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5 Ways to Naturally Grow Your Business

Success in business is not always linear. There are times when you would hit a few bumps and roads ahead.

But, one thing is for sure, you need to keep going and keep growing.

As we progress, purchase new assets, increase employees, and acquire more customers, it is important that our strategy scales and improves as well. So in order to help you, we have listed a few tips on how you can naturally and sustainably grow your business.

Explore Different Types of Growth 

An article published on the Missouri State University website suggested different alternative growth scenarios. Rather than look at growth from a general perspective, they proposed seven different ways to grow and develop a business.

Oftentimes when we think of growth, we usually think in terms of the market and income growth of our business. But according to the mentioned article, growth can also be network growth, quality growth, product growth, volume growth, and financial growth.

Market and income growth generally refers to new market entry and an increase in profitability, respectively. Whilst network growth means additional partnerships, quality growth is for research and development, product growth means innovation, volume growth is an increase in production, and financial growth means an injection of more capital.

Once you look at growth this way, you would be able to unlock more potential and opportunities for your business.

Setup an eCommerce Store

Many startups found success by setting up their own e-commerce store. Since building customer relationships from the ground up can be difficult, most e-commerce platforms simply take away this burden from you. They already have a repository or access to customer data that you never had before. Because of this, it is much easier to target customers and generate leads for your brand. 

Remember that there are tons of ways to set up an e-commerce store. You can either create your own online store or just simply set up an account on an e-commerce platform. Most startups often opt for the latter because it is much more convenient and less costly. Given that startups are still new in the industry, it is more practical to set up an account in an eCommerce platform rather than splurge their entire budget on creating their own online store. 

Startups are able to greatly benefit from their e-commerce store because they are able to generate more leads and explore new markets without having to burn a hole in their pocket. With that said, you should consider this as one of your options to grow your business. 

Find a Niche

Look for your target market and start building from there.

Think of a niche as your starting point. Since you are still new to the industry, it is much better to build credibility and reputation in a niche market first. Quickly jumping and marketing to a more general market might just lead to unfavorable results. Keep in mind that consumers are still unfamiliar with your product and they have not fully trusted you yet.  So pandering to the general audience might just be ineffective and a waste of resources.

To maximize your growth potential, you should instead gain the trust of your niche market first. Thereafter, you can then think in terms of growth and how your brand can serve other related markets. Potential customers outside your niche would be more trusting of you if they know there are other sets of people who trust you as well.

Pander to the Community

Aside from your niche market, you should also consider your local community as a target market as well. There are different ways to pander to your local community and one of which is hosting events.

If you are planning to have an actual store, then the best way to start is to host an in-store demo. Even though e-commerce is growing increasingly popular these days, in-store demos are still an effective way to bring in more loyal customers. The great thing about this type of event is that you can also do it along with your other marketing strategies as well.

For instance, in-store demos are a great source of content for your social media campaign. You can even hire an influencer from a promotional modeling agency as well. Doing so would help generate buzz around your brand.

Besides, no matter which marketing campaign you decide on, it would certainly enhance your reputation and image within the community.

Embrace Changes

As cliché as it is, the best way to achieve sustainable growth is to adapt to changes. Keep in mind that consumers’ attitudes and behavior are ever so changing. With that, your business needs to catch up as well.

For instance, most businesses today are now switching their marketing campaign from print to digital. They have noticed that consumers are spending and dedicating more of their time online. These businesses now see digital media as a crucial element in their marketing campaign.  

And this does not only apply to the marketing aspect of the business, many companies today are now starting to embrace innovative changes in tech like AI for their day-to-day work,  FinTech for their business transactions, and e-commerce for their marketplace.

Because at the end of the day, your business needs to be agile to progress and innovation. If you fail to catch up and welcome these changes, both you and your business would not be able to overcome stagnant growth.

Ecommerce Marketing: Three Success Factors to Pay Attention To

An eCommerce business doesn’t happen overnight. You will have to compete with market leaders prevailing in the market over a long period of time. Nevertheless, your task is to push your business further. 

Of course, you will have to do lots of business-related things. Invest tons of money and time. However, you can't put your arms around everything. 

Hence, you need to figure out those factors that matter the most. 

What are they?

In this post, you will get familiar with three factors that play a crucial role in your eCommerce business success. 

