Imagine you’re a miner in the 1850s, the peak of the California Gold Rush.
To maximize your chances of hitting the jackpot…
Should you dig in the same pit along with 300,000+ competitors…
…or should you seek an unmanned mine?
If you’re like most e-commerces, you’d probably want to find a blue ocean that you can dominate.
Then, a discount is not the answer.
Instead, here are 3 simple ideas to stimulate your creative juice:
Idea #1 – Offer Stacking
Every customer has a need.
You buy a burger because you’re hungry.
You buy a house because you want a home for your family.
So, what is your customer REALLY buying?
If your customers want health… and you sell supplements…
Partner with a dietitian to create a program using your supplements.
If your customers love hiking… and you sell hiking socks…
Work with a fitness coach to provide a 6-week bonus training for hikers.
If your customers want romance… and you sell chocolates…
Provide a wine & chocolate pairing experience for date night.
No one says you have to be the one “creating” all the products.
Idea #2 – Exclusive Access
Everyone wants to feel special.
Can you create something limited… something exclusive… that only your best prospects can buy? (Ideally, only available NOW.)
To give you a few examples…
- Starbucks only sells Pumpkin Spice Latte during the fall season.
- Costco only allows members to enter.
- Carnivore Snax only sells the finest cut to Hunt members.
- Castello di Amorosa Winery only allows club members to register for their Carnival Festival.
- Amazon only offers exclusive invite-only deals to Prime.
You get the idea…
Idea #3 – Store Credits
Credit card companies have been using this strategy for years.
When people know they can get a % of credits for every purchase…
…they will go out of their way to use that card
…THEN come back to shop even more before the credits expire.
Providing store credit is way smarter than providing a discount.
(Giving credit where credit is due: Chris Orzechowski dived deep into the concept of store credit in his latest issue of the MIRM newsletter.)
Enough said for one email.
Now, it’s your turn…
How can you create a unique deal that gets your customers the best result AND crushes your competitors?
Give this some thought before your next promotion.
I’d love to hear about your ideas here.
And don’t forget to enjoy the adventure. 🙂