- [00:00] - Intro
- [00:33] - Why BFCM and Q4 in 2020 is different
- [02:35] - Customer acquisition during BFCM
- [04:51] - Loyalty based system for sales
- [06:15] - Setting up a loyalty program
- [07:56] - Where to find Tim
- [08:29] - Sponsor: Rewind
- Tim Peckover’s LinkedIn: https://ca.linkedin.com/in/timpeckover
- Tim Peckover’s Twitter: https://twitter.com/timothypeckover
- Smile Email: firstname.lastname@example.org
- Website: https://smile.io/
- Smile is an Ecommerce, loyalty program provider for scaling Ecommerce brands
- They believe that building a loyalty program is the best way to turn those one-time sales into repeat customers.
- It's different in 2020 because there are more shoppers online and everyone's buying their needs online.
- A lot of people have money to burn in Q4 of this year and companies paused their paid acquisition during the election.
- There are also more brands online now since COVID-19 hit and everyone had to move to Ecommerce to run their business.
- There's more opportunity for people to buy things online. Turn your Black Friday/Cyber Monday (BFCM) shoppers into long term, loyal brand advocates in the post-BFCM season.
- Companies need to level up their strategies for attracting customers and differentiating themselves to their competitors to become successful during the BFCM season.
- During BFCM, you're paying more to acquire a customer during that time than any other time in the year so use this time wisely.
- Brands leverage loyalty during Black Friday. They are offering points than discounts as an exchange of value.
- Bonus points are a strong motivator for shoppers. For example, they can double the points to get the customers excited.
- For longer-term, it's more beneficial for brands because they're getting the customer's loyalty.
- If you don't have a loyalty program yet, you can still assign points retroactively.
- Ideally, you're able to do this on Shopify and other Ecommerce platforms where you have all purchase data.
- For example, if you're setting up VIP tiers, you can put people in the different tiers depending on their past purchase history.
- It's never too late to start a loyalty program. If you don't have one yet, the best time is now.
- It emphasizes the value of your brand and the value of engaging with you.
- Setting up a loyalty program only takes a few minutes and you can make it fully on brand.
Hey everyone. Welcome back to another episode of Unprepared. I'm your host, Chase. Clymer. Today I'm welcoming to the show Tim, from Smile. Tim, how are you doing?
Good. How are you doing Chase?
Oh, you know, just screwing up the intro three times in a row. But let's get into it. What do you-what are you bringing to us today? What are we discussing?
Yeah, today I wanted to talk about how we can really turn all of those Black Friday, Cyber Monday shoppers that we spent all this time and effort lining things up and getting for the holiday season and how we turn all those shoppers into long term loyal brand advocates in the post-BFCM season.
Yeah, I definitely think that Q4, especially this year, where everyone probably paused a lot of their budget in Q2, when everything started hitting the fan. I think everyone's gonna be dumping a lot into it.
And I do know that a lot of people actually started pausing their budgets on paid acquisition during the election as well. So I think a lot of people are gonna have budgets to burn. And there's gonna be a lot of new customers had by a lot of people.
Yeah, absolutely. One, I think, you know, this PM was so different than any previous one just because, you know, there are so many more shoppers online because everyone's purchasing everything online.
And there are so many more brands online too. Because once COVID hit, everyone had to move to Ecommerce in order to survive. So there are so many more opportunities for people to buy things online. So in order to be successful with BFCM, people really needed to level-up what they're doing to attract customers to differentiate themselves from all the competition that's out there now.
So, you know, now we're at a point where it's like, okay, we've spent a lot of time and effort building out these intricate BFCM campaigns and strategies. And what do we actually do with all those emails? What do we do with all those shoppers that raise their hand and say, "I want to buy this, I like your brand"?
And, you know, I think in the past, oftentimes, there's been a big focus on just like, get the customer, get the sale, BFCM, BFCM, BFCM, and then just fade away. And it's been like, okay, New Year, let's start things over again.
And I think we're in a really interesting position this year. Where we can really capitalize on the fact that because there are so many other brands out there, and shoppers have so much more selection, to really turn those one time buyers into repeat customers because it's way easier for you to turn them into repeat customers than to get a new one.
And it's way more valuable for your brand to build a brand advocate than it is to just keep trying to get new customers, new customers, new customers every time.
Yeah, I mean, it's, what you said there at the beginning of your last concept there was just the fact that it's so much cheaper to resell to an existing customer than it is to go out and get a new one, especially if, you know, that's the one downside of Black Friday and Cyber Monday is it's so expensive.
