Happy Sunday!
If you’re reading this, I hope you had a beautiful weekend, enjoying some time to relax, catch up on sleep and get outside. By now, you should be sitting on a couch, relaxed, a beverage in your hand, and with your feet up. Today’s email is a long one… mostly a gathering of all my holiday, BFCM, Xmas, and Q5 (the time between Christmas and New Years), to give you all the insights and fire power to crush BFCM. If you’re still in need of holiday help for 2024, drop me a line.
We’re about 75 days away from peak holiday season and I expect a ton of brands to be running sales early this year. I’m speaking at a Google event called Think Retail, and Google says they’re expecting most brands to start in September. You can sign up for Think Retail and get insights directly from Google about the holidays. Over 3,000 brands are joining virtually. I would sign up for the sake of just getting the content, even if you watch/read it later.
This past week’s episode of Limited Supply was also a Listener Mailbag episode for Limited Supply going over all things BFCM. Listen to it on Apple or Spotify… those 30 minutes might just
Another resource I found valuable was impact.com's 2024 State of Referral Marketing Report. It's full of golden nuggets and goes over structing the affiliate program, what conversion metrics to look for, how to incentivize affiliates in different ways, etc.
Ok, let’s get into gear for the holidays.
My guess is that many of the smartest brands will be competing for wallet share starting in September (and even on September 1st) this year. So it’s time for me to put together another massive guide on how to succeed during BFCM for 2024.
I’m also going to record another podcast episode on this and go even deeper into the details sometime in the next few weeks. Are you ready to make a lot of money together during BFCM and Q5 this year? Let’s dive in.
First, setting the stage:
I wanted to do some research and give everyone a recap on how things went during Black Friday/Cyber Monday last year.
Here’s what I found:
According to Adobe, it was another record setting 5 day event for commerce worldwide.
Cyber Week (i.e the five days from Thanksgiving to Cyber Monday) saw $38 billion in sales overall, up 7.8% YoY.
We also saw record spending online during Thanksgiving day ($5.6 billion, up 5.5% YoY),
Black Friday ($9.8 billion, up 7.5% YoY)
And $12.4 billion on Cyber Monday, up 9.6% from 2022.
Additionally from (Nov. 1 to Nov. 27), consumers spent $109.3 billion online, up 7.3% YoY.
Over half (60%) of this spend was driven by five categories which were:
- Electronics ($21.7 billion)
- Apparel ($19.2 billion)
- Furniture ($14.7 billion)
- Grocery ($6.8 billion)
- and toys ($3.1 billion)
Also, for the first time ever:
- Mobile shopping overtook desktop for total BFCM spend: Smartphones drove 51.8% of all online sales (up from 49.9% in 2022).
- Discounts hit record highs: On Cyber Monday, the biggest deals happened in electronics, where discounts peaked at 31% off the original listed price (vs. 25% in 2022). This was followed by computers at 24% (vs. 20%), televisions at 19% (vs. 17%), apparel at 23% (vs. 18%), sporting goods at 15% (vs. 10%), furniture at 21% (vs. 8%), and appliances at 18% (vs. 16%). Discounts for toys came in below 2022’s levels at 27% (vs. 34%).
- Average Order Values also increased: Consumer carts grew by 2.7% from Nov. 1 to Nov. 27, when compared to the same period in 2022 (From about $100 shopping carts to around $102) and for Cyber Weekend (Nov. 25 and Nov. 26), AOVs grew by about 3.2%. These numbers are the average and Shopify merchants did a little better than this.
- Buy Now Pay Later Surged: Buy Now, Pay Later purchases hit an all-time high, up 43% from 2022’s BFCM. So the obvious thing to do here is enable BNPL on your store if you haven’t already! I think it’s going to be another strong year for BNPL.
And as far as data for Shopify merchants, here’s how it looked:
- Peak sales per minute: $4.2 million at 12:01 PM EST on Nov. 24.
- 61 million consumers globally purchased from Shopify-powered brands.
- The top selling product categories were apparel and accessories, health and beauty, and home and garden.
- Average cart price: $108.12 ($107.53 on a constant currency basis).
- Top selling countries: U.S., U.K., Australia, Canada, and Germany.
- Top selling cities: Los Angeles, New York, and London.
- Cross-border orders represented 15% of all global orders.
- 56,000+ tonnes of carbon removal funded by Shopify to counteract shipping emissions.
- 60% year-over-year increase in sales made via Shop Pay.
- 17,500+ entrepreneurs made their first sale on Shopify.
