Latest / The 3Bz Podcast - Building Better Business / EP138 - Your Offers Are In Silos: Turn Data Into More Sales with Zoë Dew

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EP138 - Your Offers Are In Silos: Turn Data Into More Sales with Zoë Dew · The 3Bz Podcast - Building Better Business

• 0:01
  Hi there business owner, and welcome to the Three BS Podcast,
• 0:04
  the place where we go beyond the numbers and dive into the
• 0:07
  strategies to help you build a Better Business one step at a
• 0:10
  time. I'm your host Stephanie, a multi
• 0:12
  awarding entrepreneur with over a decade of experience in the
• 0:15
  bookkeeping and currency world. If you're a business owner
• 0:17
  looking to streamline, grow and get back the time that you
• 0:20
  deserve, you're in the right place.
• 0:22
  We're tackling real world problems, answering tough
• 0:24
  questions and digging deep into business building secrets in
• 0:27
  just 15 minutes each week. So Are you ready to build a
• 0:31
  Better Business with confidence and clarity?
• 0:33
  Then let's go. Hello and welcome back to
• 0:37
  another episode of the Three BS Podcast, your go to place for 15
• 0:41
  minutes of CPD certified motivation, education and
• 0:45
  inspiration. Each week we have another guest
• 0:47
  with us this week. Well, it's a guest we've already
• 0:49
  had. They were so fantastic, we had
• 0:51
  to have them back for another episode.
• 0:53
  Zoe, would you like to introduce yourself?
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  Oh, I'm going to have to remember what I said last time.
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  Hello I'm Zoe, I am a business owner.
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  I own Zoe G Consulting and I am a data revenue operation
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  strategist. I work with multi offer
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  businesses to understand what is working in their business, what
• 1:13
  to let go of and how to make more money.
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  So make money, save money or do cool stuff faster.
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  That's my premise. I love that so much.
• 1:24
  Now for those that haven't watched the episode yet, go back
• 1:27
  and watch the other one because we were talking data, but in the
• 1:29
  most non nerdy way and I had the biggest light bulb while I was
• 1:32
  on the call. So it's definitely one to go
• 1:34
  back and watch or listen to today's episode.
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  We're still going to talk about data because I don't know if
• 1:39
  you're a data nerd, but I'm a massive data nerd.
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  And the sales side of things where a lot of business owners
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  struggle, me included. And that data unlock so many
• 1:49
  different decisions in your business.
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  Whether it's the financial data from the bookkeeping account
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  side to unlock your financial decisions in your business to
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  the marketing and sales data that Zoe's talking about that
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  will help you make decisions on what offers to put out, what
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  offers to put down. I think it's all really
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  important that you hear it. So first of all, is there any
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  patterns that you see in customer behaviour that sort of
• 2:13
  usually reveal a new product or offer opportunity?
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  So maybe if they've got multi offers and they're going to add
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  another one, or maybe they don't have multi offers and they need
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  to start incorporating more than one offer in their business.
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  Yeah, the biggest pattern I see with most of the people that I
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  work with is that they, their offers are working in silos
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  almost. So they'll have this offer over
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  here which is maybe, I don't know, £100, and they're filling
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  that funnel with people who are perfect for the £100 offer.
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  And then they have another silo over here which is maybe 2000
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  lbs. And they think their £100 people
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  are going to move up that ladder and go and buy the 2000 LB
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  product. Because that's what we're
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  taught, right? Like have an awful ladder,
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  people work their way up. That's not what happens.
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  It's very rare that that happens unless you have, you know, very
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  niche, very specific offerings that do take people on that
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  journey. Most business owners don't.
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  These people sit in silos. So you're working depending on
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  how many offers you have. Like if you've got 2 offers,
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  doubly is hard. If you've got 4 offers,
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  quadruply is hard to get people in every offer and you're not
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  working hard enough on bringing the people who spent £150 with
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  you and bringing them up to spending £2000 with you maybe
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  over the course of a year. Most business owners want
• 3:36
  results now. We want quick, we want fast, we
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  want dopamine hits everywhere, we want revenue coming in.
