NO MORE DISCOUNT CODES | Tiege Hanley VLOG 129
NO MORE DISCOUNT CODES | VLOG 129
Aaron as well as Terry and Bryan from MENfluential Media have been urging Tiege Hanley to eliminate discount codes. BUT WHY? They discovered that the results of working with brands is more effective & valuable if the discount code is NOT mentioned. Instead, the visitor is prompted to click-through to a landing page which would reveal the associated discount.
Eye-Opening Experiments
Subsequently, using this click-through method mentioned above, Tiege Hanley experimented with discounts to see which converts the highest. Obviously, a company doesn't want to give away money. In other words, 20% *could* convert as high or more than 40%. Tiege Hanley's test was incredibly eye-opening, and they'll use this data with other influencers in order to maximize their effectiveness. Along with the conversion experiments, Tiege Hanley has been 'playing the numbers game' in regard to determining the most favorable discount-to-profit ratio. The process encompasses: (1) determining the lifetime value of a customer, (2) calculating their respective net value, and (3) ascertaining the optimal discount so that profits aren't 'eaten'.
The Many Benefits
When a visitor is prompted to click-through to see the discount, a higher click-through rate results which is beneficial and key to remarketing. Furthermore, displaying the discount offer on a landing page allows for flexibility. The discount can be changed after its initial launch as well as the discount amount can be adjusted (increased, for example) per-touch with remarketing. Ultimately, the company has more control over the situation and message.
Another benefit of not having the discount codes floating around is that mobile coupon apps (like Honey) crawl the web to find codes benefiting those who weren't privy to the discount from direct advertising sources. As a result, the use of discount codes becomes tricky to track their effectiveness. Overall, this change in the discount code process & procedure is a win-win situation. The customer scores a discount, while the company maximizes profits. It's exciting!
STORYTIME WITH AARON MARINO
During the Q1 dinner, Bank from Thailand approaches the table to introduce himself to Aaron. They chat and take pictures. Thereafter, Bank returns to his meal. When the Tiege Hanley table asks for their check, the server states it was 'taken care of'. At that point, Bank waves like, "you're welcome" ... but Aaron wasn't going for it as the bill was 'insane' although he and the rest of the dining party truly appreciated the gesture. Aaron follows-up by saying he thanked Bank profusely for his incredibly kind and sweet gesture.
YOUTUBE VIEW BUSINESS QUESTIONS
Q1 Should I developing my selling skills while working as a freelance web-designer full time OR should I partner with someone that can promote my business so I can focus exclusively on web-design? If so, how much should I pay?
Alpha says there are 'salesmen' and there are others that do 'other stuff'. He goes on to say that the best decision he ever made was to hire someone to advertise for his YouTube channel as he's a creator and appreciates having the burden to sell off of him. When he was the salesman, he didn't see the process through. When he hired a salesman, he agreed to pay 25% commission. He says now he makes more money because he can do more of what he does, and the salesman does more of what he does (as well as upsell him). There's no 'set rules' on finding someone to sell; however, two musts are offering commission and providing information in order to sell you.
Q2 As a small micro-business owner who does everything himself, what do you recommend when I travel or vacation?
Look for an intern or someone to bring into the fold to help you with day-to-day operations - someone who is affordable, reliable, and trustworthy. You could also look into a fulfillment center. True, it can be scary bringing someone into your business (it's one of the risks), but you won't be able to go away without shutting down or delaying shipping (which has risks of its own). There is no simple answer, unfortunately.
-----
WATCH MORE VIDEOS
➤ Aaron Marino's "Starting a Business + Building a Brand" vlog - http://tiege.com/tiegehanleyvlog
➤ Educational videos about a variety of men's topics - http://tiege.com/tiegehanlyedu
➤ Tiege Hanely product videos - http://tiege.com/tiegehanleyproducts
-----
FOLLOW US
➤ Facebook - https://www.facebook.com/tiegehanley
➤ Instagram - https://www.instagram.com/tiegehanley/
➤ Twitter - https://twitter.com/tiegehanley
➤ Pinterest - https://www.pinterest.com/tiegehanley
NO MORE DISCOUNT CODES | VLOG 129
Aaron as well as Terry and Bryan from MENfluential Media have been urging Tiege Hanley to eliminate discount codes. BUT WHY? They discovered that the results of working with brands is more effective & valuable if the discount code is NOT mentioned. Instead, the visitor is prompted to click-through to a landing page which would reveal the associated discount.
Eye-Opening Experiments
Subsequently, using this click-through method mentioned above, Tiege Hanley experimented with discounts to see which converts the highest. Obviously, a company doesn’t want to give away money. In other words, 20% *could* convert as high or more than 40%. Tiege Hanley’s test was incredibly eye-opening, and they’ll use this data with other influencers in order to maximize their effectiveness. Along with the conversion experiments, Tiege Hanley has been ‘playing the numbers game’ in regard to determining the most favorable discount-to-profit ratio. The process encompasses: (1) determining the lifetime value of a customer, (2) calculating their respective net value, and (3) ascertaining the optimal discount so that profits aren’t ‘eaten’.
The Many Benefits
When a visitor is prompted to click-through to see the discount, a higher click-through rate results which is beneficial and key to remarketing. Furthermore, displaying the discount offer on a landing page allows for flexibility. The discount can be changed after its initial launch as well as the discount amount can be adjusted (increased, for example) per-touch with remarketing. Ultimately, the company has more control over the situation and message.
