511
I always joke, uh, Matt, it felt like
the first event felt like I was in high

1002
00:43:05,511 --> 00:43:08,031
school and I was throwing a party and
I didn't know if anybody'd show up.

1003
00:43:09,541 --> 00:43:10,701
I kinda nervous energy.

1004
00:43:10,701 --> 00:43:11,241
No, totally.

1005
00:43:12,201 --> 00:43:14,511
You're sitting there like
waiting by registration.

1006
00:43:14,516 --> 00:43:19,401
Like one person got off and then
like two more got off the elevator.

1007
00:43:19,551 --> 00:43:20,241
Oh my gosh.

1008
00:43:20,451 --> 00:43:26,016
And then it was like 200 people
and, um, It, it was, it worked well.

1009
00:43:26,016 --> 00:43:26,886
Like we couldn't believe it.

1010
00:43:26,891 --> 00:43:27,046
Mm-hmm.

1011
00:43:27,126 --> 00:43:30,456
And then fast forward, three years later,
we're in New Orleans with 1100 attendees.

1012
00:43:30,906 --> 00:43:31,236
Wow.

1013
00:43:31,446 --> 00:43:33,606
And then Covid hit, right.

1014
00:43:33,611 --> 00:43:38,256
So we, we stalled for two years, but
this past May, we were in Orlando, 1300

1015
00:43:38,256 --> 00:43:44,856
attendees, DoorDash, Netflix, battle Box,
Hunt a Killer, like they're all there.

1016
00:43:44,916 --> 00:43:45,006
Mm-hmm.

1017
00:43:45,246 --> 00:43:50,156
And now we're gonna be in Dallas this
year, 2000 attendees more than likely,

1018
00:43:51,531 --> 00:43:53,391
The best speaker lineup we've ever had.

1019
00:43:54,291 --> 00:43:56,931
It's like you can check out the
speakers on subsummit.com, but

1020
00:43:56,991 --> 00:43:58,431
you know, Quotery is speaking.

1021
00:43:58,431 --> 00:43:59,481
FabFitFun is speaking.

1022
00:43:59,481 --> 00:44:01,701
Harry's Razors is speaking,
the NBA is speaking.

1023
00:44:02,031 --> 00:44:02,121
Mm-hmm.

1024
00:44:02,366 --> 00:44:02,931
It's wild.

1025
00:44:02,931 --> 00:44:04,911
We've never had this kind of lineup ever.

1026
00:44:05,481 --> 00:44:06,951
Okay, well I'm excited for it.

1027
00:44:07,011 --> 00:44:07,671
I'm excited.

1028
00:44:07,671 --> 00:44:10,251
So, uh, do join, uh, is it sub Sumit?

1029
00:44:10,281 --> 00:44:10,772
I'll be there.

1030
00:44:10,777 --> 00:44:11,421
Come and say hi.

1031
00:44:11,511 --> 00:44:13,851
You know, we maybe do a
little, uh, EP hookup.

1032
00:44:14,451 --> 00:44:17,781
Um, we have a little podcast stage
there too, Matt, so maybe we can

1033
00:44:17,781 --> 00:44:19,201
do a little podcast at the event.

1034
00:44:19,566 --> 00:44:20,496
That would be awesome.

1035
00:44:20,556 --> 00:44:21,786
That would be really quite fun.

1036
00:44:21,786 --> 00:44:25,656
Do you know what would be cool is like,
you and I could potentially do something

1037
00:44:25,656 --> 00:44:28,626
live, but you might be able to grab
some other attendees, entrepreneurs

1038
00:44:28,631 --> 00:44:29,706
and pull 'em on stage with you.

1039
00:44:29,976 --> 00:44:31,596
We can talk about that after,
but there's something cool.

1040
00:44:31,896 --> 00:44:32,406
Ah, sounds great.

1041
00:44:32,536 --> 00:44:32,766
Yeah, yeah.

1042
00:44:32,766 --> 00:44:33,606
No, that sounds awesome.

1043
00:44:33,606 --> 00:44:34,656
I'm up for something like that.

1044
00:44:35,136 --> 00:44:36,816
Uh, where do people go?

1045
00:44:36,906 --> 00:44:39,906
Um, I, I know the URLs on the
screen, uh, Chris, but most

1046
00:44:39,906 --> 00:44:40,716
people listen on the audio.

1047
00:44:40,716 --> 00:44:43,536
Just tell everybody how to find out
more information about Sub Summit.

1048
00:44:43,596 --> 00:44:49,431
Yeah, just go to subsummit.com and right
on there is everything about the event.

