eComm Chats Happy Hour

Mike and Nevin look at the brand new spending holiday Amazon made up this year: Big Deal Days. What did we learn with Finch clients and what does the data tell?

The episode focuses heavily on tactical strategies for Prime Day and Black Friday, with the host providing a heads up to the listeners. While acknowledging the episode's tactical nature, the host also encourages listeners to revisit the previous three episodes for more in-depth discussions on strategy. These episodes cover topics such as promotion strategy, segmentation strategy, audience engagement timing, and goal setting. The host emphasizes the importance of a well-built strategy for Black Friday and the entire Q4 period.

The episode delves into the advantages of having access to real-time data from Google Analytics and Shopify for making rapid decisions and adjustments in bidding and budgeting. The speaker highlights that Google Analytics provides almost real-time data through GA4, enabling marketers to make quick decisions and adjustments. Similarly, the actual data from the Shopify site offers real-time insights that can inform decision-making.

The speaker underscores the value of real-time data availability, particularly when compared to the data lags experienced with Amazon. Marketers can leverage this real-time data to adjust bidding and budgets on the go, allowing them to promptly respond to performance changes and optimize their campaigns.

The episode also emphasizes the significance of rapid decision-making and adjustments, especially on Black Friday, known as one of the most stressful days for eCommerce. The speaker suggests that maintaining a consistent effort in optimization is crucial on this day, and real-time data access empowers marketers to react swiftly and make necessary adjustments to their strategies.

Overall, the episode highlights the importance of real-time data from Google Analytics and Shopify in facilitating rapid decision-making and adjustments in bidding and budgeting, particularly during critical events like Black Friday.

During time-limited events like Prime Day, the transcript stresses the need to analyze data and make pivot decisions based on performance. The hosts emphasize the significance of incremental changes in revenue improvement. If a strategy is working well, they stress the importance of pivoting and continuing with it. Conversely, if something is underperforming, they emphasize the need to recognize it and make necessary adjustments. The hosts acknowledge the potential for analysis paralysis when examining data but stress the importance of using the available data to make informed updates and decisions, as this is key to success during time-limited events like Prime Day.

George Ryan, Flocksy CMO, joins the pod to discuss where the world of creative is going in 2024. Flocksy is a flat-rate creative design company that thrives on helping clients stand out in an era of sea of AI-generated, uninspiring creative.

According to the episode, there has been a significant increase in the popularity of short-form video content, with people heavily leaning into platforms like Instagram Reels and TikTok. The hosts of the podcast have also noticed this trend and are incorporating short-form video into their own marketing efforts. They believe that short-form video content feels more organic and authentic compared to traditional advertising campaigns. To showcase real experiences and the benefits of their services, the hosts mentioned that they have been using Riverside for interviews with their clients and creating bite-sized chunks of content. This trend of short-form video is seen as a way to engage with audiences and resonate with them on a more personal level.

In the episode, the speakers discuss the growing trend towards constant content and bite-sized chunks in marketing. They highlight the significant rise in short-form video platforms like Instagram Reels and TikTok. The speakers note that even when being advertised to, people find these short videos engaging and fun, often watching them because they feel organic. They also mention that they have embraced this trend in their own marketing strategies, utilizing Riverside for client interviews and creating bite-sized chunks that showcase real experiences and the work they have done with their services. The speakers emphasize that this approach resonates with people and feels more authentic than traditional advertising campaigns. They attribute this trend to the fact that people are constantly on their phones, consuming these types of videos. The speakers suggest that focusing on getting brand personality and real people in front of everyone is more successful than solely focusing on conversion. Overall, the episode highlights the shift towards constant content and bite-sized chunks as a more organic and authentic approach to marketing.

The guests on the podcast discuss the emerging trends and predictions for the creative space in the upcoming year. They mention a significant increase in short-form video, with people heavily leaning into platforms like Instagram Reels and TikTok. The importance of constant content and bite-sized chunks, as well as content that feels organic and authentic, is emphasized. The guests also mention incorporating this approach into their own marketing efforts. Additionally, they delve into the use of AI in advertising and how developing creative marketing strategies that differentiate from others will become increasingly important as AI continues to advance.

