Big Deal! Why Deals Don't Work.

Why deals don't work

It's a bit legendary is Le Renais de Venise - a restaurant where there's only one thing on the menu. Steak. No choice of cut, no choice of sides. You're getting an entrecôte with their secret sauce, fries and a green salad with walnuts, or you're going somewhere else for your dinner.

Offering absolutely no choice is a bit brilliant for a restaurant. It shows passion, expertise and a certain cheeky charm. But it's a rotten way to run promotions if you're in retail.

And yet, that's exactly what most retailers still do - they push one or two prescribed deals at prospective customers and refuse to let them have any say. 'The Big Deal!', 'Catch Of The Day!", 'Special Offer!'... these isolated promotions might seem generous but, actually, all they do is narrow down customer choice, hamstring the shopping experience and destroy the price perception for the discounted product.

Once upon a time, there was a certain silly glamour in daily deals. Pre its Amazon acquisition, was a hoot (dotcom) - it was the Le Renais of online retail. But these days, it's just another conduit for remnant stock. Similarly, once upon a time, there was something cool about the hyper-local daily deals offered up by the likes of Groupon and LivingSocial - but we've all seen how those panned out for participating brands. In fact, if this story in Adweek is anything to go by, these are extremely bleak times for the doyens of Daily Deals.

So, if prescribed deals don't work, what is the answer? Less push, much more pull. Simple. Give your customers the opportunity to tell you what they want to see offered up in a deal - and, once a large enough number request the same thing, release that deal into the wild and watch it kill. From a purely practical point of view, a customer-curated deal comes with a de facto pool of red hot prospects

▸ Continue reading

Social Media Marketers: five ways to make your Finance Director love you

Social Media Marketers: five ways to make your Finance Director love you

It's that Valentine's-y time of year but, instead of surprising your Finance Director with a bunch of red roses (we're pretty sure that kind of thing's frowned upon these days), why not give them the gift of cold, hard ROI?

Here's five simple ways you can use Social Commerce to get real, measurable results from your marketing activity.

1) Introduce an entirely new KPI to your marketing reports: revenue. There's nothing a CFO or FD wants to see more than dollars and cents on a spreadsheet. Sales figures are like Shakespearean sonnets to those folk, and rightly so: revenue pays wages, keeps roofs over heads, facilitates expansion - all that good stuff you go into business to achieve.

2) Make absolutely sure that a certain percentage of your social media marketing activity results in direct revenue. Prove that you're focused on real achievables, and that your audience is prepared to shop with you, that they're more than just 'fans' and 'followers'. Converting your fans into shoppers proves that the community you've invested in contains super-customers, people who spend money with you and urge their friends to spend money with you, too.

3) Demonstrate that social media marketing isn't just the

▸ Continue reading