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How He Found the Profit Sweet Spot

A young man with zeal decided to stop making excuses and get into business. He started a used shoe business because he liked shoes and that’s all he could afford.

He bought 20 pairs of shoes and set them up on a table in the town square. After weeks of trying, he couldn’t sell a single pair. Frustrated and demoralized, he spoke to one of the successful merchants. After listening to his predicament, the merchant told him:

“People are not buying from you for three reasons:

  1. They do not want what you are selling
  2. They cannot afford what you are selling
  3. They do not believe you

You have to figure out which one it is and fix it.”

“But how?” the young man asked.

“The market has all the answers you need.”

The next day, the young man setup his table of shoes and began walking around the square. He stopped a passerby and asked:

“Excuse me, I’m an entrepreneur. I started a business and I’d like to get your advice. You don’t have to buy anything.”

The man relaxed, became curious and they began talking. He spoke to a few other people that day. He learned that most of the people at the square really like Italian shoes. So he put up a sign the next day — “Italian Shoes”

Finally, he started getting some sales. But it wasn’t enough. He needed to sell 100 pairs a week but was selling only 2 pairs a week. He decided to try the old trick again. A lady stopped by his table and was about to leave. He asked her:

“Miss, you stopped to take a look but decided not to buy. Tell me what makes you hesitate?”

She replied:

“Your shoes look old. And the prices seem high.”

The next day he removed all the old looking shoes. He spent an extra 20 minutes dusting off the best ones and put a sticker next to one:

“Was $50, now $5”

He sold a lot of shoes that day. He was making enough money to start selling new shoes. Soon he discovered a problem with the shoe business – people don’t buy shoes often. He kept talking to his customers.

One of his frequent customers had suddenly stopped buying. He called the guy and find out what happened. It turns out that the customer is a school principle and was buying shoes for the poor kids from his paycheck. But the principle was hard up and couldn’t afford to buy any more shoes.

Touched, he offered free shoes for the poor kids for one year. The story about his goodwill was featured in the town newspaper. Soon parents were buying shoes from him. He had found a sweet spot – kids shoes. Turns out that kids buy a lot of shoes.

Our young entrepreneur was soon on his way.

Talking to customers is a sure way to get unstuck. But talking to your best customers can unlock new opportunities. RewardCamp not only gets you more repeat customers but also allows you to pinpoint exactly who to talk to.

Try RewardCamp with a free trial.

Hard Working Entrepreneur Cannot Grow Business

An entrepreneur ran a grocery store in a popular location.

He was very hard working; working from 4 in the morning till midnight.

But his business never grew because it was missing two of the three P’s:

  • People. He did not hire talented people to run his business
  • Process. He did not invest in processes that would grow his business and save him time running it
  • Product. His grocery store being in a good location is the only thing that was going for him.

Speaking of processes, RewardCamp allows you to setup a process that converts new customers into repeat customers.

Try RewardCamp with a free trial.

Four CEOs Grab a Drink…

The CEOs of four beer companies are meeting in a secret, undisclosed location, for a day of meetings. After several hours they take a break and head down to the executive bar.

The CEO of Budweiser orders a Bud Light. The CEO of Coors orders a Coors Light. The CEO of Miller orders a Miller Light.

The CEO of Guinness orders a Coke. One of the CEOs asks: “Why aren’t you ordering a Guinness?”

“Since none of you are having a beer, I’m not having one either.”

🙂

Get the Guinness of loyalty programs. Try RewardCamp!

$1 Million Bet

Back in 2006 Warren Buffet publicly challenged fund managers to a wager. He bet that over a ten year period the stock market would outperform any professionally managed investment fund.

Buffet wrote, “though there are thousands of professional investment managers who have amassed staggering fortunes by touting their stock-selecting prowess, only one man — Ted Seides — stepped up to my challenge,”

Buffet put up $500,000 and Ted Seides’s fund put up $500,000 resulting in a $1 million bet. Buffet picked a Vanguard index fund that tracked the S&P 500. Ted Seides’s picked a fund of funds that comprised of five hedge funds. The ten year period came to an end in 2016.

The result?

