How to Create a Marketing Strategy to Increase Conversion Rate in E-commerce?
How do I increase my eCommerce conversion rate? Well, isn’t that the big mystery for many online businesses? Whether you’re just dipping your feet into the industry or are a seasoned pro looking to do better, this guide is for you. To answer the above question, it all starts and ends with the strength of your eCommerce marketing strategy 2022. Miss a step here, and chances are your conversions may not be where you want them to be, with the reward not quite equalling the effort. But not to worry if this describes your story. Our eCommerce marketing strategy tutorial will show you how to create one from scratch and power your way to more sales.
Let’s define the goals for your marketing strategy
We get it. You want more sales and revenue for your online store, everybody does. However, you want to be specific with your goals. This helps to get a good perspective of where you are, where you’re headed, and how you intend to get there.
So simply stating more sales won’t cut it. You want to add figures and numbers to your goals and be really specific with your desired outcomes and ROI. Let’s generally break down goals that we often see as an eCommerce marketing agency USA for most of our clients:
- Increasing traffic: You need to check your past traffic data first. Then set a percentage increase that you’d want to hit for each month. 10% is a safe- and realistic- place to start. You also want to get into specifics with things like page views per visit and bounce rates
- Adding to your product line: are you developing an eCommerce marketing strategy for a new product line? Use the performance of a closely related product to set conversion goals
- Getting repeat business: 65% of most business revenue is a result of repeat customers. If you’re operating below the 30% mark, you want to set this as your first goal. Shoot for 65% or more otherwise.
Figure out what your ideal market is
Do you have your target market or audience all figured out? If not, then this could break your eCommerce marketing strategy before it even has a chance to take off. Marketing becomes noise when it lands on the wrong ears. To avoid that, our eCommerce marketing company we’ll let you in on the secret with our insider tips on how to define your target market;
- Think about what you sell and what problems they solve. Then ask yourself, what types of people commonly have this problem
- Get down and dirty with the data to understand your market. You may need to turn to analytics tools used by experienced eCommerce marketing companies
- Once you have some idea about your market, you want to narrow down your options even further. Psychographics and demographics are the way to go
Conduct an analysis of your competition
Your alternatives may have been in the business for a lot longer than you have. And if that’s the case, then it means there’s much they’re doing right to keep their doors open. So the next step in your eCommerce marketing plan is to perform a competitive analysis to know what you’re up against in terms of pricing, services, and what they may be doing differently.
Our eCommerce marketing company often leverages advanced analytics tools like Ahrefs to take a closer look at the competition. We strongly encourage you to do the same. This software enables you to dissect your competitor’s traffic down to their traffic sources. You can also keep an eye on competitors by following them on social media and registering for newsletters. This will give you some idea of how to craft your own customer experience.
Don’t limit your options but don’t overwhelm yourself
Ecommerce marketing covers a breadth of avenues you can use to reach your audience, you can choose to go with several combinations featuring:
- Text marketing
- PPC marketing
- Social media marketing
- Content marketing, etc.
Now by the point it comes to considering actual digital marketing strategies, you’ll already have sufficient information about your market and the demographics you want to appeal to. This will inform what channels you should go for first, although content marketing is always a safe bet when done right. Don’t rule out anything before you try it, but avoid trying too many things at once. Test everything, mix it up, and see what best appeals to the taste buds of your audience.
Keep measuring and refining
What KPIs matter to your business? You want to have already written this down in step 1 where we were discussing goals. These objectives will serve as a guide for your most valuable performance metrics. Your eCommerce marketing strategy may not be a hit right out of the gate, but you’ll identify its strength and weaknesses over time if you only keep on measuring.
If you can, break down large goals into smaller KPIs. Narrow down monthly sales targets to a weekly or even daily objective if you can. This way, you don’t have to wait too long before changing something if it’s not quite going according to plan. However, that being said, going into fine details also means you run the risk of obsessing over the nitty gritty. So you want to sufficiently space out your timings. A weekly routine should be ideal.
In terms of what specific KPIs to measure, we find that many eCommerce stores normally keep the following at the back of their minds:
- Average order value
- Customer lifetime value
- Conversion rate per channel
- Cost per acquisition
- Organic search rankings and more
Of course, there’s much else you can add to the list such as customer review ratings, etc, depending on the conversion goals of your eCommerce store.
Now you should have a great idea of how to go about your eCommerce marketing plan and execute a strategy that leads you to more conversions. If you need more information to further help you cross the t’s and dot the i’s and mold an eCommerce marketing funnel that sells, we’re at your service anytime. Get in touch with us today to boost traffic, repeat business, and sales for your eCommerce store. Let’s talk about getting you more conversions over a call.