Change Course & Don't Break Anything, The Journey, Episode 11, Season 2

TL;DR

Social Media Examiner pivots strategies to boost declining sales.

Transcript

JEN BALLARD: Well, I didn't think that we were down that badly. MICHAEL STELZNER: Join us on an impossible mission to grow our business 50%. Welcome to The Journey. MICHAEL: I don't have good news. Last week was perhaps one of the worst weeks we've had, since we launched Social Media Marketing World. We're heading in the wrong direction. If this co... Read More

Key Insights

• The team at Social Media Examiner is facing a significant decline in sales and is urgently seeking solutions to reverse the trend.
• A major issue identified was the poor performance of recent email campaigns, which contributed to low sales figures.
• There is a recognition that buying behavior varies, with 40% purchasing on their first visit and 60% requiring additional engagement.
• The team decided to launch a virtual ticket promotion earlier than usual to stimulate sales and activate affiliate marketing efforts.
• Communication issues with affiliates resulted in misdirected promotions, highlighting the need for clearer messaging and planning.
• The team plans to hire Talia Wolf, a conversion rate optimization expert, to better understand customer motivations through research.
• Despite setbacks, there were positive outcomes, such as upgrades to All Access tickets, though virtual ticket sales remained below expectations.
• The importance of conferences and networking is emphasized as a means of fostering relationships and serendipitous opportunities.

Questions & Answers

Q: What was the main issue faced by Social Media Examiner?

The main issue faced by Social Media Examiner was a significant decline in sales, particularly following a poorly performing email campaign. This decline threatened their business goals, prompting the team to urgently seek solutions to reverse the trend and stimulate sales.

Q: How did the team plan to address the sales decline?

To address the sales decline, the team decided to launch a virtual ticket promotion earlier than usual, aiming to stimulate sales and activate affiliate marketing efforts. They also planned to hire a conversion rate optimization expert to better understand customer motivations and improve engagement strategies.

Q: What role did affiliate marketing play in their strategy?

Affiliate marketing was intended to play a significant role in boosting sales by leveraging partners to promote the virtual ticket. However, communication issues resulted in affiliates promoting the wrong products, highlighting the need for clearer messaging and planning in their strategy.

Q: What was the outcome of the virtual ticket promotion?

The virtual ticket promotion resulted in fewer sales than expected, with only four tickets sold through affiliates. While there were some positive outcomes, such as upgrades to All Access tickets, the overall virtual ticket sales remained below expectations, indicating a need for further strategy adjustments.

Q: Who is Talia Wolf and what is her role?

Talia Wolf is a conversion rate optimization expert whom the team plans to hire. Her role will involve conducting research and surveys to understand customer motivations and emotional triggers, thereby helping the team to improve their marketing strategies and increase conversion rates.

Q: What was the significance of attending conferences for the team?

Attending conferences was significant for the team as it provided opportunities to strengthen relationships, network, and potentially discover new business opportunities. Conferences like VidSummit allowed the team to connect with industry peers and gain insights that could inform their strategies.

Q: What were some key challenges faced by the team?

Key challenges included the poor performance of email campaigns, communication breakdowns with affiliates, and the need to quickly adapt strategies to stimulate sales. These challenges highlighted the importance of clear messaging, effective planning, and understanding customer behavior.

Q: How did the team plan to improve their marketing efforts?

The team planned to improve their marketing efforts by hiring a conversion rate optimization expert, enhancing communication with affiliates, and launching timely promotions. They aimed to better understand customer behavior and motivations, allowing for more targeted and effective marketing strategies.

Summary & Key Takeaways

• Facing a decline in sales, Social Media Examiner is exploring various strategies to boost performance. A recent email campaign underperformed, leading the team to investigate buying behaviors and communication strategies. They aim to stimulate sales with a virtual ticket promotion and improved affiliate collaboration.

• The team identified that 60% of potential customers require repeated engagement before purchasing. To address this, they launched a virtual ticket promotion earlier than usual and sought to activate affiliate marketing efforts. However, communication issues led to misdirected promotions.

• Despite setbacks, the team is optimistic about future strategies, including hiring a conversion rate expert to better understand customer motivations. Networking at conferences is also seen as a vital opportunity for growth and relationship building, providing unexpected opportunities.