6 GAME CHANGING TOOLS THAT TRANSFORMED OUR BUSINESS
5 Explosive Profit Growth Strategies For Your Ecommerce Website
These 5 strategies will turbo-charge your Ecommerce website and have a big impact on online store profits.
An investment in Ecommerce website development is a great investment. The whole sales lifecycle takes place on the website and can therefore be measured and controlled.
Savvy Ecommerce website owners realise this and design online stores accordingly.
Strategy 1: Kick Things Off With A Low-Cost High-Value Product
You wouldn’t ask someone to marry you on the first date. Similarly, don’t ask a new visitor to purchase a ‘big’ item without any kind of lead up.
A successful Ecommerce website often starts with a re-design of your product range, and the first step is often to identify a low-cost high-value product and then to promote it.
DO NOT underestimate the value of a new website visitor making a purchase – any purchase no matter how low the price is of great value and builds a foundation from which you can build.
The psychological barrier associated with getting out your credit card is enormous. If you’re able to convince them to do it the first time, the next time is much much easier. They now trust you and they’ve seen your processes and systems in action.
They’ll be ready to order again as soon as their purchase arrives at their front door.
Strategy 2: Design Product ‘Streams’ & Communication Channels That Add Value
This is a tricky one to explain in a few words but I’m going to give it a go. Online marketing is designed to work over time. You develop a relationship with potential customers over months and years – not over minutes.
As soon as you understand this you’ll see how important it is to organise your products into groups. You’ll also see how valuable a ‘How To’ video may be to someone who has just purchased a product that may require some explanation. This ‘How To’ video can also be used to introduce and pre-frame the next product in your buying channel.
By breaking your products into groups you can then personalise the communication you have with a person by only discussing products in the product group they have shown interest in.
Strategy 3: UpSell With Offers That Actually Add Value
I buy my bread each morning from the cafe across the road. When I do, one particular guy that serves me always asks if I want a coffee with my bread. It drives me crazy as I don’t want a coffee. To me, bread (to be consumed later) and coffee (to be consumed now) aren’t related. This guy shouldn’t be trying to upsell coffee to bread buyers.
However, it’s a completely different situation if he were to ask if I wanted to buy something related to the bread. For example, if he knew I was making sandwiches for myself and the kids each day, perhaps he could introduce a new related product. I’d be open to buying a portion of quality ham or salami for example.
Upselling works exceptionally well with Ecommerce websites. Just make sure your ‘Upsell’ relates closely to the last sale you’ve made to that customer.
The upsell can occur during the checkout sequence, or days or weeks later via an automated personalised email sequence or automated personalised advertising campaigns.
Strategy 4: Communicate With Them After They Leave The Website
Tagging, Lead Scoring, and Segmentation may sound like techno mumbo jumbo to some people. However, as an Ecommerce website owner, you need to get your head around these concepts ASAP.
These will become the pillars of your Ecommerce marketing system and underpin many of the strategies mentioned in this post:
- Tagging – Did you know you can communicate with people after they have left your website even if they haven’t filled in a form and left their email address? Well, you do now and it’s an extremely powerful tool.
- Lead Scoring – You’re now able to assess the interest of a website visitor and score them based on their activity. This activity could be website pages that they’ve visited, videos they’ve watched, emails they’ve clicked on, products they’ve purchased or advertisements they’ve clicked on.
- Segmentation – Now that you’ve assessed the interest of a website visitor in your products and services, it’s time to put them into groups and personalise the messages you send to them. These message sequences are often aligned with the product streams you worked out in strategy 2 above.
Strategy 5: Focus On Big Spending Customers By Providing Even More Value
If you’ve been operating your Ecommmerce website for any length of time, make sure you do the following:
- Analyse which of your past customers are big spending repeat buyers. Often there is a group that just keep on buying, and in many cases, their ongoing purchases make up a significant percentage of your overall sales. This is a particular segment of your network that you should be nurturing. Make sure you set up a personalised and automated communication channels. – start offering them discount vouchers and special deals. They deserve your attention! Don’t take them for granted or they’ll leve you.
- Profile your best customers and then target new customers that match their profile. Then bring these new customers through the front door of your shop. You’d be surprised at how many profiling and targeting tools are available through companies like Google and Facebook.