1 00:00:00,360 --> 00:00:04,710 You're listening to gift biz unwrapped episode 157. 2 00:00:05,160 --> 00:00:09,240 Today, I'm going to share with you the five elements to 3 00:00:09,240 --> 00:00:14,150 set your next promotion on Fire attentive. 4 00:00:14,180 --> 00:00:15,320 Gifters bakers, 5 00:00:15,320 --> 00:00:18,980 crafters, and makers pursuing your dream can be fun. 6 00:00:19,220 --> 00:00:22,670 Whether you have an established business or looking to start one. 7 00:00:22,670 --> 00:00:25,340 Now you are in the right place. 8 00:00:25,580 --> 00:00:27,950 This is give to biz unwrapped, 9 00:00:28,160 --> 00:00:31,790 helping you turn your skill into a flourishing business. 10 00:00:32,090 --> 00:00:33,410 Join us for an episode, 11 00:00:33,410 --> 00:00:35,630 packed full of invaluable guidance, 12 00:00:35,750 --> 00:00:38,600 resources, and the support you need to grow. 13 00:00:38,600 --> 00:00:42,500 Your gift biz here is your host gift biz gal, 14 00:00:42,650 --> 00:00:43,850 Sue moon Heights. 15 00:00:46,880 --> 00:00:48,800 So happy that you're joining me today, 16 00:00:48,800 --> 00:00:52,430 because this is a day of successes. 17 00:00:52,850 --> 00:00:56,270 For those of you who have been following my journey, 18 00:00:56,390 --> 00:00:56,780 you know, 19 00:00:56,780 --> 00:00:59,660 already that I'm writing a book and I just send it 20 00:00:59,660 --> 00:01:02,180 off to the editor yesterday. 21 00:01:02,600 --> 00:01:05,530 Now this whole book thing is really new to me. 22 00:01:05,570 --> 00:01:07,790 Wasn't sure what the steps were going to be. 23 00:01:07,790 --> 00:01:10,670 It's a little bit crazy that I've just written the whole 24 00:01:10,670 --> 00:01:13,610 book. I have no idea yet what the title is, 25 00:01:13,640 --> 00:01:17,030 what the cover is gonna look like any of that. 26 00:01:17,390 --> 00:01:20,720 And it reminds me a little bit of people when they 27 00:01:20,720 --> 00:01:21,740 start their business, 28 00:01:21,770 --> 00:01:23,390 they jump right in and want to say, 29 00:01:23,390 --> 00:01:24,530 what's the name of it? 30 00:01:24,710 --> 00:01:27,560 Where is it going to be without doing some of the 31 00:01:27,560 --> 00:01:28,670 background work? 32 00:01:28,700 --> 00:01:30,920 It would be kind of like me figuring out what the 33 00:01:30,920 --> 00:01:34,640 title is and the cover without having written the book yet, 34 00:01:35,210 --> 00:01:36,590 but it's a natural tendency. 35 00:01:36,590 --> 00:01:37,640 So I get it. 36 00:01:38,120 --> 00:01:40,340 We're always driving to the result, 37 00:01:40,460 --> 00:01:43,070 the conclusion of what we're trying to do, 38 00:01:43,070 --> 00:01:47,930 what our goal objectives are without sometimes going back and figuring 39 00:01:47,930 --> 00:01:51,290 out truly the path to getting that result. 40 00:01:51,530 --> 00:01:54,860 And that leads me right into our promotions. 41 00:01:55,190 --> 00:01:56,870 Boy, I'm guilty of this too. 42 00:01:56,870 --> 00:01:59,750 Have you ever created a promotion that you knew? 43 00:01:59,780 --> 00:02:01,250 Absolutely. For sure. 44 00:02:01,250 --> 00:02:05,270 Was going to just bring the flow customers into your shop 45 00:02:05,300 --> 00:02:07,730 or get your website just humming. 46 00:02:07,760 --> 00:02:09,290 You knew it was going to happen, 47 00:02:09,770 --> 00:02:14,270 but then you put the promotion into play and yeah, 48 00:02:14,270 --> 00:02:14,990 it's okay. 49 00:02:14,990 --> 00:02:19,370 But nothing absolutely blowing the doors off. 50 00:02:19,580 --> 00:02:22,190 Well, I want to help you change that. 51 00:02:22,280 --> 00:02:25,250 I have five features for you that are going to set 52 00:02:25,250 --> 00:02:27,440 your next promotion on fire, 53 00:02:27,560 --> 00:02:32,300 light up your business and inject sales into your business. 