๐ Ecommerce Equation - Business Coaching, Consulting & Community
๐ 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
๐ง The most successful founders possess a high degree of personal agency, meaning they are resourceful, take ownership of their growth, and are action-oriented.
๐ธ 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.
๐ฏ When hiring agencies, itโs crucial to meet the team, define a clear scope of work, and understand the agencyโs satisfaction metrics to ensure accountability and transparency.
๐ The importance of carefully crafting Black Friday offers that maximize profitability and customer retention rather than focusing solely on deep discounts.
๐ 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
โโ1:45 - Jay's background in finance and transition to e-commerce
โ3:11 - What is Ecommerce Equation?
โ6:10 - What separates high-performing brands from others
โ9:03 - iOS updates impacting business operations
โ10:42 - Market fit and creating value for customers
โ12:36 - In-house team vs agencies
โ19:05 - Delegating tasks effectively
โ24:19 - Selecting the right agency
โ25:03 - Clear scopes of work and tracking satisfaction metrics with agencies
โ26:57 - Setting KPIs to evaluate agency performance effectively
โ30:12 - Setting realistic expectations with agencies
โ32:11 - Using ads for business growth
โ34:05 - Q4 prep and demand planning
โ36:05 - Over-incentivizing discounts for acquisition
โ39:01 - LTV for planning promotions
โ41:14 - Creative offers vs discounts for retention
โ44:01 - Managing shipping costs effectively during sales
47:01 - Final chew
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