Turn-key marketing strategy solutions for your online business
Running an online business means no storefront to attract new customers and no physical space to display your products or demonstrate your services. Traditional marketing strategy only takes you so far before you must look to modern methods that incorporate a web-based platform. Smart online business owners do not discredit those classic strategies, however, but find a way to apply them to consumers over the internet.
Growing Your Online Business
Good marketing strategy reflects the natural flow of strangers turning into visitors who turn into customers who become repeat buyers and, hopefully, loyal clients. If you do not understand this flow, you cannot harness the power and control it to your advantage. Many factors play into each of these steps succeeding. Things like writing more content, writing better content, guest blogging, improving your site’s search engine optimization (SEO), optimizing email marketing, hiring more employees, starting social media promotions, sharing regularly on social media, organizing a publicity stunt, and employing pay-per-click (PPC) advertising.
The problem lies in knowing how each of these helps and when to implement them along the way. Hiring more employees before you reach a certain stage, or when you can find a cheaper or easier solution, does not make financial sense. It can prevent growth, rather than encouraging it. Learning the path from stranger to loyal customer will enhance all your marketing strategy efforts and ensure you get the most out of each step on your path to success.
The Foundation of Pathwwway Marketing Strategy Solutions
The steps listed below form the foundation to all of Pathwwway’s marketing strategy solutions. Familiarize yourself with every stage and keep your eCommerce store on the up and up.
Step 1: Acquisition
The first stage in growing your online business begins with turning strangers with no knowledge of your brand into visitors interested in learning more about your business. It all comes down to traffic. Traffic makes or breaks your eCommerce store. When focusing on acquisition, consider how long your business has existed. If you are a new online shop, then acquisition takes priority over the other stages. It will to precedence if you do not experience double-digit growth in traffic every month as well.
There a few other things to think about once you turned your sights to acquisitions. You should be testing every new marketing strategy weekly, or if you are really struggling, maybe even daily. Acquire analytics and learn how to break them down, so you know what works and what doesn’t write away. Do not limit yourself to using only one method, like PPC, to draw in visitors. Although PPC generates hits quickly, slower practices, like content marketing and SEO, pay off huge in the long run. They fill in the traffic dips after the holiday rushes and any big sales events.
Step 2: Conversion
Now that you have eyes on your business’s web page, you need the fingers to do some clicking. Conversion is the second stage in making your online business blossom. Conversion is not as straightforward as the name implies. It takes significant skill to turn visitors into paying customers. Data plays an important role here. It tells you which conversion marketing strategy creates an impact and which does not.
First, take a look at your macro conversion rates. These show you how many visitors actually buy after visiting your eCommerce store. If you find less than 3-4% make a purchase, you definitely have a conversion problem. Micro conversion rates reveal the tiny conversions made on the way to the big one, buying. Learn what influences someone to agree to sign-up for your newsletter or blog, interact with your brand over social media, or add an item to their wish list and apply that on a bigger scale.
You can also start crafting targeted landing pages that get people to click beyond the first page. What good does it do if once they get to your web page they do not know why they are there or where to go next? A targeted landing page guides visitors to the places you want them to be clicking. Employing data tools such as Google Analytics provides the necessary insight into traffic on the different pages of your website. They reveal where visitors click and where they drop off.
Are you an eCommerce store with customers who abandoned carts filled with products? This data can help you figure on how best to approach customers with an email to remind them about their cart and when to send the email for the biggest effect. When in doubt, test, test, and test again. The more information you have on when, where, and how visitors use your website, the better chance you have of turning them into repeat customers.
Step 3: Retention
Once new customers begin buying at a steady rate, you should already have a marketing strategy to keep them buying. Acceptable repeat purchase rates vary with the industry. Someone buying and selling used books should have a much higher repeat purchase rate than someone who sells computers or other expensive electronics. If you fall into the first category and have an established customer base, you could be losing a lot of money if those rates are low.
A high churn rate causes you to lose revenue as well. Churn is when someone stops buying your products after buying them previously. Even if your acquisition and conversion rates are great, a high churn rate destroys your business from the inside since you have to continually pour time and money into acquisition and conversion. These cost much more than simply retaining your existing customer base. Take a look at data analyzing you repeat purchase and churn rates to know what makes people buy and to prevent them from leaving before they do.
Step 4: Reactivation
If customers do leave, however, do not consider them completely lost. Young businesses do not need to worry about this as much as older ones since they are still working to establish their primary base. Older businesses need to review their win back rates to see the effectiveness of their current reactivation marketing strategy and if you lost a number of customers with high lifetime value, target them first. The proved their loyalty before, so reach out to see if the relationship can be repaired.