E-commerce is one of the industries whereby the coronavirus pandemic has created an opportunity rather than a crisis. The digital retail business, which was already thriving prior to the pandemic, has grown even more prosperous in 2021.
In a period of constraints, the e-commerce industry has emerged as a true winner, transforming unfavorable conditions into signs of growth. However, this is indicative not only of the market’s overall expansion but also of greater rivalry in it.
Many entrepreneurs feel overwhelmed by the relentless competition of today’s ever-accelerating online world. This is why there is a growing demand for competent organizations that can help. Ads And Funnels has a proven track record in this regard.
The company’s founders Michael Kelly and Brittany Bush sat down with us to share the tips and tricks for creating a distinguished e-commerce brand in 2021 that will help you stay ahead of your competitors.
Create Brand Value
Brand value is simply the sum total of how much people are willing to overpay ($100 for Levi’s jeans, as opposed to less known brands), or how often they will choose that particular brand out of all – the expectations, memories, stories, and relationships associated with it.
Values are at the very heart of your brand. They are the cornerstone through which other branding aspects emanate, such as your brand’s look (design), message (voice), and relationships (customer service).
Any company’s success is primarily dependent on its ability to align people’s values with those of a brand. To be able to do this, one needs a proper understanding of the target audience.
Know Your Audience
“The more you fall in love with and study your customers, the easier it will be to communicate with them at each point of the buyer experience. Without a thorough grasp of your buyer, you are most likely attracting low-hanging fruit while ignoring, and in some cases repelling, the rest of your target audience”, says Michael.
“That is why we always aim to generate distinct messaging segments to speak to our audience at each stage of the customer journey. What works for a product-aware customer will not work for a product-unaware customer”, he adds.
Strike a Surge in Your Average Order Value (AOV)
Average Order Value, or AOV, is one of the most important metrics in e-commerce. It measures the average amount spent on each order. It is important to note that this should be calculated based on the number of sales per order, not per customer.
“The key to a successful and profitable business is turning one-time buyers into loyal customers who purchase again and again. You can do this by adding another upsell or order bump offer onto the list of options for them or on their order form, which will ensure that they end up spending higher amounts with each purchase”, Michael tells us.
“Another quick and simple way to turbo-charge your average order value is by adding a special offer on the order bump to tempt your customer into spending more (if you don’t already have one) or adding upsell or down-sell. This hands customers the opportunity to upgrade their order which in turn leads to a higher AOV”, adds Brittany.
Invest In Lifetime Value (LTV)
Investing more time and money into marketing to current clients and raising their Lifetime Value (LTV) can significantly increase your profits. The ability to hook your customers on your products and brand is the key to a successful and profitable business.
As Michael tells us, there are only 3 ways to increase your LTV:
- Turn your customers into frequent repeat buyers
- Increase the average order value of each purchase
- Skyrocket the retention rate of your customers
Develop a Mobile-first Mindset
It’s no secret that mobile devices have surpassed desktop computers as the preferred method of internet browsing and purchasing. Studies have shown that mobile device traffic has reached a stunning 52.2 %, implying that your website and landing pages need to be mobile-friendly. Google’s free Mobile-Friendly Test is a wonderful tool to check if your site is mobile-friendly.
Michael and Brittany shared more ways to assess your site’s mobile-friendliness, which include:
- Focus on simplifying your design
- Shy away from using Flashplayer
- Optimize images for mobile
- Increase font size (and use standards fonts as they are easier to read)
- Make sure your navigation bar is organized and products easy to find
Want to delve deeper into these insights and more, and to grow your revenue with paid advertising? Start with checking out Ads And Funnels success stories on Michael and Brittany’s Instagram pages or at www.adsandfunnels.org!
The post 4 Revenue Boosting Strategies for any E-commerce Business appeared first on Influencive.