How My 1st Company With 10,000 Customers Failed | #Shorts

Name: How My 1st Company With 10,000 Customers Failed | #Shorts
Uploaded: 2022-12-31T22:00:10+00:00
Duration: 58 s
Channel: Vince Reed
Description: Vince Reed recounts his first-company failure: a digital-marketing training community called netdivi that rapidly attracted ~10,000 signups but failed to…

31 Dec 2022 · 1 min

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Vince Reed recounts his first-company failure: a digital-marketing training community called netdivi that rapidly attracted ~10,000 signups but failed to convert most users to paid due to product bugs, slow development, poor funnel/structure, and lack of backend systems. He notes paid tiers ($27 or $50/month), a free-trial model (free users largely dominated), and reflects that better upsells and processes could have monetized the user base. The story is presented as a cautionary lesson for building systems and funnels.

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So I came up with this product called netdivi. It was this social kind of community with digital marketing training. And it was a disaster. It was a disaster. So I found some developers to help me. It took way too long. It was extremely buggy. I had no idea of how to create structure and a process and a funnel. They had a free trial and then you could get to like the paid level, which was like 27 bucks or 50 bucks a month. And what was crazy about it was immediately we got like 10,000 users. Problem was, most of them were free users, right? If I would have known what I know today, those 10,000 real customers that had to put a credit card in to even get their free account, I could have easily had different upsells and offered other stuff and probably made millions and millions of dollars a lot faster. But it was a learning lesson. And hopefully by you hearing that story, you have your process in place and understand that you have to have a backend when it comes to systems.