Podcast transcript
Paul Sonneveld
Hey everyone, it's Paul Sonneveld here from Marketplace Masters. Before we dive into today's episode, I just wanted to share a little bit about what we're doing at Prosper. It's a couple of weeks away. So let me just do a quick plug. If you are heading to Prosper in Las Vegas from the tenth to the twelfth of March, we'd love to see you there. MerchantSpring is an official sponsor this year, and we generally love to connect with you during the show. You can find us at booth three hundred and thirty-four.
We'll be showcasing our latest AI-powered capabilities, including our conversational agent, one of the most impactful features we've ever released. You can get a live, hands-on demo tailored to your agency or brand and unlock exclusive Prosper-only discounts that won't be available after the show. And if you're an existing customer, help shape our roadmap this year with direct feedback to our team. We're also meeting with agencies and potential partners to explore co-marketing and growth opportunities. So if that's you, come by and say hello. You can scan the QR code on the screen to book time with the team, and let's connect in Vegas.
All right, let's head back to today's episode. Today's episode is all about profitability on Amazon and specifically what it means for agencies trying to support brands in an environment where costs just keep going up. Amazon fees are increasing, new charges are being introduced, and external pressures like tariffs are squeezing P&Ls even further. For many brands, margins are now so tight that even investing in an agency support feels like a stretch.
That's why I'm excited to talk about this profitability topic, and I'm excited to be joined by Andrew Morgan, the CEO of Marknology. Andrew and I are going to talk about how agencies can take a much more proactive role, really moving from beyond execution to becoming true financial partners to their clients. We're going to talk about quick wins, long-term initiatives, overlooked fees, and real case studies showing how agencies can really help turn profitability around and build stronger, long-lasting relationships with brands. All right, let's dive into it. Andrew, welcome. It is absolutely fantastic to have you on today's episode.
Andrew Morgans
Paul, thanks for having me on. I'm excited to be here, not just as a colleague, but as a MerchantSpring customer and excited to connect at Vegas as well.
Paul Sonneveld
Look forward to it. Awesome. All right, well, let me kick off with our first question because I've certainly noticed this, and I'm really keen to get your take on this. How has the Amazon profitability conversation really changed over the last twelve to eighteen months for agencies? I mean, as you're talking to your clients, your brands, what shift have you seen?
Andrew Morgans
So I think I like this perspective. We're coming at things today because if you're an Amazon seller, this is a perspective maybe that you don't know. If you're another agency owner or customer of MerchantSpring, maybe this is something you know all too well. And I think that the last couple of years, at least the last eighteen months, have been a different journey than the last ten years. And, you know, it's always evolving. It's always changing.
So I think the conversation is you brought it up a little bit, which is, you know, tariffs, inflation, rising costs kind of everywhere. AI, the perception of AI, is AI doing everything? Can it do everything? Shouldn't it make stuff cheaper? All of these are like are mounting pressures, and so you know for us it's not just a matter of we're the best agency to help you on your Amazon journey overall, or the best content partner, the best PPC. It seems to me as almost every conversation is around profitability at some level. And so making that almost like at the forefront of conversation instead of something that's like, you know, later on down the road, something that you come up, it's like from the very beginning, How is profitability? How are you doing? Where are your struggles? I think it's just moved up the line in regards to priority of conversation with new customers.
Paul Sonneveld
Yeah, no, I can certainly second that. I've definitely seen that too. By the way, for the audience that is tuning in live today, this is a live show. I think we are breaking records here in terms of streaming to the number of channels there. So whatever channel you're tuning into, but particularly on LinkedIn and YouTube, if you do have a question for us, just pop it in the comments, and I'll be able to put it to Andrew as part of this conversation.
What are some of the, perhaps, some of the newer fees? I mean, obviously, there's pressure on existing fees; things are going up, but then Amazon is also the master, and maybe I'm being a little bit disingenuous here, introducing new fees and commercialising different parts of their service, like all the time. In fact, we have this sort of catch-all net where we try and quickly capture any new fees that Amazon releases because sometimes there's not a whole lot of news about that. What are some of the newer fees that you are seeing or have seen in the last sort of twelve, eighteen months that are catching sellers and brands off guard?
