Competitive Marketing 101
These days, it’s hard to picture last-minute holiday shopping without eCommerce websites, is it? With 63% of online transactions taking place on mobile devices, its ease is just unrivaled. eCommerce has grown at an unstoppable rate since the pandemic. Now is the ideal moment if you want to start your own eCommerce business.
But, take note: attracting customers to your store won’t be simple in the fiercely competitive world of eCommerce. That is, unless your eCommerce marketing is impeccable. It may require several attempts before getting it perfect. Continued testing and optimization are crucial.
We’ve put together a thorough guide on how to create a strong funnel utilizing several forms of eCommerce marketing to help you get started faster on the path to eCommerce success. We’ll also go over how to reach and impress your finest clients using eCommerce marketing automation.
Are you prepared to begin? Go now.
E-commerce marketing: What Is It?
To put it briefly, eCommerce marketing drives customers to your website—not your online store. This is due to the fact that an eCommerce store is not your typical website. Customers may explore products, compare prices, add items to their carts, and check out with ease when they purchase online.
Initially, though, you have to make sure that customers who search for the things you sell see it. To draw in customers and encourage them to make a purchase, eCommerce marketers employ tactics including drip emails, push alerts, price comparison tools, product pages, and paid advertisements.
Nor is that all. Even after the initial transaction, eCommerce marketing continues the dialogue. Contextual product recommendations are pushed into shipment alerts and order confirmation emails. If you play your cards well, this can lead to opportunities for cross-selling and upselling.
Customers will find it difficult to reject your enticing value proposition when you include components like how-to articles and email newsletters.
ARE E-COMMERCE MARKETING AND DIGITAL MARKETING ONE AND THE SAME?
Hold on a moment! Do digital marketing campaigns also employ eCommerce strategies? A subset of digital marketing is eCommerce marketing. It might have some of the same goals as digital marketing, such as educating customers and raising brand awareness. However, they differ from one another.
Strategies for eCommerce marketing place a greater emphasis on generating sales and money. Contemplate it. eCommerce marketing targets clients who are looking for more options—last-minute shoppers, for instance—with pertinent offers on the appropriate channels to spur growth.
Conversely, digital marketing focuses more on cultivating and fostering relationships. It is not the main goal to sell.
The distinction between digital and eCommerce marketing may be easily seen by comparing their key performance indicators (KPIs). eCommerce KPIs put a higher priority on revenue and attribution than do digital marketing KPIs, which are more distributed. Let’s take a closer look at the KPIs before discussing the reasons eCommerce marketing is worthwhile.
QUALIFICATIONS FOR ECOMMERCE MARKETING BENEFITS?
Customer expectations are rapidly evolving in the eCommerce space, thanks to developments like voice search and social shopping. eCommerce marketing enables advertisers to anticipate client demands and provide fresh chances for expansion. It provides the advantages listed below.
- Optimal aiming
One of the main areas of growth for businesses is focusing on niche customers, or those with unmet requirements, according to their hobbies and demographics. Data is used by eCommerce marketers to monitor customer behavior, determine intent, and customize communications to meet specific needs. Engagement and conversion are boosted by this.
- Increased adaptability
eCommerce campaigns, in contrast to traditional advertising, can be quickly adjusted or modified in response to real-time performance data. By improving your response to evolving client expectations, you may boost conversion rates.
Three. Saving money
While paid advertisements vary in cost based on their effectiveness, many eCommerce marketing platforms, such as social media and email, are free. They are therefore far less expensive than, say, TV or billboard advertising.
- Engaging technology
eCommerce marketing is more appealing than traditional advertising, judging by the success of voice search and influencer marketing. You have more tools at your disposal as an eCommerce marketer to draw in and keep customers.
- Measurable outcomes
In order to maximize campaigns, you may track analytics and KPIs in real time whether you sell on eCommerce platforms or through your own store. When experimenting with fresh eCommerce marketing concepts, this saves money and time.
ESTABLISHING GOALS IN BUSINESS MARKETING
A measurable indicator of performance is called a Key Performance Indicator (KPI). When it comes to eCommerce marketing, a goal-based approach assists you in coordinating resources and initiatives to promote expansion. The top KPIs for eCommerce marketing are listed below.
- Rate of conversion
This counts the amount of visitors to your website that completed a desired action. This could be making a purchase, subscribing to a newsletter, etc.
(Number of conversions/Number of visitors) X 100 is the conversion rate.
- Order value average
This measure indicates the average amount of money a consumer spends on each transaction.
Order value average = total revenue / order count
Three. Cost of acquiring new customers
You need to invest this much in advertising in order to bring in a new client. It provides information about the success of your marketing campaign.
Total marketing and sales expenses divided by the quantity of new clients attracted is the customer acquisition cost.
- Value of a customer for life
It is the potential revenue generated by a specific customer during their whole relationship with your business.
Average Order Value x Average Purchase Frequency x Average Customer Lifespan equals Customer Lifetime Value.
- Rate of cart abandonment
This indicates the proportion of transactions in which clients abandoned their checkout process.
