Black Friday and Cyber Monday are the topics covered on this week’s episode with Kevin, Paul, and Jason.
The guys discuss how this time of the year puts people in the mindset to purchase more. Even though the same deals may be available the entire year, more people are more willing than usual to buy during this season.
The conversation moves on to how the back-end of your business may be more profitable than the front-end and how Klaviyo helps you utilize email to increase your return on investment. It is also important to acquire data through email to understand the wants and needs of your consumers. Klaviyo has extraordinary tools that allow you to collect this data, organize it, and apply it to your strategies.
Most businesses offer largely discounted products which may even be unprofitable in order for the customer to purchase the complimentary products. This is where the real profit is made. Also, a lot of deals are customer acquisition strategies that will pull consumers in and encourage future purchases.
It is important to also capitalize on the mindset the consumer is in during Black Friday/Cyber Monday purchasing and to try to maximize the amount of business you can earn while their attitude is right.
Kevin brings up interesting facts about returning customer and the percentage increase in probability of repeat purchases as well as some of the strategies to take advantage of this information. Jason and Paul draw examples of how Amazon uses these strategies.
Another strategy discussed is monthly subscriptions and how this time of the year is a great opportunity to push these offers on consumers.
In conclusion, there are a lot of opportunities to gain consumers during the Black Friday/Cyber Monday season. The strategies you use may be have to be adapted in order to make the greatest impact on your consumer. If done right, it can be very profitable and beneficial not only now, but in the future as well.
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