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  But actually if we took a step back and looked at everything
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  long term, we should be looking at how long does it take someone
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  from spending £150 to maybe spending £450, to then maybe
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  spending £900 to then maybe spending £2000.
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  And what does that journey look like?
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  Because then if we're concentrating on spending money
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  bringing in, bringing in people at £150, that's a hell of a lot
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  cheaper than trying to bring in people at the 2000 LB mark when
• 4:11
  they need to know us and they need to have a relationship with
• 4:14
  us already most of the time. But what the other thing that I
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  see is that the majority of people that I've worked with
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  recently who have multi offer businesses, maybe they've turned
• 4:26
  over 1.2 million in the last five years probably.
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  So they're on about 250,000 a year turnover, looking to grow.
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  The main issue they have is that their total audience is quite
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  big. You know, we're looking at maybe
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  20,000 on an e-mail list, another 20,000 on Instagram.
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  Obviously, they'll be crossover. Maybe they've got a big presence
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  on LinkedIn or maybe they've got Facebook group, whatever it is,
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  they've got big numbers, but they have only had sales from
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  about 6% of the audience. So they have prioritized growth
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  of their audience, not growth of their revenue.
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  So it's quite a switch when I work with them to go, OK, this
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  is great. Like you obviously have growth
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  nailed, but how can we look at conversion?
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  Like how can we convert more of these people?
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  Because at the moment you're paying for them to be in your
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  world and you're not earning anything back from them and out
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  of those 6% who've bought something from them.
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  So I'll give you an Oh yeah, I'll give you an example, one of
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  so two sides of of the same coin.
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  One of my clients had had sales from about 6% of their audience.
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  Out of 800 people who had bought the £150 product, only 40 had
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  gone on to spend any more money of significant value.
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  So maybe about 40% of them had spent another 20 LB here and
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  there on on different workshops and stuff.
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  But out of 840 went to buy the 2000 LB product, 800 people
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  sitting there. Well 760 people sitting there
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  primed for another offer. But the the gap there was there
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  was nothing in the middle. So there was nothing at £500 for
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  them to progress onto because like I mentioned at the
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  beginning, that silo problem of, well, these people are all sat
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  in this silo and they've bought, so there's nothing else, there's
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  nowhere else for them to go. The other side of that coin is a
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  client who had very good customer retention rates.
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  So majority of people who came into their world would buy
• 6:30
  multiple times from them. But the product that they had,
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  they could keep buying it. It was like a fitness programme.
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  They could keep buying it, but they weren't going to get any
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  better results from buying it again.
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  Like they still had all the knowledge.
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  So he needed to look at laterally working out their his
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  office. So the same price point but
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  offering different results across the price points rather
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  than an Ascension model, which is, you know, getting to spend
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  more because they're already happy spending.
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  They're going to buy whatever he puts out.
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  He just didn't have enough things for them to buy.
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  Amazing. Again, light bulbs all over the
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  place. It blows my mind the things that
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  your incredible brain comes out with.
• 7:15
  OK. So this question is something I
• 7:17
  guess a little more holistic than the actual data is.
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  How do you balance gut instinct with data when deciding where to
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  invest next when you're looking at selling the next offer or
• 7:28
  developing the next offer? Because quite often as business
• 7:30
  owners, we have this gut instinct and we do one of two
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  things. We push ahead with it full
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  force, 110% straight away or we sit on it for ages and ages and
• 7:40
  ages. And then actually the moments
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  pass to actually put out the offer in the 1st place.
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  How do you balance the gut instinct with the data?
