Author: Chris Labs

Learnings

Determine which advertising channels result in incremental sales

Chris Labs

Do a geo-location holdout. This idea is basically to stop either one advertising channel or one region of the country for a certain period of time. During that period, everything else should stay the same. By doing that, you might find that a channel that on paper is very profitable (Google search ads let’s say) is actually causing zero incrementality. In other words, regardless of whether you spend on Google search ads or not, you make the same amount of sales. You might find that some channels are underperforming (being credited more sales than they actually generate) and other channels … Continue reading Determine which advertising channels result in incremental sales

Being CEO

In a meeting, the CEO should always speak last

Chris Labs

As Jeff Bezos says so brilliantly, people might have a certain opinion. But once they hear the opinion of the CEO, they might think: Well, if this person thinks that way, maybe I missed some data or information and I should go read it again. That will alter people’s original opinion. And if they are smart enough to be in that room, their opinion was probably valuable too. Jeff Bezos, Lex Fridman Podcast Continue reading In a meeting, the CEO should always speak last

Being CEO

Format for team meetings: Memo

Chris Labs

The perfect meeting starts with a crisp document and a messy meeting. The meeting should be about asking questions that no one knows the answer to. The organization should be truth-seeking. If something can be known for sure through data or research, find the answer. 6 pages memo A typical meeting will start with a 6 pages narratively-structured memo. For 30mins, everyone in the meeting will read silently the memo quietly and write down questions they might have. If people were asked to read it beforehand, most are too busy and they would only skim the document. Or pretend they … Continue reading Format for team meetings: Memo

Learnings

Pricing depends on customer perception

Chris Labs

For example, in the customers minds, the difference between 20.95 or 21.95 or 22.95 on your website is not that big. But the difference between 20.95 or 19.95 is huge and should be taken into consideration. In a different scenario, where your product is sitting on a shelf in target. And your competitor sells for 24.95. In this case, whether you price your item at 21.95 or 22.95 will make little difference in the customers’ minds. – Mike Beckham (SimpleModern), (around 8mins) E018: How To Price Your Products. A Deep Dive Special. Continue reading Pricing depends on customer perception

Learnings

Where you should excel depends a lot on your pricing strategy

Chris Labs

Let’s say you are a chinese seller on Amazon and your differentiating factor is that you undercut your competitors. In this case, you should focus on producing that t-shirt for a low cost. And that should be your absolute priority. In this other example, where you are now selling a 400$ t-shirt, the price to manufacture the t-shirt almost doesn’t matter at all. Instead, you should excel at marketing and desirability. – Mike Beckham (SimpleModern), (around 10mins) E018: How To Price Your Products. A Deep Dive Special. Continue reading Where you should excel depends a lot on your pricing strategy

Learnings

When you discount, don’t discount across the line of colors… Discount a few select ones.

Chris Labs

What they have seen, is that people will still get the color that they want. But this tactic will spike the traffic, spike the interest, people will come in and buy the color they want even if it’s full price. That works very well with things like Prime day as it allows you to benefit from the traffic without losing all your margins. – Mike Beckham (SimpleModern), E006: Marty Wholesome Goods, De-Risking Talent, Data & Testing, Gamers, Panzerism, Prime Day & More. Continue reading When you discount, don’t discount across the line of colors… Discount a few select ones.