Why is it good to do like Jeff Bezos?
It all started when I was curious about the value of my store last month, and decided to contact a few brokers to give me some numbers. Typically most brokers will prefer niched down/branded stores due to their returning customer base which usually doubles or triples the value of your store.
So I was left thinking, there must be a way to craft an offer that is attractive enough for the Do it Yourselves who bought a tool, to the women who bought bras, and to the parents who bought a toy for their baby. If I could craft an offer with a common value to all those people, I could get all these customers to buy again and again and again through a subscription model and thus increasing the intrinsic value of my store.
A few days passed, and I heard an ad for Amazon Prime Day and the idea sparked up, and a eureka moment followed. I was like how come no one in our industry thought of this. I went on to create a banger landing page with a membership-only offer that would cost me nothing and extra privileges for those that subscribed for a small monthly fee and offered them a discounted yearly price too for the membership... and then we blasted it to our email list...
Well, guess what, the offer appealed to the mothers, the diy, the bra buyers, the garden lovers, the valentines lovers, and before we knew it, we had just created our own version of an Amazon Prime program. This is free money, no ad spend, no cost of goods sold, this is recurrent, this adds intrinsic value to the store, and this allows to pay more for your customers because, after every purchase irrelevant of what it is, an automatic flow will be sent to convert them into yearly customers.
Now do the math, if you had 20,000 orders last year, and if even 5% of your purchasers subscribed to the 4.99 membership program that's 5000$ extra of pure raw profits, aka, free money every single month guaranteed.