With how cutthroat the world of eCommerce can be, gaining traction is no easy task. After all, with such a wide array of competitors with different budgets, it can be tough to come up with a strategy that gives you the best return on your investment. With the right planning, however, you can start seeing more visitors and followers (even on a shoestring budget). Here are just a few tips for helping your eCommerce shop gain some serious momentum:
Free Up Some Capital
If you’re going to be doing some marketing, having a budget is a must. Whether your eCommerce shop is a side hustle or your full-time gig, you need to address how much you’re willing to allocate to promoting your brand and what a satisfactory ROI looks like to you. According to LegalZoom, the average company puts forth 9-12 percent of its annual budget toward marketing; if that’s not a range you feel will get your name out there (or, alternatively, that it’s not something you can afford), then the first step in getting more traction in your business is creating a financial plan that suits your business’s needs.
Start digging through both your personal and business finances, including any outstanding debts you might want to eliminate. On the personal side, even freeing up a couple hundred bucks by paying off a credit card or car payment can go a long way toward improving your digital marketing strategy, giving you the chance to invest in paid or promoted posts. Additionally, reassess what you’re spending on inventory and look for ways to cut those costs, as that is one surefire way to free up some capital. The overarching goal is to get an accurate estimate of how much you can put toward outreach and focusing on prioritizing it in your finances so you can propel your business forward.
Once you’ve established a solid budget, start exploring which options might gain the most traction for your brand. Whether it be paid social posts or going after influencers, try to envision a strategy that starts with what’s free and work your way up from there. Although your budget is something to be mindful of, don’t let it deter you from maximizing the traction you could get if you invested thoughtfully into your marketing strategy.
Capitalize On Social Media
The bread and butter of just about any eCommerce shop’s promotion, social media is rich in opportunities to gain a wider audience. Whether you spend some time learning how to hack Instagram to grow your business or look for ways to promote more effectively on Facebook, social media is an inexpensive and effective means to market. No matter how much progress you’ve made building up a social following, there’s almost always room to grow.
Start looking through your social media posts and ask yourself what type of return you’re seeing; for example, if you know that for every three posts you make, someone will buy an average of $25 in product, you can use that metric as a starting point as you learn how you can improve to get a much higher ROI per post. In order to do that, you’re going to have to expand your demographics.
With how vast social media’s audience is, even capturing the smallest percentage could mean big returns. As noted by DreamGrow, with online adults between 18-34 being 95 percent more likely to follow a brand, that’s a huge pool to choose from. Look through your current audience and look for trends; don’t be afraid to run tests on new audiences, especially if you have data to back it. All-in-all, social can be a great place to not only promote your brand, but also engage with your audience, which promotes brand loyalty.
Providing More Content
According to the Content Marketing Institute, over 200 million people use AdBlockers. This means your paid efforts might not be getting the best return, which is why you should always commit to keeping up with your content marketing strategy. While most people tend to think of this as keeping up with your blog, the actual practice is much more complex than that, with things like promoting products, attending events, interviewing tastemakers, and becoming a thought leader all included in the mix. If you’re doing little to none of that, it might be time to start upping your content game.
While content marketing goes beyond your blog, that’s most likely the starting place to create a content hub. From there, work your way out to the most efficient networks for your industry. For example, when the blockchain company TrustToken announced their partnership with Sterling Trustees, Medium was the most effective platform. Your campaigns should run full circle, with your blog acting as the central hub and all social media directing traffic back to it. Overall, content marketing is something that requires some maintenance, but it’s well worth tending.
What are some marketing techniques you’ve found to be successful in your eCommerce shop? Share what has given your business the most traction in the comments.