The Refund Effect 💳

Happy Friday! One of our favorite recent tech features is the iPhone’s “Crash Detection” which calls for help automatically during emergency situations.

When it works right that is…

Last week, there was a SURGE in 911 calls at the Bonnaroo music festival when the devices kept mistaking enthusiastic dancing for car crashes 😲

In that case, maybe we’ll just wait for a slow song…

Here’s your full rundown this Friday morning:

• Robot Wars - AI Copy Outperforms Humans In New Test

• Promos - WhatsApp Debuts New Promotion Features

• Web Surfin’ - ChatGPT App Can Now Search The Web

• Refund Effect - Capture More Lost Revenue Than Ever

• Daily Hack - Let the Games Begin!

Lurn Bytes: Your Daily News Download

AI Generate Copy Outperforms Humans - In a new survey, generative AI was put to the test. They had the AI create slogans for big brands like Google, McDonald’s and Facebook. The result? The AI copy far outperformed the copy created by humans…

New Promo Options Come to WhatsApp - Earlier this week, it was reported that WhatsApp crossed 200 million users for the first time. Not a bad audience size, huh? Well, they want to make it easier for you to reach YOUR audience on the app, and just created some new promo features. Check it out…

ChatGPT App Now Scrolls The Web - Another big update from the folks over at OpenAI this week, as the app for ChatGPT can now scroll the web.The introduction of the app last month was big news, but this takes it to a new level. There’s just one catch - it only uses one browser…

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How to Capitalize on the “Refund Effect”

The average refund rate for all products bought online is 16.5% in 2023. And all of those refunds cost retailers an estimated $816 billion in lost revenue.

But with a unique strategy called the “refund effect,” some marketers are capturing quite a bit of that lost revenue back…

TLDR - How To Recapture Revenue With the Refund Effect

In a new report from the Harvard Business Review, they found that most consumers “treat refunds as money already lost.” And when they spend that refunded money on other products or services, they don’t feel the purchase “pain” nearly as much.

And that’s where this strategy comes in.

When customers attempt to refund or return certain items, marketers are offering different items at similar price points.

Essentially, they’re offering CROSS-SELLS as an option instead of just a straight up return.

So take a minute and look at your own refund or return rate. Is yours above that 16.5% average? Even if it’s below that, wouldn’t it be nice to get it even lower?

Check Out The Strategy Right Here! 

Daily Hack - It’s Time To “Gamify” Your Marketing

The popularity of using games in marketing has skyrocketed recently, and for good reason.

Not only does it add a fun and interactive element to your brand, but it also has the potential to drive engagement, increase brand awareness, and boost customer loyalty.

Now, let’s dive into 3 awesome ways you can gamify your company's marketing…

#1: Loyalty Programs - These have been around for a while, but gamifying them can make them even more effective. Starbucks, for example, has a loyalty program that rewards customers with stars for every purchase they make. These stars can then be redeemed for free drinks and food.

Not only does this incentivize customers to keep coming back, but it also adds an element of excitement as they work towards their reward.

#2: Contests and Giveaways - These are a tried and true method of gamifying your marketing. Giving your audience a chance to win something is a sure-fire way to boost your engagement metrics.

Brands like Coca-Cola have used this strategy to great effect, with contests like "Share a Coke and a Smile" that encourage customers to share a photo of themselves with the brand on social media.

#3: Points Systems - A simple yet effective way to gamify your marketing is by implementing a points system. This can be as simple as rewarding customers with points for every purchase they make, and allowing them to redeem those points for discounts or free products.

Brands like Sephora have used this strategy to great effect, with their Beauty Insider program that rewards customers with points for every purchase they make.

Not only does this incentivize customers to keep coming back, but it also adds a fun element to the customer experience.

What do you think of today’s daily digital marketing hack?

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ICYMI - The Biggest Stories You May Have Missed

5 Lead Generation Tips To Use Today - It doesn’t matter what business you run or what niche you’re in, everyone needs the same thing: more high quality leads. Now, if only getting those leads was that simple. Here are 5 expert strategies to help you bring in better top-notch leads ASAP…

Meta’s Twitter Competitor Launching In July - Start your countdowns (if you’re into that sort of thing). Rumors are swirling that the new platform will debut in July. There’s still a lot we don’t know about it, but more details are coming out every day. Here’s what we know so far…

TikTok Launches Another Monetization Feature - They REALLY want you to make money from their app. This week, TikTok announced another feature to put money in your pocket. This one has creators submitting video ads to brands, and getting paid for them. Here’s how it works…

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