Steve Chou was a microprosser designer and now, together with his wife who also quit her job they make 6 figures selling handkerchiefs online......I know......like how does that happen....?!??
Steve talks on the latest podcast from Social Media Examiner about how to market your products online and I simply had to share this with you all as it is so JAM PACKED full of ideas and inspiration.
Steve is hot on systems and using automation, so some of what he talks about may be slightly advanced, but I urge everyone to read or listen to this article as you can implement his winning strategies in your own way.
For example, Steve explained that he has a system that automates repeat buyers called a "win back campaign". This is where he ensures customers who once bought from him but haven't in the last 60 days are presented with a Facebook ad enticing them with a 10% off coupon.
Why does he do this?
Well because it's always easier selling to a warm customer than a cold customer and it's often a much cheaper process in the long run (once you factor in your time and cost turning a cold prospect to a warm customer).
How does he do this?
Using a lot of tech wizardry, but you can absolutely adopt a stripped down version for your business. Simply, ensure you always have the email address of your customers as part of your buying process, and add each order to a spreadsheet. Once a month go through this list and email those who have not bought from you in the last 30/60 days offering them a "win back" coupon (obviously making sure to take out people who overlap!).
Steve goes one step further and offers a discount ladder, for example 15% after 75 days, 20% off after 90 days. He explains that with a discount ladder your goal is to offer the smallest coupon needed to complete the sale. If you can get someone with the 10% coupon that's the best scenario.
He also talks about dynamic Facebook ads, cart & browse abandonment systems and why he offers a free handkerchief in exchange for entering his sales funnel.
I'd love to know any key takeaways any of you have from this article in the comments below.