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SFR 166: Keep The Thrill Of Buying...

SFR 166: Keep The Thrill Of Buying...

FromSales Funnel Radio


SFR 166: Keep The Thrill Of Buying...

FromSales Funnel Radio

ratings:
Length:
17 minutes
Released:
Aug 17, 2018
Format:
Podcast episode

Description

Boom. What's going on everyone, this is Steve Larsen. This is Sales Funnel Radio - and today we are going to talk about JCPenney.   I've spent the last four years learning from the most brilliant marketers today. And now I've left my nine-to-five to take the plunge and build my million dollar business.   The real question is, how will I do it without VC funding or debt, completely from scratch? This podcast is here to give you the answer.   Join me and follow along as I learn, apply and share marketing strategies to grow my online business using only today's best internet sales funnels.   My name is Steve Larsen, and welcome to Sales Funnel Radio.   What's up guys.   Okay, first off this is probably one of my favorite case studies ever that I've read. This is from a Harvard one that I read, and it's really, really fascinating stuff.   First of all, I would not consider myself a clothing connoisseur. But this is a very fascinating case study.   I am not gonna be able to say dates or even names correctly, it's the lesson though. I remember when I read this the first time, I was sitting in a very tiny room, listening to 400 words a minute, reading through and going through…   I was like, oh my gosh, this is a great lesson, right. And it completely applies to everything that's going on here. So here's the story…   The story goes that the guy who... You know when Apple first started making their Genius Bar in the Apple Stores, right.   There was a guy, right, that went through and he started thinking through this amazing Genius Bar and this amazing experience when you walk in and the design of it, the layout, the look of it, right.   When you walk into an Apple Store, you know you're in an Apple Store, right?   And, again, I can't remember his name, so if anyone remembers, awesome. I don't right now off the top of my head. But the guy, what he did is he went and created this Genius Bar and he created this awesome feel when you walk in there. It's very premium feel when you walk in.   The Apple Store was launched, right, very small, and then they started replicating, replicating just, and blast them all over the place when they got the base test correct, right. Well, they started thinking to themselves, so why don't I keep building this out and put this around other areas. Other department stores started seeing what Apple is doing. It's about this time JCPenney came along and said, Hey what's up guy, do you wanna leave Apple, come on over here and design our stores instead?   And so he left designing these Apple Stores, with the Genius Bars and that premium feel when you walk in, he left doing that and what he did instead was he came and he started doing designing and doing very similar for JCPenney.   He moved into the JCPenney and he gutted tons and tons of stuff inside of there. Gutted it.   He got rid of this and that - the normal shirt racks and the rings, things like that. I mean he got rid of, it literally looked like an Apple Store but with JCPenney clothing inside of it:   #1: He completely redesigned the entire feel   #2: He got rid of mailers   He started saying things like, “Hey look, people know that we mark this up and then when they come in with a coupon they're actually buying it at the normal price it was anyways. Well instead, we know that customers are smart. We know the customers are smart. Why don't we just not do that? And instead of, right, let's say they get a shirt in, and it's 40 bucks they mark it up to, I don't know, 60, 70 dollars and then send out a coupon that brings it back down to 40 bucks, right.” That's like the classic Kohl's model; that's why there's always a deal going on, always clearance right now - there's always this going on. That's how they run all those department stores.   So instead of sending mailers - they didn't send anything. He started telling the customers, and his message to the market was, “Look, customers, we know, you know what's going on. We know that you know that these mail
Released:
Aug 17, 2018
Format:
Podcast episode

Titles in the series (100)

My first 5 years in entrepreneurship was 34 painful product failures in a row (you heard me). Finally, on #35 it clicked, and for the next 4 years, 55 NEW offers made over $11m. I’ve learned enough to see a few flaws in my baby business… So, as entrepreneurs do, I built it up, just to burn it ALL down; deleting 50 products, and starting fresh. We’re a group of capitalist pig-loving entrepreneurs who are actively trying to get rich and give back. Be sure to download Season 1: From $0 to $5m for free at https://salesfunnelradio.com I’m your host, Steve J Larsen, and welcome to Sales Funnel Radio Season 2: Journey $100M