Andrew Morgans
Yeah. So, you know, there's I think everybody like, you know, thinks about themselves. And so when they think about this conversation, they're coming from their angle. And I just I encourage anyone thinking to think about it, that there's a lot of different sellers. There's a lot of different skill sets out there. We personally work with a lot of brands and brand managers or sales directors that have been put in charge of e-commerce. Not everyone is a a cunning operator like on Amazon themselves so sometimes we're working with teams and i would almost promise like you know ninety five times out of a hundred that whoever we're working with doesn't have the best handle on their fees maybe they're using a bookkeeper to handle it. Maybe it's something they look at generally to look at margins but a lot of them don't even know have clear visibility in their profitability.
And to answer your question, I bring that up because I think to even know what the new ones are, it's to have a baseline of your profitability. Do you know what percentage of your overall your COGS is or your advertising or your return rate or your inbound fees or these types of things and looking at them in a trend line and knowing, okay, my business in a healthy month these are our percentages where these different fees go and really looking at a P&L. That's when you're able to notice when a new fee kicks off or something that you and the team weren't tracking that now is is hitting the hitting the bottom line. Some of those could be if we're talking about the last eighteen months, it's you're now getting penalised if you have less than a thirty-day supply of inventory, and FBA or inbound fees are at an all-time high. They've added different fulfillment methods that we can use or ships in same packaging for some minor discounts, but they're always increasing fees as well.
So I think that the inbound game specifically, like inventory inbound into FBA has become extremely complex. And what used to just take a team a little bit of time and intention, is now taking a lot more time thinking about your, your supply chain, thinking about where you can cut, cut corners, how you can, how you can package items to get into Amazon cheaper. I think everybody defaults to thinking about PPC rising costs and CPCs and advertising dollars, and you know, category fees and things like that, or maybe the Q4 hike of fulfillment fees.
But I think it's really the, what is it, the saying, the death by a thousand cuts. And if you've followed my brand my personal brand or my journey at all you'll know if you heard me speak i try to keep everything positive like wins opportunities case studies that have success because there's so much negativity around these death by a thousand cuts. But i think it's just having clear clear visibility and being intentional about going through your P&L and identifying areas setting the baseline and then being ready to notice that that way you're more prepared to notice when you start seeing increases in any of these various fields.
Paul Sonneveld
Yeah, no, you mentioned before that very few brands really have a good grasp of their P&L. I mean, I just want to sort of follow up on that. Like, why do you think that is? I mean, is that just too busy running a business? Maybe a lack of financial acumen or, you know, just too hard to put everything together? Like what? I mean, and I'm sure it's all of the above, right? But is there something that stands out there for you?
Andrew Morgans
I think if you're not an Amazon seller and you are a brand manager or a channel manager or something a little bit more corporate than, I guess, the term Amazon seller where you're doing it yourself, there's a disconnect from this isn't my job. A lot of times, a brand manager or a marketing manager is put in charge of a channel like Amazon. And in that size company, it is not their role to understand profitability.
Ultimately, they're supposed to show sales, but they almost like outsource that to their bookkeeping team or their finance team to tell them whether they're making money on Amazon or not. So that team also is not, they're not Amazon smart so to speak they don't know what tools are out there they don't understand all the fees and breaking them down because they're not living and living and dying in that in that world. But as an agency being told let's say the brand manager is just a middle piece saying hey drew, like we're just not profitable on Amazon well, you start diving in to figure out what that issue is and you can see that a lot of times the person that's responsible for the channel just doesn't have really any understanding on that.
So you're trying to get them to raise prices or create combo kits for more margin. Or let's apply for the ships and same packaging type of program. Some of these things that can help reduce costs or looking at their warehouse and three PL. And they're just like, what are you asking of me? I'm a marketing manager. I think about images, retail readiness and maybe some media spending.
But understanding the basics around channel profitability is like way outside their scope and so i don't know if that lands but that's a good way of me trying to explain where that disconnect happens if you have a man or a woman that's they're launching a product on Amazon they've sourced it they've priced it, they've they've sourced out you know their 3PL they know a lot of the basics of their profitability because they're like the one man or one woman show doing all the things but as soon as you scale above that to a bigger team, a bigger brand, it's lost. And it's lost because it's kind of, that's not my job, that's not my responsibility.
But what little do they know that that is, if they're able to show profitability and make those changes as part of their job, because they're in charge of that channel, then it's going to be a better thing for them. And there's just a disconnect there. It's where it's like, if I'm able to talk to the CEO, let's say in a smaller company, that conversation really, really matters. But if I'm talking to a lower-level marketing person, the profitability conversation just doesn't matter to them as much.