1049
00:44:49,431 --> 00:44:51,081
Yeah, it's really easy.

1050
00:44:51,231 --> 00:44:54,651
It, you know, there's, there's all
this information about the venue,

1051
00:44:54,681 --> 00:44:58,491
the different tracks, the agenda, the
speakers, the sponsors, it's all on there.

1052
00:44:58,491 --> 00:45:02,001
And if you are a brand that does
more than $500,000 a year in

1053
00:45:02,006 --> 00:45:05,841
revenue, we actually have what's
called the hosted buyer program.

1054
00:45:06,681 --> 00:45:10,011
Where you can come to the event for
free and get travel reimbursement.

1055
00:45:10,551 --> 00:45:13,071
You have to take, you have to
take six, 10 minute one-on-one

1056
00:45:13,071 --> 00:45:14,781
meetings with solution providers.

1057
00:45:14,931 --> 00:45:15,021
Mm-hmm.

1058
00:45:15,261 --> 00:45:15,951
But we did that.

1059
00:45:15,951 --> 00:45:19,431
It's a really good way for brands to
get to the event that are on a budget.

1060
00:45:20,361 --> 00:45:22,791
It's a great way for solution
providers, so like if you're in

1061
00:45:22,791 --> 00:45:26,781
fulfillment or payment processing or
marketing for you to meet those brands.

1062
00:45:26,901 --> 00:45:26,991
Mm-hmm.

1063
00:45:27,261 --> 00:45:30,201
We're gonna cultivate more
than 1500 one-on-one meetings

1064
00:45:30,201 --> 00:45:31,491
at the event this year now.

1065
00:45:31,701 --> 00:45:32,391
Fantastic.

1066
00:45:33,156 --> 00:45:33,906
I like that.

1067
00:45:33,906 --> 00:45:36,936
That's a really clever, I'm not
gonna, I, I don't wanna blow smoke

1068
00:45:36,936 --> 00:45:38,196
here, Chris, but I like that.

1069
00:45:38,256 --> 00:45:38,856
I like that.

1070
00:45:38,856 --> 00:45:40,956
You know, if you, uh, as an idea.

1071
00:45:41,511 --> 00:45:42,711
Um, very clever.

1072
00:45:43,341 --> 00:45:43,971
Very clever.

1073
00:45:44,301 --> 00:45:46,641
Especially if they play,
uh, first class from the uk.

1074
00:45:46,641 --> 00:45:46,941
I'm there.

1075
00:45:46,971 --> 00:45:47,091
No,

1076
00:45:49,641 --> 00:45:51,381
only 750 you get, you know, but

1077
00:45:55,221 --> 00:45:56,001
that's really funny.

1078
00:45:56,781 --> 00:46:00,351
So listen, um, Chris, let me
ask you my final question.

1079
00:46:00,441 --> 00:46:04,101
Uh, yeah, I'm, I'm starting to ask
everybody now, and it's, it's a bit

1080
00:46:04,101 --> 00:46:06,051
off topic, uh, from the subscription.

1081
00:46:07,236 --> 00:46:09,966
Um, but as you know, this show's
sponsored by, uh, cohort, right?

1082
00:46:09,966 --> 00:46:12,786
E-commerce cohort, which is kinda
like, it's a training, mentorship

1083
00:46:12,786 --> 00:46:14,076
program, learning kind of program.

1084
00:46:14,076 --> 00:46:14,706
It's awesome.

1085
00:46:14,796 --> 00:46:16,896
Um, it's actually a
membership, funnily enough.

1086
00:46:17,376 --> 00:46:21,726
Uh, and in fact, um, let me ask you
this question cuz I'm kind of curious.

1087
00:46:21,726 --> 00:46:24,606
Cohort's a membership and I was
listening to, I dunno if you've

1088
00:46:24,606 --> 00:46:28,236
come across the guy's name, Stu
McLaren, who is like big into.

1089
00:46:28,736 --> 00:46:32,966
Online memberships, you know, in terms of
if you wanna do like an online membership,

1090
00:46:32,966 --> 00:46:35,846
like a mastermind, he's a guy that you
would listen to a mentor in that space.

1091
00:46:36,446 --> 00:46:40,136
And I saw a, a post on him on, uh,
on Instagram the other day saying

1092
00:46:40,766 --> 00:46:43,736
The best way to sell a membership
is off the back of a course.

1093
00:46:43,826 --> 00:46:45,986
So he's like, you sell your course.

