1/ Excited fans.
We used to spend thousands of dollars on social media advertising, but we’ve recently developed a brand ambassador program. We enlisted our loyal and enthusiastic customers to help spread the word about our company in exchange for discounts and swag. This helped cut marketing costs tremendously while allowing our customers to feel a part of the team.”
—KRYSTAL DUHANEY, CEO, Milky Mama
2/ Supplier savings.
“We’ve saved money by providing our suppliers with some certainty. Many suppliers have trouble forecasting demand these days, which created an opportunity for us to play the long game with them. We used our sales projections to order at a higher volume and with longer-term commitments. That helped our suppliers minimize their own volatility, and in turn, they’re lowering our costs—which boosts our margins and ensures that our products are always in stock.”
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Esta historia es de la edición December 2020 de Entrepreneur magazine.
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