A short post but an important one. It’s one of the most interesting plays I’ve seen to push a time critical offer. And it’s an interesting one to break down a little bit. So, in the great Gary Vaynerchuk tradition let’s get micro on this a little bit.
Buy My Stuff, In Exchange I’ll Give You My Time
So to push a two hour conference here’s the deal, you buy two cases of wine, selected by Gary, for $479.99. There’s no “buy tickets to this event”, no GetInvited or EventBrite links to buy access (and giving another supplier revenue). It’s a simple buy this and you’ll get what Gary is offering, a place at the conference.
Time critical offers are a mix of components. Get them right and you can measure the success:
- An item, could be an appointment, a session or a stock item. In this case it’s wine.
- A payoff: money off, free gift or access to something scarce. Here it’s Gary’s time.
- A time limit. Here’s it’s the day of the conference, October 14th. Assume that with the audience size (see on the image it’s viewed over 206,000 times) that the offer will sell out beforehand. Scarcity accelerates demand.
- A clear outline of the overheads involved, more on this in a minute.
We now have the elements of a formula:
Item retail price * available = total potential incremental revenue
Not a lot to it really…..
$479.99 * 200 = $95,998
Not bad going. A call to action and incremental revenue. Perfect. At a guess there’s a clear 30% profit margin once you take off sales tax, salaries but there’s no room hire or, I’m assuming, paying Gary to active for two hours (and the rest). Overhead reduction means profit increase.
The scene is simple really: know your audience, know your stock and know your numbers. The time frame it critical, there are customers who want your product and don’t want to lose out.
Find them by the medium that they consume (Snapchat, Instagram, Facebook and Twitter etc) and deliver the message. If you can personalise it then even better, that takes effort though.
In my opinion Gary executed it perfectly, the results though will be in the point of sale. That’s the measure.