1094
00:46:46,216 --> 00:46:49,396
And then off the back of that, you
have your membership because the

1095
00:46:49,396 --> 00:46:52,696
course delivers insane value and it
gives a reason for people to join.

1096
00:46:52,696 --> 00:46:55,396
And he said, when you do it this
way, you get a, a better outcome.

1097
00:46:55,966 --> 00:46:57,226
I thought that was really interesting.

1098
00:46:57,286 --> 00:46:58,456
Uh, off the back of that membership.

1099
00:46:58,456 --> 00:47:03,376
Anyway, um, cohort is this
kind of membership group,

1100
00:47:03,376 --> 00:47:04,696
so I wanna imagine, right?

1101
00:47:04,936 --> 00:47:06,652
Uh, it's not in Dallas,
it's probably in London.

1102
00:47:07,096 --> 00:47:08,596
We've got a room full of cohorts.

1103
00:47:09,376 --> 00:47:13,566
Uh, you've just delivered your keynote
speech on, on subscriptions and told

1104
00:47:13,566 --> 00:47:16,596
everybody all the secrets they need
to know to, to do it super well.

1105
00:47:17,886 --> 00:47:21,936
At the end of it, as they're giving you
your sort of standing ovation, um, crazy,

1106
00:47:22,926 --> 00:47:28,986
uh, I'm curious who you sort of, you
stand up and you say, well, I'm here and

1107
00:47:28,991 --> 00:47:30,906
I'd just like to thank dot, dot, dot.

1108
00:47:31,146 --> 00:47:33,096
Um, who's had a big influence on you?

1109
00:47:33,096 --> 00:47:34,176
Who do you thank?

1110
00:47:34,266 --> 00:47:35,566
Uh, and, and, why?

1111
00:47:37,286 --> 00:47:39,846
Who do I thank for helping
me get to where I am now?

1112
00:47:40,206 --> 00:47:40,566
Yeah.

1113
00:47:41,946 --> 00:47:45,516
Um, my two business partners,
Paul and John, Paul Chambers

1114
00:47:45,516 --> 00:47:46,746
and John Hodge for sure.

1115
00:47:47,136 --> 00:47:47,226
Mm-hmm.

1116
00:47:49,596 --> 00:47:51,756
It's a shame your name's not
Ringo, I'm not gonna lie.

1117
00:47:53,046 --> 00:47:53,946
Paul John and Ringo.

1118
00:47:53,976 --> 00:47:54,156
Yeah.

1119
00:47:54,156 --> 00:47:56,646
Anyway, a different, a
different group of people.

1120
00:47:56,936 --> 00:47:57,436
You know.

1121
00:48:00,916 --> 00:48:02,361
Yeah, probably them.

1122
00:48:02,361 --> 00:48:04,671
I never really had mentors growing up.

1123
00:48:04,791 --> 00:48:09,741
Um, I listened to a lot of, like, I get
influenced by other entrepreneurs, right?

1124
00:48:09,741 --> 00:48:09,831
Mm-hmm.

1125
00:48:10,431 --> 00:48:12,291
And that's where I get my inspiration.

1126
00:48:12,291 --> 00:48:15,441
But those two guys for sure, you know.

1127
00:48:15,936 --> 00:48:16,236
Yeah.

1128
00:48:16,296 --> 00:48:16,896
That's cool.

1129
00:48:17,016 --> 00:48:17,496
That's cool.

1130
00:48:17,501 --> 00:48:18,096
That's awesome.

1131
00:48:18,456 --> 00:48:20,916
It's good that actually you've
had a partnership that's worked,

1132
00:48:20,976 --> 00:48:23,826
you know, cuz that's actually
quite an unusual thing these days.

1133
00:48:23,826 --> 00:48:26,226
And so, uh, long may that continue.

1134
00:48:26,706 --> 00:48:28,836
Um, Chris, listen, it's been a blast.

1135
00:48:28,841 --> 00:48:31,546
If people want to get in touch with
you, I mean we've, we've talked about

1136
00:48:31,546 --> 00:48:35,436
subsumit, but if they wanna get ahold of
you, Uh, what's the best way to do that?

1137
00:48:35,436 --> 00:48:36,096
How do people connect?

1138
00:48:36,126 --> 00:48:36,576
Yeah, real easy.

1139
00:48:36,576 --> 00:48:36,966
Actually.

1140
00:48:36,966 --> 00:48:39,156
Either connect with me on
LinkedIn or just send me an email.

1141
00:48:39,266 --> 00:48:40,896
Chris@subsummit.com.

