The saying “Build it and they will come” definitely does not apply to your online store business. If you want to grow your ecommerce business you have to aggressively market your store and always beat out your competition to attract customers and traffic like Beardoholic is doing. Follow these 7 strategies to grow your online store.
1. Grow Using Affiliate Marketing
Another great online marketing strategy for growing your online store is by using affiliate marketing. Affiliate marketing is a performace based marketing strategy where you will reward commissions to affiliates when they send you successful sales. Affiliate marketing is very attractive to online stores because you only pay affiliates when they send you successful sales. To create an affiliate program for your business you will need affiliate software like OSI Affiliate Software that makes managing and running an affiliate program easy. You may use a Wix affiliate app for your Wix store.
Omnistar Affiliate Software makes it easy to create and manage an affiliate program. Watch the video below to see how Omnistar Affiliate Software can grow your business.
Ready to get started? Install Omnistar Affiliate Software for your WordPress by clicking the link below.
2. Partner With Other Companies
Find a related ecommerce website and partner with them. This is one of the easiest and most affordable marketing strategies to grow your business. For instance, you can offer a discount to all the customers of your partner website when they come to buy your products via your partner.
3. Sell to Current Customers
Find methods of improving sales to the customers you currently have. This is a lot more affordable than finding new customers because you already know that they love your product. One method of doing this is by giving discounts. For example, if your cost of production is not very high, you can offer discounts like buy one get one free. Also, you can offer loyal customer rewards by giving customers loyalty cards, entitling them to free services or products for every ten things they buy. This is a common technique that really works. If doing this has not crossed your mind, it is a good idea to include it in your online ecommerce business to boost sales and profits.
4. Target Other Groups
Do not just focus on your main target audience. Expand your targetting efforts and find new customers from other groups. For example, when your primary target market includes students in college, you might want to begin expanding to other markets such as teens. For those who sell to stay-at-home moms, have you considered maybe selling to working moms?
5. Offer Complementary Services or Products
Once you have found a service or a product that other people truly love, don’t skip on the potential of selling other items and accessories related to that product. This is also known as upselling. Not only will your customers get a broader selection of products, they will also most likely be more attracted to your products. This will especially appeal to customers who tend to love stocking up on a product line versus just a single item.
6. Market Most Popular Products
Take the time and effort to focus on promoting, selling, and marketing your popular products. You already have statistics that prove these products to be winnters so your marketing efforts will not go to waste. Actually, it will increase the sales and conversions of your online store. Even though it can be tempting to try and market all your products, it is usually more profitable and less risky to pick a few products that you trust and use them to bring traffic to the store.
7. Think Outside The Box
Think outside the box to find other strategies that will attract customers to your store. Like, have you thought of turning your ecommerce business into a business or franchise opportunity? Does your business fit this model? While most businesses online tend to remain small in scope, you might find that yours can potentially be a wholesale distribution or a franchise. In that case, you should start thinking about global expansion and hiring new personnel. All you need for this new plan is to receive international payroll services offered by professional companies such as NH Global Partners. You can also find other ways of selling such as through affiliate networking and the like. Thinking creatively and finding more ways your business can make money is highly rewarding for your ecommerce store and business growth.
“Market your store and they will come” should be your new mantra and by using these 7 strategies you will definitely grow your business.
8. Streamline Your Inventory Management
Another way to grow your Ecommerce profits is through better inventory forecasting and inventory management. If you can accurately predict the amount to reorder and when to reorder it, then you can save big on shipping costs. For example, SoStocked, an Amazon inventory management software, helped one customer save $150,000 annually by streamlining their inventory. Before using inventory management software, the customer kept running out of stock and would place expensive last-minute reorders that cost $1.20 to ship via air. Once the customer dialed in their inventory management, they could correctly time their reorders and drove shipping costs down to $0.45 to $0.55 per unit. With savings like that, exponential growth can be achieved by reinvesting the profits to scale quickly and profitably.
While you can set up your new e-business as a sole proprietorship, many small business lawyers recommend that you create a limited liability company or LLC instead. Why? As the name implies, best LLC services give you limited liability in the event you are sued. Unlike a sole proprietorship, an LLC is a legal entity separate from you. In other words, if someone sues your business or one of your employees, your personal assets are protected. And for the minimal amount of money required to form an LLC in most states (usually no more than a few hundred dollars, if that), it’s worth protecting your personal assets.