0:00
The collaborative merchant came to me with $25 million in revenue looking to build high functioning teams both internally and externally to elevate their performance across the board. From the onset their leadership team made it very clear that while short term wins were going to be important the priority emphasis would be placed on qualitative measures that ensured long term success.
0:23
What comes to mind for this type of merchant for you. So as a collaborator. You’re a force to be reckoned with and I’ve built some buzz in the market and with your competitors you’ve adopted a mature digital mindset of continuous optimization of your channels and your entire business.
0:45
Now begin looking seriously at international expansion to Europe and perhaps Asia, including key regional marketplaces. I expect these larger brands to create full funnel reporting dashboards mapped to clear KPIs so every department can act in almost real time to changing market conditions while monitoring consumer feedback.
1:07
At this point continue to optimize your site making technical performance and things like ADA compliance a real priority. It’s worth taking the next step with your loyalty program as well and consider adding a full subscription experience if you haven’t already. It may also make sense to consider native and mobile apps if you haven’t already when you can provide additional utility
1:30
to target customers and can tie your online and offline experiences together seamlessly let’s talk about what to avoid at this stage. Once you’ve reached collaborator status it’s less about investing in this or that new thing than in transitioning your mindset and business into how
1:50
to maintain momentum while suddenly finding yourself the target of other market newcomers. You are now part of the consumer landscape and you are now subject to being targeted by brands just like you did to establish players with larger clients who have a good handle on their daily business and a built out a strong organization.
2:11
I focus on helping them maintain a digital mindset and business model. Getting complacent and failing to recognize gaps in your own offering is a quick way to find yourself being disrupted. And as with any investments avoid putting too much time, effort, and funding into ventures that do not have clear strategic benefits
2:32
or that you don’t fundamentally understand yourself. New technologies come and go and buzzy new concepts may hold promise but avoid jumping on a bandwagon without really knowing where it’s headed. Our collaborative strategy explains the core reason why the engaged with the commerce focused agency like BB to help generate refine and execute
2:56
on new ideas, new verticals and new sources of revenue by thoughtfully diversifying the business model the brand has broadened their potential audience and is more resistant to disruption by competitors and newcomers alike. In addition our collaborators have new tools to transform the existing customer experience and to understand how they can convert visitors into customers at a much faster pace.