But me as an agency, my perspective is that it really matters to me and it should matter to them because if the If I'm being hired or paid to manage the channel and the channel is not profitable or is not getting more profitable or is losing profitability, in short, I'm going to lose my job, whether the manager on the other side cares about it or not. And I need them to understand we're going to have more dollars for PPC, more dollars for influencers, more dollars for creators, all those types of things. If we care about these nuanced changes.
And the bigger the company, the harder it is to make those changes and to get those things approved and why trying to raise awareness about it in general. I think a lot of, a lot of companies like that don't even know, agencies need this to tell our stories to the brands. And so we want MerchantSpring, we want profitability tools. We want these types of things, but the individual company that's outsourcing it to their bookkeeping department, so to speak, like, you know, it's in the, across the hall and around the corner, they're not thinking about why do I need a tool like that? What would that help me with? What can that do? So it's just bringing kind of awareness to the conversation and trying to bring up knowledge overall.
Paul Sonneveld
Yeah, yeah. A hundred percent. Yeah. I mean, I think this is where agencies can play a pivotal role, right? And not just can't, they have to, because sooner or later, even it's not that the person that manages Amazon daily, someone higher up is going to look at the overall profitability of this channel and decide whether it's worth being in that game or not. So I can imagine the pressures really on agencies, particularly early on the relationship, not just to kind of lay out, hey, this is what your true profitability looks like.
But also deliver on some quick wins, right, to really get that positive momentum and get that trust going. And I want to talk about medium stuff, medium-term initiatives as well, but I'd love to just pick your brain on quick wins. I mean, when you're working with your clients, where do you usually go for in terms of low-hanging fruit, quick wins, demonstrating that you're really a partner and you can try and lift their profitability? What are some examples?
Andrew Morgans
So one good example for me would be looking at PPC, looking at advertising. And when you're looking at SKU by SKU profitability, a lot of times, there are certain SKUs that jump out as having a high return rate or lower conversion rate than the others. And so if you stop advertising on ones that you already have either low margins or issues on, and instead focus your advertising dollars on the ones converting better or better click-through rate because they have better main images or higher profitability. That is a quick turnaround move that can, you know, in thirty days time make make a big, big difference.
The other is really looking at just to pick one in different areas, because I think it's a fun way to do that is looking at supply chain and really taking some time to evaluate your process. You know, things change so fast. And what might have been a good plan in place, so to speak, or a good process two years ago might not be the case today. And so finding out what others are doing, asking questions, looking around, sourcing other partners, figuring out if you have good rates. If you have the strategy with which you're packaging and bundling your products to send them into Amazon is the best way to do it. Are you overstocking? Are you understocking?
I think the inventory and supply chain is a big, big area for profitability as well and worth the looks. But you said quick things. I think another thing can be testing your main image not that all of the images don't matter in your PDPs because that affects conversion rate and all those things but your main image is what gets you the attention at all in the first place and if you see like click-through rate dropping which affects advertising and profitability, and you have a couple of hero items that you could take the time to try and get, try to get some change on the main image. The difference can just be huge.
And, you know, like as an agency, we really only need, if it's a decent-sized brand, we only need to see improvement of like, you know, less than five percent, like one to three percent more than pays for us if the brand's big enough. So if we can get some changes in these areas, even small, you can see like, wow, that's okay. That's paying for the agency or that, that, that has benefited us long in the longterm. So, Amazon just like, little things like that, understanding how the things work together.
And I've got a little slide, maybe we can pull it up a little bit later that kind of shows like this is a problem and this is like the possible things that it could be. And so when you're evaluating, you're like, you know, if you're evaluating a budget, like if you have a business and you're like, you know, you're sitting down with your CFO and you're saying, okay, Our expenses are higher than our income. Horrible problem. Right.
Oftentimes on Amazon, that's the case when you're first starting. But expenses are higher than our income. We need to turn this around. What do we do? And he's going to come back if he's good. And we're going to come back with like, OK, we need to cut fifteen thousand dollars, and we can cut it in by grabbing more sales, okay, but harder thing to do. We can grab it by cutting overhead and expenses, potentially.