- More than 55,000 merchants had their highest-selling day ever on Shopify!
Amazon also had a record breaking year. They don’t release exact sales data but they said customers around the world purchased more than one billion items on Amazon, with shoppers saving nearly 70% more on Amazon during their “11 days of deals” compared to the same period last year," ending on Cyber Monday.
Now to the tactics and how to win during Cyber Month this year.
#1 Flush the funnel.
From now until the end of the calendar year, your job as a brand is to flush your funnel.
All year, every single media dollar that you spend is building brand awareness, direct traffic to your site, sales, and first party data where you collect emails & SMS numbers from the popups on your site.
Q5 (aka September 1st to December 31st) is when you have to flush your funnel and clear out allll of the people that are patiently waiting for your holiday sales.
At this point, it’s time to bring out the big guns with your best offers, best ads, best emails, and best SMS campaigns to convert as many of these potential customers into actual customers as possible during Q5. And I am going to share some a bunch of tactics and ideas on how to do that below.
Last year, I called this “Sweeping up the sawdust” and this year I’m calling it “Flushing your funnel.” There is literally nothing more important than this and it’s the mindset you absolutely need to apply in order to win in Q5 this year.
#2 Focus on wallet share NOT market share:
Another great mental model for Q5 holiday sales is to focus on total wallet share vs market share for your category or brand.
By "wallet share" I just mean the percentage of a customer's total spending that they are going to allocate to a single category or brand.
Obviously there are different cohorts based on age, income, and location but here’s how you should generally think about it:
On average, consumers spent about $1,652 during the total holiday season (i.e Q4) marking a 14% increase year-over-year for total holiday spending in 2023.
The spending varies by age, income level, and location (i.e being rural or in a major city like NY or LA).
There is also a pretty significant power law when it comes to consumer/holiday spending:
According to Deloitte, nearly 30% of holiday shoppers, categorized as “high spenders” are expected to account for approximately 70% of total holiday spending.
These high spenders, who are evenly split between men and women aged 27-59 with an annual income exceeding $100,000, plan to spend $2,146 or more on average this season.
THIS is who brands are really competing for.
As a brand, if you want to get your slice of that $2,146, you need to start early to get those sales!
Once that capital is allocated (towards personal spending and/or gifts) consumers tap out and your opportunity to earn more revenue fades and dips into Q1.
So with that in mind, let’s dive even deeper:
First: Start sales wayyy earlier than you think:
I bring this up because of the point above. There is a finite amount of spending that consumers will do in Q5.
If great deals from your competitors come out in October, and consumers spend on them, they may be tapped out early and no longer have the ability to allocate to your brand when your BFCM sales go live.
As much as I don’t love having to start your sales several months before BFCM, other brands will be doing it and it’s up to you to launch in line with the market to give your brand the best possible chance to earn.
Google is telling merchants that holiday campaigns should start as soon as September 1st! Most of our clients
will start running promos in October but we are definitely starting earlier than ever this year.
More Offers = More Opportunities to Sell & Clear Your Funnel:
The next thing that I have to hammer home is that you should be making as many offers as possible over the next few months to earn your percentage of the pie.
The thing that I love about making a new offer is that it gives you permission to make new content, run new ads, and contact your entire list to generate sales.
More offers simply means more opportunities and shots on goal to get that sale.
In my mind, I would start testing holiday offers in September and I’d definitely have something planned for Halloween and then I’d roll out my strongest offers for Cyber month at the end of October and into November 1st.
You make leverage a mix of discounts, cashback, gift with purchases, buy X get Y, tiered promotion, or even run some more content and giveaways to increase engagement.
Starting November 1st:
The pre-BFCM bundle which is XX% off select products.
The Wednesday before Thanksgiving: The first 500 orders (if you are a big brand, this could be the first 5,000 orders) get a free gift with purchase on Wednesday.
Thanksgiving day: The early BFCM sale of XX% off site wide:
Black Friday: XX% off site wide + access to an exclusive product release or colorway + a free gift with purchase. I also love to offer specifically-merchandised bundles at steep discounts, but only when you buy within a bundle.
Small business Saturday/Sunday: XX% cashback towards your next order. If you have a higher SKU count, you can create bundles around different product collections that may have lower sell-through.
Cyber Monday: I love tiered promotional sales for CM. For ex., Buy 3, get 2 free. Anything to move volume.
Giving Tuesday: Every purchase, 10% of the order amount or 20% of the profit is given toward a charity that
you think aligns with the brand.