Let's get caught up on some eCommerce news. Amazon is in hot water with the FTC which alleges the company purposely flooded the market with junk ads to drive up prices for advertisers. On a happier note, the OpenAI Dev Day was amazing. Nevin gave the new tools a try and was amazed by the new capabilities.

In this episode, the hosts delve into the transformative impact of AI technology, particularly chatbots and AI-driven search results, on customer interactions and online shopping. They emphasize how AI has revolutionized the way we engage with technology, especially in terms of customer integration. One notable example they discuss is Microsoft's Bing with its new OpenAI, which acts as a personal shopping assistant by locating various stores and retrieving items for customers. This innovation is expected to revolutionize how shoppers navigate their buyer journey and interact with technology.

The hosts also highlight the significant developments in the eCommerce industry, such as the partnership between Microsoft and OpenAI for Bing, as well as Google's investment in BARD. They explain that these advancements will enable customers to simply state their preferences and have the computer scour the internet to provide tailored responses. This will profoundly impact the buyer journey and decision-making process, as customers increasingly rely on AI to conduct research and generate awareness.

Furthermore, the hosts suggest that advertising strategies may need to adapt as AI-driven search results become more prevalent. They predict that brands will have the opportunity to pay for visibility in these AI-driven search results, regardless of how well they align with the customer's criteria. This implies that advertising approaches will need to adjust to this new paradigm, where AI technology plays a significant role in influencing customer choices.

Overall, the episode underscores how AI technology, including chatbots and AI-driven search results, is transforming customer interactions with technology and online shopping. It highlights the potential for AI to act as a personal shopping assistant, reshape the buyer journey, and influence advertising strategies.

According to the podcast episode, Microsoft's partnership with OpenAI for Bing and Google's investment in BARD are expected to have a significant impact on the eCommerce industry. These partnerships involve integrating AI technology into search engines, which will revolutionize how shoppers interact with technology and navigate the buyer journey. The podcast specifically mentions Microsoft's Bing with its new OpenAI technology, which simplifies shopping by acting as a personal assistant, locating different stores, and retrieving items for users.

The episode also emphasizes the importance of optimizing for Bing and Bing advertising, as OpenAI Sengen is integrated into Bing. It suggests considering Bing SEO optimization and advertising optimization to ensure visibility in the new AI-driven search results. The podcast also mentions the potential for brands to pay for visibility in these AI-based search results, indicating potential monetization opportunities in the future.

Overall, the episode suggests that integrating AI technology into search engines like Bing and BARD will bring about a paradigm shift in the eCommerce industry. Advertisers and brands need to adapt to these changes and consider how AI-driven search results will impact their advertising strategies and the buyer journey.

In this episode, the hosts discuss the continuous evolution of platforms like Amazon and the introduction of new advertising features. They specifically mention Amazon's recent addition of a unique ad type called CTV (Connected TV) access for Twitch and Freebie in their advertising manager. This new feature allows advertisers to reach audiences through connected TV devices, expanding their advertising reach beyond traditional digital channels.

Nevin and Mike break down how eCommerce brands should think about setting goals for Black Friday. How should you allocate budget throughout the funnel? Net new vs. Re-engagement? The your data will tell you the story and help you make the right decisions, as long as you know what you're looking at.

In this episode, the hosts discuss the importance of finding the right balance between acquiring new customers and marketing to existing ones. They emphasize the significance of determining the number of new customers needed to "refill the gas tank" during Q4, as well as the potential revenue that can be generated by marketing to existing customers.

The hosts highlight the cost-effectiveness of marketing to existing customers compared to acquiring new ones. They suggest using remarketing campaigns and first-party data to target existing customers, while also emphasizing the benefits of having a good return policy and taking care of existing customers. Overall, the hosts stress the need to continuously bring in new customers while nurturing and marketing to existing ones.

The type of product being sold, whether it is a consumable or apparel, can significantly impact the promotional strategy and seasonality concerns. The hosts discuss how different promotional activities are required for selling consumables like coffee compared to selling apparel.