Let's cut to the chase!

The Most Important Tasks to Consider

If you want to start a successful eCommerce business, you won't be able to figure it out right off the bat. You will need to run in-depth research. 

For example, a successful eCommerce business has a powerful social media marketing strategy. It helps drive a few million followers on Instagram. But it doesn't mean that if you have the same number of followers, you will achieve the same success. 

Nevertheless, eCommerce business practitioners have already identified a few pillar factors you should consider. These three factors can affect your eCommerce business success drastically. 

Let's review them:

  • Low customer acquisition cost

  • High repurchase rate

  • Healthy margins

These factors may look a bit simplified at first glance. However, they have a complicated meaning for your eCommerce business success. 

Therefore, let's review these three factors more precisely. 

  1. Low customer acquisition cost

Most eCommerce business owners dream about acquiring dozens of profitable customers for cheap. But it all depends on your preferred margin, lifetime value, and your main competitors. 

Besides, the biggest challenge in this game is to get new customers. 

How to do this? 

You can invest your money into making advertising, design and plan social media strategies, interact with potential customers etc. But all these ways require spending money. In other words - each new customer has a cost. 

What's more important, if you care for business success, you should think about implementing an actionable marketing strategy. Or hire a team of marketing experts who would lead your business ahead. 

This factor has a leading force that includes two elements - brand and marketing. Now, let's review them in detail. 

  • Brand 

Branding is the most straightforward way to stand out and lower your acquisition cost. But the first thing you should do is ask the following questions yourself. 

  1. Do people know about your brand? 

  2. Does your eCommerce business differ from your competitors? 

  3. Is there any specific reason why a potential customer should check your online store? 

Can you answer these questions? 

Practice shows that business owners can hardly explain why people should buy from them but not from their competitors. It is not because they lack information or knowledge. It is because the reason is hidden in the roots of your eCommerce business. 

What does it mean? 

Try to recollect what was the reason to create your store. For example, there are cases when business owners take charity as a driving force. To put it simply, you encourage people to buy from you. And their purchase helps people with a donation to fight against cancer. 

However, don't delude yourself. Charity won't be the driving force that leads to the success of your eCommerce business. 

  • Measurement

On the one hand, brand building seems quite vague. On the other hand, some ways can help you measure it effectively. For example, branded search traffic works as an indicator of how well your brand awareness has increased over time. 

One more trustful indicator is brand mentions. The more mentions your brand gets, the more chances to expand the brand itself. However, brand mentions are not equal. Nevertheless, if you have consistent growth in this area, you will reach out to new potential customers. 

You might wonder how to explore the mentions of your brand without any fuzz. You can do this with the help of the Content Explorer tool from Ahrefs. 

What should you do? 

Type your brand name first. Then review those pieces of content where it has been mentioned. To get the most up-to-date results, you can filter down by date. 

Plus, for those who want to get the latest updates on brand mentions, you can use the Alerts tool. The only thing you will have to do is to point out the search inquiries you want to track. 

  • Marketing

If you want to create a powerful brand, you should clearly understand who to target. And where to find these people. This should be a starting point for your marketing.  

Keep in mind that you need to set your budget tight and invest your money wisely. However, the best option here is to find ways that would cost no money but increase the number of sales. 

Are there any of these marketing tactics on the radar? 

  1. You can concentrate on cheap marketing activities like email and retargeting. But remember that they are low scale and the total volume of these activities will be limited.

  2. Don't go with the flow 

If you can find marketing channels that your competitors have no idea about, don't hesitate to use them. It will help you be the only player on the field and dominate. 

Unfortunately, the truth is that it is pretty hard to find such a unique channel. Instead, find a new approach to work with the existing channels. 

For example, lots of eCommerce business professionals use eCommerce SEO strategies in practice. They focus on basic tactics like - keyword research, link building, content creation, outreach, and so on. Whereas, it won't be enough to succeed. 

How to turn the table in this case?

The answer to this question is simple - don't copy these tactics but replicate the principles. Plus, add some sort of creativity. 

For instance, there will be a handful of people who would buy a jacket with the fake mud from you. Nevertheless, this unique product will attract people's eyes for sure. Eventually, people might start exploring similar unique apparel that your shop can offer. 