Wednesday-Sunday: Last chance campaigns and a limited time revival of your best BFCM deals.
Then you wait a week and hit them all again with your Christmas and EOW year shopping deals!
These could be deals focused on gifts for mom and dad, gifts for her or him, etc.
You could do “The 20 days of deals” leading into the end of the year.
There are so many ways to get creative about this.
At the end of the day, you need to make a ton of offers to give yourself more opportunities to sell and engage.
If you are only making offers for Thanksgiving day, Black Friday and Cyber Monday, you are leaving money on the table.
Next: Paid Ads:
For ads, my Q4/Q5 philosophy is that you are simply paying more money to get in front of people who have already interacted with you before. You should be spending the vast majority of your budget on retargeting traffic i.e anyone who has clicked on an ad or viewed content on your site throughout the year.
You don’t necessarily need or want to spend too much time and money trying to convince cold traffic or net new people to try you for the first time. You want repeat purchases from existing customers and to convince people who have meaningfully interacted with you throughout the year but haven’t converted yet, that BFCM is the right time to give your product a try.
According to some Triple Whale data that they shared with me, in 2022, most brands saw roughly a 3.3X increase in daily revenue during BFCM (compared to the week before) and a 10% increase to their average AOVs.
As far as ad spend, Triple Whale said that, on-average, brands spent roughly 70% more on Meta and Google during the week of BFCM compared to prior weeks. They also spent 32% more on Pinterest ads but the average RoAS on Pinterest actually declined during that time. Snap didn’t see a material increase and I don’t have the data on BFCM TikTok spend right now.
And here’s some new data I just got from Northbeam.
It looks like most brands flip on their BFCM spend during the first week of September, but then October they pull back in prep for November. This is reflected across CPM charts pretty consistently.
The last week of October is when ad spend goes crazy. Brands looking to avoid the rush would do better by seeding their advertising and sales before that time.
CPMs are 20%-30% higher this year for Google, Meta and TikTok than they were last year.
Not just during BFCM season, but in general. Whatever you were budgeting last year for BFCM, you’ll need to budget more to hit the same performance numbers.
One place CPMs have stayed relatively flat? YouTube. Nobody is using YouTube well enough.
Political ad spend is going to drive up costs. Programmatic is almost 30% of political ad budgets now.
—
Now back to what I think… My advice for brands is to always maximize their Meta and Google spend and avoid too many shiny objects right now.
TikTok shop sales have absolutely crushed it for certain brands and I think more companies should spend aggressively here.
YouTube is also deeply under-utilized by all DTC brands. Most don’t know how to crack the code yet and it’s still very under explored.
Various Sharma Brands clients will be investing in these strategies alongside Meta and Google and I’ll report back on how it all goes.
Here’s a bunch of more tactics below:
Don’t turn off your evergreen ads:
If your evergreen ads are working, don’t turn them off. Layer your BFCM ads on top. Your evergreen ads have built up so much positive social proof, including tons of comments, likes, and shares. If they still get clicks and conversions, keep them on!
Consider changing the URL redirect on your evergreen ads:
Instead of turning off evergreen ads, consider changing the URL redirect so it lands on your BFCM landing page. That’s one small hack if you want to redirect those clicks somewhere else.
Leverage catalog ads:
This is a massive hack for all of Q5. When you are ready to run your sale, you can dynamically add the sales to your catalog ads for a short period of time and then update it as needed. The learnings and data stay with the catalog, not the DPA ad unit.
You’ll hear in this upcoming week’s episode of Limited Supply how to properly apply sales so the catalog doesn’t lose its learnings. Basically, when you upload a NEW catalog for a sale, you reset all the learnings that have been collected so far. You just need to upload updated pricing, but not change the catalog entirely. You can also do this inside the Marpipe platform too.
Always have and update your on site sale banner:
Always have your sale banner as a global object on all of your pages. Whatever promo you are running that day, should be visible as a header banner everywhere someone goes on your site:
For Email + SMS:
According to Klaviyo, the average brand sent 11 emails during BFCM weekend in 2022 with an average open rate of 49% and an average CTR of 1%. That’s only 2-3 emails per day. In my opinion, you should send more.
A more aggressive email strategy on Black Friday might look something like this:
- 12:01am, you send your first email blast announcing your sale.
- Between 7-9am, you send your second email blast reminding them of the sale.
- At 11am, for anyone who didn’t open your first two emails, send another segmented blast.