For consumable products like coffee, the hosts mention Liz Roque from Lizzie's Fresh Coffee, who manages her own marketing. Since coffee is a consumable product, customers are likely to repurchase it regularly. Liz calculates the customer lifetime value and knows how often she can tap back into her existing customers. This suggests that for consumable products, the promotional strategy may focus more on customer retention and repeat purchases.

On the other hand, selling apparel presents different challenges. The hosts mention that apparel brands excel at using promotional strategies during transitionary periods and dead seasons when they have excess inventory to move. They often send email marketing campaigns to their existing customers, offering discounts on the inventory. This strategy allows them to clear out excess inventory and can be more effective in the apparel industry, where distinct seasonal clothing lines exist.

Additionally, the hosts mention that when it comes to attracting new customers for apparel brands, the lowest buy-in point is crucial. They highlight Black Friday and Cyber Monday as opportunities for customers to take a risk on a new brand with discounted prices. This suggests that for apparel brands, promotional strategies during peak shopping seasons can be used to attract net new customers.

Overall, the type of product being sold, whether it is a consumable or apparel, influences the promotional strategy and seasonality concerns. Consumable products may focus more on customer retention and repeat purchases, while apparel brands may utilize promotional strategies during transitionary periods and peak shopping seasons to attract new customers.

The hosts mention that they have previously covered when and how to start preparing for Q4 and the Black Friday season. This indicates that the episode provides guidance on the timing and steps to take in order to prepare for this important sales period.

Furthermore, the hosts mention that they have moved on to discussing promotional strategy and learnings in relation to Black Friday. This suggests that the episode goes beyond just the initial preparation and delves into specific strategies and insights that can be applied during this time.

Based on the transcript, it is mentioned that the episode is being recorded in the middle of October, aligning with the recommended timeframe for starting preparations for Q4 and Black Friday. This further supports the idea that the episode provides relevant information on when and how to start preparing for this sales season.

Let's talk about a touchy marketing topic: Branded Keywords. Mike and Nevin discuss some misconceptions about how brands and marketers should be thinking about and using their owned keywords. What happens when a larger brand starts to bid on your branded keywords? What are the best ways to get the most out of them?

In this podcast, the hosts, Mike Mardis and Nevin Zevell, discuss the importance of investing in branded search campaigns. They address the common question of why a company should pay for keywords related to their own brand name.

Nevin explains that from an organic SEO perspective, the goal is to rank high on organic search results. However, paying to be the number one spot can be enticing and save time in trying to rank for competitive keywords.

Mike adds that while SEO auditing is crucial for organic rankings, investing in branded search campaigns allows for more control over messaging and targeting specific audiences. By building paid search advertisements, companies can customize their messaging and provide the information they believe will resonate with customers.

Overall, the hosts emphasize that branded search campaigns play a significant role in the marketing ecosystem and should not be overlooked, even if a company already has high organic rankings.

Nevin takes Mike through what he's seeing in the Finch client data and the eCommerce market overall coming out of the Cyber12 period. How should we adjust, if at all, based on the new normal?

According to the podcast transcript, brands that focused on building brand awareness through DSP (Demand-Side Platform) as a channel saw the best results during Black Friday. These brands were able to use detailed third-party data audiences and invest in brand awareness leading up to Black Friday and Cyber Week. The transcript mentions that as the market shrinks and people become more conservative with their spending, they tend to shop with big brands that have established relationships and high brand awareness. Brands that invested in detailed audience targeting and leveraged third-party data to build hyper-targeted awareness campaigns were able to flourish during this time.

Additionally, the transcript highlights that DSP provides more tools to build brand awareness, and it has never been easier to start building brand awareness through DSP. The cost per conversion for clients using DSP was down by an average of 48%, indicating the effectiveness of this channel for building brand awareness. However, the value for conversion did drop by 13%, possibly due to more aggressive discounting by brands.

Overall, the transcript suggests that investing in brand awareness through DSP can significantly impact revenue numbers during the Black Friday period.