And especially a paid as your only tactic during that time, you're paying a lot more money to acquire that customer during that time than you would at any other time during the year.
So if you're not finding ways to, you know, essentially raise the lifetime value of that customer you just acquired. You're leaving a lot of money on the table and at times, possibly not even profitable from that acquisition.
Yeah, exactly. Well, that's why we've seen, you know, Smile is an Ecommerce loyalty program provider for scaling Ecommerce brands. And so obviously, you know, we believe that building a loyalty program and a brand community with a loyalty program is the best way to turn those one-time sales and repeat customers.
And so it's the brands, from our experience, that are really leveraging loyalty during Black Friday and not just waiting until now to be like, "Okay, well, how do I turn those customers into repeat ones?". But they're actually thinking about it before the season even started.
You know, we see customers that are rather than having to spend a lot on having massive discounts is like typical 50, 60, 70% off Black Friday discounts, rather than doing stuff like that, like you said, sinks the profits before the New Year.
They're offering points in exchange for a discount. So they're locking in a points balance for shoppers. So rather than having to do 50% off, they're doing double the loyalty points or something like that.
That gets customers excited because it's valuable to them. But long term, it's more valuable for brands because they're building that loyalty with points, but they're building that loyalty, they have that brand community set up so that they can do something with those customers later on.
So now, once we're in that post-season, they can motivate customers to cash in all those points that they earned without having to just keep throwing more and more discounts. It's an exchange of value that is really easy to convert those customers again.
Yeah, so I mean, I got a more practical question here. So when people are doing incentivized sales, and they want to do it on a more loyalty point-based system, where are people kind of going with those?
Is it like, you know, a BOGO on points, essentially, as you'd normally get one point, we're gonna give you two points? Is it that simple?
Yeah, exactly. So it's like a double or triple points earning campaign right around Black Friday, Cyber Monday.
And then now in the post-BFCM season as things start to slow down or typically slow down, then it's running like a double points redemption campaign. Where instead of one point being worth $1, one point, you can cash and get $2. back. And so and bring...
Oh, so I could so if I accidentally missed the rush, and I didn't have this prepared back then, I can just set up a campaign now to essentially do the same thing, but kind of just backwards.
Yeah, and it works either way. So you can, for the people that have big points, balances from the BFCM. You can motivate them to cash those in now and typically slower time with a double points campaign.
Or you can do the other way where because things are typically slower, then you say, "Hey if you purchase now, you can earn twice as many points". And so no matter what way you do it, bonus points campaigns for me, I've seen it time and time again, it's just such a strong motivator to get people excited.
Okay, last question I got for you before we wrap it up here is if I just missed the boat completely, right? I just don't even, I don't have a loyalty program installed on my store. We just forgot about it.
There are other things that are more important. So that just got pushed off the to-do list. Could I implement a solution and assign points retroactively?
Yeah, absolutely. So depending, obviously, depends on what platform you're using. But ideally, you're able to when you're using Shopify or whatever your Ecommerce platform, you have all of that purchase data.
So you know how much people are spending every order. You have all that data, and so you can just upload it and however, you configure your program.
You can retroactively assign points and if you're setting up VIP tiers, you know, retroactively put people in the different tiers that they would specifically fall into based on their past purchase history.
So it's never too late to start a loyalty program. If you don't have one, the best time is now because you can literally set one up in minutes. You can make it fully on brand and make it feel like a cohesive part of being part of your brand's community.
And, you know, emphasize the value of your brand, the value of engaging with you. And it literally takes minutes. It doesn't take weeks or months that it would if you had to build something on your own.
That's the beauty of the Ecommerce marketplace is that technology just makes it so easy for you to get started. And it's just immediately adding value to your brand to your customers.
Awesome. Now, if someone's curious about anything we talked about today, how do they reach out to you or anyone else over at Smile to get some more personalized support? Or just ask some questions that they might have about the product?
Yeah, we've got a general inbox. You can send them an email to email@example.com. And that will go to our team and then the person that is best suited to answer your specific question can pick that up and help you out as soon as I can.
Otherwise, you can connect with me on LinkedIn at Tim Peckover. I'm happy to chat and messages or whatever's easiest for you. But yeah, Tim Peckover on LinkedIn, Twitter. I'm everywhere. So yeah, definitely open to having direct conversations too.
Awesome. Thank you so much for coming on and sharing.
Cool, thanks, Chase.
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