- At 12:30pm, for anyone who opened but didn’t click or convert, you should send your first text with a “Text only offer” around lunch.
- At 3pm, send another email telling subscribers that “Inventory is moving fast and they better act now.”
- At 6pm, send a plain-text email from the founder thanking the subscriber for one of your best Black Friday’s yet and adding another offer like a free limited edition gift with purchase available on all orders now thru EOD to drive more sales.
- At 8pm, send one more text to anyone who has clicked but not converted and increase the discount with a new custom code. Offer an additional 5-10% off here.
- At 9:30pm send one more “Last Chance” email to push for the final purchases of the night.
Remember: Brands work the entire year to build awareness and anticipation for the Q4 sales season and then when shoppers feel ready to spend (i.e during BFCM and the holidays) you need to go all out to clear your funnel and get viewers to convert.
I feel very confident that no one will remember that you sent 8, 10, or 15 emails to them 2 weeks after BFCM. But as a brand owner, those extra emails or “chances” to convert could equal a meaningful increase in revenue (and hopefully profit) for your company and team. In short, don’t be afraid to send more emails. 11 is the average. I think 15-20 throughout the weekend is more than okay!
Email your entire list to start:
Most brands exclude inactive subscribers on regular sends to increase their open rates and click through rates. Don’t do this on BFCM. You should ping your entire list. As a brand, your biggest goal with email (or SMS for that matter) is to make subscribers aware of your offer in 2 seconds or less.
Put your offer in the subject line:
This brings me to my next point. If your offer is 30% off site wide, put it in the subject line and put a massive image in the email stating your offer. Consumers want to know what offers are available so they can decide how they might want to allocate their limited budgets on BFCM between brands. Although they might not open your email, they will scan their inbox and read subject lines. Put the offer upfront and make it loud and clear.
Use exclusions after the first 3 emails:
If you plan to send 15-20 emails during BFCM, the best way to go about it is to use exclusions and segments after the first few major blasts. If people open and click, exclude them from various future emails that you plan to send. If they’ve converted already, exclude them. Exclusions and segments exist in ESPs for a reason. Use them wisely as you clear more and more of your funnel over the week.
Put a countdown timer in your emails and on LPs:
Creating a sense of urgency is crucial when it comes to BFCM sales. Use countdown timers in your emails and on landing pages to show that “this sale only lasts for 5 more hours.” You want visitors to feel a bit of FOMO and then click and convert right away.
Incentivise the first 500-1000 sales with a free gift with purchase:
To get sales rolling, try giving exclusive offers to early birds like “the first 500 orders receive a free gift with purchase.” 78% of the time, this works every time.
Send postcards that land days before BFCM:
This isn’t related to email but I think sending postcards to all existing customers which arrive in their mailbox a few days before BFCM is a great strategy. To go one step further, customizing them with “Black Friday starts early for you (and then insert their name)” is the best way to go. I recommend using Post Pilot for this.
Send Handwritten Cards:
Want to be even more gangster? Create and send handwritten cards with a note from you as the founder from something like Handwrite.
It’s the same concept but this is way cooler since very few brands do it. You could also send regular post cards to everyone on your list and handwritten cards with an exclusive discount to your top 1000 customers if you wanted some differentiation.
Whitelist creator accounts
I’ve talked about this concept for years and I won’t stop. This is a big part of what we do at Character and we always see the best results from this approach. If you need help setting up a whitelisting campaign, email us today. We can handle one or maybe 2 more brands for BFCM if you start with us before November 10th.
Send people a calendar invite saying “Black Friday Sale Starts Today”
This was an idea that Moiz had and I had last year and I don’t know how feasible it is, but a cool way to kickoff Black Friday could be sending your top 500-1000 customers a calendar invite on gmail for when your sale begins. I’ve never seen a brand do this (and now because of this email I feel like at least 10 people will try it) but I thought that was a pretty creative idea to spark some buzz and set a reminder for customers to engage with your brand.
Revive churned customers or subscribers:
Black Friday is the best time I’ve seen to revive your churned customers and subscribers. IMO, you should offer a steep discount for people to rejoin your subscription program if they commit to at least one or two quarters. They have tried your subscription before and it’s likely while they are in the shopping mood, that they would consider subscribing again.
The same playbook can be run for churned customers too. If they bought from you last year but haven’t purchased anything this year, try running a segmented winback campaign with a custom offer that literally says, you tried us last year and we’d love for you to try us again, use code BF20 for your next purchase today.
