A well-thought-out e-commerce marketing strategy not only boosts sales and fosters long-term brand loyalty, but also helps to effectively distinguish your brand from competitors or even create a whole new market for it.
Amid the ever-changing marketing trends and unrelenting competition characteristic of today's online business, many resort to professional help. Experts in the field of online marketing like Ads and Funnels can assist your ecom business in finding its distinct niche and skyrocketing revenues through cutting-edge sales methods.
Here are four key strategies for scaling your online business offered by the company's founders, Michael Kelly and Brittany Bush.
Dial-In Your Core Messaging
Brand values are its integral, intangible component: unique positive characteristics, which make up the key differences from competitors. They are a powerful motivator in purchasing decisions and help create an emotional connection between a brand and its target audience.
A well-formulated mission determines the rules of work in the company, influences the development of corporate culture, helps to highlight priorities, and develop an effective strategy for product promotion. It is a brand promise to its target audience.
"People are tired of the corporate B.S. Your messaging needs to share your brand's personality as well as speak in the language of your target audience", says Michael.
Brand qualities that give the consumer satisfaction from using the product become the real value. To identify them, you need to have a clear knowledge of what the target audience wants and what their motives are when making a purchase.
Strike a Surge in Your Average Order Value (AOV)
Average Order Value, or AOV, is one of the many acronyms an e-commerce company must get used to these days. Simply put, AOV is the average amount your customer spends on their order. AOV is simple: you divide your sales revenue by the number of sales. Yet it is vital to know specific strategies that can be implemented as a way to increase AOV, thereby increasing your income.
"One method to dramatically increase your AOV is by making the customer feel like they are getting a deal through adding a bulk discount offer such as "1 bottle for $49.99, 2 bottles for $79.98" to your checkout page. It doesn't matter if you sell supplements, face lotions, or any other products. This method works. Just make sure you don't mention these different quantities on the sales page or it could leave your customer confused and leave you with an abandoned cart", says Brittany.
Transform a Customer into a #1 Fan Through Their Lifetime Value (LTV)
In marketing, Customer Lifetime Value (LVT) is a forecast of the net profit attributed to all future customer relationships. A forecasting model can have varying levels of complexity and accuracy, from primitive heuristics to sophisticated predictive analytics. LVT is an important concept as it prompts companies to shift their focus from quarterly earnings to the long-term well-being of their customer relationships.
"Your ability to turn a customer into your #1 fan through using cost-effective channels such as email, SMS, and Chabot will make or break your profit margin. Through email alone, we've been able to lower one of our client's costs per acquisition from $95 down to $25. Which leads me to the next conversion booster for your business", says Brittany.
Use Heatmaps & Split Tests To Increase Store Conversion Rates
A successful e-commerce business requires a high conversion rate. It is impossible to improve usability and conversion without customer interaction. A heatmap is an extremely effective opportunity for interaction (feedback) with users on your site. It will provide you with unique insights into visitor behavior. Virtually no other analysis method can compete with heatmaps in terms of reliability and visibility, which means that these analytics will become the basis for targeted changes in usability.
"By understanding these you're able to create split test variations to test your hypotheses against the control. That means instead of just changing stuff on a whim you're able to make data-driven decisions to improve user experience on your website increasing the overall conversion rate", says Michael.
Hubspot's research backs up this claim. In response to the question, "What is the most significant aspect of website design for you?" 76 percent of respondents said they liked being able to find what they need right away. This means that increasing conversion and improving usability are inextricably linked.
Optimize the Customer Experience For Mobile
The importance of customer experience (CX) as a competitive advantage continues to grow every year. The sum of consumer interactions with a product or service provider is having an increasing impact on customer loyalty and satisfaction levels, as well as corporate income. Today, digital transformation opens up new opportunities for companies, offering tools for omnichannel service, optimization, and deep control of service operations.
Due to the importance of mobile phones to younger generations, it is critical to keep this in mind and optimize one's brand to be mobile-friendly.