1142
00:48:41,736 --> 00:48:42,546
I'll get that email.

1143
00:48:42,546 --> 00:48:45,126
I'm in, I'm inbox zero, so Oh wow.

1144
00:48:45,126 --> 00:48:45,546
I'm doing harder.

1145
00:48:45,846 --> 00:48:46,976
It's getting harder and harder.

1146
00:48:47,416 --> 00:48:47,736
Yeah.

1147
00:48:47,741 --> 00:48:52,256
Um, but, um, you know, 48 hours,
I'll more than likely reply.

1148
00:48:54,131 --> 00:48:54,551
Yes.

1149
00:48:54,556 --> 00:48:56,031
I always throw a funny,
man, you'll love this.

1150
00:48:56,571 --> 00:49:00,381
If there's more than like four sentences
in the email, the likelihood of me

1151
00:49:00,381 --> 00:49:05,781
reading it right away is like slim
to zero, and it might be a month.

1152
00:49:05,871 --> 00:49:09,236
So I like, I, I have a
short attention span.

1153
00:49:09,236 --> 00:49:11,671
Like, it's funny, like a long paragraph
email will come in and like my mind

1154
00:49:11,671 --> 00:49:13,161
will be like, Chris, I'm gonna read it.

1155
00:49:13,161 --> 00:49:13,611
Don't worry.

1156
00:49:13,611 --> 00:49:15,021
Like I'm not reading that long email.

1157
00:49:15,321 --> 00:49:17,661
We don't have enough time in the
day, but, um, make it short and

1158
00:49:17,661 --> 00:49:18,771
sweet and you'll get my attention.

1159
00:49:18,981 --> 00:49:20,391
Yeah, less than four sentences.

1160
00:49:20,631 --> 00:49:21,561
And I, I'm with you.

1161
00:49:22,006 --> 00:49:24,376
And I've te I mean we've tested
this with marketing emails.

1162
00:49:24,406 --> 00:49:27,946
You know, the, the shorter the email
usually the better it pulls because,

1163
00:49:28,456 --> 00:49:30,976
but the shorter the email, you
have to focus on selling the click.

1164
00:49:31,036 --> 00:49:31,366
Right?

1165
00:49:31,371 --> 00:49:33,736
In e-commerce, we talk about
sell the click, not the product.

1166
00:49:34,276 --> 00:49:37,666
Um, and um, I think it's true in
any kind of, uh, outreach email.

1167
00:49:37,666 --> 00:49:40,426
So, and I'm with you, I'm with, I just,
I don't read anything that's long.

1168
00:49:40,426 --> 00:49:41,806
I just, I just, I can't.

1169
00:49:42,081 --> 00:49:42,851
I just don't care.

1170
00:49:43,931 --> 00:49:47,261
Just put it into chat gpt and say,
just tell me what it is that they want.

1171
00:49:47,411 --> 00:49:53,681
Yes, so LinkedIn or email, we'll
of course link to Chris' info in

1172
00:49:53,686 --> 00:49:56,351
the show notes as well, which you
can get along for free with the

1173
00:49:56,351 --> 00:49:58,701
transcript at ecommercepodcast.net.

1174
00:49:58,841 --> 00:50:01,361
Or it will be winging its
way to your inbox if you've

1175
00:50:01,366 --> 00:50:02,501
signed up to our newsletter.

1176
00:50:02,501 --> 00:50:03,521
Chris, listen.

1177
00:50:04,041 --> 00:50:08,841
Uh, honestly man, real treat, really
appreciated, um, your insight and energy

1178
00:50:08,841 --> 00:50:11,031
today and love what you guys are doing.

1179
00:50:11,391 --> 00:50:13,461
Uh, yeah, and hopefully we
get to meet at Sub Summit.

1180
00:50:13,466 --> 00:50:14,361
Looking forward to it.

1181
00:50:14,361 --> 00:50:15,921
And, um, thank you.

1182
00:50:15,951 --> 00:50:16,911
Thank you so much for joining us.

1183
00:50:17,536 --> 00:50:17,946
Of course.

1184
00:50:17,946 --> 00:50:18,826
Thank you for having me.

1185
00:50:18,826 --> 00:50:19,926
Uh, really grateful to be on.

1186
00:50:20,676 --> 00:50:21,186
Awesome.

1187
00:50:21,276 --> 00:50:22,746
So there you have it.

1188
00:50:22,746 --> 00:50:24,216
What a great conversation.

1189
00:50:24,216 --> 00:50:26,796
Huge thanks again to Chris
for joining me today.