According to the podcast episode, as the market shrinks and wallets become tighter, people tend to become more conservative with their spending. This means that they are less likely to take risks and are more inclined to shop with established brands that they have a trusted relationship with. The episode mentions that brands with strong brand awareness and recognition, such as Apple and Nike, are the ones that people are more likely to shop with during times of economic uncertainty. These brands have already established a reputation and trust with consumers, making them a safer choice when people are being more cautious with their spending.

The episode also highlights the importance of investing in brand awareness and detailed audience targeting ahead of time, particularly leading up to big sale events like Black Friday. By building a strong brand presence and targeting specific audiences, brands can increase their chances of success during times when consumers are more selective with their purchases. Additionally, the episode mentions that DSP (Demand-Side Platform) is a valuable channel for building brand awareness, as it offers tools and capabilities to reach and engage with audiences effectively.

According to the episode, using a DSP (Demand-Side Platform) can be an effective tool for building brand awareness. It is mentioned that the cost per conversion was down by an average of 48% for clients using DSP. This indicates that using a DSP can lead to more cost-effective advertising campaigns, potentially reaching a larger audience and increasing brand awareness. Additionally, the episode mentions that brands were discounting more aggressively, which could have contributed to the decrease in cost per conversion.

Overall, the episode suggests that using a DSP can provide more tools and opportunities for brands to build brand awareness.

Finch CEO Lee Roquet joins the podcast to talk about what's it's like to run a performance agency in the era of AI, PMax, and automation.

In this episode, the discussion revolves around the challenges faced by agencies and brands in the current economic climate. The pandemic has significantly impacted digital marketing budgets, resulting in a decrease in ad spends as people shift away from continuous online engagement. Consequently, companies are shifting their focus from growth at all costs to profitability. Moreover, the increased cost of money has made it more difficult for agencies and brands to secure funding. As a result, agencies need to pivot and adapt their strategies to find value and resonate with customers.

The podcast suggests that agencies should consider specializing in specific niches and industries, becoming deep specialty agencies. Additionally, there is a discussion about the transition from traditional agencies to B2B SaaS platforms, where a balance between technology and human connection in customer relationships is maintained. Overall, the episode highlights the need for agencies and brands to change their old ways and find new approaches to succeed in the current economic climate.

The episode also mentions a shift in the agency industry's focus on performance and easy wins. Traditionally, agencies were approached by clients with specific performance or efficiency goals, expecting the agency to deliver those outcomes. However, there is now a growing demand for agencies to provide more value and be more accountable for their clients' overall success and profitability.

To meet this demand, agencies need to take a horizontal view of where clients should allocate their resources and why. Instead of solely focusing on achieving specific performance metrics, agencies should prioritize the profitability of the client's business as a whole. This involves understanding the client's business goals, its current health and profitability, and its ability to scale and grow.

The episode also addresses the mistrust and fatigue that some clients may have towards agencies. This mistrust may stem from a perception that agencies prioritize their own interests or fail to provide sufficient value. To address this, agencies need to become partners in their clients' profitability and success. This means providing transparency, clear communication, and the ability to make adjustments when needed to ensure that the client's investment is being spent wisely and effectively.

Furthermore, the episode discusses the future direction of agencies, which is to empower brands and their teams to have control and transparency over their marketing efforts. The goal is to provide clients with the tools, knowledge, and technology to make informed decisions about where to allocate their marketing budget. Ultimately, the aim is for agencies to become the client's last agency, as the client becomes empowered to bring their marketing efforts in-house.

The episode delves into the changing agency landscape, highlighting various factors driving these changes. One significant factor is the rise of AI and automation, which is diminishing the necessity for traditional agency expertise. The transcript mentions that with advancements in AI and technologies like GPTs, even mediocre brands can now gain an advantage in the market. This implies that agencies need to adapt and provide value beyond what can be easily automated or replicated by AI.

Another change in the agency landscape is the shift towards a more holistic approach to marketing and profitability. The transcript emphasizes the importance of focusing on the entire customer journey and revenue mapping, as well as the need for teams to work closely together and be tied to metrics that link to the organization's profitability. The transcript also highlights the significance of agencies guiding brands in understanding and analyzing their data to make informed business decisions.

