Tuesday, Sept 17

B2B Advertisment Opportunity

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A Simple Actionable Equation To Improve The Conversion Rates Of Your Website

Everyone talks about conversion rate.

Today, let's break this down into a comprehensive, actionable equation that you can work on.

Wants:

These are the product's features, benefits, ingredients, specifications, pricing, and key differentiators that fulfill the customer's needs.

Aspirations:

Customers hope to achieve these positive outcomes and goals by using the product, such as improved lifestyle, convenience, and enhanced performance.

Fears:

These concerns and objections, including worries about quality, security, and value for money, might prevent the customer from making a purchase.

Frustrations:

Negative experiences or pain points, such as slow load speeds, poor-quality images, and an unoptimised first fold, can hinder the customer's journey.

Persuasion Elements:

These are psychological triggers , such as social proof, scarcity, authority, reciprocity, consistency, and liking,that encourage action and decision-making.

You will have to work towards increasing the appeal for the factors in the numerator while reducing the frictional factors in the denominator.

That's how simple it is.

If you need to improve conversion rates for your website

IBRAHIM’S NUGGETS

Heyy!

Hope you had a solid start to the week so far! A big few months coming up as we head towards the holiday season and if you want to have a forecast of your sales you can do so here.

Every time I speak to Founders, I realise that most of them don’t know what retention marketing is, and are solely focused on getting new customers, instead of also focusing on keeping those customers.

Today’s nuggets will cover:

• What is retention marketing

• Retention marketing opportunities

• Supporting tech stack

The first rule of newsletter is to make your content convenient for the reader, so with that in mind, today’s email is intentionally short so you can get back to BFCM activities.

So, What is Retention Marketing?

• In short, retention marketing is exactly what it sounds like. It’s the strategy and tactics that brands deploy to retain customers and get them to become repeat purchasers, and long-term, loyal fans of your brand.

• A simpler way I like to think about it, is that retention marketing just keeps your product/service top of mind for someone.

• They might get an email from you that reminds them they need a new iPhone case, or they might see a great piece of content from you on social media that reminds them why they continue to subscribe to your dog food brand.

• At the end of the day, the goal is to stay top of mind to earn the next purchase. It’s one-part brand, and one-part retention tactics/channels.

All great marketers and founders know, and eventually come to realize when their venture dollars dry up, that acquisition is simply the starting point, but retention and increasing lifetime value is where all of the real money is made. Word of mouth is a lie that first-time founders tell themselves will kick in, but in reality, all focus should be on retention.

What are the tools in a brand’s toolkit for retention marketing?

When it comes to retention marketing, brands have a few key levers that they can pull. These are the ones that immediately come to mind:

• Email programs

• SMS programs

• Mobile apps

• Retargeting ads

• Loyalty & membership programs

• Educational content

• Reminder content

• Surprise and delight discounts and gifting

• VIP experiences

• And the use of tech tools to proactively predict potential churn

Each of these marketing activities play an important role in increasing retention and LTV. Most brands that I see do 1 or maybe 2 of these well right now, but the best brands in the world are executing top tier retention playbooks across all of the above. Of course you need to have a bigger team to execute all of them well, but it’s an investment with a real ROI. And I’d love to do a deep dive on all of these very soon!

What’s a common tech stack for retention marketing?

These are the tools that I personally recommend when it comes to retention marketing:

• Klaviyo for email

• Postscript/Klaviyo for SMS

• Tapcart for mobile apps

• Gorgias for customer service

• Rebuy for a custom checkout experience and increase AOV

• Stay or Smartrr for subscriptions

• Loyalty Lion for loyalty, etc.

• Snowball & SARAL for referrals/tracking

• Wondernment for easy and custom shipment tracking

• KnoCommerce or Google forms for customer surveying

• Churnkey to recover failed payments

• Okendo for reviews

What’d I miss? Let me know.

Alright folks, that’s it for today!

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Have any questions that you need help with?

Ask here - and look out for Fridays Issue where Ibrahim will answer them.