The Opportunity Podcast How Donation Incentives Can Increase Your Conversion Rates by 20% With Andrew Forman [Ep. 95]
On the surface, discounts may seem like a great way to boost sales, but over time they erode your profits and can have a negative effect on consumers’ perception of your brand.
So, if not discounts, what tool can you use to entice consumers to increase their average spend?
Andrew Forman believes donations are the ideal incentive. Andrew is the founder and CEO of Givz, a tool that gives eCommerce sellers instant access to hundreds of different charitable donation incentives without the endless red tape and paperwork.
In this episode, Andrew explains how replacing discounts with donations increases conversion rates and boosts average order value. It also enhances customer loyalty by helping brands to be more authentic and socially conscious. According to Andrew,
“Discounts hurt growth and come straight off your bottom line. More importantly, you run the risk of becoming known as a “discount brand” or becoming reliant on discounts to drive sales. Alternatively, donation incentives help to increase your average order value and drive social impact in a genuine and authentic way.”
Andrew shares insights into the challenges brands previously faced when partnering with charitable organizations and how this inspired him to create Givz. We also discuss how the growing demand for social impact will affect the future of eCommerce, and the various tools and techniques brands can use to meet this demand.
If you want to learn how to bounce back from your discount dependency, then this is a conversation you can afford to miss out on!
Topics Discussed in This Episode:- Andrew walks us through his entrepreneurial journey so far (02:36)
- What inspired Andrew to create Givz (06:23)
- Andrew explains the service that Givz provides (08:17)
- How Givz helps businesses increase engagement, ROI, and more (16:57)
- The “discount drug” and why brands should move away from discounts (21:39)
- Various ways eCommerce brands can be more socially conscious (23:50)
- How the growing demand for social impact will affect the future of eCommerce (25:45)
- The advice Andrew wished he had when starting out as an entrepreneur (27:46)
- How creating Givz has changed Andrew’s life (33:25)
- Real-world examples of how Givz has benefited businesses (38:39)
Sit back, grab a coffee, and learn how to attract new sales and increase your bottom line through the use of donation incentives!