The Vanguard index fund handily beat the fund of funds. According to Buffet, “$1 million invested in those funds would have gained $220,000,” he said. “The index fund would meanwhile have gained $854,000.”

I was curious how Buffet’s own performance stacked up against the S&P 500.

It turns out that Buffet is one of the few people to have beaten the S&P 500 for over 35 years. $10,000 invested with Buffet in 1965 would have grown to $88 million dollar today. That same amount invested in the S&P 500 would have grown to $1.3 million.

And yet, every year billions of dollars go into funds managed by investment managers.

The point of this story?

People will ignore simple advice and go with shiny, complicated tactics. I see it in e-commerce. Heck, I fall into the same trap myself.

But the reality is that simplicity always wins. And it wins big in e-commerce loyalty. Online customers want a simple way to earn and use rewards.

RewardCamp does that extremely well! Try a 30 day free trial of RewardCamp.

How To Start a Mastermind That Grows Your E-Commerce Business

Couple of years ago I was part of a mastermind group. We discussed business, career, dating, health; no topic was off limits. We met every Wednesday evening. The mastermind was a great support system. But after 5 months we disbanded. Something was missing but I never understood what.

Last week, I heard this guy Taylor Pearson talk about his successful experience with masterminds. He attributed starting a 2nd business and writing a book, to his mastermind group.

Here are the six takeaways I got from Taylor.

  1. It takes 6-9 months for a mastermind to be effective.
  2. He started his mastermind on a 3 month trial basis. He said this gave every member the option to walk away which made recruitment easier.
  3. He started his mastermind by first identifying someone he wanted to connect with. He recruited that guy and then they recruited others based on group consensus.
  4. He thinks the best masterminds are small – 3 to 6 people.
  5. He suggests having the mastermind be focused on one area – business or personal or career, etc.
  6. He suggests setting up the mastermind so that each member writes down and reviews the following question every x months:

    If we were having this discussion x months from today, and you were looking back over those x months, what has to have happened in your business professionally for you to feel happy with your progress?

Sounds like a good mastermind helps you convert good ideas into real achievements. Similar to the way RewardCamp helps to convert new shoppers into repeat buyers.

Sign up for a free trial of RewardCamp.

How New Shoppers Become Repeat Customers

A customer had just received $2.37 in loyalty rewards. He was so delighted that he sent in the following email to the retailer.

“Wow – way cool. Thank you. I’m sure I’ll use the reward before too long.”

This retailer uses RewardCamp to power their rewards program. Customers are often delighted when they receive rewards via RewardCamp because it’s so unexpectedly easy. That’s what converts a new shopper into a repeat buyer.

You can do the same for your BigCommerce store with a free trial of RewardCamp.

How Frank Got Into a Higher Income Bracket

Frank Bettger was a struggling insurance salesman with a family to support. One day, it dawned on him that if he wanted to make more money, he would have to sell bigger life insurance policies.

So he tried to land a big fish.

His first appointment took him months of calling and persisting. He finally got the appointment with Archie Hughes, president of Foss-Hughes, Philadelphia’s oldest auto dealer.

Frank was waiting outside Archie Hughes office. The secretary ushered Frank into the luxurious offices of Archie Hughes at the appointed time.

Standing in the office, Frank’s body was shaking. He was so nervous he was unable to speak. Mr. Hughes looked up in surprise and astonishment. Then Frank stammered:

“Mr. Hughes… I… uh… now that I’m here, I’m so nervous and scared I can’t talk.”

Hearing this, Archie Hughes let his guard down. With a kindly expression, he tried to reassure Frank by admitting:

“That’s perfectly all right. Take your time. I’ve felt the same way myself many times when I was a young man. Sit down and take it easy.”

Archie gently asked Frank questions and tried to help him make the sale. Frank did not make the sale but something far more important happened to him.

Seeing Archie’s acceptance of his fear, Frank was able to acknowledge that he had a fear of speaking to ‘big shots’. Until then he avoided this fear by avoiding important people. He realized how many opportunities he had walked away from, so that he could avoid feeling this fear. He also realized that men like Archie Hughes were actually simple and approachable like him.

That one experience put Frank on a higher income bracket. Frank went on to become one of the most successful sales men in the United States.

