The Discount Drug (Interview with Givz Founder/CEO, Andrew Forman)

Explicit content warning

11/23/21 • 31 min

Infinite Shelf - An Omnichannel Podcast by Future Commerce

We keep it real here on Infinite Shelf. We don't paint a shiny varnish on a messy topic and gloss over the details. We put on our reality hats, face facts, and try to solve the problem as best we can. Today on the pod we'll do exactly that in Ingrid’s interview with Givz Founder and CEO, Andrew Forman. Listen now!

Discount Double Check?

{00:04:09} “First, brands are trying to get away from discounts as much as humanly possible. They recognize it brings in the lowest lifetime value customers the first time... So how do we get away from this, but still drive sales is question one/trend one. And then trend two, totally separately, is that consumers are demanding some sort of purpose driven activity from brands.” - Andrew
{00:09:30} “I will take a discount, right? But it's not necessarily that I need that three dollars off or something like that. Like, it's going to make the difference between like pulling the trigger or not. And it's become, I would say, like a game for internet savvy people of just not being fooled.” - Ingrid
{00:12:59} “I mean, once you buy something at 70 percent off, your perception of that brand in terms of value that is created, there's just no chance that you pay even 20 percent off ever again on something like that.” - Andrew
{00:16:25} “But at the end of the day, what we see in the data is that people want to feel good about their purchasing and they want to shout about it, and this is something that can get them over the hump in terms of buying something.” - Andrew
{00:24:52} “If you're saying one percent of revenue or 10 percent of profits goes to this one specific charity, and maybe you've been doing that for a long time, I guarantee you 80 percent of your customers don't know that or don't know the cause or don't really, truly resonate with that cause.” - Andrew

Associated Links:

Follow Andrew on Twitter
Follow Givz on Instagram
Visit the Givz website
Love your new host? Check her out on LinkedIn
Check out other Future Commerce podcasts

Have any questions or comments about the show? Let us know on Futurecommerce.fm, or reach out to us on Twitter, Facebook, Instagram, or LinkedIn. We love hearing from our listeners!

Discount Double Check?

{00:04:09} “First, brands are trying to get away from discounts as much as humanly possible. They recognize it brings in the lowest lifetime value customers the first time... So how do we get away from this, but still drive sales is question one/trend one. And then trend two, totally separately, is that consumers are demanding some sort of purpose driven activity from brands.” - Andrew
{00:09:30} “I will take a discount, right? But it's not necessarily that I need that three dollars off or something like that. Like, it's going to make the difference between like pulling the trigger or not. And it's become, I would say, like a game for internet savvy people of just not being fooled.” - Ingrid
{00:12:59} “I mean, once you buy something at 70 percent off, your perception of that brand in terms of value that is created, there's just no chance that you pay even 20 percent off ever again on something like that.” - Andrew
{00:16:25} “But at the end of the day, what we see in the data is that people want to feel good about their purchasing and they want to shout about it, and this is something that can get them over the hump in terms of buying something.” - Andrew
{00:24:52} “If you're saying one percent of revenue or 10 percent of profits goes to this one specific charity, and maybe you've been doing that for a long time, I guarantee you 80 percent of your customers don't know that or don't know the cause or don't really, truly resonate with that cause.” - Andrew

Associated Links:

Follow Andrew on Twitter
Follow Givz on Instagram
Visit the Givz website
Love your new host? Check her out on LinkedIn
Check out other Future Commerce podcasts

Have any questions or comments about the show? Let us know on Futurecommerce.fm, or reach out to us on Twitter, Facebook, Instagram, or LinkedIn. We love hearing from our listeners!

Previous Episode

Toy or Tech? (Chat with Madison, CEO/Founder of The Mada App)

Joining Ingrid today is Madison Semarjian, CEO/Founder of The Mada App. Tune in to hear a thing or two from Madison about designing and launching products that people will love.

Out with the old, in with the new.

{00:03:28} “So I really wanted to figure out how we can use artificial intelligence and other technology to really build this meaningful connection with younger generations? So, yeah, that's kind of how it came about.” - Madison
{00:04:03} “So, you know, my age group is the first one to grow up with access to the world in their pocket with their iPhone. So we do have really high expectations, and we're very savvy, and we're used to having access to everything. So I think that really the first place to start is by delivering very relevant and meaningful experiences.” - Madison
{00:011:55} “We just have way too many choices, and it makes you feel like when everything is a choice, you don't have any choice because it's just this confusing wave of everything.” - Ingrid
{00:18:34} “And I think what you're seeing with this new rise of videos and what's trending is it's actually like you're bringing a lot more real life to it. You're not going to grow on Instagram anymore if you're providing this picture-perfect life. Like people want real conversations.” - Madison
{00:25:48} “And I hate to be the bearer of bad news, but if, like the younger generation and the trendsetting generation isn't, you're not relevant with them, you're in a tough spot.” - Ingrid

Associated Links:

Follow Madison on Instagram
Follow the Mada App on Instagram
Download the Mada App
Love your new host? Check her out on LinkedIn
Check out other Future Commerce podcasts

Have any questions or comments about the show? Let us know on Futurecommerce.fm, or reach out to us on Twitter, Facebook, Instagram, or LinkedIn. We love hearing from our listeners!

Next Episode

Empowering Teams 101 (Conversation with Michelle Bacharach, Founder/CEO of FindMine)

At some point, we all find ourselves stuck in our mission to accomplish a goal. We're unable to move forward, solve the problem, or convince people to see things in a new way. We just get frustrated. These are moments where the connections that we make with the humans around us make a huge difference. Michelle Bacharach, Founder/CEO of FindMine joins Ingrid today to chat about empowering our teams in this mission. Listen now!

Building Successful Innovation Teams

{00:02:41} “So most brands and retailers have more products than they can produce high quality content for.” - Michelle
{00:07:36} “Because a lot of innovation teams don't have budget, and then they either expect a free pilot, which sometimes that works for the startups business model. Sometimes it doesn't. Sometimes you just can't give away a free pilot.” - Michelle
{00:16:55} “Oh, the second one is really about kind of organizational structure in terms of like breaking down silos because we're a small company, we don't have this problem, and so it's very easy to stand on my pedestal and say ‘You shouldn't have silos in your organization,’...” - Michelle
{00:20:03} “And so you have to set up your organization in order to be where the customer is. And the customer frankly, is just everywhere, especially in this post-COVID world.” - Ingrid
{00:28:03} “Yeah, I think that the difference is organizations that view tech as a means to an end and then organizations who treat them like they're the end in of itself.” - Michelle
{00:32:33} “So you're going to still have to go to marketing, you're still going to have to go to retail, you're still going to have to go to the email teams and the eCom teams and the merchants all kind of separate. And the innovation team members know those people really well. They understand the organization. They know who the power players are.” - Michelle
{00:35:39} “So it's really important to just keep them in mind that how someone's relationship with their boss can make or break whether they want to use your software in their day to day. And I think so often software sales teams forget about that that it all comes back to human behavior at the end of the day.” - Michelle

Associated Links:

Check out Michelle on LinkedIn
Visit the FindMine website
Love your new host? Check her out on LinkedIn
Check out other Future Commerce podcasts

Have any questions or comments about the show? Let us know on Futurecommerce.fm, or reach out to us on Twitter, Facebook, Instagram, or LinkedIn. We love hearing from our listeners!