We can cut from marketing, we can cut from a number of different things, but generally there's a number, and then there's several buckets that you can actually impact or adjust. You can't change the market itself, you can't change customer demand, certain things like that, but what can we change? And I think it's helpful to say, these are all the things that we could change to affect that. Which one should we start and in what order?
Paul Sonneveld
Yeah, absolutely. I mean, do you want to bring up that slide briefly? We can just share the audience something you prepared earlier. I know that's really useful. All right, let me try to do my magic on my side here. Let's have a look. Hopefully that's.
Andrew Morgans
Yeah, I'll just leave it here. I think it's good enough. But what it is, is it's like it's kind of a KPI diagnostic matrix. And on the left side, you'll see like the KPI that we are tracking. OK, so low click-through rate, low conversion rate, high TACOS, BSR is dropping. OK, so what could be the root cause? OK. Stale main image, weak creative like I was just talking about. Maybe it's not getting clicks because the price is not competitive in results low conversion rate could be listing content not closing the sale wrong audience from ad targeting. High TACOS could be no organic rank support meaning we're not ranking for any of our keywords low conversion rate inflating the cost per per acquisition.
So TACOS is high simply because we're not converting and high TACOS definitely goes hand in hand with profitability same with conversion rate you improve conversion rate you'll see a massive difference in your Amazon business. So if you have like you know a low conversion rate on some of the main products you're advertising, fixing those can fix everything same thing with bsr stock out suppressed listing competitor aggressive on ppc price then i've got like the fix to the right which is kind of what I was talking about changing out that hero image trying that competitive price mapping, image stack in A+, search term. You go down the list, and it's like, here's kind of the KPI that we're paying attention to. And this is the root cause of it, maybe potentially from there, this would be the fix to do it.
And then in Marknology, we have four pillars. That's what's on the right. So we have the content pillar, strategy pillar, an advertising pillar, and an operations pillar. And which area of your business could potentially be responsible for that for that KPI issue and it shows that like it's not any one pillar it is a mixture of the both. So, like low click-through rate could be pricing and main image which is a content and a strategy piece low conversion rate could be a content piece like the images uh the content's not selling it or it could be we're sending the wrong traffic there from advertising right so I can't see your face but like in theory, you know, it's people think like, oh, I have a PPC issue and they think that that's just an advertising. They think that that's just an advertising issue. And instead of something else, which, it's one other slide. just like breaking that down into kind of a story.
So the obvious answer, you think like, the obvious answer is a pet supplement brand doing like, 40K a month in revenue. Not insane, but a growing brand. And it's like, our ads are too expensive. So, the owner said to me ads are too expensive let's cut ad spend right it's like very straight line we're spending too much on ads we're not getting there let's cut adspend. which is like kind of the easiest the easiest answer to give right it is like let the ads are too expensive let's cut aspen TACOS at eighteen percent a cost at twenty five percent conversion rate at twelve percent margins declining over three months what's happening?
And so what did the data show us like when we dug in? The ads were fine, but it was the three other pillars that were broken. And that's why I wanted to show this slide was because it seems straightforward. The KPIs ads are too expensive, but it wasn't that the ads were compensating for bad content, operations and strategy failure. So, to explain click through rate dropped fifteen percent over three months. Still main image that competitors had now changed their main image, and we're trying a new approach and beating us in the search results, getting that click.
Operations, we found that the best variation out of stock was was out of stock for eight days. We lost organic rank and as compensated. So it was now trying to convert with some of the different products out of the variation. And then strategy, pricing unchanged for twelve months. A new competitor had hit in the market fifteen percent lower than us with new content. So it was really content operations and strategy that was the problem in the dip. It wasn't the ads themselves.
So the owner was right to be concerned but was but was wrong about what the problem was. If we had just cut ad spin that wouldn't have fixed the problem so that's where an agency can come in a good agency that's helping you is really helping you evaluate the problem having a an open perspective, maybe more experience in different things and saying, hey, I actually think the issue is with this content, with the operations over the last two weeks and our strategy overall in regards to looking at competition and pricing ourselves. So there's a couple of quick visuals to kind of make that come together.
