Promotions & Free shipping
Lesson 48 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Promotions & Free shipping
Lesson 48 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Lesson Info
48. Promotions & Free shipping
Lessons
The definition of strategy
03:39 2The 4 stages of marketing
03:16 3The difference between strategy & tactics
03:46 4The 6 laws of marketing
09:56 5Understanding Creative & Distribution
02:16 6The 4 marketing P’s and how to use them
05:08 7SWOT Matrix and how to use it
02:28 8Porter's Five Forces
04:4360/40 Law of marketing
04:04 10The marketing funnel
06:27 11Analyzing your competitors
07:14 12Deciding your target audience
06:59 13Creating your marketing objectives
11:42 14Pricing your products perfectly
08:16 15Watch this before arranging your marketing strategy
02:21 16Awareness, finalizing your awareness tactics
03:52 17Partnerships and affiliates (free tactic)
09:40 18Blog writing & SEO
07:26 19Podcasting
07:10 20Public Relations
05:58 21Giveaways
07:18 22Word of mouth
06:21 23Valuable courses
08:09 24Social media overview
05:28 25YouTube
09:36 26TikTok
03:58 27Twitter / X
04:48 30How to create better content in half the time
07:54 33Why start-ups should never use paid advertising for awareness
06:21 34Education & Consideration
01:33 35Workshops & Webinars
08:39 36Social Proof
06:55 37Effective Email Marketing
05:34 38Utilizing FAQ Sections
05:31 39Portfolio & case studies
07:39 40Leveraging product comparisons
03:26 41Tips to increase desirability
07:22 42Harnessing the power of Google reviews
05:20 43Sales & Conversion
02:28 44Psychological tricks to convert customers to buying
08:25 45Building a list of customers ready to buy
08:46 46Irresistible Offer
08:31 47Persuasive Sales Page
07:35 48Promotions & Free shipping
04:24 49Improving conversion rate (PIPE FRAMEWORK)
06:39 50Customer Retention
03:43 51Expanding your product range
07:18 52Asking for feedback & refining your product
03:37 53Loyalty programs and the subscription model
06:43 54Gifts & Surprises
05:02 55Finalizing your marketing strategy
07:40Lesson Info
Promotions & Free shipping
So how can we use promotions and free shipping for our brand? Now, in regards to promotions, obviously, promotions can be super useful to getting sales through the door. Now, there's a couple of ways that you can actually use promotions in a way which is more effective as opposed to just using discounts all the time. Obviously, we don't want people to think that our brand isn't desirable. So in this lesson, I'm going to go through some different promotion strategies that you can use for your brand and we can also go through some options in regard to shipping to allow you to get the best possible result for your business. Now, first before you actually start offering discounts and promotions, you need to understand your margins. So make sure that the numbers that you have in place for your cost of goods to sell and also how much profit you actually need to actually run an your business, which is generally gross profit around 60 to 70 per cent. If you can work on 60 to 70 per cent, if po...
ssible, then that would be ideal. Now, in regard to promotions, you can segment your offers and promotions to certain types of customers. So for example, if you are selling homes, new homes, for example, within a new community, you can offer new buyers. So people who have never bought a home before and this is their first time, a completely different offer to landlords who are looking to basically invest in the properties to rent out to tenants later on. Now, in regards to promotions, you can also bundle things. So for example, if you buy two of these items, you can get this one free or if you buy this item today, then you get a free membership pass to XYZ. You need to basically give the customer as much leverage as possible to get them through the door and to actually get them to buy something from you. Because if a customer comes to your website and they don't end up buying the product or service that they need and they actually want for whatever reason, then you've lost a potential customer and it's never good to let a customer out the door without buying from you. You should always try your best to at least offer something else, offer a bundle something, you know, offer something on top of that thing, which doesn't cost you a whole lot of money, but it seems to the customer like they're getting a great deal. Now, this kind of leads into cross selling and upselling. So ultimately, what that means is if you basically sell something on your way site before they're taken to the check out. You can potentially send them to another page where they sold something that is similar to the thing that they originally bought, which is obviously not entirely ethical. It kind of is, but it also isn't because obviously you've already got one sale, you're basically upselling them to something else. So say, for example, you get a new car and then they'll Upsell you to. So you want the, the rims, right? Like the the rims on the wheels, right? And the the leather interior, you want those as well, right? So they're up selling you. The thing is as well with most UPS sells if you just up sell it a little bit. So for example, as a proportion, if the car is $20,000 and then the Upsell is like $500 you're kind of looking at them both and you're like, it's kind of worth it, right? I've already spent $20,000. I might as well get the leather interior and the rims for an extra 500 even though this is actually super profitable, right? This is something that a lot of companies use. And I think that for start ups, especially if you're looking to get the maximum amount of profit out of each and every customer, it's extremely important to do these types of techniques. Now, another type of promotion usually works quite well is loyalty programs. So ultimately, if you are looking to retain a customer over the long term, which is where most of the profit and most of the business should be coming from. Then ultimately, you should be looking to create some sort of loyalty program so that if a customer works with you again and again and again, then you ultimately end up providing a discount to that customer to thank them for coming back to you. Now, with shipping, you can use something like a minimal order threshold, which basically means that if you order over $50 for example, then you basically get free shipping, which to be honest, people would rather pay for and get an extra product as opposed to pay $11 for shipping, for example, or you could go like Amazon prime if someone's going to be ordering stuff from you over and over again, such as a subscription model where basically you get free shipping through subscribing to a membership. Now, obviously promotions and free shipping can be super, super effective. It costs absolutely nothing to do. So that's a 10 in regards to energy to set up, it doesn't take a whole lot of set up. So I'll score that as like an eight and in regards to energy to maintain, that has to be a 10 which you don't have to do anything. And in regards to return investment, that has to be a 10 as well because promotions and discounts in regards to free shipping always works. So anyway, I hope you find this lesson valuable and I will see you in the next one.
Class Materials
Bonus Materials