The Small Business Big Marketing Podcast with Tim Reid 335 - How To Encourage Customers To Buy More With Afterpay's Nick Molnar.
Nick Molnar has figured out how to encourage customers to buy more. He is the founder of Afterpay, a simple payment system that lets customers buy what they want today (in fact, they can take it home immediately), then pay for it over 4 equal fortnightly installments. It’s also proving a great way for retailers to sell more. Here's how Afterpay works for merchants.
We cover plenty of ground in this chat including:
- What Nick learnt working in his family's retail jewelry business
How to encourage customers to buy more - How the idea for Afterpay came about
- How Afterpay enables retailers to increase sales
- How Nick rallied his most loyal customers to do his marketing
- Plus plenty more
Plus I launch a new segment called What Have You Got To Lose? in which I share one simple yet effective marketing idea that you can go and implement immediately. An idea that won't cost a fortune (if anything) to implement, and that might just generate you more awareness, more enquiry, and ultimately more sales.
EPISODE TIMELINE
00:00 Love for Cornerstone Business Solutions & WebCentral
00:56 Teaser
01:25 Welcome & overview
03:32 Today’s guest introduction - Nick Molnar of Afterpay
07:08 Interview with Nick Molnar of Afterpay
39:06 Insights into Cornerstone Business Solutions & WebCentral
41:36 My Top 3 Attention Grabbers from my chat with Nick Molnar of Afterpay
44:00 [New Segment}] What Have You Got To Lose?
45:59 Listener feedback
49:24 Wrap-up and an insight in to both a past guest & next week’s guest
MY TOP 3 MARKETING ATTENTION GRABBERS
- Be customer-centric. Never stop looking at your business through the eyes of your precious customers. Be a customer of your own business. Ask customers what they think. Hold focus groups. Do whatever it takes to make this a fundamental tenant of how you grow that beautiful business of yours.
- Get your customers to do your marketing. Nick’s social media push asking AfterPay customers to encourage their favourite retailers to get AfterPay is genius. What can you get your tribe to do?
- Know your numbers. This one scares a lot of business owners. But chunk it down. Start by identifying two or three metrics that you could track on a daily basis. It might be website traffic, phone enquires … maybe even sales! As you start to see trends, then put in place ideas to see if you can effect a positive change to these numbers.
RESOURCES & LINKS MENTIONED
Interview with Karl Schwantes about how to market a retail jewelry business
Podcast Listener Survey - 70-seconds of your time will lead to an even better show ;0)
Create Freedom Through Outsourcing Tour #3
What Have You Got To Lose? blog post - This will build each week as a new idea gets added
EPISODE SPONSORS
WebCentral - Exclusive listener offers
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Cornerstone Business Solutions
Reduce your wages bill by up to 75%
OVER TO YOU …
What was your biggest marketing learning or ah-ha moment from this episode?
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