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Well, Michael is right ... many industries have major events (think sports, politics, movies, Amazon Prime Day, Nordstrom Anniversary, bars w/ St. Patrick's Day).
Often "somebody" picks the event & rules for you (Cyber Monday).
Much better to create your own event, your rules. https://twitter.com/mymo/status/1341783054038216704
Often "somebody" picks the event & rules for you (Cyber Monday).
Much better to create your own event, your rules. https://twitter.com/mymo/status/1341783054038216704
Thanksgiving / Cyber Monday is a perfect example of somebody picking the rules for you. Those who don't work at your brand tell you that you must offer merchandise at 50% off and free shipping in order to create a gala event that creates clicks & media attention.
Have you ever measured the downstream impact of a Cyber Monday buyer? Try it sometime, and at minimum try it at a gross margin level. You train the customer to look for events that also have 50% off. Which "can" be ok if you have 80% gross margins.
But if you create your own event?
You can still "participate" in Cyber Monday if you like, if you think it is important (hint - it usually isn't important).
Your event might be at 20% off ... in August, or April. Or it might be at full price with a personalized assortment.
You can still "participate" in Cyber Monday if you like, if you think it is important (hint - it usually isn't important).
Your event might be at 20% off ... in August, or April. Or it might be at full price with a personalized assortment.
Your sales might be better, in which case you pocket so much profit that you pay huge bonuses.
Your sales might be worse but your gross margin dollars might be much better., in which case you pocket so much profit that you pay huge bonuses.
Your sales might be worse but your gross margin dollars might be much better., in which case you pocket so much profit that you pay huge bonuses.
I learned this stuff at Nordstrom. My team set the initial $750 annual spend threshold that got you into the event a week early to pick your merchandise ... have it held for a week (think about that) ... and then you got to waltz into the store on Day 1 of the sale & get it.
The visual ... you waltzing into the store and walking out w/ merch while the masses dealt with limited availability ... the FOMO ... at 20% off ... created a frenzy.
The rest of the year ... you had to spend $750 to earn the opportunity. People did that!
That's an event!
The rest of the year ... you had to spend $750 to earn the opportunity. People did that!
That's an event!
Most of us execute tepid campaigns (think about boring stuff like Friends and Family events).
You have to do something that sets you apart a bit. It requires creativity, something we've optimized out of the modern digital era.
You have to do something that sets you apart a bit. It requires creativity, something we've optimized out of the modern digital era.
