Open for Business
As the busy Q4 holiday season approaches, it's time to plan-ahead and start thinking about marketing your online store. You want to let the world know you're open and ready for business. But what's the best way to accomplish this? We've compiled some tips to help you grow your audience and keep them coming back for more.
Online shopping has changed the way companies reach buyers. Having an online store allows small businesses to reach customers on a global scale. Let's face it though, the internet is mind-bogglingly (that's a word) huge and there are bajillions (that one might not be a word) of websites and stores. Twenty years ago starting an online shop was a novelty but now the ecommerce world is crowded. If you want to stand out and make a profit, you need to let customers know you're open for business.
Once you have customers, you then need to find a way to keep them shopping with you. This is where a proper marketing growth and retention strategy is important to keep your shop alive. Proper marketing ensures that your store stands out from the crowd, making it easier for customers to find you. You're competing with millions of other online stores so if you're not thinking about a growth and retention plan, then you've already lost.
Running your ecommerce store without a marketing strategy is like trying to sail the ocean without a compass. The internet is vast and filled with millions of websites. In this expansive digital ocean, the likelihood of customers accidentally stumbling upon your store is extremely slim. You need to ensure that customers will notice your business within a sea of competitors. You need to shout to make your existence known.
Once you jump the hurdle of getting customers, you need to make sure they keep coming back. An integral part of ecommerce marketing should be dedicated to retaining your existing customer base. Regular engagement through marketing channels like email or social media can kindle customer loyalty and encourage repeat purchases.
That's precisely what marketing and promotion strategy will do for your ecommerce store. Online promotion offers fresh opportunities for merchants, giving them a leg up in the marketplace. As more shoppers choose to buy online, it's crucial for merchants to realize how vital a growth plan is to staying in business.
The Power of Growth and Retention Strategies
Every year thousands of new ecommerce stores crop up, each trying to carve out a space for themselves. The internet is a crowded place with countless businesses vying for attention. Your store can easily get lost in the crowd. The modern digital commerce space requires some type of marketing and growth plan, to attract and keep customers. The power of marketing is nothing new in the business world, but it's even more important in the online space.
Adding new customers and retaining existing ones is crucial for the longevity and profitability of your ecommerce store. Research shows that it costs five times more to attract new customers than to keep an existing one. You need to find a way to get new customers and hold on to them.
An effective online growth strategy focuses on expanding your customer base through methods like referral programs, partnerships, or tapping into new markets. Retention strategies, on the other hand, aim to keep your current customers coming back. These can involve loyalty programs, personalized offers, or top-notch customer service. Plus, satisfied customers are more likely to refer your brand to others, contributing to your growth strategy.
An effective online promotion strategy uses digital techniques like improving search engine results (SEO), promotional SMS/emails, social media ads, online ads and affiliate programs. With these efforts, your businesses can connect with more people than before. Let's review some of these strategies and how they can work to grow your ecommerce store.
How to Execute Your Strategies
Executing on an effective marketing plan means having a clear idea for what you're trying to promote. Before starting, it's crucial to set your goals, like raising brand awareness, adding customers or increasing sales. Once you know your objectives and audience, you can decide on the right tools and methods to market your brand. There are numerous strategies available, each suited to different objectives, audiences, and types of products or services. Here's an overview of some of the most effective types:
Social media platforms are part of everyday life for many. They've morphed into powerful news, entertainment and marketing platforms that can connect your business with a captive audience. These platforms offer advertising options that can be customized to your ideal customer. They provide a stage for you to flaunt your products, display customer success stories and create content that builds a relationship with your audience.
Crafting valuable and captivating content that resonates with your audience is a powerful marketing approach. For example, a blog can drive organic traffic to your site, improve SEO and position your brand as a leader in your industry. By creating content that educates and excites, you can strengthen your bond with your customers. Building trust is a pivotal part of effective brand marketing. When you have your customers' trust, it makes them more inclined to purchase from your store and tell their friends.
SMS & Email Marketing
Despite being one of the oldest forms of digital communication, email remains a great way to interact with your customers. Platforms like MailChimp or Klaviyo let you send targeted email and SMS campaigns that create customer engagement and promote retention. Regularly scheduled, SMS or emails will keep your brand in the minds of your customers.
SEO and SEM
Search engine optimization (SEO) and search engine marketing (SEM) are key to improving your visibility on search engines. Tools like Google Analytics and Search Console offer valuable insights into your store's performance. With the proper tweaks and optimization, you can rank higher on search engines and draw more people to your site. This is a classic technique that marketing experts have been implementing for decades.
Influencer marketing leverages the credibility of known influencers who have a sizable and engaged following on platforms like Instagram, YouTube, TikTok, Twitter, and others. Influencers have established trust within their specific niche, making them effective advocates for your brand. When influencers endorse a product, it often comes across as more genuine than a traditional advertisement. Followers tend to engage more with content created by their favorite influencers. This results in higher engagement compared to a standard social media ad. For this reason, it's a good strategy to include some influencer marketing for your brand.
Mix and Match
The best approach often involves a mix of these strategies tailored to your unique goals and target audience. By mixing marketing strategies, you can reach new and existing customers where they reside. People engage with the digital world in varied ways, using different platforms and media so you need a multifaceted approach to maximize your brand's potential.
Growing Your Success
The success of your store depends heavily on how well you market it and work to make it grow. With so many online shops out there, it's important for your brand to be memorable. You want to grow and retain customers simultaneously. Think about a big brand like Apple, they don't just sell products, they tell stories that stick in our minds. Your store needs a unique message that grabs people's attention and makes them come back. You need to make your store the top choice for any customer or shopper.
Your success hinges on your marketing and growth efforts. In a densely populated digital marketplace, your brand needs to resonate against the fierce competition. Your goals should be focused on fostering customer retention by instilling trust and engaging in marketing strategies to increase your customer base. A thriving ecommerce business is virtually impossible without active and innovative growth and marketing strategies. It's a journey where you learn from mistakes, celebrate victories and continually adjust to the changes of online selling. If this sounds daunting, don't worry, we're here to help.
Need help growing and retaining your customers? Your goal should be enhancing your customer's satisfaction so they return to the store again and again. Our team of experts can help. Give us a shout and let's create a growth and retention plan tailored for your store.