NEWSLETTER SEP 16TH 📅 – 5 THINGS TO READ AND A JOKE
The times they are a-changing! What NEW things did we pick up, enjoyed, etc?
1) NEW News to Worry About: As if 2020 wasn’t challenging enough.. Apparently, there is a giant asteroid coming our way. Ok.. Ok.. Leave some toilet paper for the rest of us, don’t cancel your ‘Black Friday’ preparations, and don’t build a nuclear shelter just yet.. There is only a 0.41% chance of it making a deep impact with our beloved pale blue dot. But I’m not taking any chances. Interesting side note: it’s nearing Earth one day before the U.S. elections .. Talk about a sign of impending doom!
2) NEW Article we Wrote: We see way – WAAAAY- too many marketers present their data-driven findings to their boss, which end up disappointed because they failed to make an impact on the decision-making process. More often than not, it’s not because the data or assumptions are incorrect, but because they failed to communicate their findings accordingly. We wanted to help. So we wrote an article on ‘How to present data to your boss, like a boss’. Read it here.
In this article, we urge you not to ramble on about “conversion rates” per “source/medium” and how they differ when you compare “first” vs “last non-direct click” attribution. Why? Because you might be better of talking to a brick wall. These metrics might be crucial to your job, but they are not to your superior’s. Storytelling with data is such an underrated skill to hone! Read ‘Storytelling with Data’ by author ‘Cole Nussbaumer Knaflic’ to learn more. Untangle your tongue and order it! You won’t regret it.
3) NEW Trend in Payments: Do you want to increase average order value, customer lifetime value, while creating a better customer experience? If your answer is “HELL TO THE YESS!” , you should check out BNPL solutions. “Great, another acronym!” (-I hear you think-), but this one is worth remembering! BNPL or ‘Buy Now Pay Later’ describes payment solutions that allow you to delay your actual payment on your purchase.
Recently, BNPL solutions have been making waves in Europe and 30% of U.S. shoppers have already paid with it. What are it’s advantages? First of all, 67% of millennials (or snake people?) don’t own a credit card. Secondly, BNPL often ask for no interest on your payments. Thirdly, they’re a great answer to impulse buys (monitor return rates though!). And to make things even better, several BNPL providers guarantee payments, in case payments are not made on time.
Full disclaimer. We do not have tons of experience with BNPL solutions, but we’ve scheduled calls with ‘Klarna’ & ‘Afterpay’ to find out. If you’re interested, let us know and we’ll fill you guys in on the latest news.
4) NEW Tool We Recommend: Nowadays, you’re meeting through Zoom, talking about work/weekends through Slack, and attending digital-only events.. But how are you preserving your feedback culture in 2020? Is success -however big or small- still celebrated across the work floor? Has it been digitalized as well?
If this is not the case, check out HeyTaco. We use this tool to recognize / reward each other, in a digital environment. It is a nifty ‘add-on’ you can install to your slack workspace. Do you want to find out how you can use taco’s, burgers, and sushi to build a feedback culture? Read all about it here. 10/10 would recommend! Don’t use slack? There are plenty of similar products available (Google is your friend).
5) NEW Marketing tactic to consider: Chinese retail behemoths Taobao Marketplace & Pinduoduo are monetizing the ‘new normal’ through live stream shopping. The practice has a projected retail value of $15.5 billion in 2020, up from just $1.8 billion in 2015.
Why aren’t we seeing this practice in Belgium and/or the Netherlands? Sure.. Selling clothing, watermelons, live fish, etc. via live stream isn’t what people are used to.. But I’ve only seen 1 or 2 local companies experiment with it (example by Monki (H&M owned). Is it not in our ‘culture’? Are we not as ‘mobile-first’? All things considered.. It’s something retailers should consider perhaps.. Two things speak in its favor. 1) It tackles what people indicate they miss about shopping in-store (seeing the fabric up close, questions about fit, etc.). Secondly, it’s not very capital intensive to experiment with..
That’s it for now. If all goes well, you’ll hear from us in 2 weeks.