When you base your ecommerce on proven principles, it's much easy to be profitable.
Here are 3 pillars to base your sales strategy on.
- Build an audience relationship. (Traffic)
- Send them your offer. (Conversion)
- Make sure it's profitable. (Economics)
Here are 5 core strategies proven to work and you're probably not doing them right now.
1. High Intent Pooling
To keep advertising costs down in a hyper-growth ecommerce world, you can instantly boost your conversions by pooling prospects into high intent groups.
It's like real-time segmentation based on behaviour. For example, if you have a group of people who spend 60 seconds looking at a product page, they are far more likely to buy than the group of people who viewed the product page for 3 seconds.
You can crank up conversions by sending offers to these higher intent prospects instead of just everyone on the internet.
2. Abandoned Cart Retargeting
WHO you sell to and WHEN you make your offer is more important than your product itself.
You can skyrocket your revenue setting up advertising for with your abandoned carts process.
Most people have an email sequence for abandoned carts but the massive returns are in retargeting.
Retargeting abandoned carts is where you encourage the visitors to come back and buy your product after they've left your store. We easily see returns between 10-50x ad spend setting up these campaigns.
On one of our client's campaigns sold $32,059 with a budget of $553 using this strategy.
3. Audience Incubation Retargeting
Serious marketers know making an offer to a cold market is a hard way to make money.
Most online stores focus on sending offers to the entire market and wonder why they're not profitable.
If you spend most of your budget on building and incubating your audience you'll increase your revenue. Do this by using your smaller budget to make irresistible offers to them.
When your audience already know who you are, they are far more likely to buy from you. Time is a magical trust build on the internet. If you have a big audience of people who know you, then you only need to spend a small amount of money to send them an offer.
This incubation theory is how we set up campaigns for clients. It's routine to get client results in campaigns like spending $138.99 to sell $22,463.
4. Retarget Other People's Content
If you don't have the time or resources to create masses of content, it's easy to use content already written by other sites to find out what converts best in your market.
This is a great way to find out what your market wants. You can then re-target the people who engaged on Facebook when you promote others content using the engagements audience or using a link pixeling service.
If you have a 5% click-through rate on an article you didn't write, you can probably re-market it profitably.
It's much quicker to find 20 articles already written and spend $50 to find out which one is most loved by the market. This process lets you create an evergreen supply of leads at a reasonable cost.
5. Mass Engagement Retargeting
The higher your online engagement with your target market, the cheaper your marketing cost.
A simple way to grow your engagement audience is to encourage mass sharing.
For example, if you do a $100 product prize giveaway for free, get people to tag 3 friends to be eligible to enter. If your audience is engaged, they will tag their friends.
One of our clients did this recently and got 47k reach and exposure from an organic post with a product competition giveaway.
The beautiful part is how you can then target this engaged audience with offers.