Why gambling never pays (or very rarely)

One thing I’ve never understood is why so many people love gambling.

A classic example is the 2015 move, Wild Card… starring my favourite actor Jason Statham. In the movie he is a is a recovering gambling addict who takes odd jobs in Las Vegas as a bodyguard to support his addiction.

Anyway, Statham pays a visit to some thugs who raped his female friend, scares the shit out of them (with the help of her), and steals $50k.

He ends up splitting the money with his lady friend and heads off to the casino. And then he manages to totally dominate the dealer… and goes on a huge winning streak. Oh yeah baby, he’s on FIRE.

Somehow, he ends up turning his original $25k into over $5ook. And when he was just about to cash out, he decides to place one last bet.

And yes you guessed it… he loses the lot.

$500k down the drain.

And in a way it kinda reminds me of e-commerce business owners.

Sure, there is not as much on the line as the example above, but still, some of them are frequently gambling with their websites.

How?

Well, they make decisions on crucial areas of their website (such as home pages or checkout pages) based purely on opinion or guesswork.

Call it a gut feel.

But more often than not the changes they make affect conversion and they lose money.

The thing is it’s easy to avoid gambling with your website.

You’ve just got to base your decisions ONLY on data driven facts… so you can find out the truth.

One way to do this is to survey your customers. You want to find out things like:

  • Their biggest challenges/problems/frustrations
  • What they would like to buy if they had a chance
  • What they think about your business
  • What you could improve to provide a better customer experience

But where most e-commerce entrepreneurs stuff this up is they try to survey ALL their customers.

The secret is to ONLY survey your best customers. The ones you’d class as VIP’s.

Reason being, ideally you only want to find out valuable insights from your ideal target market (the people that are most likely to spend the most money with you).

And you can take this a step further by interviewing them to get priceless feedback and intel you’d never be able to guess yourself.

Once done, pop all your info into a spreadsheet and categorise it to see patterns and regular themes.

Obviously, there’s a lot more to it than this… but you get the general idea.

Don’t guess… use data to drive your decisions.

If you’d like to discuss this further with me and find out how it can impact your business specifically then you can contact me here:

https://scottdudley.net/contact