This kind of thing happens in retail all the time (i.e. you are the 5th-8th best team out of 30, here's why a writer thinks you are awful: theringer.com/2021/6/21/2254…)

It's easy for a pundit to point out flaws.

Notice that pundits seldom do the hard work (especially in retail)?
In retail (and in e-commerce) the "doing" is really hard.

A pundit might tell you that you just have to be "remarkable" ... that's all ... that's all you have to do.
Have you ever tried to be "remarkable"? The answer is yes. You try doing it every day. It's hard to be consistently "remarkable", isn't it?

If you could be consistent at it. you'd have eight figures in your checking account.
I watched a pickleball tournament on Saturday.

The 2nd place team had a guy who said "I did well because I didn't try to be special, I just tried to be consistent and reliable. And it worked."
Now, the outsider ... the pundit ... wants you to be remarkable ... wants you to take risks ... and wants to criticize when the risks (or even the lack of taking risks) fails. That's how the pundit gets paid.

How do you get paid?
I have a highly successful client, e-commerce client.

This client doesn't take risks as much as the CEO makes bets.

He'll place 1,000 new merchandise / new item bets, knowing that just 25 will become successful.

But in the aggregate his brand is successful because of the bets.
His brand is successful ... not remarkable ... but successful.
Sometimes we get things confused ... we try to be remarkable when we should try to be successful.

You take a different approach when trying to be successful.

And the pundits ... they're frequently trying to be remarkable. Imagine if they tried to be successful?

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More from @minethatdata

17 Jun
1 - One of the dangers of "consultant communication" is the issuance of the phrase by a professional ... "Your ideas likely won't work because we are unique and we are special, and you probably don't understand our specific business model."

This is a red flag, folks.
2 - This is the way a professional tells you that they aren't going to change.
3 - It means that the professional quite likely agrees with your thesis, or can't find a way to fight your thesis. Without a way to fight your thesis, the professional develops a viewpoint that discredits the thesis ... "we're unique, we're special."
Read 19 tweets
15 Jun
1 - I've noticed that too few e-commerce professionals ... and almost no vendors (and it isn't their job to understand this) understand the fact that if few customers repurchase then the entire focus of the marketing department needs to be on customer acquisition.
2 - You'll miss this point if all you ever look at is conversion rates.
3 - Here's an example I just analyzed, with numbers scaled down to be easily understood.

The brand had 100 twelve-month buyers. 25% of those customers bought again in 2018. The brand then generated 70 new+reactivated buyers.

Next Years Buyer Count: 100*0.25+70 = 95.
Read 8 tweets
14 Jun
1 - This quote is misleading and true.

"Snapchatters spend 1.6x more than the average shopper across ALL Q4 shopping moments."
2 - I'm 100% confident that an analyst queried a database and found this outcome to be true.
3 - It's also a classic misread of a database.

Just because you can query a database doesn't mean you get accurate results. You write a query that is 100% correct and get a result that is bogus.

How so?
Read 7 tweets
13 Jun
1 - Actual e-commerce customer data is indicating that the "COVID-bump" is ending.

This creates all sorts of interesting dynamics that are going to play out over the next two years.
2 - Let's pretend that we have a business where the annual repurchase rate is 30%, there are 70 new customers per year, and there were 100 12-month buyers at the start of COVID. Let's assume that each customer spends $100 a year for simplicity sake.
3 - So, at the end of the year just prior to COVID, we had the following situation.

100 buyers.

Rebuy Rate = 30%.

Existing Buyers = 0.30 * 100 = 30.

New Buyers = 70.

Total Buyers = 30 + 70 = 100.

Spend per Customer = $100.

Total Sales = 100 * $100 = $10,000.
Read 15 tweets
18 Apr
1 - The first portion of my consulting career (2007 to about 2013) was mostly spent working with catalog clients.

Now, most of you marketing via influencers might only remember catalog marketing from the J. Peterman character on Seinfeld.
2 - In the 2004-2007 timeframe catalog marketing began the process of "dying".

Now, I'm already bracing myself for the wolves who will come out and say that Amazon sends a catalog and that is proof that catalog marketing is alive and well.

It is not alive and well.
3 - I was invited to speak at a conference in 2007 ... a roundtable discussion on the future of catalog marketing.

It's hard to tell an audience of 300 people that there is no future.

I was invited to provide a "contrarian" view ...
Read 29 tweets
18 Apr
Person told me tonight they called a vacuum cleaner company from a work phone for a repair. This evening, he saw an ad on his home laptop on Facebook for the vacuum cleaner company.

Two things.
1 - This person was not happy that his vacuum cleaner stopped working.

Why this brand thought that an ad on Facebook would help matters is beyond me, but I'm not a digital marketing expert.
2 - Just because you can link/buy/sell information doesn't mean that you should link/buy/sell information.
Read 9 tweets

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