Ecommerce businesses are faced with some of the fiercest competition on the market. With so many different businesses on the market, it's often more than difficult to reach your target audience and convince them to make purchases at your store. Driving sales is one of the most important business goals for an ecommerce business and you can't drive sales without engaged customers.
That's why every ecommerce business must focus on effective marketing strategies that will help them boost their sales. The more creative and innovative your marketing campaigns are, the more engagement and interest you'll be able to inspire in your customers. Here are a few actionable ecommerce marketing tactics that will drive more sales for your business.
Don't skip on market research
Market research is a marketing tactic that many business owners often neglect. This tactic allows you to gain valuable insight into current market trends, as well as help you better understand your customers. Not only that, but you can also conduct a competitive analysis to determine which tactics your competitors utilize to drive their own sales. That way, you can identify gaps in the market to improve your own efforts and gain a competitive advantage.
Needless to say, market research helps you plan out your tactics and make more strategic decisions that will help you develop more effective marketing campaigns and craft more compelling offers that will improve your sales. However, be extra careful when collecting data about your customers. Privacy regulations from Europe can impact your marketing tactics, especially if you collect data without the consent of your customers.
Ask your audience for feedback
The best way to drive more sales for your ecommerce business is to give your customers what they want and need. You can easily achieve that by asking your audience directly. You can offer your customer an opportunity to earn some money by participating in paid surveys online. That way, in exchange for something of value, you can learn your audience's opinions about your ecommerce business directly from the feedback they provide.
As an example, the ecommerce businesses are usually faced with an issue of abandoned shopping carts. You can ask your audience as to why they abandoned their shopping carts and fix those issues immediately. Later on, you can remind them about abandoned carts and inform them that their issues have been attended to. That way, more consumers will be willing to finish the check-out process and your sales will vastly improve.
Develop a loyalty program
Customer retention is very important for your sales. The main reason is that returning customers oftentimes spend as much as 67% more than new customers. In addition, it's around six to seven times more expensive to acquire a new customer than it is to retain one. An effective loyalty program can help you improve your retention rate, and business owners from the Land Down Under already know that. It’s not uncommon to award your customers with gift cards in Australia during the holiday season. Actually, it’s a common tactic that can boost your sales as well as customer satisfaction.
That being said, 83% of consumers are more willing to engage in repeat business if they are part of a loyalty program. What's more, if you manage to improve your retention rate by only 5% while utilizing a loyalty program or a cashback incentive, you'll manage to improve your profits by 95%. Having a well-designed loyalty program may as well be exactly what your ecommerce business to drive more sales.
Focus on email marketing
Email marketing is one of the best tactics for ecommerce businesses. The main reason is that email marketing can generate 122% more ROI or four times more than social media, direct mail and paid search. Not only that, but email can help you nurture leads and send them personalized messages during each step of their buyer's journey.
You can also use email segmentation to categorize your leads based on specific criteria. That way, you'll know which group of consumers to target and how to tailor your messages for the best engagement, as well as conversions. Not only that, but you can also measure email marketing response rate to determine if your efforts are as effective as you need them to be or if they need improvements.
Competing on the online market is more than difficult for any ecommerce store. However, with the right approach and effective tactics at your disposal, you can outrun your competitors and win over your customers to drive your business towards success with increased sales.