Are discounts a sustainable growth lever for brands ?
Lots of useful tips in this #Glossy article on how to efficiently manage #discounts while not damaging your brand, and maximise return on your marketing investments.
In short :
- Year-round rebates negatively affect the price perception of your brand in consumers' minds
- Give discounts to loyal consumers or those who are close to buy your brand, not as a generic acquisition tool
- There are other powerful ways to give value back to your consumer than discounting prices: solve their painpoints !
- Building community and brand awareness is a year-round activity. It should convey messages relating to your USP rather than focusing on sales/discounts
- Pushing too hard on massive discounts for a limited period of time may generate opportunistic purchases, i.e. likely high rates of returned products afterwards, a nightmare for your brand...
#growthmarketing#socialmedia#blackfriday#sales#brandbuilding#loyalty#acquisition#ROI
We added $170k/m for a DTC clothing brand.
I asked someone on my team if that was a mistake, or was I reading that correctly?
He said “Yes, that’s correct, but in July they’re already slightly over $400,000!!!”
(With zero change in traffic.)
This was done through a combination of:
1. Optimizing signup units
2. Building a customer journey
3. Avatar-based personalization
4. Optimizing the customer journey
5. Diverse weekly email/SMS campaigns
6. A/B testing weekly email/SMS campaigns
We’re smashing this brand's email/SMS.
It's amazing how much money some e-commerce brands are sitting on.
They just don’t realize its there or know how to get it.
If you’re a DTC brand who wants to improve revenue through email/SMS.
Use the 'Book an Appointment' link at the top of this post.
DR Copywriter and Growth Marketer || $250K+ done for clients || Helping you scale your business revenue through Copywriting, and Punch in the gut Storytelling.
When my cousin sister struck this deal I was insanely annoyed...
The deal is this...
She'd make me delicious pounded yam if I helped boost her e-commerce store's Black Friday sales to $2500 without blowing the budget on ads.
Here's the strategy in a nutshell:
You see am someone who is into pounded yam and egusi soup since six.
And my cousin sister is a pro at making it.
So she used the pounded yam I love as a bait to help her in her business
She's into e-commerce, selling women's jewelry, and with Black Friday approaching.
She wanted to make big bucks but in a different way. The typical 70% off deal wasn't cutting it, so we devised a plan.
We decided to use the Razor-razorblade model.
A strategy where you sell a core product at a low price and profit from recurring sales of complementary, high-margin products.
Why does it work?
It draws people in, overcomes inertia, and gets that crucial first 'yes' for future sales.
Applying this to her jewelry business,
We identified the best-selling item, a gorgeous bohemian sun pendant, and slashed the price by 70%.
With her existing customers, we created a lookalike audience for a targeted campaign.
The audience sees the pendant at 70% off and thinks, 'This is the best deal ever!' But here's the twist:
We removed the matching earrings and rings from the store, creating exclusivity. Then..
We doubled the price of the earrings and ring, added them to a sales page, and directed customers to this exclusive page after they added the pendant to their cart.
The upsell page headline teased, "NOW! You can Get the Exclusive Matching Bohemian Earrings and Ring at 10% off."
Why does this work?
➡️Customers are drawn to compatibility and exclusivity.
➡️The scarcity of the offer prompts immediate action.
➡️Plus, we made it easy for them to take the next step since their credit card was already saved during the pendant purchase.
Recapping the strategy:
1. Find the best-selling product and sell it at a significant discount, even if it means a loss.
2. Increase the price of its complementary product.
3. Make it exclusive and scarce.
4. Drive customers to the exclusive page after adding the main product.
5. Encourage them to buy with a small discount and urgency.
This strategy puts us on the path to hitting $2,500 in the next few days, and I'll get my favorite meal!
Do you think I'll win? Let me know in the comments. Many people have no clue how to maximize profits this Black Friday - this strategy might just be the game-changer they need.
#BlackFriday#EcommerceStrategy#BusinessTips#marketing#startups#digitalmarketing#creativity#copywriting
Into the Mouth of the Dragon.
Welcome to 11.11.
This year marks the thirtieth anniversary of "Singles Day," the massive e-commerce sales event which was launched in China and is now growing around the globe.
Globally known as "Singles Day" due to the digits in the calendar of 11/11 (11th of November) the largest e-commerce event globally matches companies and brands in the world which are expecting sales to grow 18% year on year in 2023.
Singles’ Day was created in 1993 by students from Nanjing University who wanted to claim their own Valentine’s Day for singles.
Just how big of an event is this?
In 2009, Alibaba’s first Singles’ day sales event included 27 brands, generating a gross merchandise volume (GMV) of $7.8 million USD or 50 million yuan.
By contrast, Alibaba’s 2021 Singles’ Day GMV hit an all-time high of $84.54 billion USD. That’s up over one million percent (1,083,746%), or 10,000x in just 12 years, with an 8% increase from 2020.
In 2022 sales were $128.42 Billion USD.