54 00:02:32,660 --> 00:02:34,460 Not only so you have the revenue, 55 00:02:34,490 --> 00:02:36,110 obviously, so you can pay yourself, 56 00:02:36,140 --> 00:02:38,600 your employees and invest in the business, 57 00:02:38,810 --> 00:02:43,100 but it also energizes you and reaffirms that what you're doing 58 00:02:43,100 --> 00:02:44,660 in your business is right. 59 00:02:45,110 --> 00:02:49,040 That's why the success of your promotions is so important. 60 00:02:49,100 --> 00:02:51,800 It's not all just about the money. 61 00:02:52,370 --> 00:02:53,540 It really does affect you, 62 00:02:53,540 --> 00:02:55,460 right? When a promotion doesn't go, 63 00:02:55,460 --> 00:02:57,020 well, you sit back and, 64 00:02:57,020 --> 00:02:57,230 you know, 65 00:02:57,230 --> 00:02:59,270 you're kind of feeling blah, 66 00:02:59,740 --> 00:03:02,800 and that doesn't help you either in terms of the energy 67 00:03:02,800 --> 00:03:05,560 and the resilience and the excitement that you need about your 68 00:03:05,560 --> 00:03:08,200 business. Let's change that. 69 00:03:08,410 --> 00:03:11,530 But first I need to tell you how I came about 70 00:03:11,530 --> 00:03:13,090 these five features. 71 00:03:13,360 --> 00:03:16,900 It actually happened with the promotion that we did back for 72 00:03:16,900 --> 00:03:19,690 a business that I currently have called the ribbon print company. 73 00:03:20,710 --> 00:03:23,470 We have our own line of ribbon called pretty print ribbon 74 00:03:23,500 --> 00:03:27,250 that I have manufactured just for us at a factory in 75 00:03:27,250 --> 00:03:28,900 China. So when we order, 76 00:03:28,900 --> 00:03:31,450 we have to buy a minimum order, 77 00:03:31,450 --> 00:03:32,950 quantity in Nemo queue, 78 00:03:33,340 --> 00:03:36,700 and that equates to thousands of rolls of ribbon. 79 00:03:37,240 --> 00:03:40,930 And it takes literally months for us to get an order 80 00:03:40,960 --> 00:03:42,160 to be restocked. 81 00:03:42,550 --> 00:03:44,860 So finally our ribbon shows up. 82 00:03:44,890 --> 00:03:48,280 We're so excited to finally get it and fill some back 83 00:03:48,280 --> 00:03:51,760 orders. And we opened the box to find, 84 00:03:52,690 --> 00:03:53,980 Oh my gosh, 85 00:03:54,040 --> 00:03:57,130 a color Of ribbon that we didn't order. 86 00:03:57,190 --> 00:03:59,830 That was the most. 87 00:04:00,220 --> 00:04:04,960 I'm going to say obnoxious shade of neon pink that you 88 00:04:04,960 --> 00:04:10,290 could imagine we don't stock this color Nor would we ever. 89 00:04:10,470 --> 00:04:11,190 And we're like, 90 00:04:11,280 --> 00:04:12,900 Oh my gosh, 91 00:04:12,960 --> 00:04:15,570 what are we going to do with all that This ribbon, 92 00:04:15,570 --> 00:04:17,250 it was a disaster. 93 00:04:17,520 --> 00:04:22,950 So we thought we made the assumption that this color came 94 00:04:22,950 --> 00:04:25,200 in the minimum amount that we had to buy. 95 00:04:25,200 --> 00:04:29,190 So we're thinking we are sitting on literally thousands of rolls 96 00:04:29,190 --> 00:04:31,560 of this obnoxious color. 97 00:04:32,520 --> 00:04:34,500 So this was a big deal. 98 00:04:35,100 --> 00:04:37,800 Luckily, as we continue looking through the boxes, 99 00:04:37,830 --> 00:04:41,100 there was only a small amount of this neon pink. 100 00:04:41,430 --> 00:04:44,460 It was a replacement for some unusable ribbon that we had 101 00:04:44,460 --> 00:04:46,020 received in a prior shipment. 102 00:04:46,050 --> 00:04:47,760 So it was a make good if you will, 103 00:04:48,090 --> 00:04:50,760 but now what are we going to do with this crazy 104 00:04:50,790 --> 00:04:55,230 color? After a bit of foot stomping and some words coming 105 00:04:55,230 --> 00:04:57,450 out of our mouths that I won't repeat here. 106 00:04:57,960 --> 00:05:00,540 We figured out what to do, 107 00:05:00,570 --> 00:05:03,300 how we could use this at least to get rid of 108 00:05:03,300 --> 00:05:05,580 it, because we also had an inventory problem. 