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| Meet Lloyd Anderson, a nature lover from the Pacific Northwest and an online business owner. | Like many nature lovers, Lloyd valued good outdoor gear and apparel for his outdoor adventures. | The right equipment and clothing always make the adventure complete. | Unfortunately, he couldn't find many good stores for outdoor gear. | That being the case, he made a very daring decision to create his own. | That's how REI (Recreational Equipment, Inc.) started! | Before we continue with our story, a big thanks to our audience for supporting our sponsors, it keeps the success stories coming. | Now, a moment to spotlight our sponsor: | I'm sure many of you are on LinkedIn, right? But are you using it effectively? | You might be wondering how you can tell. | To find out, take a look at HubSpot's Ultimate LinkedIn Profile Playbook. | Compare your strategy to their expert guidelines and discover tips on how to enhance your presence on the platform. | | Elevate Your LinkedIn Profile | Transform your LinkedIn presence with our ultimate playbook! Designed for ambitious professionals, this guide unlocks the secrets to a standout profile. Learn to craft compelling content, engage effectively, and network like a pro. Whether you're job hunting, networking, or building your brand, our playbook is your roadmap to success. | Elevate your LinkedIn strategy and open doors to new opportunities with expert tips and insights. | |
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| Lloyd opened the first REI store in Seattle - US, selling top-quality gear for hiking, camping, and more. | People loved it! They liked the great products and helpful staff. | Soon, more REI stores popped up across the country. | But eventually, Lloyd realized that he needed to have a presence in the digital world as well. | He hired experts that used similar skills and strategies to what we teach for free at Max Business School to create and manage REI's online channels. | That took the business to a whole new level. | Now, REI is a big name in outdoor gear, loved by adventurers everywhere as we'll see in the case study. | If you're intrigued by Lloyd's success, continue reading to uncover more details. |
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| Case Study Analysis
(Available Free Until: 07/05/24) | What does this online business do? 🚀 | Today, we are taking a sneak peek into a lucrative business that specializes in selling various outdoor accessories, that turn a normal outdoor trip into an adventure. | Picture having a magical time hiking or camping in style with all the electronics and furniture you need - well, this business has just that! | Last week, we analyzed a similar online e-commerce giant specializing in outdoor clothing. Check it out if you're interested in this niche. | The business we're covering today highlights the importance of having appealing designs for its extensive range of outdoor electronics and accessories. | They're actually making millions each year, but we'll adjust those figures downward to $39K/Mo for the purposes of this case study. | Let's delve deeper to uncover their strategies and why they are so effective. | How does this online business make money? 💻 | This online store offers a wide range of products that enhance outdoor experiences, including hiking backpacks, camp blankets, camp furniture, apparel, road bikes, and electronics. | With an array of items designed to elevate your outdoor adventures, this online store is your one-stop shop for all things exploration and recreation. | | Whether you're gearing up for a challenging hike with a sturdy backpack, cosying up by the campfire with a warm blanket, or hitting the trails on a sleek road bike, this store has everything you need to make the most of your time in nature. | Whatever your outdoor passion may be, this store has you covered with top-notch products that blend style, functionality, and durability to enhance every moment of your outdoor experience. | What has this business done well?🔥 | Website general appearance: | The e-commerce store showcases a functional website with items and products grouped in categories. | It is good to come across an online store that values its website. | A brand's credibility and overall popularity begin with a simple first impression and appearance. | This feature is crucial for the online store as it encourages visitors to delve deeper into the site, browsing through articles, products, and brand details. | The majority of sales stem from a well-structured website that offers pertinent information and smooth features. | This is extremely prudent if you want to make sales and appeal to your audience. | Entice via discount and special offers: | Providing different discounts and special deals is a strategic tool used by top-tier online shops. | It aims to attract website visitors into making a purchase, even if they are just browsing. | This particular online store has embraced this strategy by strategically placing various discount banners throughout its website. | | Above is a snippet example of the discount banners on its main web home page. | What this business could improve?🔥🔥🔥 | This online store has displayed many strong qualities of a well-established company with little to no flaws. | This makes it a worthy competitor in its industry. | However, improvement is always a must. | Here we discuss how the e-store can make notable improvements to drive more sales: | Display discounts and coupons: | This online store has made a remarkable impact on and successfully entered the US market, which is a significant achievement since the US is the most profitable market for an online business. | However, it has solely focused on this market. | It is crucial to explore other external markets to facilitate further expansion. | | Expanding into new markets can open up a world of opportunities for this online store. | While the US market is undoubtedly lucrative, venturing into other regions could lead to even greater success and growth | By diversifying its target markets, the store can tap into different consumer demographics, adapt to varying trends, and mitigate risks associated with relying too heavily on a single market. | Exploring external markets also allows the store to showcase its products to a wider audience, build brand recognition on a global scale, and establish itself as a key player in the e-commerce industry. | Embracing this next phase of expansion with strategic planning and a customer-centric approach will undoubtedly propel the store to new heights of success. | The Takeaway, What We Learned 🎓 | First impressions matter this is why a functional and visually appealing website is an advantage to your brand/online business. Ensure that your brand is synonymous with your product or service Quality products are always a good representation of the online business. Display various special offers in the form of discounts and coupons. This will entice the web visitor to make a purchase. Brand reach into different markets is very debatable because there are many factors that are considered. Overall, it is advisable to pursue markets that are in line with your marketing plan.
| Lloyd's idea made it easier for people to enjoy the outdoors. | His legacy lives on through REI (Recreational Equipment Inc), inspiring generations to explore nature and have fun outside. | And this was yet another example of how hard work and determination can lead to success, so keep it up and never give up! |
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| What would you like to explore next? ⏭️ | | Before You Go 👋 | Thank you for reading. | Take a moment to check out our newsletter's sponsor: Hubspot | | Remember, if you know someone who might like this newsletter, sharing is caring. | If you are ready to get started with your own business, one of the first steps is always a website. Click here for our exclusive hosting deal and click here for an invite to our Max Business School community where you'll hang out with thousands of fellow ambitious business builders. | Remember to check out the classroom tab (top left corner) for all of our free courses teaching you all you need to succeed online. | Bye for now, | Scott Max |
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