E031: Black Friday Special: Deals, Customer Experience, Operations, Success Metrics, Trends & More
Nov 22, 2023
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Cautious optimism as Black Friday sales exceed expectations. Importance of spending and creating awareness. Success of OOH billboard campaign. Local focus for building consumer brands. Mixing digital and physical marketing. Potential of AI-powered chat-based support. Teaching critical thinking in business. Advertising decisions require thoughtful consideration. Control obsession and excel at what you do. The impact of monoculture on messaging platforms. Leaders must focus on fewer things. Black Friday predictions not happening.
Black Friday sales exceeded expectations with a mix of optimism and caution for future performance.
Finding the right mix of digital and physical marketing tactics is crucial for building brand awareness and targeting specific audiences.
Balancing process orientation and results orientation, while allowing quality thought behind decisions, is vital for achieving desired outcomes in business management.
Deep dives
Performance and Expectations on Black Friday
The podcast episode delves into the performance and expectations of Black Friday sales. The speakers discuss the high volume and revenue generated on the first day, highlighting the importance of net new subscribers for enterprise value. They question whether the early start to holiday shopping is pulling demand forward or if it will continue throughout the season. They also mention Walmart's cautious tone on consumer spending and the potential impact of deflation in key areas. Overall, there is a mix of optimism and caution regarding future performance.
Marketing Strategies for Black Friday
The episode explores various marketing strategies employed for Black Friday sales. The speakers mention their use of meta-heavy brands, advertising on platforms like Google and TikTok, and running podcast and TV campaigns. They discuss the importance of building awareness and targeting specific audiences through different channels. The speakers also touch on the benefits of digital billboards and out-of-home advertising, sharing their experiences with billboard campaigns and retail roadshows. The emphasis is on finding the right mix of digital and physical marketing tactics.
Process Orientation vs. Results Orientation
The conversation shifts to the balance between process orientation and results orientation in managing a business. The speakers express the importance of talented people, high talent density, and allowing autonomy in decision-making. They highlight the need for quality thought behind decisions, even if they differ from what the leaders would have chosen. They caution against being overly focused on process, emphasizing the significance of obsession, excellence, and flexibility in achieving desired outcomes. The speakers acknowledge the role of external factors and the need to focus on what can be controlled. They stress the importance of being process-oriented, but not at the expense of results and progress.
Importance of Omni Channel Marketing
In the podcast, the speaker highlights the significance of Omni Channel marketing and its potential for enhancing brand resonance. By reaching consumers through various channels, such as billboards, social media, and physical stores like Costco, marketers can increase the chances of their message resonating and influencing purchasing decisions. The speaker emphasizes the importance of discovering the best platforms for brand exposure, which often extends beyond social media platforms like Facebook. The repetition and exposure of a brand message over time are essential due to the impulsive nature and longer purchase consideration cycles of consumers.
The Triple Time Rule for Time Estimation
The podcast delves into the concept of managing time estimates, particularly when executing projects or initiatives. The speaker shares a useful management tip: expect everything to take three times longer than initially thought. By tripling the estimated time required, organizations can account for potential delays and better manage expectations. This approach helps leaders avoid overcommitting and underdelivering by allocating adequate time and resources for each task or project. The triple time rule serves as a reminder to prioritize tasks effectively and maintain realistic expectations in the face of inevitable time constraints.
03:28 Cautious optimism as sales already exceed expectations.
09:44 Group learning is valuable; spending and believing.
13:28 Late ad start, YouTube TV for awareness. Facebook lacks reach and knowledge. Create awareness ourselves. Scale up on peak hits, manage spend. Ex Roomba CMO advised against unnecessary spending.
19:33 Data suggests success of OOH billboard campaign.
22:49 Local focus crucial for building consumer brands.
27:33 Mixing digital and physical marketing is crucial.
38:18 Custom AI solution found unknown failure points. AI tools could reveal unseen issues. Potential for AI-powered chat-based support.
44:45 Teaching critical thinking in business decisions.
45:49 Advertising decisions require thoughtful consideration and trade-offs.
51:28 Control obsession, excel at what you do.
01:01:31 Monoculture in messaging platforms stifles free speech.
01:07:53 Leaders must focus on fewer things.
01:08:45 Black Friday predictions are not happening.
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