Sam Ryan, Flocksy CEO, takes us through the story of how and why he and his brother founded a unique design agency that operates on a monthly fee. Customers pay a flat rate and get access to unlimited creative.

In this episode, the speakers emphasize the significance of building personal connections with customers for achieving business success. They highlight the example of successful brands like Amazon, which prioritize customer obsession and focus on establishing personal connections. The speakers argue that a strong customer success operation should aim to create a personal connection with customers, similar to the familiarity one has with a favorite mechanic or waiter. This personal connection helps to humanize big businesses and make customers feel seen and valued.

The speakers emphasize the importance of understanding and empathizing with the problems faced by the people you do business with. They assert that in today's marketing landscape, it is essential to add a personal touch and forge connections, especially in advertising and B2B sales. Successful companies, they believe, are those that prioritize empathy and personal connections rather than relying solely on automation, technology, and AI.

The episode also delves into the process of building personal connections with customers. One approach mentioned is to have initial phone calls with customers, which helps establish a connection and leads to longer-lasting relationships. The speakers also highlight the use of video demos and integrating tools like Loom, which facilitate better communication and understanding of customer needs.

Overall, the episode underscores the crucial role of building personal connections with customers for business success. It helps create a sense of familiarity, humanizes big businesses, and makes customers feel valued.

Successful companies prioritize customer obsession and forming personal connections. They argue that while technology and automation are valuable tools, they should be combined with the ethos of empathy for customers' problems. The episode highlights the need for businesses to understand and address the problems and needs of their customers to build strong relationships and retain them. The importance of personal connections in advertising and B2B sales is also discussed, acknowledging the challenges of forging that connection due to the distance between the agency and the end customer. The guest shares their experience of incorporating phone calls, video demos, and personal interactions with clients to establish a sense of familiarity and connection. They also mention using tools like Loom to enhance communication and understanding by allowing customers to express themselves through video. Overall, the episode emphasizes the role of empathy in understanding and addressing customers' problems and how it contributes to the success of a business.

In this episode, the speakers discuss the importance of capturing attention quickly and creatively due to the decreasing attention spans of audiences. They acknowledge that attention spans are getting shorter and shorter, with one speaker admitting to being addicted to TikTok, where users have milliseconds to grab someone's attention while scrolling. They emphasize the need to invest in thumbnails and emulate popular styles while still maintaining uniqueness or unfamiliarity. The speaker also mentions that attention-grabbing content needs to be presented within the first two seconds, as people want to quickly see what a brand has to say while scrolling. They suggest focusing on concise and high-quality video content that can be repurposed into shorter clips to cater to short attention spans. Overall, the episode highlights the need to adapt to the changing attention spans of audiences by creating attention-grabbing content that quickly delivers the intended message.

Mike and Nevin take a look into the future of eCommerce. What trends seem to have sticking power for 2024?

Investing in prioritizing the customer is crucial, especially in the face of rapid technological advancements and shifting market sentiments. The podcast underscores the significance of placing the customer experience at the forefront of business strategies. It asserts that focusing on the customer experience will always yield better long-term results compared to opting for cheaper manufacturers or cutting corners in quality assurance processes. The episode recommends investing in the customer service department to ensure customers receive genuine, well-trained assistance rather than scripted responses. It also emphasizes the importance of offering high-quality products that stand out from the competition. Additionally, the podcast highlights the significance of effectively communicating a solid customer experience through advertising.

Furthermore, the episode emphasizes the importance of making customers feel valued. It suggests that businesses should invest in long-term customer service and customer experience programs, even if immediate dividends may not be apparent. The podcast encourages businesses to take risks and step out of their comfort zone, as long as they have the necessary team and budget to support it, as creativity and ingenuity are recognized in the market.

The episode also touches on the extended life cycle of the customer experience, stating that it does not begin or end with a purchase. It emphasizes that building trust is an ongoing project in the customer experience and acknowledges the prevalent distrust in the current market. Therefore, investing in the customer experience can help foster trust and address this uncertainty.

