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CRO (Conversion Rate Optimization)
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The RealReal is a marketplace for used luxury goods that went public in 2019 and is currently valued at $650 million based on an $8 per share price—down from $1.3 billion a few months ago. Its historical share price and revenue growth suggest a fair market value of about $1.6 billion. Luxury goods sellers usually suffer dramatic revenue hits during downturns, and we believe TheRealReal will eventually recover. Read more
How can you convince people to change their minds or behaviors? In his new book The Catalyst , New York Times bestselling author (of Contagious: Why Things Catch On ) Jonah Berger wants you to take out your chemistry notes and become a catalyst: an agent of change that works by removing the barriers to change. Image by marian anbu juwan from Pixabay The Catalyst isn’t quite as groundbreaking as R Read more
A recent client situation reminded of the following scene from the movie The Last King of Scotland . Shortly after assuming power in Uganda in 1971, Idi Amin expelled all the Indians, claiming they were "leeches" who milked the cow but did not feed it (Uganda's economy was controlled by Indian traders, descendants of the "Coolies" who moved to East Africa to build the railway for the British). The economy qu Read more
Looking to make some money online? You’d do well to heed this timeless advice from David Ogilvy on avoiding the “cult of creativity”. Although Ogilvy is often associated with flashy Madison Avenue style advertising, he began his career as a door-to-door salesman, followed by a stint in direct-response marketing. His best-seller campaigns for brands can be largely attributed to this background. Read more
Today I’ll critique the ad above by Fisher Investments, in the print edition of the Wall Street Journal. Overall it is an effective ad but could be improved. I've seen these folks running direct-response ads in the WSJ for years, along with Great Courses, Stauer and the Hong Kong tailors (Mr. Daswami) [link]. You can tell who understands direct-response marketing and is likely making money, vs. those Read more
What is the conversion rate for the "TV Shopping" on NBC's programs?
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Image credit: owlcation This is an image of a Belgian Blue cow. It has anywhere from 40% to 100% more meat than a regular cow and 70% less fat . It is an engineered species created by selective breeding over several generations. What can this cow teach us about increasing online sales? Well, 85% of all A/B tests designed to improve sales fail [1] because they do not produce a meaningful, or statistically Read more
The Law of Accumulative advantage is defined as follows by James Clear . What begins as a slight edge over the competition compounds with each additional contest. Each cycle further cements the status of those at the top. Over time, those that are slightly better end up with the majority of the rewards. It is also known as ‘ Winner Take All effect’ . Real World Examples Read more