109 00:05:05,700 --> 00:05:07,440 We couldn't have this ribbon sitting around, 110 00:05:07,440 --> 00:05:08,640 taking up space. 111 00:05:09,330 --> 00:05:12,930 So we decided to do a flash sale to recoup, 112 00:05:12,930 --> 00:05:15,210 at least a portion of our costs. 113 00:05:15,630 --> 00:05:16,980 We could do a quick promotion, 114 00:05:17,070 --> 00:05:18,510 get rid of this stuff, 115 00:05:18,720 --> 00:05:23,340 reimburse ourselves for the cost of at least shipping and get 116 00:05:23,340 --> 00:05:24,150 this out of here. 117 00:05:24,150 --> 00:05:26,700 So we could kind of forget about it. 118 00:05:26,940 --> 00:05:27,870 Now don't get me wrong. 119 00:05:28,230 --> 00:05:29,670 It was beautiful ribbon. 120 00:05:29,670 --> 00:05:31,080 There was nothing wrong with it. 121 00:05:31,080 --> 00:05:32,700 In terms of the quality, 122 00:05:32,760 --> 00:05:32,940 you know, 123 00:05:32,940 --> 00:05:34,650 it wasn't an inferior role. 124 00:05:34,650 --> 00:05:35,880 It wasn't dirty. 125 00:05:36,000 --> 00:05:37,260 The edges were clean, 126 00:05:37,440 --> 00:05:37,590 you know, 127 00:05:37,590 --> 00:05:39,540 different things that we look at for the quality. 128 00:05:39,780 --> 00:05:42,900 It's just not a color that we stock and I don't 129 00:05:42,900 --> 00:05:44,100 want to stock it. 130 00:05:44,790 --> 00:05:48,180 So we decided to put together a short and sweet promotion 131 00:05:48,540 --> 00:05:51,300 with limited sizes and quantity of this ribbon. 132 00:05:51,330 --> 00:05:54,510 We offered it at a deep discount and explained that this 133 00:05:54,510 --> 00:05:56,880 was a one time thing in. 134 00:05:57,560 --> 00:05:59,840 We called the color never again, 135 00:05:59,870 --> 00:06:01,250 neon pink. 136 00:06:01,640 --> 00:06:04,130 It was offered to our VIP customers. 137 00:06:04,160 --> 00:06:07,970 Only through an email fulfillment was done on a first come 138 00:06:07,970 --> 00:06:09,110 first serve basis, 139 00:06:09,320 --> 00:06:11,180 by reply to that email, 140 00:06:11,180 --> 00:06:13,550 because we certainly weren't going to put this color up on 141 00:06:13,550 --> 00:06:14,410 it, our website, 142 00:06:15,280 --> 00:06:18,550 what were the Results we sold out? 143 00:06:18,640 --> 00:06:20,980 And we did have hundreds of rolls of ribbon. 144 00:06:20,980 --> 00:06:22,540 It wasn't like we had one or two. 145 00:06:22,810 --> 00:06:26,920 We sold out of all of our roles of never again, 146 00:06:26,950 --> 00:06:30,490 neon pink ribbon within 48 hours. 147 00:06:31,000 --> 00:06:34,390 I'd say that's a pretty successful promotion. 148 00:06:35,110 --> 00:06:36,820 Why did it work so well? 149 00:06:37,210 --> 00:06:40,270 And what can we learn from this to apply to all 150 00:06:40,270 --> 00:06:42,040 of our future promotions, 151 00:06:42,580 --> 00:06:44,530 Laurie and I sat down and went back and said, 152 00:06:44,530 --> 00:06:47,350 okay, w why did we get the results that we did? 153 00:06:47,710 --> 00:06:52,390 And we've identified five things that this promotion had that made 154 00:06:52,390 --> 00:06:54,250 its performance so strong. 155 00:06:54,850 --> 00:06:55,780 So here we go, 156 00:06:56,050 --> 00:07:00,640 the five features to set your next promotion on fire. 157 00:07:01,690 --> 00:07:04,090 The first feature was scarcity. 158 00:07:04,390 --> 00:07:06,580 We had a specific quantity of ribbon, 159 00:07:06,610 --> 00:07:09,520 and we did not set an expectation that we would ever 160 00:07:09,520 --> 00:07:11,170 be getting this again in the future. 