Paul Sonneveld
Yeah, no, that is great. I mean, I, you know, some of you know, I was an ex-consultant many, many years ago. It feels like a lifetime ago. But I love framers like this in diagnostics, right? And I think I'd encourage if there's any sort of brand listening into this, when you're talking to your agency, know we'll talk about like P&Ls and how you get there and you know they're important but but the really like I think where the value is is the analytical thinking and and the diagnosis right because as you were saying before, you really need to get to the root cause. You know like advertising my show is a big bucket but cutting that doesn't mean that you're going to have a healthier business at the end of it so finding the right financial partner who can really who really understands how everything hangs together and tackles what really is at the root, at the heart of some of these profitabilities is absolutely critical. So really, thank you for sharing your internal framework there. Really, really useful. Thank you.
Andrew Morgans
I don't know about you, but i'm at that age now where I don't really touch cars anymore they're all so electronic and automatic but like you know growing up I did a lot of work on my own car and you know for me I felt like I could fix almost anything if if I had somebody else an uncle or the shop tell me what was actually wrong with it. I would spend you know you fix this thing and it's not the problem you fix this thing it's not the problem for me, it was always the expertise was truly on the diagnosis. Same thing with a doctor or a trainer or a dietician or any of those things. It's about getting the right diagnosis. And then after that, the work is so much easier. Just having that confidence that you're working on the right thing.
Paul Sonneveld
A hundred percent. Yeah. So in addition to the framework, obviously, producing P&Ls and the numbers and really seeing where did you land this month, what did it look like, is important. Now, full disclosure, you're a MerchantSpring customer. I know you like our profitability module and all of that. But what I want to ask you is, before Merchant Spring or for maybe those agencies that can't afford a SaaS tool like that, how would you go about even putting together an accurate P&L for your customers? I mean, what have you done you know, previously, how should, maybe particularly like smaller agencies getting started, you know, what advice would you have on constructing a P&L that you can talk around with your clients?
Andrew Morgans
Yeah, so, You know, before Merchant Spring, we used some of the other tools. I think there's been Fetcher, there's been Managed by Stats, there's been Seller Board, there's been a variety of profitability tools out there. And I think that they all have a little bit of nuanced differences, like are they including FBM? Are they including this or that? Is it after the fact or is it kind of based on projections? There's nuance. So you got to know which one suits you best. And, you know, with AI now and some people's skills, like maybe they can even... I'm not sure just for that method. But a lot of times it's hard to get brands and customers of an agency to spend time doing the things we want them to do.
But we require this as a must when we onboard any client because we simply can't have conversations around their business. Asking them to send us a costing sheet or cost of goods so that we can do the math and things like that. So a lot of times with the software, there's an Excel export that just plugs into the back end. It pulls their SKUs and ASINs. They have to fill out their landed costs. And after that, everything is done for you automatically.
So when we're getting on a call with a customer or they're asking us to fix something, we then use that to reference either tracking progress over time, tracking subscribe and save subscriptions, tracking that you know our cogs is fifty percent of retail that's too high oftentimes it's going to be too high so looking at those as percentages and saying going over it with them on screen oftentimes or at least with screenshots and being able to have a conversation so I would say you know until you can figure out how to do that on your own pay the Twenty, thirty, forty dollars a month and get yourself a tool like that that you can put in place.
Without it you're just not able to, it gives you a starting point to have a conversation with them without needing them to look up in their sheets and do the math and calculate cost of goods for you, because if you rely on them to tell you. how profitability is, I think you'll be surprised that oftentimes it's not correct and it's wrong. And so you want to start, you know, it'd be like getting talking to the doctor and lying to them about what's actually happening with your body, or not knowing. And so there's even though they hear your intake, they're still going to run tests. They're still going to put a monitor on your heart or take your blood and check it for different things.
So I kind of consider that If I can make that comparison, that's a version of that where you hear what they have to say, you're hearing their problems, what they interpret it to be. They're not lying. They're just sharing what they know. And then tools like this are kind of your ability to plug in and get the heartbeat, get the get the real like true pulse of the business. So, yeah, you know, you could I think just going the spreadsheet route is very hard and finding some kind of tool that can essentially pull the fees and help you out is so much better to go.
Obviously, whenever we're launching a new brand, we do projections for them and cost analysis. And but those are all Those are all assumptions, but it's like after the fact, after you actually see your product getting returned or the fees or the FBA fees, that's when you have a more true P&L. And if it's something that you don't even want to do yourself, there's partners out there like Connect Books or someone like that, that's more true bookkeeping service than just a conversation for an agency and a brand to have that can help you get that.
