What happens when you search for a product, say “leather wristwatches” on Google? You’ll get over a hundred results showing different types of leather watches; some will be affordable, and some will likely cost more than your rent.
The e-commerce industry is a very competitive space, hence, you need to know how to make your store stand out. By adopting the appropriate marketing strategy, revenue can be increased, and new customers can be gained.
Are you thinking of starting an e-commerce store? Or perhaps, you already have one? Then this article is for you. Read on to learn how tailoring your marketing strategy can attract the right customers.
Most business owners learn a few marketing tactics but fail to put together a concrete marketing strategy. Without a marketing strategy, these tactics end up failing to produce adequate results.
Here are four proven steps that will enable you develop an e-commerce marketing strategy that works:
1. Write down your goals
The first thing to do is outline your goals for the business. This could be yearly, monthly, or even weekly goals. It’s easier to create a marketing strategy when you have a goal you’re looking to achieve.
2. Identify your target audience
With your goals in place, your next step is to identify your target market: Who are you selling to? What does your ideal customer look like? Knowing your target audience will influence the marketing steps and decisions you intend to take.
If you already have an audience, conduct surveys to get more information about them. The surveys should contain information such as age, gender, marital status, job, buying behavior, social media preference, etc.
3. Conduct market research to see what others are doing
Next, identify your competition. Try finding out their strengths and weaknesses. If you know their weaknesses, you will gain an edge over them. Are there aspects they are lacking? Are their websites user-friendly? What about customer service? How fast do they respond to customer complaints? Do they have a blog? Is it tailored to customers’ preferences?
By keeping an eye on your competition, you can figure out what they lack and fill those blanks.
4. Set your product price
Today’s customers can easily compare prices, all it takes is a quick google search, therefore, set a price that your ideal customer can afford. With the information gathered from surveys, you can quickly identify a baseline that falls well within their budget.
The research conducted on your competition should provide an insight into how others are setting their prices. If you think you can go lower than your competition and still make a profit, you could consider toning down your price.
Now that you know how to create a marketing strategy for your online store, implement them and watch your business grow.