161 00:07:11,530 --> 00:07:15,190 So people had to make a choice to buy quickly if 162 00:07:15,190 --> 00:07:16,720 they liked that color ribbon. 163 00:07:16,780 --> 00:07:20,650 And we had had requests for some neon type colors before, 164 00:07:20,860 --> 00:07:22,150 but if they really liked it, 165 00:07:22,270 --> 00:07:24,430 there was no time for them to hem and haw. 166 00:07:24,460 --> 00:07:25,720 Think about it a little bit, 167 00:07:25,750 --> 00:07:27,640 because we already told them, 168 00:07:27,850 --> 00:07:29,680 honestly, that once it's gone, 169 00:07:29,860 --> 00:07:30,610 it's gone. 170 00:07:30,820 --> 00:07:33,190 So they needed to respond quickly. 171 00:07:33,730 --> 00:07:34,960 That's scarcity. 172 00:07:35,920 --> 00:07:37,810 The second feature is limits. 173 00:07:38,200 --> 00:07:39,130 In this case, 174 00:07:39,130 --> 00:07:42,280 the limit was time since we were fulfilling orders on a 175 00:07:42,280 --> 00:07:44,200 first come first serve basis. 176 00:07:44,350 --> 00:07:48,760 Hesitancy could mean loss of the opportunity we did in fact, 177 00:07:48,760 --> 00:07:52,120 run out of the product before all requests were completed. 178 00:07:52,390 --> 00:07:55,870 Unfortunately, because some people got excited about the ribbon and were 179 00:07:55,870 --> 00:07:57,490 just too late, 180 00:07:58,270 --> 00:08:01,240 but that does set the stage for future promotions because they 181 00:08:01,240 --> 00:08:04,810 see that when we say there's only a limited amount, 182 00:08:04,840 --> 00:08:07,810 there truly is only a limited amount. 183 00:08:08,320 --> 00:08:11,110 Another way you could use this limit of time is to 184 00:08:11,110 --> 00:08:12,850 have deadlines on your offers. 185 00:08:13,120 --> 00:08:16,390 Perhaps it's a holiday special promotion only, 186 00:08:16,450 --> 00:08:20,110 or discounted prices only valid through X. 187 00:08:20,470 --> 00:08:23,350 So a different way to use a limit of time. 188 00:08:24,370 --> 00:08:28,420 The third feature to set your promotion on fire is credibility. 189 00:08:28,450 --> 00:08:30,550 And this is really important. 190 00:08:30,940 --> 00:08:34,030 We explain to our customers why we were doing this deep 191 00:08:34,030 --> 00:08:35,920 discount sale on the product. 192 00:08:36,130 --> 00:08:38,950 And then it wasn't part of our normal offerings. 193 00:08:39,370 --> 00:08:42,820 It was completely true and made sense to our customers in 194 00:08:42,820 --> 00:08:44,920 terms of why we were dropping the price. 195 00:08:45,490 --> 00:08:46,420 It wasn't a sale, 196 00:08:46,450 --> 00:08:50,470 totally unrelated to what we normally present and without explanation. 197 00:08:50,470 --> 00:08:53,740 So it wasn't coming from left field and then being like, 198 00:08:53,920 --> 00:08:56,610 what? This is not what we normally see from the ribbon 199 00:08:56,610 --> 00:08:57,390 print company. 200 00:08:57,690 --> 00:08:58,650 So customers, 201 00:08:58,680 --> 00:08:59,910 weren't confused. 202 00:08:59,910 --> 00:09:05,880 We had explained the situation and the resulting promotion credibility. 203 00:09:05,880 --> 00:09:07,020 So important, 204 00:09:07,020 --> 00:09:09,270 being honest and upfront with your customers, 205 00:09:09,450 --> 00:09:13,170 particularly if you're doing something out of the norm versus what 206 00:09:13,170 --> 00:09:15,030 they've come to know and expect from you. 207 00:09:15,870 --> 00:09:20,010 I call this fourth feature ego slash exclusivity. 208 00:09:20,550 --> 00:09:21,150 I mentioned, 209 00:09:21,150 --> 00:09:24,600 we offered this first to our VIP customers. 