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  So I would do both. So if you have a gut instinct,
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  if you are tracking your data and like collecting information
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  about your business, that will inform whether your gut is
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  correct or not. So I'm very good now at pulling
• 8:01
  something if it's not, if it's not working, because I know my
• 8:06
  typical uptake rate, typically how long it takes people to sign
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  up. There are people who are in my
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  world that will sign up to all that I do if they are
• 8:14
  interested. This is the point.
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  They're not fans. They're not, you know, signing
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  up to every single thing I put out there.
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  But if it's relevant for them, they will sign up very quickly
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  if they see it. So I have markers that I can
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  tell if something's not gonna hit, I'll pull it because it's
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  the messaging isn't working. I just did this two weeks ago.
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  I've been, it will have happened by the time this episode goes
• 8:34
  out, but I've been been promoting a master class.
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  It had one name. It did not have any uptake.
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  Like it had no interest. And I sat with it and I thought,
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  right, what's not working here? It's not the content of the
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  master class because I know that's really solid.
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  It's the title. The title's not working.
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  I changed the title and I got signed up immediately because
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  the title was more appealing. So once you know these things
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  and you, your gut instinct, I would say normally is based off
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  data that you are subconsciously tracking.
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  It's just if you start to consciously track it, you can
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  make decisions much quicker. So I'm very much a person who
• 9:09
  goes by gut instinct, but I also know things.
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  So for instance, I know most of the people that I work with
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  don't work on a Friday. Like they're either doing back
• 9:20
  back office stuff or they're just not working at all.
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  I know if I was to launch something on a Friday I wouldn't
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  get much uptake. I know that.
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  Do I? Does it stop me from doing it?
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  No, I still do it. But I know now not to pull it
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  because on a Friday I'm going to have less reaction than I would
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  have on a Monday, so I know to leave it.
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  I only know that though from looking at my behaviour, the
• 9:44
  behaviour patterns of my audience and tracking all that
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  sort of stuff and that I think a data backed gut reaction is the
• 9:52
  best route to take. There's some incredible sound
• 9:56
  bites going on there. That was brilliant.
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  Thank you. And then so is there a quick win
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  experiment that ACEO or business owner can run this month to test
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  if their best selling offer is still their most profitable?
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  I think with it being the run up to Christmas, with it being sort
• 10:12
  of the end of Q4 Black Friday, is now the time to do that or
• 10:18
  actually should this quick win be done after what is normally a
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  very busy period in a very crowded marketplace with sales
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  and offers all over the shop? I think if you haven't been
• 10:28
  preceding Black Friday, now probably isn't the time to make
• 10:34
  a knee jerk of Oh my God, I need to do a Black Friday offer
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  because everyone else is. However, if you do have
• 10:41
  something that's sold well for you this year, Black Friday is
• 10:43
  probably a great opportunity to resell that thing.
• 10:45
  So repackage it, offer some bonuses, do it an amazing price.
• 10:53
  If there's things that you've wanted to try and test and you
• 10:55
  haven't wanted to do it because of how it aligns with the rest
• 10:58
  of your office suite or how you you want to be perceived, then
• 11:04
  Black Friday is another great opportunity to do that because
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  everyone is doing different things.
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  So it's a good time for you to try something different as well.
• 11:12
  But if you want a quick win, I would take a look at if you use
• 11:17
  Stripe, download your Stripe data.
• 11:19
  If I leave your stress in zero, look at 0.
• 11:23
  As an aside, make sure you're naming everything properly so
• 11:25
  that you can do this in the future.
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  Don't have like random names. And for random offers that
• 11:30
  you've done for people, always run with coupon codes or
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  discount codes so that you can track things in that way rather
• 11:36
  than changing your product name. But that's another that's
• 11:38
  probably another podcast. I would export all of your
• 11:42
  transactions in Stripe or 0 or wherever that information is and
• 11:45
  look to see which offer made you the most revenue.
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  So we're not looking at how many people bought it because that's
• 11:51
  a different story to how much money you've actually made.
