3 Levers To Grow Your Business in 2024

Your weekly dose of best practices for building a successful DTC brand.

Welcome to this issue of The DTC Insider newsletter. ๐Ÿ‘‹ ๏ปฟ

We'll send you weekly emails, every Wednesday, trying our best to deliver great value to your inbox.

In this newsletter, you'll find:

๐Ÿ’  3 Levers To Grow Your Business in 2024

๐Ÿ’  Don't Let This Fool You

๐Ÿ’  4 Things Media Buyers Should Start Doing

3 Levers To Grow Your Business in 2024

Do me a favor.

For just a moment, forget about your ad account and email marketing strategies.

And think about the business layer of your DTC brand.

According to many authors, the 3 levers to grow a business are:

  1. Get more customers

  2. Sell higher-ticket products to increase revenue

  3. Do repeat business with those same customers

Now, do you need to focus on improving these 3 at the same time?

Depending on your capacity, this may or may not be possible.

So, identify which one of these will be give you the highest leverage, and take action.

For that, I follow a 4-step framework process:

๐ŸŽฏย #1 - GOALS

Think about the high-level goals for your business.

Not sure about your business goals? Well, start there.

โš”๏ธ #2 - CHOOSE YOUR BATTLES

Unless you have a really big & powerful army, you'll need to choose your battles wisely.

Then try to assess what you need to work on to move the needle...

Choose one or two at a time.

It's the 20% of effort (aka focus) that will produce 80% of the results.

A few examples of projects/battles are:

  • Increasing AOV

  • Increasing LTV

  • Decreasing CAC

  • Increasing gross margins

  • Increasing brand awareness

  • Improving reputation

Not all of these are relevant to every brand, so choose the ones with the highest priority for your business.

โš ๏ธ #3 - IDENTIFY BLOCKERS

Ask yourself and your team the following questions for each of these projects:

  • Where are the main blockers/bottlenecks that are preventing this project (ie. increasing AOV) from succeeding?

  • What are the best channels to accomplish that?

  • Do we have the capacity, or the right person/team working on it?

๐ŸŽฌ #4 - TAKE ACTION

Otherwise, the previous steps don't make sense.

Now, you're in a position to lay out an action plan, including the high-level tasks you'll need to work on to move the needle.

For example, let's say you choose "Increase AOV" as your next goal.

  • Main blockers/bottlenecks: we don't offer bundles or any in-store upsell before visitors complete the purchase.

  • Best channels to accomplish that:

    • The store: using (or not) third-party tools to offer upsells

    • Email: through a post-purchase sequence

  • Do we have the capacity/right team to work on it? Yes

Action plan:

  • Get a Shopify app - for example - to set up the in-store upsell popups

  • Set up an email in the post-purchase flow to promote the upsells

Don't Let This Fool You

It's not enough to have the core email flows in place.

This DTC brand had told us they had all the core flows up and running.

As if that was enough to skip an audit.

When we did a deep dive on the account, we found many areas of opportunity.

I'm writing this as I've been through this situation many times.

In this case, they were:

๐Ÿ‘‰ Sending only 1 email in many of these core flows

๐Ÿ‘‰ Communicating the same message to everyone

๐Ÿ‘‰ Not growing their list

๐Ÿ‘‰ Not encouraging customers to buy again

๐Ÿ‘‰ Not sharing valuable content

And the list goes on...

The bottom line is: the next time you look at your email account and see all the active flows, think about the above list and check what you can improve.

4 Things Media Buyers Should Start Doing

How much do you think the media buyer's role has evolved lately?

After all, media buyers shouldn't ONLY be the go-to people for implementing and optimizing ad campaigns.

The media buying role is changing FAST. And if they don't adapt, they will really struggle to add value in the near future.

Fortunately, there are 4 things media buyers could start doing today to add more value to their clients.

In this episode ofย The DTC Insiderย podcast, we discussed:

๐Ÿ‘‰ The evolution of media buying

๐Ÿ‘‰ How new technology and changes in the advertising industry affected their roles

๐Ÿ‘‰ 4 things media buyers can start doing today to add more value

๐ŸŽง Tune in to our latest episode: https://thedtcinsider.com/

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