Send your offer to bloggers and affiliates to be featured in top holiday lists:
Every year, nearly all major publishers will run lists on the top 50 BFCM deals in tech, beauty, and fashion etc. They will cover every category. Your job is to get your product and offer on these lists and it’s easier than you might think.
The strategy is pretty simple. Find a top 50 list from last year. Find the author’s name. Find their Twitter, LinkedIn, or email. Tell them what your discount is this year and ask if they’d consider including it in their upcoming list. Boom, you just saved them time at their job. They will probably do it and I’ve personally done this for many clients before. Even if it doesn’t generate a ton of sales, you will get a great backlink from a popular publisher or blog. Be sure to use UTMs so that you can track the performance if you do get a few links into blog posts and articles from big publishers this year.
Invest in Influencer Marketing:
Similar to the bloggers and journals, everyone is looking for recommendations when it comes to BFCM. IMO, now is the time to increase your influencer spend. Having a flurry of posts with people talking about your deal generates a lot of FOMO and high-level awareness for the offer. It’s worth allocating 5% of your planned spend here.
Focus on Bundles:
BFCM is also the best time to bundle items to increase your AOV. The average AOVs are around $108 for Shopify brands so keep that in mind. If you sell a lower priced product, you should be actively thinking about how to make your cart value 2-3x your normal AOV. This is your biggest opportunity all year to bundle items and drive more units per transaction in your sales.
Run you own advertorials and gift guide lists:
If you can’t get included in the “Best of” holiday guides, you should create your own.
Just spin up a blog post with “11 ideas for the perfect gift for him or her etc” that is a curated list of products you think your consumers might like. Add your own products to this list and then run media dollars to it. These lists tend to perform incredibly well.
Use TikTok Shop:
I recently wrote a 9 page email about the state of TikTok shop and the TTS affiliate program.
The most important thing about TikTok shop is that if you want to use it for Black Friday and Cyber Monday, you need to start NOW!
If your business is not already on TTS, the process to get started can take anywhere from 4-12 weeks depending on the category and complexity of your business. That means that you need to get started TODAY in case it takes longer than you think.
You also need to start creating organic content there ASAP so you can build some traction and establish your profile before BFCM. From there, you need to start tapping into the TikTok affiliate network to begin building relationships, content, and sales that you can leverage for cyber month this year.
As I mentioned above, all of this takes time and I believe it’s important to start early in case any issues arise. Once you have TikTok shop setup, you will be able to leverage the channel for BFCM in 2024.
Also, the growth of TTS is pretty crazy. Don’t quote me on this, but I think it might be the fastest growing product feature of any platform in the world right now.
As a reminder:
- TikTok has 1.9BN users globally, and 150M users in the US as of last year. They also claim to have 5M US businesses on the app.
- TikTok shops are on track to do $17.5BN in GMV this year. Up nearly 10x from last year.
- Americans spend an estimated $7 million per day shopping on TikTok Shops.
- Americans spent a total of 4.43 billion minutes per day watching TikTok videos in 2023. I did the math and that’s 8,422.69 YEARS of collective watch time per day. Pretty insane.
- Adult users spend an average of 54 minutes per day on TikTok which is 64% more time than the same cohort of Instagram users spend on Instagram.
- The Top 5 selling categories on TikTok Shop are beauty and skin care, supplements & vitamins, lip cosmetics, cologne & perfume, and body lotions & treatments.
- TikTok Shop is already the 14th largest health and beauty e-commerce retailer in the U.S.
So the point is… Don’t wait and get on TikTok shop today. It also can be a cumbersome process to setup, so I recommend getting that going now.
- YouTube Shops.
The same advice can be said for you YouTube shops this year.
They recently announced their direct integration with Shopify. This is another sleeper channel for BFCM this year.
I still believe that YouTube is one of the most under-utilized channels for DTC (I need to write an email about that!) and I also think brands will see strong performance from YouTube shops throughout Q3 and Q4 if they can figure out how to make creative that converts on the platform.
As far as the creative formats, I think it’s still pretty early so I don’t have any conclusive evidence that one style works better than another on YouTube vs TikTok vs Instagram, etc at least for the shopping part. On TikTok, it’s all about UGC affiliates. On IG, I think whitelisted creator ads and influencer content still works best. For YouTube, I’m not sure if there is a specific format that’s crushing it right now. As we test it, I will let you know. Overall, it’s still an underpriced marketing channel and should be for a bit longer.
Name the number:
These tips I got from the one and only Ben Yahalom from True Classic and I think it’s the perfect way to wrap up this year’s BFCM guide.