Overall, the episode underscores the importance of investing in customer-centric approaches, particularly in a rapidly evolving technological and market landscape. It suggests that businesses should prioritize customer service, high-quality products, and effective communication of a solid customer experience.

The episode also delves into the dystopian aspects of technological advancements and the availability of personal information online. The host acknowledges that in the past, the idea of the internet tracking every aspect of people's lives and the death of privacy seemed dystopian. However, it has now become a reality that people have come to accept. The host also expresses the overwhelming feeling of being left behind as a marketer due to the multitude of new marketing tools and AI-driven advancements. The rapid pace of technological change can create a sense of dystopia.

Nevertheless, the episode highlights that these dystopian elements can present significant opportunities for brands to grow. The host mentions that despite the challenges, it is more crucial than ever for brands to adapt quickly. They emphasize that interfaces are constantly evolving, and brands must continually adapt to remain relevant. The host also notes that while AI has made creative production easier, it has also led to formulaic and similar-looking ads.

Overall, the episode suggests that although technological advancements and the availability of personal information online may evoke dystopian feelings, brands can leverage these aspects to expand their business and connect with consumers.

According to the podcast transcript, investing in product and customer experience is essential for long-term success, regardless of the industry. The host asserts that whether it's eCommerce, meal delivery, gaming, or any other industry, investing in product and customer experience will always yield the greatest dividends in the long run.

The host also acknowledges that there may be challenging times, such as a potentially rough 2024 or economic uncertainties. However, they emphasize that even during these difficult periods, investing in product and customer experience will still result in long-term benefits.

Part 3 of the BFCM/Q4 perp series. Mike and Nevin discuss Q4 readiness and the importance of prepping for the holiday season. They also touch on the Taylor Swift economic boost and the influence of her fanbase, the Swifties. Tune in for some fun and informative conversation about e-commerce and pop culture.

In this episode, the hosts emphasize the crucial role of having a desire to learn in order to succeed. They highlight that even the best teachers in the world cannot make someone learn if they lack the motivation and willingness to learn. This desire to learn is particularly important in the context of e-commerce and optimizing performance during Q4.

The hosts draw a comparison between a year in e-commerce and a year of college, where one can acquire different knowledge and gain valuable experience. They explain that Q4 is like an intensive expert-level course, offering numerous opportunities for learning and improvement. However, they stress that it is up to the individual to seize these opportunities and actively engage in the learning process.

Expressing their gratitude towards the listeners who have stayed until the end of the episode, the hosts affectionately refer to them as "weekenders." They pour their hearts out and express their love for the listeners, underscoring the importance of continuous learning and education to succeed during the Black Friday season. They encourage the listeners to strive for success and achieve remarkable results in their e-commerce endeavors.

Overall, the episode emphasizes that while teachers and resources can provide guidance and knowledge, the desire to learn and actively engage in the learning process is essential for success in e-commerce and optimizing performance during Q4.

The episode also highlights the importance of planning and optimizing for Q4. It is mentioned that brands that plan and optimize for this period tend to perform well. The host emphasizes that Q4 continues to grow and outperform the previous year, thanks to both customer demand and brands continuously learning from their mistakes and successes.

To excel in Q4, the episode suggests analyzing product data and trends to develop a product segmentation strategy for the following year. Brands are encouraged to view their advertising history as a valuable learning experience, particularly during Q4 when a wealth of data is available. This data can be utilized to make improvements and adjustments for the future.

Furthermore, the episode advises brands to consider which products can perform well without heavy promotion, especially as they move forward and experience high and low seasons. Identifying consistently successful products can help brands focus their efforts and allocate resources more effectively.

In addition, the episode discusses the power of SMS as a means of reaching people and its potential for customer retention and loyalty programs. The hosts assert that SMS is often underestimated and deserves more recognition for its effectiveness. By building SMS lists, businesses can establish a foundation for developing customer loyalty programs. These programs, along with retention initiatives, are crucial for not only driving initial purchase value but also extending the average lifetime value of customers. The host emphasizes the importance of maximizing the value of every new customer acquisition, with SMS being a valuable tool in achieving this goal.