This week we're taking a look at how to overcome a sales plateau. For part one, click here!
Step 3: Revisit Your Current Markets:
The average online store will make two thirds of their revenue from returning shoppers: a population that makes up just one third of the entire site’s traffic. To put it simply, returning shoppers will typically spend more than first-time shoppers.
Because of this, remarketing is one of the most powerful tools in the online marketing arsenal. It is designed and engineered to encourage users to return to sites they have previously explored as well as reinforce brand awareness. In the hands of an online store owner, remarketing can be used as a reminder of great deals, and can also be a perfect way to entice departed users who weren’t impressed the first time around. When a shopper makes a purchase, storeowners can offer complementing products, visibility to other offers or simply reinforce their brand name. Did you know that in 2014 98% of all American households already had a toothbrush or an oral-hygiene device of some kind, and yet the annual revenue for Colgate for the year was $17.4 Billion?
Regardless of your product, every customer can be a repeat customer who will buy more confidently.
Step 4: Know Your Competition
Once you’ve begun investigating a new market, take a good look at your competition. We’re living in an age where opening your doors for business means you’re in an arena with every store in the world, not just the local guys. No matter who you are, you have competition.
Online shopping allows users to compare and make purchasing decisions at an aggressive and alarming speed. While the driving factor behind every purchase is the product itself, there are always more factors behind a shopper’s decision to complete their transaction. Many users will scour the Internet to compare prices, find freebees like shipping or rewards and inspect reviews for each store.
Prices aside, how do you stack up with your competition?
- Is your site easy to navigate? Is theirs easier?
- Is their product actually superior in any way?
- Do they offer more options for each product?
- Does their site feature a more streamlined checkout process?
- Are they using better/higher resolution product photos?
- Does their content gain the shopper’s trust through more engaging content?
- On whose site is it easier to find assistance on?
The important thing to realize is that there will always be a long list of differences between you and your competition, and there is an entire market of shoppers who have used these differences to identify your competition as superior.
Step 5: Try New Tactics
It might be time for something new. It’s rare that a “one-size-fits-all” shirt is also a “one-size-looks-good-on-everyone” shirt. For online store owners, finding that something new can be as simple as carrying a supplementary product, offering a new service such as recurring orders or warranties or creating a bundle of well-paired existing products that shoppers frequently purchase together. It can also mean exploring different marketing channels not already utilized. One such channel that’s quickly gaining steam is email remarketing.
Email Marketing & Remarketing
Email marketing remains one of the most impactful tools in eCommerce. A subcategory of email marketing is email REmarketing. Utilizing email remarketing is another way to improve sales without the need for a major investment or change to the way you are currently doing business. An email marketing tool like Autoresponder Max can assist you with capturing lost sales or capitalize on missed opportunities. An example of this would be an abandoned cart email. Email remarketing gives merchants the ability to send potential buyers an email after they’ve abandoned their cart without making a purchase. Abandoned cart emails can be an effective way to prompt buyers to complete the transaction with minimal effort.
Emails like these can be automated for a variety of event triggers: cross-sell opportunities, “time to reorder” reminders, first purchase acknowledgements, product reviews and more. Adding email remarketing to your toolbox might be the easiest—and most affordable—marketing tool you can implement. The return on investment is often very high, time commitment is low and the ability to stay in front of your customer base is priceless!
These five steps are designed to help business owners identify the opportunities that may otherwise go unnoticed, but they are far from a complete strategy. Weeks of planning may go into each aspect of marketing, and yet it’s still easy to overlook some of the most simple elements and outlets for growth!
Here at Autoresponder Max, we are excited to provide our clients with an affordable, simple and customizable email remarketing solution that has brought tremendous success to our existing clients. We would be happy to help you in implementing the right email campaigns to match the unique goals of your growing business. Contact us to learn more about the solution we can provide your eCommerce business, or schedule a demo today through our site: www.autorespondermax.com. Or feel free to contact us at email@example.com.
Kevin Harman is the founder and president of Autoresponder Max, a Detroit-based company that builds software to send transactional remarketing emails and relationship messages. He is also the co-founder and president of Brand Labs, a Michigan based digital consultancy that crafts rich eCommerce experiences for high-growth companies. Connect with him on LinkedIn.