3 Areas of Ecom Marketing to Improve Your Revenue

3 Areas of E-Commerce Marketing to Improve Revenue

Written by Grant Gandor on July 1th 2019

E-Commerce is very similar to traditional commerce, but as I am sure you are aware, there are a few key differences and many businesses have not yet adapted.

As time goes on and competition becomes more competent, it will be imperative for your business to understand and take advantage of the differences that come with doing business online.

I find models to be useful in strategic and big picture thinking, so today we will focus on the three areas of E-Commerce marketing to improve revenue. Insight from this article should help you become aware of and patch holes in your marketing.

Here’s the Model:

Traffic > Conversion > Retention

Let’s look at each part in more detail

Traffic

Just like a store with a physical location that customers shop at, E-Commerce stores need a way to get traffic. That is, potential customers in the store.

Business owners need a strategic plan to get traffic on command. This process should be like when you turn the faucet and a stream of water follows.

There are many methods to get traffic. To name a few:

Advertising
Content Marketing
Sponsorship
Word of Mouth: Do your best to get people telling others about your product. People take action when someone they trust make recommendations!

The first step is being aware that you need traffic and the second is deciding what method(s) you will implement to acquire it.

Conversion

You have spent spent time and money getting traffic to visit your business. Now it’s time to guide them through the process of taking a specific action. (ie. opting in as a lead, purchasing, downloading an app…)

A couple things to consider at this point:

Number of 7 touchpoints to acquire a viable sales lead (salesforce.com)
Average conversions for E-Commerce stores is usually considered 1-2%
These are averages and are influenced greatly by your product and marketing goals/efforts. It is not sufficient to only look at one piece of the whole, but they can be helpful statistics.

Now that we have set some expectations, I want to remind you again that you have spent resources to get traffic (real people) on your website do not waste this opportunity.

One way to make the most of your marketing efforts is to send traffic to a landing page with an opt-in. We do this for three reasons:

Collect More Data Points - Leads to cheap customer acquisition
Free Retargeting - Not everyone will take action, but you can build a relationship with anyone who opts-in
Guide the Customer and Include Cognitive Biases - People are busy. Tell them what to do and make it easy for them by including persuasive elements.

Also, don't forget about paid retargeting. Remember the average number of touchpoints it takes before a purchase? (Hint: it's not one). Just because they did not buy, does not mean they will not. This is low hanging fruit.

Retention

Your customer has now completed the desired action, what’s next?

Continue to build a relationship!

Let’s say someone just purchased from your website, this is the best time to give them more value.

How?

Sell Them More - Your customer just said they trust you enough to part ways with their hard earned money. You must have something they want or even need. Make their situation easier by giving them more. This can be done by upsizing, upgrading, or cross-selling.
Validate Their Decision - Have you ever felt unsure or uneasy after making a purchase? This is called post purchase cognitive dissonance. Don’t let your customers go through this, assure them they made the right decision.
Overdeliver - Reward your customers for choosing you and they will reciprocate. Give a higher quality product or service than promised. Give additional products or services for free (products like shirts and stickers are good because they create a sense of association and are visible to other people). Or you could build a community. We are social creatures and those who connect similar individuals provide a lot of value.

Now that you have some ideas of what to do immediately after someone makes a purchase decision on your website, there is one thing to remember:

The easiest person to sell to is someone you have an established relationship with (especially someone you have already sold to). Don’t forget your customers and create more things that will be useful to them in their journey.

Grant Gandor

Grant is a digital marketing consultant who helps companies profit through digital marketing. Unlike other marketers he takes a scientific approach to advertising and is results oriented. He attributes his success to his mentors, who are among the best in the world.

Grant's clients are businesses who are passionate about delivering the best to their customers and seek to grow their profits online. If you're interested in growing your business and definitely reach out and request a free strategy session today.

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