🔗 https://www.ecommerceequation.com.au/

In this episode of Chew on This, Ash is joined by Jay Wright, CEO and Founder of Ecommerce Equation, an Australian-based growth and education business for brands. The two discuss the challenges of scaling businesses, whether to hire agencies or build in-house teams, and the best practices for Black Friday sales.

Highlights

🧠 The most successful founders possess a high degree of personal agency, meaning they are resourceful, take ownership of their growth, and are action-oriented.

💸 Smaller brands with a turnover of $1M-$10M should build in-house capabilities for core channels like Google and Meta, which is often more effective than relying on agencies.

🎯 When hiring agencies, it’s crucial to meet the team, define a clear scope of work, and understand the agency’s satisfaction metrics to ensure accountability and transparency.

🎁 The importance of carefully crafting Black Friday offers that maximize profitability and customer retention rather than focusing solely on deep discounts.

📈 Implement strategies like gift with purchase, prize with purchase, and exclusive product launches to incentivize customers and generate excitement during the holiday season.

0:00 - Intro

​​1:45 - Jay's background in finance and transition to e-commerce

​3:11 - What is Ecommerce Equation?

​6:10 - What separates high-performing brands from others

​9:03 - iOS updates impacting business operations

​10:42 - Market fit and creating value for customers

​12:36 - In-house team vs agencies

​19:05 - Delegating tasks effectively

​24:19 - Selecting the right agency

​25:03 - Clear scopes of work and tracking satisfaction metrics with agencies

​26:57 - Setting KPIs to evaluate agency performance effectively

​30:12 - Setting realistic expectations with agencies

​32:11 - Using ads for business growth

​34:05 - Q4 prep and demand planning

​36:05 - Over-incentivizing discounts for acquisition

​39:01 - LTV for planning promotions

​41:14 - Creative offers vs discounts for retention

​44:01 - Managing shipping costs effectively during sales

47:01 - Final chew

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