Weekly Update October 31st

2 Strategies to Leverage BFCM to Grow Sales

October 31, 2022

Hey , 

Black Friday Cyber Monday is only 4 weeks away! Everyone’s favorite sales event is around the corner, are you excited or nervous?

It seems that e-commerce sales have generally been down this year leading to many brands focusing on retail. I’m curious to know, how are you planning to use Black Friday?

Reply back and let me know if you’re:

  1. Going Big

  2. Going Basic

  3. Sitting it out 

Keep reading below for 2 Strategies to Leverage BFCM to Grow Sales

THIS WEEK'S OPPORTUNITIES

 - Most CPG founders are doing their bookkeeping WRONG. Talk with Alice at

if you're looking to create accurate financials for your business. She's offering a

 special of $99/month for the 1st three months and $199/month thereafter for the Foodbevy Community.

Roadmap to Growth: Investors Conversation Tools and Tips Webinar - Nielsen IQ is hosting this event Wednesday, November 9th

- Aion provides flexible financing for CPG startups. Purchase inventory, invest in marketing, grow your team, and pay vendors – all while maintaining ownership of your business. Request an Introduction and save 10% on your interest rate.

- Sell your products on shoppable cooking live streams. Foodbevy members save $50, e-mail me for an intro.

2 Strategies to Leverage BFCM To Grow Sales

I’ve had a few founders ask me how to think about BFCM strategy, so I wanted to take some time to share some tips if you’re an emerging brand.

There are two key potential goals:

  1. New Customer Acquisition

  2. Customer Retention

New Customer Acquisition

This is a time when customers are looking for new products and brands to try… especially those offering good discounts. To reach these customers though, you need to utilize paid acquisition strategies to get in front of the right people.But what kind of ad content is effective? I’ve seen success using UGC style review videos with a BFCM messaging added. Start testing ads now to find the best performing content. Then add BFCM language to the videos.Need content quick? Use Billo to get videos for an affordable price.

Customer Retention

You can also use the time to focus on delighting your current customers. This is especially valuable if you’re not confident on your ability to build profitable ads or don’t have the budget. You can reach people using email (free), and have a higher conversion rate since they’ve already purchased before.This is a great time to reward customers with good deals while boosting sales. Here are a few ways how:High AOV + Large Discount - Incentivize customers to stock up by offering a high-price bundle, but at 25-40% off.Gift with Purchase - if you don’t want to discount, offer your brands something free with their purchase that’s on-brand. Around the holidays, people are either looking for a bonus for themselves, or something giftable.Want something at cost? Reach out to other brands and offer to include their product in your box for new customer trials, many will give you products for free.

Wrap Up

The biggest advice I have is to make BFCM work for you. Whatever your strategy, own it, and don’t compare yourself to what other companies are doing. That competitor who sold $200,000 may have spent $100,000 in ads and made every sale at a loss.Run your own race and do what feels right. 

PS. If you were forwarded this newsletter, please 

. 

Jordan Buckner

Foodbevy

NEW PODCAST EPISODE: 68. How to Build an Affiliate Program

Are you looking to build an army of affiliates to support your brand? Most find it nearly impossible to get started because of the amount of work needed upfront. Those who get it right can see amazing sales coming in from their outsourced community of salespeople.I invited on Kelsey Eyers, founder of Rexxy to discuss how to build an affiliate program.  We talk through the details of her 4-step process: 

  • Design (set goals and structure)

  • Setup (using the best software

  • Launch

  • Managing and scaling

This is the episode to listen to if you're looking to build an affiliate program

DISCOUNTS

- NielsenIQ

 Byzzer platform provides data for emerging CPG brands. You can

.

- Mindful Goods 

is an awesome Amazon expert that can quickly get you started or optimize your pages for strong ROI. 

 use code FOODBEVY.

- Maverick Lab 

allows you to create individually personalized videos (with a customer's name)

- Chop 

is a

that allows you to drive in-store trial, collect customer shopping data, and build customer profiles to further drive your business. Foodbevy members save 20% off. E-mail me for the discount.

- Stripe 

is now providing $70,000 in fee-free processing for new and EXISTING customers.

The Accountrepreneur 

is your go-to outsourced CPA and CFO firm for the food and beverage industry. Receive

- Airtable

 can store information in a spreadsheet that's visually appealing and easy-to-use, but it's also powerful enough to act as a database that businesses can use for customer-relationship management (CRM), task management, project planning, and tracking inventory. 

With your help we're building an amazing community of Food and Bev entrepreneurs helping each other!

Jordan

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