Company: FEAT Socks
Strategy: Twitter Retweets
Key Advantage: Timing and relationships
In May, FEAT had a surplus of inventory and needed to liquidate as many socks as possible. Instead of selling the socks to a close-out wholesaler like TJ Maxx or Marshall’s, we wanted to use the socks to acquire new customers, get exposure AND make more money than we could selling close-out wholesale.
Strategy: Make a sale that people will be incentivized to share, letting them do the marketing for you for free. For people to be interested in it had to be current. It couldn’t be “Do X to get Y”, then people would see it was a sale and not want to share. It was around the time of the NBA Finals, and the Warriors were a heavy favorite to beat the Cavs.
Plan: Everyone knew the Warriors were going to win, so shock the Internet and bet on the Cavs with this tweet
We said we were so confident in the Cavs winning, we would give everyone who retweets this a pair of socks if the Warriors won.
At the time we had no Twitter following, and needed a little exposure. Using the relationships we have, we contacted our friends who run major Twitter accounts. For just $100, we were able to get their big accounts to retweet it and start the momentum.
An event like the NBA Finals is a great event for this, because it is not 1 day. We had 7 days for the Tweet to pick up steam, and the closer it got to the Warriors winning, the faster the retweets poured in.
We got over 20,000,000 impressions on the tweet, but how do we make money and get customers?
We set up an email capture where people could redeem their socks. Once their email was captured, we put them on an automated flow on our backend. It was a 4 touch email campaign converting them to get the socks, and the active members dripped into our email database and normal flows. We were able to capture over 100,000 emails.
But how did you make money???
The socks were free, but charged ~$8 per shipping. This shipping margin allowed us to cover shipping cost, product cost, and make more money in profit than we would of if we sold to a closeout retailer :)