The days of shopping by proximity, meaning what brick and mortar stores are down the street are disappearing as the rise of eCommerce is upon us. We are now in an age of convenience and identity. People are buying what they can get the quickest and what they identify with. Amazon alone in 2017 recorded over $170 billion in revenue and accounts for over 40% of purchases online.
Despite Amazon pretty much owning the ecommerce market share, there is still massive opportunity for entrepreneurs, many who will make some huge costly mistakes that keep them from ever reaching their business goals and making a profit.
As an expert in marketing, online sales and ecommerce, we’ve learned that sure a store can look nice and can have an amazing product, but that does not always translate into conversions and sales.
Here are Ecommerce secrets to get your online store on the right path.
1. Building An Audience Before You Launch
So many entrepreneurs start marketing their products after the store is up and launched and then expect instant results. The major issue with this is marketing takes a bit of time and warming up before things start to deliver sales. Our suggestion to new stores is to always start marketing before you launch by building up a pre-launch audience. You see this quite often with Kickstarter campaigns that build up some buzz and sometimes validate your offer or products.
Other ways to spread the word is to run contests or giveaways. Social media and specifically Facebook advertising or Instagram is an amazing channel for these types of campaigns. You can all run ads to get an email list ready to go or you can help build your audience in Facebook messenger.
Doing these things will have you ready and prepared so when you go live on your website you can push out some massive engagement and get some sales coming in immediately.
2. Customer Lifetime Value Is Key
With more competition comes more obstacles. Converting new customers from cold audiences is not an easy thing. Usually conversion rates are between 1 to 3 percent and customer acquisition costs are rising. What does that mean? That front-end profitability should not be your main goal.
Russell Brunson famously says “the one who can pay the most to acquire a customer wins”. Meaning you have to follow up on the back end and really focus on the customer lifetime value rather then only acquiring new customers to fuel the business.
The key to this is to deliver the highest quality customer experience as possible. Ask yourself, what happens after someone buys something? Do you follow up with them in some way shape or form. One of the best ways to follow up is through email marketing and messenger marketing. A quality email campaign or messenger campaign will ask your customers what their experience was and how can you make it better. Also reaching out to people on birthdays and holidays can be an amazing way to follow up with people. This is how you make long lasting relationships with people rather than just trying to shove products down their throats.
3. Remarketing – The Most Unused Tool
Most ecommerce stores will invest tons of money into marketing trying to acquire new customers.
So often do we forget about people we have already convinced. You could be missing out on some very low-cost impressions of people that have already bought your products and will come back and buy again, which means huge profits.
Not only will your existing customers buy from you, but they will usually spend more money with you as well. Some studies have shown that 70% of your current customers will buy again from you so make sure you stay front and center in their minds.
The easiest way to do this is with your Facebook ads and Google Adwords custom audiences. You can specifically target people who have already visited your site, added to cart or made a purchase.
4. Customer Curated Content Marketing
Earlier we talked about the new age of identity we are in. Now that consumers can buy anything they want and from whomever they want, brand identity has never been more important and is an absolute must. Forming an emotional connection with your audience and building relationships with them is key these days and one of the best ways to do it, is to have your customers do it for you. Curating customer content to create an emotional connection is one of the easiest ways to get out there and to let people know you are the real deal. The master at this was GoPro. They got their customers to show how cool it was to have a GoPro camera and that anyone could be a “pro” by having their customers send in their videos taken on the camera.
Brandon Fargo is the CEO of Brahvia Consulting