Fear is the # 1 blocker of wealth and opportunities. Opportunities like converting your new shoppers into repeat buyers.
You can do this easily with a free trial of RewardCamp.

How This Retailer Bumped an Order from $5 to $75

Few weeks ago, I was planning to spend $5 but ended up spending over $75. Here’s what happened:

I needed some charging cables for my iphone. I had read about a company called Anker that makes better charging cables than Apple and sells them for cheaper.

Anker sells it’s products both on Amazon and their website. But since Amazon had a ton more reviews, I decided to order from Amazon. I found the power cables, read the reviews and added them to the cart. It brought me back to the power cable’s product page.

Then I noticed a little blurb that was bolded:

“Buy 1, get a discount on selected products”

That sentence triggered a powerful series of next steps:

I clicked on the link, a popup came up and shared that I could get 15% discount on a battery pack.  Then I remembered that my phone often runs out of juice during the train ride home each evening. It sure would be nice to have a battery pack for those times.

So I added the battery pack to the cart. The same thing happened all over again. The battery pack had the exact same link:

“Buy 1, get a discount on selected products.”

I clicked the link and learned that I could get a 15% discount on their wireless headphones. That reminded me that my headphones were falling apart. So I added their wireless headphones to the cart.

It was brilliant!

You can do the same with your BigCommerce store. BigCommerce allows you to create a discount type that is “Order $X, get Y% off when you order product Y.” After that, add the following link to your product page:

“Buy 1, get a discount on selected product”

That link should explain to the customer what products will allow them to earn the discount. But there is one more step.

Give this customer a reward via RewardCamp. This step will put them on RewardCamp’s repeat customer funnel. RewardCamp will then nurture this customer and convert them into a repeat buyer.

Grow your repeat buyers with a free trial of RewardCamp.

How to Find Hungry E-Commerce Customers Who Will Buy Repeatedly

The late, legendary copywriter Gary Halbert sometimes taught a sales and marketing class. During class he’d ask his students:

“If you were starting a hamburger stand, what is the one advantage you’d want to have?”

Some would respond: “The best location”

Others would say: “The best burger”

And a few said: “The best price”

Then Gary responded: “The one advantage I’d want to have is a starving crowd.”

He’d then go on to explain that sales and marketing becomes easy when you are selling to a starving crowd. The trick is to find these hungry crowds. And it can be very difficult.

The good news is that every business already has starving crowds in their customer base. But no one knows how to identify them.

This is where RewardCamp comes in handy. It shows you a list of your top customers. These customers are your hungriest customers. They repeatedly buy from you.

Once you have this list, you can start to identify certain characteristics. You might learn that your hungriest customers have a common profession, or a common interest, or fall in the same age group. Armed with that info, you can now devise an ad campaign to attract more of these starving customers.

Learn more about your hungriest customers with a free trial of RewardCamp.

The P.T.Barnum Method of Generating E-Commerce Orders

Last month Barnum & Bailey Circus shut down after 146 years of operation. P. T. Barnum, one of the founders was the greatest promoter of his time. He used people’s sense of curiosity for the bizarre and unknown to build Barnum & Bailey. He had acts like the bearded lady, the human pretzel, the unicorn, that drew the crowds in.

Barnum’s curiosity tactic can be used in e-commerce to build customer loyalty and grow sales. Here’s how.

Step 1: Find an unusual fact about your product. Every product has it. You just need to find it. Let’s do an example. Say that we are selling organic soap that’s really good for fighting acne. Here’s how you’d use curiosity.

It heals acne fast, has anti-bacterial properties, and helps you smell nice! Learn about our new mystery product that is generating a ton of positive buzz.

Step 2: Next, we insert that blurb into the monthly reminder email that’s sent out by RewardCamp. This email reminds customers that they have unused rewards waiting for them.  Here’s how the final email would look:

It heals acne fast, has anti-bacterial properties, and helps you smell nice! Learn about our new mystery product that is generating a ton of positive buzz.

BTW, you have $2.50 in store credits as part of our loyalty program. Simply go to our store and shop as a registered user to use your reward.

Curiosity + Rewards = Guaranteed sales for you. Increase sales and customer loyalty with a free trial of RewardCamp.