Cart Abandonment Rate is calculated as (Abandoned Carts/Total Carts) × 100.
- Income from investment
It calculates the overall revenue made in relation to the expenses incurred in marketing.
ROI is equal to (Net Profit / Marketing Expenses) x 100.
WHICH E-COMMERCE MARKETING CHANNELS WILL BE ESSENTIAL IN 2023?
These are a few of the best venues for eCommerce marketing.
- Social media marketing for e-commerce
As of early 2023, 72.5% of Americans were active users of social media. For eCommerce brands, it is therefore the place to be. To promote their products, they usually post infographics, videos, special deals, and product updates. Additionally, you can use brand hashtags and contests.
However, nothing starts a conversation quite like User Generated Content. eCommerce marketers use Facebook, YouTube, Instagram, TikTok, and Snapchat.
- Optimization of online stores
Make sure the layout and content of your eCommerce store are impressive because it serves as your online storefront. For every product category, there will be an obvious search bar, product reviews, FAQs, exchange and return policies, etc.
Remember to improve the checkout page with tools for order tracking, different payment methods, and customer service.
Three. eCommerce through content marketing
Content marketing powers eCommerce with its FAQ pages and product descriptions. Customers using eCommerce sites in particular are probably from different time zones.
Therefore, to offer consumers a sense of the product, marketers rely on blogs, lookbooks, buyer guides, videos, and PDF brochures. Throughout their journey, these can be used to inform, persuade, and convert clients.
- Affiliate marketing for eCommerce
Affiliate marketing, as the name implies, involves paying others to promote your items in exchange for a commission. Performance is typically the basis for payout. Because of this, it is very affordable for brands and increases their reach.
- Email marketing for e-commerce
Do you think that in the era of live chat and spam filters, email marketing is becoming less effective? For every $1 invested, eCommerce email marketing generates a $45 return on investment, according to Litmus.
eCommerce firms employ a variety of emails throughout the customer experience, including welcome emails, abandoned cart emails, product recommendations, order confirmation emails, shipping emails, upsells and cross-sells, and more.
- product listings
The landing page’s eCommerce counterpart is called a product page. It draws attention to particular products. Customers are typically taken to product pages when they click on a display advertisement or product recommendation.
Good graphics, cost details, features and benefits, client testimonials, and FAQs are the main points of emphasis. Additionally, you can include links to customer assistance, relevant product recommendations, and add-to-cart buttons directly on the page.
- Influencer marketing for eCommerce
Influencer marketing allows companies to advertise their goods to celebrities’ or subject-matter experts’ followers. These audiences often have a high level of engagement and faith in the influencer. There are many different types of influencers, ranging from mega-influencers (less than 10 million followers) to micro-influencers (more than 100,000 followers).
Typically, they are paid in cash or receive a portion of the proceeds from the sale. Depending on the brand they’re working with, some people might even accept complimentary branded goods.
- SEO marketing for eCommerce
Your website will appear higher in search engine results thanks to search engine optimization. Both off-page and on-page SEO are included. To do this, on-page SEO optimizes the headers, links, content, structure, and other elements. Improved brand authority and increased traffic are two goals of off-page SEO.
Because Google, Yahoo, and Bing’s search engine algorithms are constantly evolving, eCommerce firms need to consistently optimize for a seamless user experience.
- Marketing videos for eCommerce
Working-age internet users watch videos of product reviews at a rate of about 26.4%. Because of this, video marketing is the ideal way for eCommerce companies to offer customers an engaging online experience. Live streaming and shoppable videos are two excellent instances of this.
Ten. Performance marketing for eCommerce
Paid advertisements are used in PPC advertising to enhance conversion and attract visitors to your store. PPC advertising includes, among others, Google, Facebook, and Amazon advertisements. You can generate product listings, customized ad campaigns, and other content using a variety of PPC tools.
To assist you in organizing and carrying out paid advertising campaigns, they provide data analytics, competitor information, and market research.
- Programs for rewards and loyalty
Loyalty and rewards programs have been essential in the growth of eCommerce firms such as Amazon. The goal of these initiatives is to increase customer retention and repeat business. Among the most popular eCommerce loyalty and rewards programs are cashback, tier-based, and point-based schemes.
Twelve. SMS advertising
Using SMS or text messaging on customers’ mobile phones is known as SMS marketing. Its open rates are demonstrably higher than those of email marketing. SMS marketing is a useful tool for eCommerce firms to notify customers about specials and discounts, provide order confirmations, suggest products, give alerts about loyalty programs, and get feedback from customers.
Thirteen. Live conversation
Thanks to live chat, eCommerce brands may now respond to client questions while they are on the checkout page. This can assist in resolving the bothersome issue of cart abandonment. Chatbots can be the ideal answer if your workforce is small.
BUSINESS MARKETING FUNNEL: HOW DOES IT WORK?
The funnel for eCommerce marketing illustrates the normal “journey” of an online customer from their initial visit to their checkout. It assists marketers in determining the most effective ways to inform, educate, and convert clients by understanding the channels they utilize and the needs they have.