210 00:09:24,810 --> 00:09:28,440 I wanted to reward the most loyal customers first, 211 00:09:28,770 --> 00:09:29,850 had we not sold out, 212 00:09:29,880 --> 00:09:31,860 we would have then offered it to the rest of our 213 00:09:31,860 --> 00:09:32,970 customer base, 214 00:09:33,090 --> 00:09:35,640 but this made our VIP's feel special. 215 00:09:35,760 --> 00:09:38,220 And I like to give back to those who have helped 216 00:09:38,220 --> 00:09:39,690 us grow over time. 217 00:09:39,690 --> 00:09:43,140 And it also invested in us kind of like the Maya 218 00:09:43,140 --> 00:09:44,100 Angelo quote. 219 00:09:44,370 --> 00:09:46,290 It's not what you say or do. 220 00:09:46,320 --> 00:09:48,630 It's how you make someone feel. 221 00:09:48,900 --> 00:09:51,540 And of course we want all of our customers to feel 222 00:09:51,540 --> 00:09:54,210 special, but this was a limited quantity. 223 00:09:54,210 --> 00:09:57,840 So we offered it first to a limited amount of people. 224 00:09:58,110 --> 00:10:00,510 There are lots and lots of ways that you can make 225 00:10:00,510 --> 00:10:02,490 your customers feel special. 226 00:10:02,550 --> 00:10:05,490 And I'm just now thinking that could be a very good 227 00:10:05,520 --> 00:10:06,750 podcast topic, 228 00:10:07,560 --> 00:10:11,880 making your customer feel valued and special can be done through 229 00:10:12,270 --> 00:10:13,440 email promotions, 230 00:10:13,470 --> 00:10:14,550 just to a list. 231 00:10:14,550 --> 00:10:16,620 So only people who were on your list, 232 00:10:17,040 --> 00:10:20,250 maybe people who come in for a special promotion in your 233 00:10:20,250 --> 00:10:22,290 shop, that's available just for the day. 234 00:10:22,290 --> 00:10:25,560 So it's only people who are showing up live. 235 00:10:25,800 --> 00:10:27,660 You can also do this for events, 236 00:10:27,960 --> 00:10:29,160 lots of different ways. 237 00:10:29,160 --> 00:10:31,830 You can add different levels of exclusivity. 238 00:10:31,830 --> 00:10:34,050 It doesn't need to be just dollars. 239 00:10:34,050 --> 00:10:36,390 Like the people who spend the most money with you or 240 00:10:36,390 --> 00:10:37,410 that kind of thing. 241 00:10:37,860 --> 00:10:42,120 The best way to look at ego and exclusivity is where 242 00:10:42,120 --> 00:10:45,330 is there the best match of what you're offering to, 243 00:10:45,330 --> 00:10:50,190 what your subset of customers slash prospects need, 244 00:10:50,490 --> 00:10:53,280 and then pointing out to them that they're special and that 245 00:10:53,280 --> 00:10:56,580 the value you're getting and that you have air quotes over 246 00:10:56,580 --> 00:11:00,000 here, self selected them for that offer. 247 00:11:00,630 --> 00:11:03,150 Doesn't that make you feel great when someone says, 248 00:11:03,300 --> 00:11:04,260 I thought of you, 249 00:11:04,260 --> 00:11:08,790 and here's why all of us want to feel identified and 250 00:11:08,790 --> 00:11:10,740 special and valued. 251 00:11:11,010 --> 00:11:16,050 And this idea of presenting a promotion through exclusivity does just 252 00:11:16,050 --> 00:11:20,550 that. And the final feature is value. 253 00:11:20,910 --> 00:11:21,720 Now, in this case, 254 00:11:21,720 --> 00:11:25,980 we offered the ribbon at a 50% discount because we wanted 255 00:11:25,980 --> 00:11:27,570 to move it out fast. 256 00:11:27,960 --> 00:11:29,670 Remember this was a make good, 257 00:11:29,670 --> 00:11:32,130 so we didn't actually buy this ribbon, 258 00:11:32,490 --> 00:11:35,340 but we did have to pay for shipping from China. 259 00:11:35,340 --> 00:11:38,220 Remember, and it also meant that the color that we thought 260 00:11:38,220 --> 00:11:41,190 we were getting was now low in inventory. 261 00:11:41,220 --> 00:11:44,670 So we were going to have to restock that pretty quickly. 262 00:11:45,270 --> 00:11:47,520 I feel like I want to make a caution here that 263 00:11:47,550 --> 00:11:50,970 whenever you are discounting your product, 264 00:11:50,970 --> 00:11:54,970 your retail price make to know all of your costs. 