1190
00:50:27,066 --> 00:50:31,116
Also, a huge shout out to today's
show sponsor the ecommerce cohort.

1191
00:50:31,476 --> 00:50:35,681
Remember to check out their, uh, check
out their membership ecommercecohort.com.

1192
00:50:35,706 --> 00:50:38,976
They've also got a free
training at ecommercecycles.com.

1193
00:50:39,006 --> 00:50:40,086
You might want to check out.

1194
00:50:40,506 --> 00:50:43,776
Uh, be sure to follow the e-commerce
podcast wherever you get your podcast

1195
00:50:43,776 --> 00:50:47,556
from because we've got yet more
great conversations lined up and I

1196
00:50:47,556 --> 00:50:49,176
don't want you to miss any of them.

1197
00:50:49,476 --> 00:50:52,746
Uh, and so yes, before I wrap up
today's episode, let me just take

1198
00:50:52,746 --> 00:50:56,496
a, a wee moment here, uh, dear
listener, and ask you if you want to

1199
00:50:56,526 --> 00:50:58,606
be part of the e-commerce podcast.

1200
00:50:58,606 --> 00:51:00,826
If you're an e-commerce
entrepreneur or expert, like

1201
00:51:00,826 --> 00:51:02,266
to share your insights with us.

1202
00:51:02,656 --> 00:51:04,726
Uh, and then what we'd
love to hear from you.

1203
00:51:04,726 --> 00:51:07,936
Or if you know someone who would make a
great guest, please send them our way.

1204
00:51:08,296 --> 00:51:11,536
Just head over to the website,
ecommercepodcast.net, uh,

1205
00:51:11,536 --> 00:51:12,496
and get in touch with us.

1206
00:51:12,946 --> 00:51:15,616
I can't promise we will, uh,
get everybody on the show.

1207
00:51:15,616 --> 00:51:18,916
We have a, we do have a big waiting
list, but we would love to hear from you.

1208
00:51:19,246 --> 00:51:20,656
Uh, so do get in touch.

1209
00:51:20,656 --> 00:51:23,786
We are always looking for fresh
perspectives and new ideas.

1210
00:51:23,786 --> 00:51:24,656
So don't be shy.

1211
00:51:24,926 --> 00:51:27,656
Whether you're just starting out and
have year or you have years of experience

1212
00:51:27,656 --> 00:51:30,506
under your belt, uh, do get in touch.

1213
00:51:30,626 --> 00:51:31,856
Look forward to hearing from you.

1214
00:51:31,946 --> 00:51:32,486
Yes, we do.

1215
00:51:32,516 --> 00:51:37,016
And in case no one has told
you yet today, you are awesome.

1216
00:51:37,826 --> 00:51:38,336
Yes, you are.

1217
00:51:38,336 --> 00:51:39,116
Created awesome.

1218
00:51:39,116 --> 00:51:40,736
It's just a burden you have to bear.

1219
00:51:40,736 --> 00:51:41,476
Chris has to bear it.

1220
00:51:41,961 --> 00:51:42,831
I have to bear it.

1221
00:51:42,981 --> 00:51:43,911
You've gotta bear it as well.

1222
00:51:44,151 --> 00:51:44,841
Created awesome.

1223
00:51:45,171 --> 00:51:47,901
Uh, the e-Commerce podcast
is produced by Aurion Media.

1224
00:51:47,906 --> 00:51:51,951
You can find our entire archive of
episodes on your favorite podcast

1225
00:51:51,951 --> 00:51:56,081
app and the team that makes this
show possible is Sadaf Beynon, Josh

1226
00:51:56,081 --> 00:51:58,521
Catchpole, Estella Robin and Tim Johnson.

1227
00:51:58,791 --> 00:52:02,181
Our theme song was written by Josh
Edmundson, and as I mentioned,

1228
00:52:02,181 --> 00:52:04,821
if you would like to read the
transcript or show notes, head over to

1229
00:52:04,821 --> 00:52:10,556
ecommercepodcast.net where as I said
you can also sign up for the newsletter.

1230
00:52:10,886 --> 00:52:11,756
That's it from me.

1231
00:52:11,756 --> 00:52:12,926
That's it from Chris.

1232
00:52:12,926 --> 00:52:15,356
Thank you so much for joining us.

1233
00:52:15,536 --> 00:52:17,516
Have a fantastic week
wherever you are in the world.

1234
00:52:17,816 --> 00:52:18,566
I'll see you next time.

1235
00:52:19,256 --> 00:52:19,766
Bye for now.