The one reason
retail is not dead
The one reason that is killing retail, you're so reliant on it, you don't even know what it is
RETAIL vs ECOMMERCE
HERE'S THE PROBLEM
Customer walks in looks around, leaves. You don't know who there are.
Next customer walks in a pays with one of these, takes the goods, leaves. You don't know who there are.
The problem is not ecommerce...
The problem is not ecommerce
it's that retail venues don't operate like ecommerce.
RETAIL VENUES:
Pay expensive rents
Don't capture foot traffic
Don't capture customer data even on purchase
When a customer walks back in to your venue you barely even know their name.
ECOMMERCE WEBSITE
Pay expensive ads
Capture visitor data (even if they don't buy)
When a customer buys, know everything:
- order history,
- buying habits,
- even where they live.
THINK LIKE AN ECOMMERCE BUSINESS
ecommerce businesses don't buy ads just to get the sale, they do it to get the customer.
Once you have the customer data you can market to them for free, forever
HOW ECOMMERCE THINKS
$150 transaction
$150 transaction
$1.50 click
$1.50 click
2% Conversion Rate (Sales)
20% Optin Conversion Rate
$1955 Gross Sales
$1955 Gross Sales (10% Sales Conversation)
M2: 13 Sales | $1955 | 96% ROI
M2: 266 Members | $3990 | 299% ROI
No wonder people perceive retail to be dying and moving off the high street and solely online.
One captures the data, the other does not.
One grows a customer database the other does not
One can easily increase the ROI the other can not.
One can compound ROI month on month the other can not.
It's not dead, retail venues just need to think about customer data like an ecommerce businesses.
Actual gets better than that as well because in
Scenario 1 only control the quality of the ad.
In scenario 2 in control the quality of the ad, but your skill can control both the Optin and Sales Conversion Rates.
ESPECIALLY when If you learn the buying habits, you can make better and better offers and send personalised notifications.
This key. Great ecommerce businesses no longer send spammy emails, you send them things that they like, or updates about l their customer journey with your brand and what to expect next.
This is you 8th order have a credit ... or one more pub checkin and you'll unlock a secret product!! Cool stuff... is the next wave of the internet...
once you have customer data you can start compounding that customer database and increasing your ROI.
for years banks and big tech have taken all the customer data while you do all the work and take all the risk..
well thankfully tonight that can change…
HOW ECOMMERCE THINKS
ecommerce businesses don't buy ads just to get the sale, they do it to get the customer.
Once you have the customer data you can market to them for free, forever
No wonder people perceive retail to be dying and moving off the high street and solely online.
One captures the data, the other does not.
One grows a customer database the other does not
One can easily increase the ROI the other can not.
One can compound ROI month on month the other can not.
It's not dead, retail venues just need to think about customer data like an ecommerce businesses.
Actual gets better than that as well because in
Scenario 1 only control the quality of the ad.
In scenario 2 in control the quality of the ad, but your skill can control both the Optin and Sales Conversion Rates.
ESPECIALLY when If you learn the buying habits, you can make better and better offers and send personalised notifications.
This key. Great ecommerce businesses no longer send spammy emails, you send them things that they like, or updates about l their customer journey with your brand and what to expect next.
This is you 8th order have a credit ... or one more pub checkin and you'll unlock a secret product!! Cool stuff... is the next wave of the internet...
once you have customer data you can start compounding that customer database and increasing your ROI.
for years banks and big tech have taken all the customer data while you do all the work and take all the risk..
well thankfully tonight that can change…
ONE THING THAT HOLDS PEOPLE BACK MORE THAN ANYTHING ELSE
the worry of what other people think of them.
Not going to change that tonight, not ever.
So if you're thinking of getting your staff to ask customers for their info when they walk throiugh the door... no that's not how to do it, that's just awkward... don't do that...
An ecommerce business wouldn't do that either, so what would an ecommerce business do??
SOLUTIONS
So what can you do?
Problem
Credit card - do not give your customer data
If you don't have customer data you can't compound your ROI
If you have customer optins you can market to them for free forever
SO WHAT CAN YOU DO. TO GET CUSTOMER DATA??
Could you use a:
coupon on site?
Could you use a:
POS Systems - will often try to help with Loyalty and Rewards but they do a terrible job at it.
All these options are poor, because they don't think like an ecommerce business
METRICS THAT MATTER
the success of any ecommerce business always comes back to three metrics
METRICS THAT MATTER
Ecommerce has hundreds of metrics. So many metrics markets don't know what to do with them.
the success of any ecommerce business always comes back to three metrics
How many customers
Database size
(#Members)
How much they spend
Average Transaction Value (gross sales/# orders)
(ATV)
How often they come back
Return visits
(Returning Sales)
COUPONS PLATFORMS COME AND GO
attract customers to the venue.
you sold on the fact that if they like you they'll come back again - guess what they don't
attract customers who want discounts/ by at cost - then they move on to the next coupon
- this doesn't get customers back, and it certainly doesn't increase the ATV
POS SYSTEMS AND LOYALTY PLATFORMS
This is almost worse - your have a loyal customer who is already coming back - now you discount to them - this certainly not increasing your ATV, it makes shopping local, a race to the bottom.
What's even more frustrating: your giving discount and quite often you still don't even get their details
there are still some POS platforms that don't even share customer data which is simply outrageous.
Purchasing via loyalty/rewards is always a clunky process at checkout - especially if the POS doesn't have a customer app.
LET'S GET TO SOLUTIONS
How to build a customers database
How to market to them for free forever
How to master personalised notifications and gamification customer expereince
How to get them back and to get them to spend more, time and time again.
5 step model built in to all moble websites, landing pages and virtual venues from just $9 per month
Any business can use whether instore, online, B2B, B2C, it's a model that just works.
Tonight we going to focus very specifically on retail venues,
and since it's the inaugural sunset talks very specifically on the liquour industry,
bottle shops, pubs, wineries and breweries.
OH AARRR!
Pirate metrics?
Acquisition
Activation
Revenue
Retention
Renewal
Brilliant model even though it's 15 years old. But guess what unless you have a big ad budget to pour in to the top of the funnel it doesn't work. Plus as we've discussed the cost of ads is going up.
GROWTH MODEL
MOBLE
The MODEL is actually our business name.
Hustle to get this expensive 5 letter .com - another story
MOTIVATE GET THE OPTIN
ONBOARD GET THE FIRST SALE
BUILD GET THE CORE SALE
LOYALTY GET THEM BACK
EXPOSE GET THEM TO SHARE