265 00:11:55,030 --> 00:11:57,820 And if you are going to deep discount, 266 00:11:57,820 --> 00:11:59,980 like we were doing at 50%, 267 00:12:00,400 --> 00:12:04,540 make sure you're not losing on the deal or at least 268 00:12:04,540 --> 00:12:06,910 covering costs like we were doing here. 269 00:12:07,600 --> 00:12:09,760 I know the first thing that people think of when you 270 00:12:09,760 --> 00:12:12,370 think of doing a promotion is a price discount. 271 00:12:12,430 --> 00:12:14,800 And I really want you to try and get out of 272 00:12:14,800 --> 00:12:15,880 that mentality. 273 00:12:16,180 --> 00:12:19,540 There are so many other ways you can do promotions and 274 00:12:19,570 --> 00:12:24,910 bring in sales without just automatically resorting to dropping your price 275 00:12:24,910 --> 00:12:28,540 on the product for us in this particular situation, 276 00:12:28,600 --> 00:12:29,740 it made sense. 277 00:12:30,880 --> 00:12:33,730 The five features again are number one, 278 00:12:33,790 --> 00:12:36,250 scarcity, number two, 279 00:12:36,340 --> 00:12:38,800 limits number three, 280 00:12:38,860 --> 00:12:43,540 credibility four was ego and exclusivity. 281 00:12:44,050 --> 00:12:48,640 And number five is value before we move on into why 282 00:12:48,640 --> 00:12:49,840 this worked so well. 283 00:12:49,870 --> 00:12:51,790 And the benefit to this promotion, 284 00:12:51,970 --> 00:12:55,270 let's hear a word from our sponsor who just so happens 285 00:12:55,270 --> 00:12:57,340 to be the ribbon print company. 286 00:12:58,800 --> 00:13:00,510 This podcast is made possible. 287 00:13:00,540 --> 00:13:03,030 Thanks to the support at the ribbon print company, 288 00:13:03,210 --> 00:13:04,530 create custom ribbons, 289 00:13:04,530 --> 00:13:07,260 right in your store or craft studio in seconds, 290 00:13:07,410 --> 00:13:09,750 visit the ribbon print company.com 291 00:13:09,750 --> 00:13:10,800 for more information, 292 00:13:12,660 --> 00:13:16,380 Couple of reasons why this promotion worked so well for us. 293 00:13:16,590 --> 00:13:19,320 The first one is infrequent sales. 294 00:13:19,680 --> 00:13:22,410 Although we do have promotions from time to time, 295 00:13:22,650 --> 00:13:25,800 we have not conditioned our customers to wait for a sale 296 00:13:25,800 --> 00:13:27,270 to stock up on supplies. 297 00:13:27,570 --> 00:13:29,070 So as a consequence, 298 00:13:29,100 --> 00:13:32,880 when we do promote a new product or reduce our pricing, 299 00:13:32,880 --> 00:13:35,310 because remember I was just talking about the fact that not 300 00:13:35,310 --> 00:13:38,430 all promotions need to be a price reduction, 301 00:13:38,670 --> 00:13:42,330 but when we do our customers really take notice. 302 00:13:42,960 --> 00:13:46,740 The second thing is the quality of the product with this 303 00:13:46,740 --> 00:13:48,000 promotion. As I'd mentioned, 304 00:13:48,000 --> 00:13:50,700 also, the product was not inferior. 305 00:13:50,820 --> 00:13:52,440 It was perfect ribbon. 306 00:13:52,440 --> 00:13:54,120 There was nothing wrong with it. 307 00:13:54,480 --> 00:13:56,580 It just wasn't a good color, 308 00:13:56,760 --> 00:13:57,750 never again, 309 00:13:57,780 --> 00:13:59,220 neon pink. 310 00:13:59,490 --> 00:14:03,420 So it wasn't damaged in any way was also not leftover 311 00:14:03,480 --> 00:14:06,300 reused or one of the displays. 312 00:14:06,810 --> 00:14:09,780 So the value of the product was 100%, 313 00:14:09,930 --> 00:14:12,630 even though the price was 50%. 314 00:14:13,020 --> 00:14:16,200 Now this might not always apply to you for a promotion, 315 00:14:16,410 --> 00:14:19,110 but I wanted to bring this up because this is an 316 00:14:19,140 --> 00:14:21,330 angle you can put into your promotion. 