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ratings:
Length:
15 minutes
Released:
Sep 19, 2021
Format:
Podcast episode

Description

Black Friday is coming up, and sales have been all throughout the year… Sadly most marketers make three very important mistakes. So I’m here to help you overcome these three biggest issues most marketers face  Number one. CRM lists, Very few marketers take advantage of not only their email list but also Chatbot and SMS as an asset to help them grow their business, not just acquire customers, or mature leads. Folks that you can reach for little to no cost are extremely valuable when the cost of advertising increases. During sales. By Black Friday, the cost of advertising will always go up, and the available options for consumer skyrockets. In this time brands with a solid relationship with their customers, can see a much bigger influx of revenue without ad spend, because they took the time to foster these relationships and build this asset.  Number two. Upsell bundles, Probably the biggest mistake people make during Black Friday is heavily discounting all the products in their store. Not only does this reduce the amount of revenue that you make from every purchase, it also reduces the amount of profit that you make from each person, and devalues the brand in the mind of the consumer. This also has a direct effect on what we call “pulling sales forward”. This is why when you run a big sale, for the week or month afterward your revenue dramatically suffers. While you have a one really good day, you pay for that day with a week or more of bad days, and the net effect of overall revenue and profit margin can actually be worse for you than running no sale at all.  So how do we fix this?  Make high AOV bundles that are available only during sales periods. Instead of pulling sales-forward and destroying your revenue for the next few weeks, pull LTV forward by massively increasing the average order value. If your average customer only buys twice, and your primary product costs 50 bucks, it’s during sales. You can get $125 out of that customer, by offering a discount on a higher-priced bundle, then you have increased the LTV of that customer by 25% on the first sale. Every additional sale you make after this increases the LTV of your average customer across the board for your business. This also increases the perceived value of the brand in the mind of the consumer.  Number three. Timing. Run your promotions for the week or weeks before an average sale. On the day an actual sale goes live you can massively improve profit by not spending anything. If you’ve pulled all of your LTV forward, and you’re not competing with giant companies are huge spend days, then your Profit and loss statement for that sales effort is going to look far far better, and the post-sales period is going to be for healthier for your business!
Released:
Sep 19, 2021
Format:
Podcast episode

Titles in the series (100)

Lessons from a $1B+ Revenue DTC and eCom Facebook Expert. Broad since ‘18 Creator of PSM & 3:2:2 Method Founder: Disrupter School Partner: Underoutfit Investor: Obvi