Customer Behavior is changing – again.
It feels similar to the great ecomm reset in 2020. Consumer behavior is constantly changing. Do you service the impulse buyer or do you offer a value buy?
You need to contribute first, and sell second. Be authentic. Meet people where they’re at. Think about emotional or life value your product will add.
Better creative > better engagement > better buys
Know your customers. People are cutting back on expenses, but not everyone is necessarily cutting everything besides necessities. Use an emotional hook – solve a problem. What are their pain points? Form your offer and creative around that.
Are We Even In a Recession?
Assume that we are, but research accordingly. Are you seeing buyer behavior fluctuate in your store? Look at historical data from previous years to see seasonality. Your business may not be displaying recessionary trends. If it is, plan a strategy for when the recession may end.
Timelines are difficult to predict, this year vs. a much longer horizon. Plan your budget accordingly. Don’t just buy into the doom and gloom.
Key Areas We Focus On With Clients
DON’T STOP MARKETING
This is often the first thing businesses cut, and it usually turns out to be a costly decision that only leads to worse results.
Marketing is not binary. There are lots of nuances to look through with a microscopic eye. Reallocate your budget based on what’s growing. Put a hold on new or un-tested things, and focus on your core-attributes. Basing your results off of organics is basing off a wave that you can’t control.
Looking At Cashflow
Do you have any unnecessary expenses, eg. creative automated tools, softwares, not being used. Are you paying influencers that have horrible engagement? Dive deep into EBIDTA, gross profits, OpX, CapX. Are you optimized operationally? Optimize your spend. Make sure you have cash on hand in case you need to take a hit
Invest In Existing Customers
Double down on the customers that have bought from your business. Create a community. How is your customer service? How is your customer experience post-purchase?
This is especially important during times of lower customer acquisition. How can you add emotional value?
Losing vs. Surviving vs. Scaling
Is it just about surviving? We have a men’s apparel brand that finished July 320% above last year’s July sales. They’ve doubled down on core products
Can you still thrive? Some ideas
Bundle Deals, Christmas in July, Prime Day
Going down is expected, surviving is thriving, and scaling is absolutely crushing it in times like these. Be encouraged.
Tune in to catch this episode of The eComm Growth Show.
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