317 00:14:21,330 --> 00:14:25,140 Copy. If the quality of the product is still of high 318 00:14:25,140 --> 00:14:27,990 value and you're offering it as a discount. 319 00:14:29,130 --> 00:14:32,310 So it worked so well for us because we were having 320 00:14:32,310 --> 00:14:32,940 a sale. 321 00:14:32,970 --> 00:14:36,000 When we normally don't do a lot of sales to our 322 00:14:36,000 --> 00:14:38,040 customers and the product, 323 00:14:38,040 --> 00:14:40,560 wasn't something that was inferior, 324 00:14:40,650 --> 00:14:42,750 which qualified for a price reduction, 325 00:14:43,530 --> 00:14:45,930 somewhat of a magic combination. 326 00:14:45,930 --> 00:14:46,710 If you ask me, 327 00:14:47,610 --> 00:14:50,610 I want to know cover what the benefits of this promotion 328 00:14:50,610 --> 00:14:54,170 were, and I'll identify three of them for you. 329 00:14:54,200 --> 00:14:58,730 And this is something that I'm thinking you don't consider necessarily 330 00:14:58,940 --> 00:15:00,710 when you're putting together promotions. 331 00:15:01,190 --> 00:15:02,900 The first is it was a win, 332 00:15:02,930 --> 00:15:04,730 win. It was a win for us. 333 00:15:04,790 --> 00:15:08,750 And it was a win for our customers in situations like 334 00:15:08,750 --> 00:15:12,380 this, both of you as a business owner and your customer 335 00:15:12,380 --> 00:15:15,980 win, that's the sign of a successful promotion. 336 00:15:16,310 --> 00:15:18,920 We got rid of our never Again, 337 00:15:18,920 --> 00:15:19,730 neon pink, 338 00:15:19,940 --> 00:15:23,120 and many of our customers got a fun color of ribbon 339 00:15:23,150 --> 00:15:24,770 at a low price. 340 00:15:25,550 --> 00:15:28,640 If they keep their pricing strategy solid, 341 00:15:28,640 --> 00:15:30,110 when they use this ribbon. 342 00:15:30,170 --> 00:15:30,860 In other words, 343 00:15:30,860 --> 00:15:34,370 they don't reduce the price of their ribbon just because they 344 00:15:34,370 --> 00:15:37,040 purchased it from us for less, 345 00:15:37,460 --> 00:15:39,590 their margins are going to be greater to. 346 00:15:40,160 --> 00:15:41,660 The second benefit is, 347 00:15:41,760 --> 00:15:44,660 was a low cost to implement this promotion. 348 00:15:45,140 --> 00:15:47,480 I gave you a lot of detail about what we did, 349 00:15:47,510 --> 00:15:49,910 because I wanted you to see that we didn't have to 350 00:15:49,910 --> 00:15:52,640 invest a lot of time into putting this together. 351 00:15:53,030 --> 00:15:55,040 Yes, we had to do a photo and we had to 352 00:15:55,040 --> 00:15:57,920 make an email and send it out to a specific list, 353 00:15:58,190 --> 00:16:01,340 but we didn't have to add product to our website heavily 354 00:16:01,340 --> 00:16:02,600 promoted anywhere, 355 00:16:02,780 --> 00:16:05,780 or spend money to make money. 356 00:16:06,950 --> 00:16:09,140 And the final benefit is Goodwill. 357 00:16:09,530 --> 00:16:11,930 We could have sold this product at full price, 358 00:16:11,960 --> 00:16:14,480 and I know it would have sold out that way too, 359 00:16:14,750 --> 00:16:17,690 but by reducing the price we showed our customers that we 360 00:16:17,690 --> 00:16:18,440 like to work in. 361 00:16:18,440 --> 00:16:19,430 Good faith with them. 362 00:16:19,850 --> 00:16:23,570 Another win-win idea for a more altruistic twist. 363 00:16:25,610 --> 00:16:27,770 So How can you use this? 364 00:16:28,250 --> 00:16:31,370 What we Did with our promotion was in a way the 365 00:16:31,370 --> 00:16:32,390 perfect storm, 366 00:16:32,720 --> 00:16:34,670 it combined a number of promotion. 367 00:16:34,670 --> 00:16:37,010 Success features into one, 368 00:16:37,850 --> 00:16:39,350 take a look at your business, 369 00:16:39,770 --> 00:16:41,690 your products and your customers. 