{"id":30080,"date":"2023-01-13T23:25:03","date_gmt":"2023-01-13T23:25:03","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2023\/01\/13\/the-lingering-effects-of-buy-now-pay-later\/"},"modified":"2023-01-13T23:25:03","modified_gmt":"2023-01-13T23:25:03","slug":"the-lingering-effects-of-buy-now-pay-later","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2023\/01\/13\/the-lingering-effects-of-buy-now-pay-later\/","title":{"rendered":"The Lingering Effects of Buy Now Pay Later"},"content":{"rendered":"

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As we forge ahead into 2023, I believe we are on the brink of a credit crisis. There\u2019s a reason that, despite inflation, we saw an incredible quarter for eCommerce in Q4. Much of that growth was enabled by buy-now-pay-later promotions from third-party lenders. Unfortunately, now our chickens are coming home to roost.<\/span><\/p>\n

I\u2019m not here to doom-and-gloom you to death, but I do think a healthy dose of pragmatism will serve marketing leaders well as we strategize for the year ahead. Let\u2019s take a look at the automotive market, for example:<\/span><\/p>\n

\"car<\/a><\/p>\n

BNPL players like Affirm and Shop Pay have made it easier than ever for merchants to level up their CRO (Conversion Rate Optimization, for my Grandpa that reads this) game with payment installation options. Sometimes the offer, such as four easy payments on a $20 item, is downright laughable.\u00a0<\/span><\/p>\n

But it\u2019s working.<\/span><\/p>\n

Here\u2019s why that\u2019s a problem:<\/span><\/p>\n

Christmas is over. The need to buy gifts is gone. The reality, for many families, is setting in that eggs, gas, and other staples are not getting any cheaper. And that Visa statement isn\u2019t getting any smaller.\u00a0<\/span><\/p>\n

Here\u2019s where we\u2019re headed: The availability of relatively cheap\/easily obtainable consumer credit in Q4 sustained eCommerce as a whole in Q4, but now the credit card statement is due, and the average worker\u2019s check is still worth significantly less than a year ago.\u00a0<\/span><\/p>\n

This is going to impact far more than car dealers. As marketers, we need to adjust. Our marketing messaging has to be far more meaningful. Marketing leaders need to lead with real, tangible benefits in their copy and creative.\u00a0<\/span><\/p>\n

Start with value, then make that value irresistible.\u00a0<\/span><\/p>\n

Don\u2019t sell a pair of skis- sell the experience of the best views in the world shared with friends and loved ones. Don\u2019t sell a new pair of shoes. Sell the confidence and comfort the customer will feel when they put them on before that big event. Don\u2019t sell marketing services, sell how your marketing services produce a tangible ROI and make your clients\u2019 lives easier- like Fidelitas does \ud83d\ude09<\/span><\/p>\n

If you\u2019re not sure how to hone your messaging for maximum impact, you\u2019re not alone. Fortunately for you, I happen to pay a lot of smart people to help with that exact problem. I\u2019d love for you to meet them. Just reply to this email and we\u2019ll be in touch.<\/span><\/p>\n<\/div>\n