From Finance to E-commerce: A Journey of Empowerment

📈 Ecommerce Equation - Business Coaching, Consulting & Community 🔗 https://www.ecommerceequation.com.au/ In this episode of Chew on This, Ash is joined by Jay Wright, CEO and Founder of Ecommerce Equation, an Australian-based growth and education business for brands. The two discuss the challenges of scaling businesses, whether to hire agencies or build in-house teams, and the best practices for Black Friday sales. Highlights 🧠 The most successful founders possess a high degree of personal agency, meaning they are resourceful, take ownership of their growth, and are action-oriented. 💸 Smaller brands with a turnover of $1M-$10M should build in-house capabilities for core channels like Google and Meta, which is often more effective than relying on agencies. 🎯 When hiring agencies, it’s crucial to meet the team, define a clear scope of work, and understand the agency’s satisfaction metrics to ensure accountability and transparency. 🎁 The importance of carefully crafting Black Friday offers that maximize profitability and customer retention rather than focusing solely on deep discounts. 📈 Implement strategies like gift with purchase, prize with purchase, and exclusive product launches to incentivize customers and generate excitement during the holiday season. 0:00 - Intro ​​1:45 - Jay's background in finance and transition to e-commerce ​3:11 - What is Ecommerce Equation? ​6:10 - What separates high-performing brands from others ​9:03 - iOS updates impacting business operations ​10:42 - Market fit and creating value for customers ​12:36 - In-house team vs agencies ​19:05 - Delegating tasks effectively ​24:19 - Selecting the right agency ​25:03 - Clear scopes of work and tracking satisfaction metrics with agencies ​26:57 - Setting KPIs to evaluate agency performance effectively ​30:12 - Setting realistic expectations with agencies ​32:11 - Using ads for business growth ​34:05 - Q4 prep and demand planning ​36:05 - Over-incentivizing discounts for acquisition ​39:01 - LTV for planning promotions ​41:14 - Creative offers vs discounts for retention ​44:01 - Managing shipping costs effectively during sales 47:01 - Final chew Follow us, subscribe to our newsletter, and to see our exclusive merch check out https://chewonthis.io/ Ron Shah - https://twitter.com/obviceo Ash Melwani - https://twitter.com/ashvinmelwani Chew On This - https://twitter.com/chewonthisdtc