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  Look to see what made you the most money and then think what's
• 11:58
  the thing that people actually bought that for?
• 12:02
  Why did they buy it? Did they buy it because of the
• 12:04
  bonus that was with it? Did they buy it because they
• 12:07
  needed the knowledge that I was selling?
• 12:08
  Did they buy it for the community?
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  Look at what it was that they bought for.
• 12:12
  And then I would repackage that and run it as like a flash sale
• 12:15
  or a flash offer to see if you can make your office suite
• 12:21
  leaner without having to create and deliver more.
• 12:24
  So just take one part of it, repackage it, sell that to see
• 12:30
  if that's a winner as well. You're then growing your office
• 12:32
  suite. We had, I had one client who her
• 12:36
  refund rate was really high on a certain product.
• 12:38
  And that's because people weren't buying it for the
• 12:40
  product, they were buying it for the bonus that they got.
• 12:42
  They got the bonus straight away.
• 12:45
  They didn't want the thing that they were buying, so they
• 12:47
  requested a refund because they'd already got what they
• 12:49
  were buying. So she repackaged it and sold
• 12:51
  the bonus and that worked so well.
• 12:54
  So yeah, that's a quick win that I would do.
• 12:59
  And also I would look at, if you want to do like a bit of a nerdy
• 13:04
  quick win, look at your offers, how much money each of your
• 13:08
  offers has made versus what your audience size is.
• 13:12
  Because often you will be pleasantly surprised at how much
• 13:17
  money you've been able to make off what potentially is quite a
• 13:21
  small audience in the grand scheme of things.
• 13:25
  Again, you always bring so much value and wisdom to these
• 13:28
  episodes. I feel you have to come back
• 13:29
  again, you know that, right? Anytime.
• 13:32
  Yes, it was amazing. So thank you so much.
• 13:34
  So obviously you help all business owners of this sort of
• 13:37
  thing. So where is best to be able to
• 13:39
  connect with you if they want your help or support or just
• 13:41
  want to join your world? Come and join me on Instagram.
• 13:45
  So we are due. It's it is business, but it's a
• 13:48
  lot like I don't. I do have another Instagram, but
• 13:50
  I don't use it. So everything goes on here.
• 13:53
  So what I'm eating to what I'm working on to opinions that I
• 13:58
  have. Also, I hang out on threads
• 14:01
  quite a lot. So same username on Threads,
• 14:03
  ZOERDEW and my website iszoeju.com.
• 14:08
  You can connect with me on LinkedIn and places like that.
• 14:10
  I don't really, I'm not really very present there.
• 14:12
  So if you want to like chat with me, Instagram is the best place
• 14:15
  to do that. And I've learnt so much about
• 14:18
  sourdough starters and God knows what from Zoe's Instagram store
• 14:22
  is. It's so fascinating.
• 14:26
  Thank you again so much for joining me.
• 14:28
  I really appreciate it. That does bring us to the end of
• 14:30
  another episode of the Three BS podcast.
• 14:32
  If you liked this episode with like rating review, it takes you
• 14:35
  a couple of seconds for that five star rating really helps
• 14:38
  push the podcast out to more business owners so we can all
• 14:41
  build better businesses. Thank you so much for joining
• 14:44
  me. Zoe and I will see you next week
• 14:45
  for the next episode. Bye.
• 14:49
  And that brings us to the end of another episode of The Three
• 14:51
  Bees podcast. I hope you found it useful and
• 14:54
  that you're walking away with some motivation, inspiration, or
• 14:57
  education to help you build a Better Business.
• 15:00
  Don't forget to subscribe, leave a review, and of course, connect
• 15:03
  with us on social media for more insights, tips, and behind the
• 15:05
  scenes content. Your next step in building a
• 15:08
  Better Business is just a click away.
• 15:09
  I can't wait to connect with you and I'll see you on the next
• 15:12
  episode. Bye.