Another benefit of not having the discount codes floating around is that mobile coupon apps (like Honey) crawl the web to find codes benefiting those who weren’t privy to the discount from direct advertising sources. As a result, the use of discount codes becomes tricky to track their effectiveness. Overall, this change in the discount code process & procedure is a win-win situation. The customer scores a discount, while the company maximizes profits. It’s exciting!
STORYTIME WITH AARON MARINO
During the Q1 dinner, Bank from Thailand approaches the table to introduce himself to Aaron. They chat and take pictures. Thereafter, Bank returns to his meal. When the Tiege Hanley table asks for their check, the server states it was ‘taken care of’. At that point, Bank waves like, “you’re welcome” … but Aaron wasn’t going for it as the bill was ‘insane’ although he and the rest of the dining party truly appreciated the gesture. Aaron follows-up by saying he thanked Bank profusely for his incredibly kind and sweet gesture.
YOUTUBE VIEW BUSINESS QUESTIONS
Q1 Should I developing my selling skills while working as a freelance web-designer full time OR should I partner with someone that can promote my business so I can focus exclusively on web-design? If so, how much should I pay?
Alpha says there are ‘salesmen’ and there are others that do ‘other stuff’. He goes on to say that the best decision he ever made was to hire someone to advertise for his YouTube channel as he’s a creator and appreciates having the burden to sell off of him. When he was the salesman, he didn’t see the process through. When he hired a salesman, he agreed to pay 25% commission. He says now he makes more money because he can do more of what he does, and the salesman does more of what he does (as well as upsell him). There’s no ‘set rules’ on finding someone to sell; however, two musts are offering commission and providing information in order to sell you.
Q2 As a small micro-business owner who does everything himself, what do you recommend when I travel or vacation?
Look for an intern or someone to bring into the fold to help you with day-to-day operations – someone who is affordable, reliable, and trustworthy. You could also look into a fulfillment center. True, it can be scary bringing someone into your business (it’s one of the risks), but you won’t be able to go away without shutting down or delaying shipping (which has risks of its own). There is no simple answer, unfortunately.
—–
WATCH MORE VIDEOS
➤ Aaron Marino’s “Starting a Business + Building a Brand” vlog – http://tiege.com/tiegehanleyvlog
➤ Educational videos about a variety of men’s topics – http://tiege.com/tiegehanlyedu
➤ Tiege Hanely product videos – http://tiege.com/tiegehanleyproducts
—–
FOLLOW US
➤ Facebook – https://www.facebook.com/tiegehanley
➤ Instagram – https://www.instagram.com/tiegehanley/
➤ Twitter – https://twitter.com/tiegehanley
➤ Pinterest – https://www.pinterest.com/tiegehanley
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Please, at least give discount for first time purchase. This isn't fair. I just learned about Tiege Hanley recently. Older consumers already got discounts for their purchase. But I won't get any discount now.
If i worder 3 box of packets then how much will be shipping cost at kazan
Cool video. The story was pretty funny Aaron, it gave me a good laugh.
I think I bought my first Tiege order from that video.
BUSINESS QUESTION:
Hi Aaron, I’m Tobias and I am 19 years old. I have this idea of starting a vending machine store. I see a lot of pros in this kind of business: firstly, you don’t have to employ a lot of people which means that the operating costs are significantly lower than for a traditional store. You can have the store open 24/7 and the vending machines give the buyer privacy on the purchase. The lower operating costs allow you to increase the sales volume because of the lower prices.
I’m Italian (like you) but I live in Copenhagen for a lot of years now. I’m studying Italian at the university, but I also want to study business economics in the future. I see this investment working here because it will be something new and unseen. My question to you is what you think of the idea of starting a vending machine store?
Thank you for inspiring me!
i just got 2 pm moisturizers in one package wtf
SOMEWHAT BUSINESS QUESTION
Hey Aaron, I’m a journalism student and writer and aside from writing from other publications outside of class, I write for my own blog jonathanrobertsxxiii.wordpress.com. My question is, how do you better promote your work? I usually post on all my social media the link to anything I’ve written as well as having some of my friends and family post links to thing I write as well but it hardly translates to views. Once I get my views up and figure out a solid permanent logo I plan on moving my site to its own domain and working to collect some ad revenue
5:14–12:00
Would Tiege Hanley ever start its own cologne line. I have found a my go to cologne that I could recommend to other guys. I’m shopping for a cologne
Tells story about eating expensively and being semi-famous. Doesn't sound like a jerk. Congrats 🙂
Jeff Ruby’s Steakhouse is the best I’ve had, it’s in downtown Cincinnati
I want to work for Tiege.
Much love to you! ❤ And great vid! 👌
Is that product going to work on a face having psoriasis or seborrhea dermatitis?
What happens if you cancel after one month of sub will you Come to My house and steal My products
That's an awesome story! LOL
The story was HILARIOUS!!! He was prob like WTF?
Why do you dislike Grand Cardone? I get that you don't like him because he is so in your face but he does give valuable information when it comes down to sales. People most likely don't like him because he really wakes them up lol, that's why I do like him
*QUESTION*: can you interview your chemist? I would love to hear hos they got to where they are
Regarding Aaron's response, if you guys need an amazing closer to improve your sales HMU. I also work commission based if you are wondering
Really enjoyed this episode and the storytime at the beginning! 🙂