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How Often Should I Change My Product Offers?

DimNiko Marketing | Changing Product Offers

Hello there! Maryana from DimNiko here.

Last month we hosted a couple of Clubhouse events discussing our experience, tips, and tricks working with our clients. 

Follow @dim.niko on Clubhouse to be the first to know when we’re scheduling a new event.

Read more: How to “Create” a Problem Solving Angle When Your Product Doesn’t Solve a Problem?

There were a couple of questions asked from the audience, I decided to write a post with more detailed answers. 

If these questions are interesting for some, it could also be for others.

So let’s start with the question in the title.

How Often Should I Be Changing My Offer?

In DimNiko, we usually recommend our clients to change an offer once in 2-3 months. 

Every 2-3 months, our media buyers analyze the current offers and come up with suggestions on what can be changed. 

We’ve recently seen huge success when one of our clients implemented our advice. 

We suggested the client change from $52 to $49.99 and it made a huge difference in sales. 

We split tested the price which gave 50% traffic to the current offer and 50% to the new one. We saw results on the second day and the new offer was already knocking it out of the water. 

It is a simple psychological rule of offline marketing, but the magic .99 pricing point works great with online marketing as well. 

The psychology of the customers isn’t changing much when they step out of offline marketing and enter the online world. 

So there are a lot of tricks we can adapt.

We don’t even need to change the offer, rather name it differently or present it under a new sauce.

Here is a scenario, an ad were running with the same headline for 1 month that says “Special March offer”. 

We changed it to “Special April offer” to show the customers the offer is up to date and always changing… even if it’s not. 

Of course, we recommend updating the website and ads for Holiday related offers as well. 

Additional discounts are welcome, but if your business can’t afford it, it doesn’t need to be an actual sale discount.

You can just update the videos with Holiday elements and present them as a Holiday offer. 

The next question we had from Clubhouse was:

What Kind Of Creatives Are We Using For Our Clients In The Beauty Sphere?

Even though the question was very specific we can broaden it to many e-commerce spheres. 

Most of our successful creatives are based on bringing additional value to the customers. 

It could be one of the following:

  • “How to” tutorials
  • User-generated content showing the exact results the product can produce
  • User experience
  • Technical guide for purchasing the products

Of course, we’re constantly testing images VS videos, short videos VS long videos, different formats, and catalogs VS instant experience.

The results differ from client to client but the main rules we usually follow are:

  1. Showing the brand in the first 3 seconds makes your brand recognizable which helps build your community. It can also improve the performance of the retargeting and retention campaigns.
  2. Using more space of Facebook’s inventory (which means creating more square videos and even 3×4). And we also recommend uploading specific content per ad placement. 
  3. User-Generated Content is key! You can add testimonials to your content or actual customer reviews – all this increases the click-through and conversion rates. 

And the last but not the least was the following question:

Is It Important To Build Up A Community And How Does It Influence Paid Advertising?

Let’s take our client in the beauty industry as an example. He has a huge community on Facebook with thousands of followers.

A lot of attention is given to their social media. They initiate different contests, give valuable information, and of course promotions!

So our goal with paid advertising is to bring in first-time customers. During some low seasons, customers were acquired at a breakeven point. The client is unprofitable on the front end but then these customers enter the community.

The quality of information made the customer feels they belong. This makes them returning customer with no additional costs on the backend. 

When they launch promotions in the group, a big part of the sales are coming from returning customers. It helps a lot in increasing the average order value and it pays for the unprofitability of acquiring new customers.

Creating a community is a very valuable addition to paid advertising. And we highly recommend our clients to work on building brand awareness and customer loyalty.

If you want to know answers to other question we face in our daily work,

Book a call here: https://dimniko.com/msp-apply

Thanks!

Maryana from DimNiko

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