What Does Beyoncé, Nordstrom and Your 7 Figure Online Business Have In Common?
Maybe your online business is not at 7 figures yet. But it can be.
If it isn’t, you definitely want to read on and watch the video. The few minutes you spend here will change the momentum of your business permanently.
I know what you are thinking – Beyoncé and Nordstrom have millions of dollars (in fact, Beyoncé and her husband Jay-Z combine for billions) so how is it possible that my business has anything in common with them?
Let’s look at Beyoncé first. During the 2013 launch of her self-titled album, Beyoncé, she turned the music industry on its ear. Secretly launching the album exclusively on iTunes, she broke records selling over 829,000 albums in the first three days with absolutely no marketing!
What does that have to do with you? Keep reading
In the case of Nordstrom, this retailer is world renowned for its customer service. One of the services that propelled this world class service is the personal shopper experience. Now according to Nordstrom, they would tell you that it is so the customer can have a stress free shopping experience. I’m going to tell you it has more to do with building sales and you can do the same thing very easily, starting today.
Here is the strategy:
C.W.B.T.I.A.B
This stands for Customers Who Bought This Item Also Bought
For Nordstrom, the personal shopper is trained to learn buying patterns, your taste, and the taste of others like you. Based on the buying patterns of your demographic, they know which items are best to present to you. They may need to critique a bit (knowing your favorite color, your size, etc.) but for the most part, these patterns are computerized. A version of this algorithm dominates every part of the internet, especially search engines and online retailers. My favorite presentation I get to deliver when out speaking is “The Man Is The Algorithm”. The algorithm really controls how and when your product or service is presented online.
This algorithm catapulted Beyoncé’s album. Every time a new customer purchased her album, the iTunes platform spread the word. The more sales she had, the more she would show up for other customers as they searched the iTunes platform for new music. I’ve used this platform and strategy for my clients to compete with national brands with huge budgets and we’ve come out victorious.
This is a great amplifier for your business, regardless of if you’re selling services or products.
Here are a few practical ways you can implement this in your business:
- List your products on Amazon – Whether you have books, products or even informational products, use the Amazon platform to sell them as well as your own site. If you get enough sales on this platform, you can trigger their marketing. Wouldn’t it be nice to use Amazon’s marketing budget for your product or service and get in front of their millions of customers? This is not only possible but likely if you are strategic about it.
- Use plugins on your website that will use this same concept for your blog posts and content. One of my favorites is shareaholic. It works for WordPress, Tumblr and Shopify to name a few. It’s free.
- Use this feature in your online shopping cart. Whether you are using Infusionsoft, 1ShoppingCart or any other service, you have the ability to create upsells based on this information. If you are spending money on this shopping cart every month, taking a few more minutes to set it up correctly could add so much more money to your bottom line quickly.
In this video, I talk about the CWBTIAB strategy. This video is about 17 minutes long. It talks about 3 strategies that will help grow your business. You can take advantage of the entire video, but if you just want to hear about this strategy, jump to 10:45.
If you want to implement this in your business and stop leaving money on the table, sign up for a free consultation. I will tell you the low hanging fruit ready for your business to capture using this strategy.
