Wednesday, May 10

🧑🏼‍💼 8fig wants to give SMBs their own C-suite

📰 TL;DR - 8fig wants even e-comm brands with a small headcount to have the advantages of C-suite expertise. The company started by offering lending and supply management solutions to small and medium businesses and is now launching “AI CFO,” a tool for cash flow planning. Basically, the idea is to have a smart CFO on your side without actually having to hire one. It’s a self-serve web app, taking out the need for an external accountant, theoretically.

💡 Insight - It’s exciting to see products like this launch. While some e-comm businesses want to build out a huge team, others like to keep it lean. This is a solution for the latter. As tech advances, I think we’ll see more offerings that allow e-comm entrepreneurs to do more on their own, without needing to hire or outsource. And investors agree — 8fig just closed another $140 million in funding.

➡️You can read the article here...

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🚨 5 strategies for growth

📰 TL;DR - Here’s a Twitter thread from Shri Kanese with five strategies he says he’s used to scale e-commerce brands. For example, he mentions a narrow-broad-narrow approach for targeting. Start with landing pages and keywords tailored to your ideal customer, then go broad on targeting, then go narrow again with ad copy. He also talks about using complementary ad platforms, investing in organic content, and making the most of free traffic.

💡 Insight - None of these are totally out of left field, but if things are feeling stagnant, give them a try. The last strategy about retargeting and using both a “hot” and “cold” platform especially makes a lot of sense.

➡️You can read the tweets here...

💧 How Liquid I.V. is targeting the youth

📰 TL;DR - This piece digs into how Liquid I.V., an electrolyte drink mix brand, is targeting Gen Z and millennials. First, they shifted their message to hydration, very much in tune with how these generations approach wellness. Second, they’ve targeted streaming services, like Peacock, Hulu, and Amazon Fire TV as well as podcasts beloved by younger generations, like Emma Chamberlain’s podcast. Also, naturally, TikTok.

💡 Insight - This jives with a recent survey we covered here about how DTC brands are looking at streaming services (OTT, in the biz) as a great place for marketing efforts. Podcasts have also been the traditional territory of DTC brands. All that to say, Gen Z and millennials aren’t listening to the radio or watching cable — these choices meet them where they’re at. If you’re also targeting those audiences, it’s worth following Liquid I.V.’s lead.

➡️You can read the article here...

💰 How to sell an e-comm business

📰 TL;DR - Selling an e-commerce business takes some extra steps you need to prepare for if that’s your end goal. For example, when you’re first starting out you might be a bit haphazard with your documentation and financials, but that’s a no-go for a buyer. Your brand also needs to be solid — buyers want the facts and figures, but they also want to know they’re purchasing an established, marketable, and successful brand with a unique identity.

💡 Insight - Some people start e-comm businesses with the intention of selling them down the line and they (hopefully) understand they need to have their ducks in a row from the beginning. For others, it’s a prospect that evolves over time. Everything in here is solid advice even if you don’t have immediate plans to sell.

➡️You can read the article here...

🛠️ Things worth checking out

 🦜 TWITTER - Twitter announced it plans to purge dormant accounts. I know of more than one DTC brand not actively using its Twitter account. Either get active or prepare to lose your handle. Read more here.

🏳️‍🌈 PRIDE - Amid an assault on LGBTQ+ rights, how do you market during Pride Month authentically? Here’s some insight.

 🤖 AI PROMPTS - A handy dandy list of AI prompts for marketers. Check it out here.

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