Good morning DTC faithful!
Have you seen Leave the World Behind on Netflix? It’s quite good, but a real downer about the economy (and civilization).
So to keep your spirits high as you wrap your gifts and Q5 campaigns, consider Warren Buffet’s “Tao of Snickers” which points out that Snickers has been the US’s #1 Candy Bar since its creation in 1930, amidst ongoing depressions, wars, and financial calamities.
Here’s your reminder to keep your focus on steady success in simplicity (and peanut-y goodness).
In the meantime, here’s what you’ll find in today’s DTC:
You’re reading this newsletter along with new subscribers from: SD Games, Fabalish, and Oak and Eden Studio 👋
This newsletter is brought to you…
Nate Brown, founder of Geek Tropical, had a great business idea that he turned into a soaring print-on-demand shirt brand with a devoted and passionate community.
🤔 The Challenge
Despite the advantages of a print-on-demand business model like low start-up costs, Geek Tropical still faced challenges including consumer skepticism. Nate decided to overcome these hurdles by embracing a customer-centric approach.
🔑 The Solution
Using Loox, Geek Tropical collected over 1,000 reviews from passionate customers with 23% of the reviews including a photo or video. Displaying them on beautiful widgets across their website as social proof that buyers love their geeky products and transformed their website into customer satisfaction central.
Learn how Loox helped Geek Tropical take a customer-centric approach to build trust, grow sales, and foster a vibrant and loyal community for their online business.
As your customer support team waits with bated breath for the influx of return emails post-holidays, here’s how to capitalize on those returns.
We all know returns can be costly. It’s gotten so bad that this year some retailers are telling customers to ‘just keep’ the product.
However, you can also use this as a window of opportunity. 💡
As customers come onto your website to make a return, why not cross-sell products during the return process and take advantage of the Refund Effect?
✨ What’s the Refund Effect? ✨
Customers are more likely to purchase a new product after making a return since customers consider the refunded money as money that has already been spent. Psychologically, spending the money doesn’t feel like a loss. 💸
You can take advantage of this customer behavior by cross-selling during the return process.
Instead of only issuing a refund…
✅ Suggest an alternative product that better meets their needs.
Get your customer service team on board with this messaging so you don’t lose out on this cross-selling opportunity.
Customers are in the spending mood during this time so instead of just issuing refunds and sending shoppers on their way, try to nab more orders to close out the year!
Step up your NRF Big Show agenda with Vesey’s upcoming high-impact networking opportunity this January.
Power Connections Breakfast: The Future of Commerce features a distinguished panel on “AI in Commerce Enablement” followed by roundtable discussions with startup founders and the biggest names in commerce - execs from Shopify, Amazon, Synchrony, Walmart, PayPal, AmEx, Firework! 🚀
Vesey Ventures is hosting this event with support from Synchrony, Cooley, and Silicon Valley Bank.
👀 So if you’re a Commerce Enablement startup attending NRF 2024, this is your sign.
👊 Q5 Sneak Attack
While you may be exhausted from the craziness of Q4, instead of slowing down, let's keep the momentum going by making moves in Q5 that will set us up for success in 2024.
Q5 is the period between late December to mid-January and is also known as the fifth quarter.
Post-holiday, consumers are still actively seeking sales and discounts, engaging in returns, redeeming gift cards, and utilizing their cash gifts.
This Q5 period not only caters to consumer needs but also presents a cost-effective marketing opportunity for businesses.
Why is it cost-effective you may ask?
While advertising leading up to and during the holidays comes with a hefty price tag, marketers can leverage lower media costs and sustained demand.
This strategic approach allows ecommerce brands to conclude the current year robustly and kickstart the new year on a high note.
Q5 often witnesses some advertisers scaling back their efforts, but it presents a substantial opportunity to leverage the platforms you advertise on and proactively enhance your marketing initiatives before the onset of 2024.
Let’s dive into the stats:
Several favorable factors come into play:
Long story short - the Pilothouse team suggests that during Q5 you don’t pull back, you sneak attack!
When creating your 2024 budget, here are 3 things to consider:
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