The four primary steps of an eCommerce funnel are awareness, contemplation, purchase, and post-purchase.
Let’s examine each of the funnel stages in more detail.
- Being Aware
The prospect may or may not be aware of the things you are selling because this is their first visit to your website. The objective at this point is to present your brand through useful content on social media, landing pages, blogs, and other platforms.
In this case, pay-per-click advertisements, SEO, content marketing, and social media marketing are the main channels that eCommerce firms use.
To determine whether to buy, the potential customer is by this point closely examining one or more product sites, reading how-to articles, signing up for email newsletters, or taking advantage of free trials. Exploration evolves into deliberate assessment.
Marketers concentrate on pricing comparisons, feature reviews, webinars or consultations, calculators, product descriptions, case studies, and so forth. Appealing to the prospects’ purchasing motivations and guiding them into a sale is the aim.
The prospect has made up their mind to purchase one or more items at this point. They proceed to check out after adding products to their shopping cart. However, some people choose not to confirm their purchase. This is the point at which abandoned carts are observed.
Brands encourage purchases with exclusive deals and product recommendations. Those that finish the checkout process advance to the post-purchase phase.
- After purchase
The post-purchase phase is when the emphasis returns to nurturing. For instance, loyalty schemes, upsell opportunities, and how-to content. Assisting clients in making the most of their purchases and encouraging repeat business are the objectives. To increase traffic, make advantage of user-generated material, testimonials, and reviews from customers.
CAN AUTOMATION OF ECOMMERCE MARKETING IMPROVE FUNNEL PERFORMANCE?
Well, to put it briefly, yeah. To assist you in reaching every touch point and funnel stage, marketing automation systems include user instructions, templates, and workflows that are ready to use. The following problems can be resolved with the aid of marketing automation.
- capturing leads
It takes time to track and arrange leads using spreadsheets. Instead, make advantage of email, social media, websites, and other automated lead collection forms. Your lead data is all fed into a single database via intelligent lead forms.
- Autonomous emails
Sending out generic emails can influence how people view your company. Marketing automation can add a personal touch by referencing their name, reward balance, anniversaries and birthdays, among other things. Additionally, it can perform this task on a large scale for delivery tracking, order status updates, welcome emails, and order confirmations.
The drag-and-drop editor and email templates offered by SimpSocial facilitate the creation of customized layouts and copy variants for various campaigns.
Three. Divide Up
Internet buyers don’t like offerings that aren’t relevant. Marketing automation allows you to create bespoke audiences based on the pages visited, session duration, and demographics of new prospects. Following that, you may use social media and other methods to specifically target them with offers.
- Notifications via push
Most people who visit your eCommerce site or app for the first time aren’t prepared to buy anything right away. Trigger-based push alerts are a useful tool for maintaining awareness.
Adding things to a wish list, for instance. You may reduce the sales cycle by using SimpSocial to add push notifications to landing pages and web forms.
- retargeting already made purchases
With so many options for retargeting abandoned carts, why limit yourself to email? To increase conversions, you may use marketing automation to build multi-channel retargeting campaigns that use paid advertisements, social media, email, dynamic content, and pop-up forms.
- Notifications about reward and loyalty programs
Managing incentive programs is made simple for you by marketing automation. It can keep track of loyalty points and distribute prizes according to preset guidelines. Notifications can be displayed on your brand’s website, social media accounts, email, mobile app, and loyalty portals.
- Reengagement initiatives
Marketing automation can assist you in reviving disengaged members on your list. It can execute targeted win-back campaigns and phase out subscribers who don’t reply based on your segmentation rules.
- Analytics and reporting
Tactics insights are arguably the biggest impact that eCommerce marketing automation can have. This facilitates performance measurement, goal-setting, and the execution of growth-oriented activities.
WHICH PROVEN AUTOMATION MARKETING TOOLS ARE AVAILABLE FOR E-COMMERCE?
These five tools might serve as a solid starting point for your eCommerce marketing automation stack if you’re just getting started.
An email and SMS marketing platform made specifically for e-commerce is called Klaviyo. Among its capabilities are configurable email templates, a sophisticated form builder, and advanced targeting.
Another solution for email marketing specifically for eCommerce is Omnisend, which integrates with Shopify, WooCommerce, and other platforms with just one click and offers automated processes.
Both small and large eCommerce firms can tailor the lead management, segmentation, email marketing, and other aspects of Hubspot Marketing Hub to meet their specific needs. It’s really a single component in a bigger ecosystem of flexible business apps that let you grow as needed.
SimpSocial is a single platform for sales, marketing, and customer service. With the support of sophisticated statistics and analytics, its extensive capabilities include lead tracking, email templates, landing page builders, automated forms, and A/B testing. The cost of SimpSocial is reasonable considering all the features it provides.
eCommerce firms can segment users and send the appropriate message to the right person at the right time with Drip’s email automation and CRM.
It might be costly to add more solutions to your eCommerce marketing automation stack, and with time, the benefits will decrease. Select a single, integrated solution that combines customer service, sales, and marketing.
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