370 00:16:41,990 --> 00:16:45,710 How might you be able to apply several of these elements 371 00:16:45,740 --> 00:16:47,270 into your next promotion? 372 00:16:47,720 --> 00:16:50,480 You don't need to use every single one of them like 373 00:16:50,480 --> 00:16:54,410 we did to help ensure that you do this in this 374 00:16:54,410 --> 00:16:56,180 crazy business world of ours, 375 00:16:56,180 --> 00:16:57,980 right? We hear things that we want to do. 376 00:16:57,980 --> 00:17:01,130 And then so quickly they vanished from our mind. 377 00:17:01,580 --> 00:17:06,440 I've created a download for you that covers these five features. 378 00:17:06,740 --> 00:17:09,260 All you need to do to get that is jump over 379 00:17:09,260 --> 00:17:11,540 to gift biz on rapt.com 380 00:17:11,630 --> 00:17:13,370 forward slash one, 381 00:17:13,460 --> 00:17:14,630 five, seven. 382 00:17:14,990 --> 00:17:16,160 You can print that out, 383 00:17:16,220 --> 00:17:19,400 put it in a file that you use when you're doing 384 00:17:19,400 --> 00:17:21,410 promotions, hang it somewhere, 385 00:17:21,620 --> 00:17:23,450 give it to a marketing manager. 386 00:17:23,450 --> 00:17:24,440 If you have one, 387 00:17:24,710 --> 00:17:28,760 but try out these five features so that you can totally 388 00:17:28,760 --> 00:17:30,980 rock your next promotion. 389 00:17:31,640 --> 00:17:35,030 I am so excited for all of you to hear the 390 00:17:35,030 --> 00:17:36,380 podcast for next week. 391 00:17:36,680 --> 00:17:40,100 So I'm going to give you a little insight and teaser 392 00:17:40,100 --> 00:17:41,270 into what's coming up. 393 00:17:41,990 --> 00:17:45,920 We are going to be hearing from Aaron Roth of arc-on 394 00:17:45,170 --> 00:17:51,030 mounts. He has integrated into the creator in a big way 395 00:17:51,060 --> 00:17:54,720 and talks with us about how to do live. 396 00:17:54,810 --> 00:17:57,720 And we all know on social media live is everything. 397 00:17:57,720 --> 00:17:58,860 Whether it's Facebook, 398 00:17:58,890 --> 00:18:00,240 whether it's Instagram, 399 00:18:00,630 --> 00:18:02,490 he's got some great tips for us. 400 00:18:02,640 --> 00:18:06,990 And I have to tell you a discount coming just for 401 00:18:06,990 --> 00:18:11,370 you on his products to ensure that you don't miss this 402 00:18:11,370 --> 00:18:14,940 episode or any episode of gift biz on wrapped. 403 00:18:15,060 --> 00:18:16,800 If you're listening on iTunes, 404 00:18:17,130 --> 00:18:19,050 click that little subscribe button. 405 00:18:19,200 --> 00:18:22,740 That way each new episode will be downloaded directly to your 406 00:18:22,740 --> 00:18:26,910 phone. The minute it goes live on Monday mornings, 407 00:18:27,360 --> 00:18:27,870 I'll see you. 408 00:18:27,870 --> 00:18:30,590 Then Episode is all wrapped up, 409 00:18:30,620 --> 00:18:32,960 but your gift vis journey continues. 410 00:18:33,050 --> 00:18:37,130 It's your time to experience the pride and satisfaction of turning 411 00:18:37,130 --> 00:18:40,040 your passion into a profitable business. 412 00:18:40,250 --> 00:18:44,090 Join the gift biz builder program and access valuable lessons, 413 00:18:44,150 --> 00:18:46,460 worksheets, and a live Q and a sessions. 414 00:18:46,490 --> 00:18:48,620 Addressing your specific challenges. 415 00:18:48,830 --> 00:18:52,010 You also have the opportunity to connect with a community of 416 00:18:52,010 --> 00:18:53,210 gift biz builders, 417 00:18:53,330 --> 00:18:56,180 just like you head over to gift biz, 418 00:18:56,210 --> 00:18:59,030 unwrapped.com/gift biz builder, 419 00:18:59,060 --> 00:19:00,500 and get started today. 420 00:19:00,740 --> 00:19:04,160 And until next time happy business crafting.