It's like going to the gym. You know, if you have goals, like if you're going to the gym and you have goals, like you have to have these goals written down and say, I'm trying to get to where I can run a mile a day or a certain weight loss goal or things like that. You have to have a baseline before you start improving anything. And I think if you're looking at an account overall, the profitability of the account is the number one spot to start.
Paul Sonneveld
Yeah. That's a great summary and takeaway. We are at the half-hour mark. I'm going to squeeze in one last question because I do see this come up a lot. My question really is, how can agencies justify their fees when brands are under extreme margin pressure? And maybe just contextualise that a lot. In the last twelve months, I've seen a lot of our agencies. In my conversations with them, they say, look, this client loves working with them, but there's just not enough margin left to pay an agency. They've told us we're going to part ways. They just can't afford us anymore on that extreme margin pressure. I'm sure you've been there too. What advice do you have for agencies, owners or head of brands just to, what can you do to maintain that relationships within the context of what we've spoken about, right? Being a profit partner on that journey.
Andrew Morgans
we've been like I there might be some agencies this might be a hot take and they might not like what i'm saying because it doesn't help us overall and i'm not just racing to the bottom you know it has been a stressful couple of years trying to figure out you know how to maintain our margin and still be able to service brands and keep that relationship going. I think it's just come down to the structure of our services and what we're able to offer. So in some cases, they need us no matter what to get set up correctly, to get built right, to get the Amazon account launch, things in the right place. But after that, you know, just with margins or whatever it is, they don't have their business isn't big enough yet to support us ongoing in like a month to month kind of relationship. And so oftentimes we're doing more of like a setup and launch, and then we're limited services.
So maybe more just strategic, just a strategic retainer or maybe just a PPC and strategy retainer. So we talked about those four pillars, and that's kind of how we price is like what are the four pillars are they getting? So for us, it's just been to try to lean up like what we have to how many people on my team are touching it? And can I can I use less people to touch it and give them a better price with the hope that the business grows with that kind of oversight, and then they can bring us on more down the road. This is like uncharted territory for us in regards to trying to find ways to still work, you know, work.
But if we're simply providing strategy and oversight, we can have good margin on that. You know, it's really when we're designing creative and running the ads and setting up regular calls and pushing the buttons and creating variations and all that extra work that's like, look, there's only so much we can do. We have a lot of, our team's around the world, but we have well-paid Americans. We've got people all around the world where we simply can't work for three dollars an hour to be part of your team.
So we have to just convey that and say, hey, if you want to talk to, let's say, leadership or experienced personnel for strategy, here's a package where we can work with you. And that might look like. a fourth of our normal retainer or something like that. And the goal is like we've set them up we've got them in a good place now we're just running with them as like a mentor a fractional strategist with them uh and we'll pick it back up whenever they're launching new products or something like that. It's not it's not a black and white answer it's doing whatever you can to try to try to help them.
Paul Sonneveld
I guess the essence is what you're saying is maintain the relationship and reduce your service offering, but really focus on the area where you can continue that partnership approach and add the most strategic value for long-term success. That sounds a little bit cliché, but I think that's what we're trying to get to there.
Andrew Morgans
Yeah, as an agency owner, know where your profit margins are. Know what areas of your business you can if you split it up where you could be more affordable, or package it up and still be OK, and it's still not be a drain on the business. And then, you know, if you can't offer this at this price, if you're going to lose money, that's not a good fit. Right. But if you can offer certain services or a la carte them or just change the model, Marknology wasn't always that way. It was like full service or nothing. But but we have a lot different offerings and services now as we've tried to adapt to the changing market also.
Paul Sonneveld
Thank you. Well, this has been a great conversation on a topic that's in my mind really becoming like impossible to ignore. A profitability on Amazon isn't just a brand problem anymore, it is an agency problem too. And a massive opportunity actually, maybe this is the silver lining for agencies that are really willing to step up and lead in this space. So, Andrew, I just want to say a huge thank you to you for sharing uh all the practical insights real examples. I love those frameworks, how agencies can really help brands really protect margins and really build more durable partnerships as well over time. So thank you so much I want to thank everyone who joined us live. If you're watching the replay you still get all access to all the insights as well and the examples we covered today. Make sure to register for future episodes. And I hope to catch up with you in Vegas in a couple of weeks' time. All right, Andrew. Take care. Thank you so much.
