Norm Farrar has over 30 years in ecommerce, going back to the 1990s. He shares his secrets on how to maximize perceived value and profit.
With over 30 years of ecommerce experience going back to the early days of the internet in the 1990s, Norm Farrar has a unique perspective on the industry. Known as an "ecommerce fossil," Norm got his start in ecommerce accidentally but has been heavily involved ever since.
Having worked with major brands like Coca-Cola, Mercedes Benz, 20th Century Fox, Amazon, and Walmart, Norm has a depth of knowledge when it comes to manufacturing, sourcing, marketing, and selling physical products online.
As the host of the popular podcast and video series "Lunch with Norm," Norm shares his decades of ecommerce wisdom. In this episode, he reveals his secrets about maximizing perceived value to command higher prices and profits.
With so much experience over the long evolution of ecommerce, Norm provides rare insights into key shifts and trends across the industry. His case studies and strategic advice offer smart tips for brands looking to improve their margins in a competitive market.
(00:15) Getting started by accident in the 90s ecommerce boom
(05:25) Case study: Repackaging knives to increase perceived value
(12:42) Packaging impacts perceived value and buyer experience
(17:38) Shifts in ecommerce from the 90s until now
(23:01) Using community to build loyalty and repeat customers
(25:51) The importance of knowing your avatar and ideal customer
(29:25) Being an early adopter of new ecommerce features
(34:07) Starting small when adding services and offerings
(37:52) The power of systems, SOPs and checklists
(50:25) Investing in and retaining high-quality VAs
3 Things Brands Can Learn About Perceived Value:
- Packaging and unboxing experiences create anticipation and delight.
- Build community and repeat buyers through content and engagement.
- Research your avatar and niche before creating products.