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Want to Grow Your E-Com Store on a Budget?
Melbourne growth agency Abnormal Digital are sharing their Top Five Tips to Grow your e-com Store on a budget. Who’s in?
Most e-com marketing teams and retailers face similar issues once they have lift off and the real numbers start coming in. But what happens when combined Costs vs Revenue vs Profit don’t sync up? Where to go from there?
“Believe it or not, this is far too common when we meet prospective client,” said Deryll Naidoo, Abnormal Digital Founder.
“A lot of businesses can get caught up in the beauty of their products or their idea. But that’s only ten percent of what’s required to make an e-com business successful. We help our clients punch through the numbers with the ultimate goal of increasing their bottom line.”
This is where having a robust Data Monetisation plan comes into play. “According to Forbes, Data is more valuable than oil as of 2019.” This is largely due to its infinite monetisation.
Abnormal Digital leverages data monetisation to help reduce their client’s cost to market. They are pleased to share some of these insights with you.
TOP FIVE TIPS TO GROW YOUR ECOMM STORE ON A BUDGET:
- Build a Broad Database.
- Create a Database Monetisation Plan.
- Create a Shareability Strategy.
- Implement Customer Rewards.
- Innovate through Partnerships.
TIP 1: Open your e-com house to everyone.
Time to build your database as broadly as possible. The more you pour in at the top, the better in the long run to monetise. These will be a combination of active buyers and dormant customers.
✅ Fill your Database with as much as possible for three months. Go big. Go hard.
✅ Creating a database growth strategy and plan is essential to developing a deep relationship with your customers.
✅ Ensure to collect full customer details to build an effective database.
✅ Reduce Ad spend to 2/10 after month four. Now you will start seeing your bottom line increase.
TIP 2: Let’s make some money, honey
So your cup is full of active and dormant buyers. Time to grow your annual customer value. This is where smart marketing automation comes into play.
As a general rule of thumb, 80 percent of your future revenue sits within your current database. Database Monetisation doesn’t cost the same as new customer acquisition as you are speaking to a more qualified audience, ones who have bought from you in the past.
✅ Segment your customers and create honey pots of data.
✅ Identify who they are based on historic and demographic attributes. Visualise who they are and use your data analytics to tell you what products they have bought, when and how much they have spent. This will help guide you to focus on products people want.
✅ Create bespoke, targeted comms to increase your customers spend. Ensure to market to their previous purchases. Your data analytics will reveal this info.
TIP 3: Shareability with mates, mates and mates
After 6 months of marketing to the same customers, they probably need a break. But by now, you have had three months of lower ad spend and started monetising your database. Time to share the love.
✅ A free digital gift for your customers and their mates are in order. Usually, this can be a percentage Discount or dollar value Voucher for sharing your brand. Be sure to put an end date on it.
✅ Win Big! Competition promotions are a great motivator for customers to Share with a mate.
TIP 4: Share the love with loyal customers.
Rewards programs can be extremely costly to create, manage and complicated for customers to make their claim. But they do work. Let’s simplify the process through a manual process.
✅ A simple thank you SMS, email or phone call from your support team tells your customers how much they mean to your business. At scale, automated comms are usually the best but if your business is small enough, adding a personal touch like a call and email is super valuable.
TIP 5 Piggyback marketing through partnerships
Partnerships often give your business an opportunity to innovate and talk to an entirely new audience. If structured properly, you could create a shared revenue partnership based on future sales. The cost to your business is purely asset creation and joint marketing.
✅ Look for businesses that will compliment your e-com products. If you are a cosmetics brand then look for a fashion partner. If you are an activewear brand then gyms are a no brainer.
Interested in Abnormal Digital’s e-com growth on a shoestring for your business? Get in touch today. Discover more here.