As Ben says, the job of a great media buyer is to continually make predictions about the potential yield of more spend. The primary metric that Ben tracks is what he calls “Marginal, incremental, contribution profit” which I wrote an entire 8 page email about last year.
In short, Ben and his team want to understand the incremental impact on bottom line profit of every marginal dollar spent (i.e the last $100,000 or the last $500,000) in their campaigns vs everything else that they do.
As a brand thinking about how to operationalize this, you just need to ask yourself, if you absolutely had to spend another $500K this month (or during your BFCM campaigns) which product, offer, channel, and creative would add the most net profit, not revenue, with every new dollar spent? How do you know this and what math do you have to back it up?
So with that in mind, during BFCM, Ben and his team set their high level revenue and profit goals and then they monitored their spend and on a channel by channel basis. The team met every two hours on Friday (starting around 6a.m) to review performance and make real-time adjustments based on the predictions that they collaboratively made.
Beyond simply trying to spend more, Ben encouraged his team to “name the number” and make a firm prediction like “I believe that if we spend another $100,000 on Meta on this specific offer/campaign before 2pm it will yield another $150,000 in profit” etc.
They make the prediction, implement the spend change, monitor the results, and hold themselves accountable when the numbers don’t add up.
I love Ben’s “name the number” approach because it trains you to get better at forecasting which is of course the hardest thing to do in life. If everyone could forecast everything perfectly, the entire world, economy, and brands would be in a very different place haha. That said, if you can forecast correctly, it’s like having a magical power that allows you to predict the future before it happens.
So if you want to get better at the skill of forecasting, you need to name the number, make the prediction, and measure the results in real time.
Interestly enough, Ben did this and this year he actually ended up pulling back on spend after naming a number and seeing that the results didn’t meet the profit margin threshold that he was targeting/comfortable with.
That’s another thing that I really respect about Ben. He didn’t FOMO and spend more just because he thought that there was a “BFCM opportunity.” He stood by his principles and focused on efficiency and profitable spend, not just top line growth.
Lastly, anyone can buy revenue, not profit:
This leads me to the next point which is obviously related and I think compliments Ben’s thinking and approach.
Ben said something that really stood out. He said “Everyone can buy revenue, but can you generate a profit?”
And this is incredibly true. Technically, any brand can unprofitably buy revenue for their business during BFCM or otherwise.
From my POV, in the early days of launching a brand or going from 0-1, you may need to do this to get the flywheel started and get to market while learning how to acquire customers more efficiently and effectively over time.
You may need to spend $1 to make 50-80 cents in revenue in the early days while you learn. But long term, this strategy obviously isn’t sustainable.
The best brands in the world want to buy profit, not revenue, and it should be the focus for nearly all brands in 2024. I thought it was a great one-liner from him and the main takeaway is that if it’s not profitable or if it won’t be profitable soon, it’s not sustainable over time.
Okay, that’s it for this week.
I tried to give you everything I had on BFCM for this year. I know it’s going to be a fun one and my team and I are dialed in.
What other tactics are you going to use? Just email and I’d love to share ideas and maybe talk about it on
Limited Supply over the next few weeks.
Okay, now onto some really fun stuff:
Vendor of the Week:
Every single billion dollar brand that you know and love has one main thing in common:
They all leverage the power of incredible partnerships.
The best brands that I know of are constantly partnering with affiliates, creators, and customers to supercharge their own growth and sales via referrals year after year.
This week, my friends at impact.com shared their 2024 State of Referral Marketing Report with me and it's jam packed with important nuggets and value.
They went deep and shared 29 pages of free insights about how referral programs could generate up to 20% of your annual revenue next year.
Their report will teach you:
- How brands are structuring their affiliate programs today.
- The conversion metrics that brands use to determine success.
- Popular incentives and rewards that can help you supercharge growth.
- The difference between single sided vs double sided rewards programs.
- The median value of rewards that brands give out (in terms of discounts, cash back, gift cards, etc) and a whole lot more.
It is definitely worth a read as we all head into Q4.
Just click this link and you can check it out HERE.
That's all for this week
Although today’s email was long, I wanted to make it a holiday 2024 report-style email… full of insights, tips, tactics and more. As we continue to discover any new tips, tricks, flows, setups at Sharma Brands, I’ll share as much as I can here.
It’s Sunday night, so I hope you plan to get 9 hours of sleep like I will be and have an amazing upcoming week. I’ll see you next Sunday, same time, same place!