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How to not lose money because of Black Friday and Cyber Monday – understanding consumer behavior, measuring profits, and more.
At the Nerd Marketing household here in NYC, our lease is up every November 30th.
This has given birth to an annual Thanksgiving tradition in five steps:
It would be comical if it hadn’t happened three years in a row.
You know what else is crazy? What a lot of retailers do over Black Friday and Cyber Monday.
Let’s review in five more steps:
Crazy, right? Almost like doing a fake move and then not moving.
Some brands can pull out of this cycle. They have unique, well-positioned merchandise that lacks any equal.
If your spouse wants one of their products for Christmas, you don’t really have any option but to step up and buy one. Full-margin.
Depressing? Well here’s what you can do this week: measure. Crack open my ROI spreadsheet and figure out just how much profit you generated this past weekend.
Do it now. Then set a reminder to do it again in February—then you can account for any returns and permanent changes in customer behavior.
Because when you discount (as most of you probably just did), you bring in a very different kind of customer…
Customers you acquire via discount are very different from those who happily buy on full margin. Click To Tweet
They return, they take up service time, and they don’t buy again unless you discount.
Here’s what you can do going forward: resolve to develop some killer well-positioned merch in 2018.
That way next Black Friday will be less crazy.
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