preparing your business for the holiday season
TRANSCRIPT
Preparing Your Business for the Holiday Season
Presented by: Jesse Richardson
Learn more about the presentation: subscriptionschool.com
jesserichardson.com
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Cratejoy Knowledge Baseforum.cratejoy.com
Overview:
• Why do the holidays matter so much?!
• Additional Revenue Opportunities
○ Gifts, Bonus Boxes, the Marketplace & More
• Fraud & Holidays
• Getting Started
The Holidays: Why do they matter?
Well, for one, Google Trends on Subscription Boxes can tell us.
The Holidays: Why do they matter?
But it’s not just about Subscription Boxes:
● Cyber Monday surpassed $3B last year ● Last holiday season, more shoppers went online than to stores over
Thanksgiving weekend, which is the kickoff to the busiest shopping period of the year.
● Digital sales are expected to hit $94.71 billion this Christmas period, according to research firm eMarketer.
● That’s a milestone: That would take e-commerce’s share of total holiday season sales past the 10% mark for the first time.
Part 1: Ideas for Holiday Promos
There are a ton of promotions to be
running during the holidays.
● Gifts
● Holiday Bonus Boxes
● Gift Guides & Box Roundups
● Email Optimization
● Website Optimization
Idea #1.a: More gifting!
Gifting should be a top target during the holiday season.
When optimizing gifts, think about how you provide the option to a few different segments of customers:
● Existing subscribers -- They love your box, and want to refer the service to others!○ Dedicated email that encourages a gift sale.○ Account login pop-up CTA
● Existing Unconverted Leads -- Giving themselves or a friend/family member a non-renewing gift of something they're already interested in○ Dedicated email (special discount, bonus item or something else)
● New Leads & Prospects -- There are ton of shoppers looking for great gifts. ○ Marketing automations, special discounts & partner campaigns
Idea #1.b: More gifting!
There’s a problem with most gifts though… they don’t renew!
To curb the problem, consider:
● Limited to 3, 6 or 12 month gifts● Collecting giftee emails & developing a unique lead nuture &
email campaign that takes place AFTER the gift has ended● Create special promos & discounts for giftees once their trial
has ended● Collect data from them - what did they like? - then reward
them with something (bonus item, discount, etc)
Idea #1.c: More gifting… on the Marketplace!
The Marketplace at Cratejoy is the Amazon/Etsy of subscription boxes. We make it easy for people to discover amazing new subscriptions…. And that includes gifts.
● Gifting 3.0 is now live!● It’s easier than ever for people to checkout with a gift on the
Marketplace● You can decide: Always Renew vs. Never Renew vs. Let the
Subscriber Decide (recommended)
Reach out to [email protected] to get involved.
Idea #2: Holiday Bonus Boxes Holiday bonus boxes are excellent opportunities to boost bottom line revenue. They are be marketed to existing subs for more share of wallet AND marketed to existing & new leads as a low-commitment alternative to a subscription.
How to do it:
1. Choose a special theme (holiday or season centric)2. Curate a unique set of items3. Optional: Choose a new price point!
a. Special branding, special box, special inserts.
Read a great guide: http://jamesonmorris.com/how-to-run-a-holiday-bonus-box-promotion/
Idea #2: Holiday Bonus Boxes (examples!)
Idea #3: Gift Guides & Holiday Promo ContentOutside of more revenue via gift & bonus box sales, there is a big content push you can get involved in during the holidays… and it’s starting now!
1. Identify gift guide & round-up partners2. Determine cost (if any) and coordinate
reviews 3. Double check timelines -- spin up
promotions alongside publishing dates to make the most of your traffic
Idea #4: Email Optimization
You might not convert all your leads upon first arrival to your website.
That’s okay. You can 1) Capture them through opt-ins and 2) Create a unique seasonal lead nurturing automation & theme your messages around revenue goals.
1. Set up new lists in Mailchimp2. Create unique Automations3. Add seasonal & holiday elements4. Add CTAs for bonus boxes/gifts!
Idea #5: Site Optimization
Site optimization should always be a goal, and during the winter season, you can test new colors, themes & opt-ins throughout your site.
● Add seasonal colors & thematic elements● Seasonal opt-ins or popups● Seasonal lead-gen opportunities (special giveaways, gift alerts, etc)
Part 2: Things to be Aware Of
The holidays aren’t all jolly...
Worry #1: FraudFraud is always an ongoing issue.
During the holidays, it can be more pronounced.
Cratejoy is pretty good at catching fraud (there’s a notice).
Be diligent -- look at transactions, watch names & ensure people aren’t gaming your promotions.
Worry #2: Churn
Churn is the rate of attrition -- the rate at which people cancel their subscriptions to your business.
● Generally, healthy subscription businesses see around 9% churn. ● During February & March, you may see 3-7% higher churn rates than
normal.
Note: Gifts subscriptions are not included in churn! This extra churn comes from subscription, holiday splurging & mis-ordered gifts.
To combat this, make sure you have an automation & special promotions for incoming churn in those coming months!
What are you waiting for?
Assignment: NEXT TUESDAY!
• It’s October 18th. By Oct 25th, you should...
• Decide on a holiday bonus box - yay or nay?
■ If yay, create a schedule & stick to it
• Develop holiday promotions & email marketing ideas
• Optimize lead capture, website & automations
• Get involved with Marketplace Gifting!
• Next up… boost your revenue this holiday season!
How it Works: Setting Up Your Listing
Setting up your listing is super easy. Like really, really easy!
Q+A
Add some questions to the right panel. Let’s chat!
Action Item Reminders
Recap: The holiday season is a huge
opportunity.
1. Identify extra revenue sources
(gifting & bonus boxes)
2. Identify press opportunities
3. Optimize site, opt-ins & emails
4. Get on the Cratejoy Marketplace