Opportunity Cost (Bright Shiny Object Syndrome) - Flexxable

Opportunity Cost (Bright Shiny Object Syndrome)

Opportunity Cost…

Everyone is aware of the ‘Bright Shiny Object Syndrome’. But how many people properly consider the opportunity cost?

We all love to focus our attention on what’s new and current regardless of whether it’s actually worth our attention.

More often than not it isn’t that valuable to us.

It ultimately distracts us from what we really should be focusing on.

Many entrepreneurs fall victim to this syndrome.

It can easily lead you down the wrong path.

That’s why it’s important to think about opportunity cost.

Understanding your true opportunity cost is vital to determine your success as it helps guide your decision making.

How do we look at opportunity cost?

My business partner, Sunny, works in the US, and we run an Insurance based lead gen company over there.

There’s tonnes of opportunity in this space, it’s great.

People are constantly asking us if we can supply leads for them.

Someone who approached me in the Annuities lead gen space, who is doing very well. I’ve introduced to my business partner to start making plans a reality.

But before any rash decisions are made, it’s important to consider the opportunity cost.

Video transcript

Hey, everyone, it's Dan here from Flexxable.
 
How you doing?

I wanna talk to you today about the opportunity cost and bright shiny object syndrome as we're all very much aware of of this syndrome that seems to get a lot of us entrepreneurs.

But before I do get into that, please, I think it's this side, click the Subscribe button to this video.

We're putting a lot of new content out in the coming months.

We're probably ramping it up from a couple of pieces to six or seven pieces a week, and anything to do with kind of performance-based marketing and pay per lead, and whether it be traffic or funnels or how to land clients without advertising spend, or how to get results from clients without any advertising spend.

Then there's plenty of good stuff coming. So please subscribe.

We'd love to share the word. So the reason I wanna talk about opportunity cost is because I was speaking to my business partner over in the States.

I'm part owner of an insurance-based lead gen company over in the States. And there's so much opportunity in this space.

Honestly, it's scary. And what's happened is that we keep on, because I have a bit of a reputation in the lead gen space, we keep on putting people coming to us and asking if we can supply leads for them, and that type of stuff. And someone came to us in the annuity lead gen space, and he's got a big team of insurance agents, and he's very well-respected and he's very good at what he does.

I introduced him to my business partner over there, and they're gonna do something. But sometimes you have to look at what the risk can be of going into a slightly new venture.

So we're already in insurance but the funnels that we'd have to build for whatever the new product that we're planning on selling to this guy is slightly different.

There's different hooks, different angles into the market, different funnels, different copy, different creative, and I was like Sonny, who's my business partner, this is all fine but understand that it's never gonna be as simple as just switching the funnel on and getting some leads, and everything going swimmingly well.

It just never happens that way.

There's always going to be problems with the lead quality.

There's always gonna be problems with delivery, time of day, age bracket, demographics, whereabouts in the US the leads are coming from. And that's just on the creative and targeting side. And then you've got the funnel to look at.

So how many people are starting the quiz, how many people are finishing the quiz, how many people are booking an appointment, where's the drop-off rate? There's probably 100 different variables that you need to look at in order to master something like this.

I'm like Sonny, we've still got a lot to do, and a lot of work to do in the one tiny niche that we're in in insurance in the US in order to master that.

So if we bring something on like this, that's up to you if you wanna do that but just be aware it's gonna be more work, and it's way better to be able to double down on something very granular and very small to figure out how to master that, and achieve perfection or as close to perfection as you can in something that you do because once you do that, there's gonna be no one that can complete.

To give you an example, the way I said it, I'm not sure she knew her numbers correctly because we run what's called an appointment setting funnel, and there'll be a link below that to the appointment setting funnel webinar that I've done, which generates 50% plus leads to appointment ratio. And this is what we're using in our insurance agency over in the States. And I was kind of like so we've got our creative, and then we've got our landing page views.

Do you know what the percentage from click to landing page views are? And then we've got landing page views to starting the quiz on the landing page.

Do you know what that percentage is? And then we've got quiz starts to finishing the quiz, and hitting the appointment page where the calendar is.

Do you know what that percentage is? And how many people are booking an appointment from lead to that appointment page?

What's the stats. And we've also got an appointment setter from Best Office Staff.

There'll also be a link below that to these guys. And what they do is they call all of the leads that haven't booked an appointment.

They call all of the appointments that have booked and haven't showed up.

Do you know the percentage of people, how many people out of 100 appointments are coming in from what we're paying these people to do? And do you know what percentage of people show up to their appointment? And do you know what the conversion rate is from appointment to actual sale? And that's just on the funnel side.

That's just on the sales side.

There's so much that needs to be mastered there.

When you introduce something that's bright and shiny, and looks great, annuity leads can go for 250 bucks per appointment or more. But it's gonna start a chain of events, which will lead to added levels of complexity when she does go down that route. And she has time for, and maybe she needs to learn the hard way that this is gonna be difficult. But this is how you learn and this is how you get better.

So a couple things that I've mentioned in this video.

The first one is our appointment setting funnel.
50% plus lead to appointment rates.

Usually around 70 to 80%.

We've gone through a whole webinar and how we do that.

You can click the link below.

Best Office Staff, the people we use to be able to take those leads or appointments and turn them into appointments.

People that don't show to an appointment, rebooking them in, that type of stuff.

These guys are excellent at this and they know how to use GoHighLevel and that amazing tool.

Of course, if you just wanna chat about performance-based marketing, or if you have any questions, questions about pay per lead, which is what we specialize in, then please comments below.

It's been great speaking to you.

I hope you've enjoyed this content, and I'll speak to you soon.

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