Beauty remains the top category, with sales for the event topping $5 Billion USD. In November 2022, 82 brands surpassed $13.75 million (100 million yuan) in GMV generated from loyalty members on Tmall—including Nike, L’Oreal, The North Face, and Estee Lauder. 952 cosmetic brands doubled their transactions in 2022 and this is expected to grow in 2023. The largest categories are clothing, fashion, beauty, and personal care products.
PETS are a big business with six pet brands topping $1.4 Million USD in pre-sales while E-Sports fans are growing at a CAGR of 150%. Alibaba reports meanwhile that the top clothing brands sold more in their 4 hours of pre-sales compared to the entire event last year with a CAGR of 500%.
One of my personal favourites, the outdoor category is also experiencing a 300% growth rate.
It is also fiercely competitive: 69% of consumers said they would shop Singles’ Day sales across three or more platforms in 2022—up from 56% in 2021. 62% of customers indicate they will spend at least 3000 RMB on the event this year, up 11% from 2022 according to a forecast from AlixPartners.
JD is one of the leading platforms, and as an example JD said Apple sold over $140 million (1 billion yuan) worth of products in the first minute of the Singles’ Day 2022 final sales period (the last 28 hours of sales from Nov. 10 to Nov. 11).
How well does your #Strategy address major events including the massive #China and now global "11 11 Singles day" for your #Future ?
What Capabilities are you building to be prepared?
Strategy is Mastery.
Photo Shot at the global headquarters of JD in Beijing #China in November 2023.
What do you think about the massive growth of the 11 11 "Singles Day" event in your country?
The Future is not X+1.
🛒 Dynamic E-commerce Specialist with 20+ Years in Retail & Fashion | Shopify Expert | Open to New Opportunities in E-commerce, Retail, and Fashion Industries
🤓 Calling All FASHION RETAILERS with a Shopify Store - Ready to Turbocharge BFCM Sales! 🚀
👀 Here's a Teaser of What Awaits:
- Gear Up for Success: Q4 domination in the works! Let's finesse your strategy for skyrocketing sales.
- Optimize Product Descriptions: Make your products shine and watch conversions soar.
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- EDM & SMS Mastery: Craft inbox-standout messages that turn leads into sales.
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🔥 Are you a Fashion Retailer who has a Shopify Store integrated into Klaviyo and wants to generate $12,000 in profit?
Drop me a direct message now, and let me organise an Uncover and Connect Call 💪💰
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#ecommerce#onlineretail#retailstrategy
Are you making this mistake on Faire?
If so, you're NOT alone.
Most brand copied their Shopify over to Faire and left it like that.
The issue is that your DTC website is speaking to a different audience than the shoppers on Faire.
Those Faire buyers also need to know what makes your products amazing - but they care about different things that shoppers on your Shopify website.
So tell them what they need to know, and watch those sales roll in.
Need help? Let's chat!
---
Hey 👋 I'm Moni. I am a Faire Wholesale Consultant and I help awesome brands grow on Faire. If you want more visibility and more sales Faire, let's connect. Book a Fit Call with me, and let's explore how we can make your brand not just visible but converting on repeat on Faire:
https://buff.ly/3U4t6AC
Identify which categories, brands and retailers are winning online in beauty and personal care.
We used the first three quarters of 2023 to compare growth against the same period last year to show who has the most momentum heading into the holiday season (and did you know Q4 sales are typically 38% higher than the other quarters?).
Want to make sales like July, The Oodie, Culture Kings and Hismile?
Then this FREE resource is for you.
Our team has spent hours collating CRO tips and tricks from top Australian eCommerce businesses that have created world-class customer experiences that convert.
This easy-to-use Notion file includes over 100 screenshots across 20+ brands, covering the entire journey from homepage to checkout.
Check out the best of the best in online shopping and see how they keep us coming back.
Spoiler: we found some gold!
Access now via the link in the comments section.
I guarantee you'll learn something new that will get you thinking about how you can create a great online shopping experience for your brand.
Featuring:
- Culture Kings
- Hismile
- The Oodie
- July
- JB HIFI
- MESHKI
- Princess Polly
- White Fox Boutique
- Kmart
- Go-To Skincare
- Normal
- Tropeka
- Ovira
- Trade Mutt
- R.M.Williams
- ShowPo
- Tooletries
- Adore Beauty
- Koala
- The Quick Flick
Next up in our 12 Days of Cheer: Brands and trends to take note of this holiday season.
Did you see Sara Spruch-Feiner's recent piece on Jones Road Beauty in Glossy? The beauty brand bet on a different approach to holiday promotions — and it worked.
🌟 Why Jones Road stands out this holiday season:
Record-breaking sales without discounts: Without offering discounts, Jones Road achieved its best Black Friday sales yet, setting a new benchmark in a discount-driven market.
Exclusive product appeal: Their Mini Miracle Balm kit, available for a limited time and customizable, drove unprecedented sales by tapping into pent-up demand.
Mastering their marketing mix: Heavy investments in advertising and strategic audience engagement expanded brand reach, setting a new standard in holiday marketing.
Read more: https://lnkd.in/g75aaZWn
Thank you for sharing!