  • Outreach

You realize that having a perfect product doesn't mean that your sales will skyrocket. That's why your goal is to find the right audience to reach out to and offer the product. 

Don't run outreach campaigns randomly. Instead, analyze the backlinks that products similar to yours have built. One of the ways to do this is by analyzing your competitors' backlink profiles. 

How to do this? 

Go to the Site Explorer tool and check the "Backlinks" report of the competitors. 

Skim through the report and figure out what sites link back to the products similar to yours. Afterwards, get your outreach campaign ready to go. Don't forget to work on creating a personalized email template.

By the way, if you post your product items across social media channels, you know how it is important to create a posting schedule. It is more effective and time-saving. Especially for those goods that people need to see with their eyes. Hence, you schedule Instagram posts and post pints on Pinterest. 

Outreach is not an exception to the rule. You should create an outreach schedule to make sure the messages are delivered to people at the right time. 

  1. High repurchase rate 

Did you know that the best eCommerce companies generate more than half of their revenue with the help of repeat purchases? 

Besides, it increases the lifetime value for your customers drastically. While customer loyalty is something that is important for whatever business you run. 

You should understand that customer loyalty is a collective term that represents the following elements - customer experience, product selection, pricing, brand, and marketing. 

Yes, marketing is the last on the list. And this is for a good reason. It is because the most straightforward approach to increase customer loyalty is to get more in front of your existing customers. 

Thus, if you want to get positive results with the help of automated email campaigns, you should know one thing. Your campaign is doomed to failure if your customer had a poor experience with the first purchase. 

  • Customer experience 

It is strictly important to work on improving customer experience. It will help you increase the number of customer reviews of the products. 

How to do this in the best way? 

First and foremost, think about what your potential customers see when they land on your site. To help you out, ask yourself a set of questions:

  1. Is it hard to find a specific product? 

  2. Is it enjoyable to navigate product sections?

  3. Is your website fast?

  4. Does it make any difficulties to find contact details or shipping costs?

Collect customers' feedback and analyze the information. Make the improvements.

  1. Healthy margins

To make your eCommerce business move forward, you need a healthy gross margin. 

Why is it important? 

Healthy margins give you an opportunity to invest and it offers more possibilities to acquire new customers.

Any margin consists of two elements - revenue and cost. And while you are already aware of other costs (shipping cost, product cost, etc.), you don't have more detailed information about revenue yet. 

Keep on reading and you'll find out. 

  • Sell higher priced products

If you believe that it would be much harder to sell a $3,000 laptop online than a $20 t-shirt, you are wrong. 

Surprised? 

The thing is that if your margin is lower, the final total profit per order will be higher on the first product. 

  • Upsell and cross-sell

Cross-selling is the process of selling complementary products like a $10 juice concentrate packaging for a $1000 cocktail machine. 

Upselling is when you try to sell a cheap product for a higher price. For example, you sell t-shirts for $5.99 per item. However, a customer decided to purchase 20 t-shirts. You sell these 20 t-shirts for $80, where the price per unit is $4. The price is lower but you could earn more money selling these 20 t-shirts at once.

To Sum Up

This blog post is a wonderful guide for those eCommerce businesses who have just decided to launch their online store. And low-cost customer acquisition strategies will help you for sure. 

When your customer base starts to grow, you should focus on customer retention work. 

Finally, dive into the cost and revenue to figure out how to optimize these elements and succeed in your eCommerce business. 

If you think this post lacks some information, don't hesitate to share your thoughts in the comments. 

6 Tips For Beginners To Set Up An eCommerce Store

Do you have an amazing product idea in your mind that can be sold but don't know how to sell it? 

If this is your current situation, your answer is "eCommerce store". You must have heard about Shopify stores, where people visit online to buy products. 

Now, being a complete beginner who doesn't know how to set up an eCommerce store and make your sales funnel template work, it’s going to be extremely tough for you to survive in this industry.

That's why we have created this post; here, we will talk about 6 tips for beginners to set up an eCommerce store. 

6 Tips To Set Up An eCommerce Store

Do you know why we are focusing a lot on the right setup of an ecommerce store? 

The reason is if you set up your ecommerce store in the right way, then you can easily make it work out and generate sales for you. 

To set it up in the right way, follow the mentioned tips:

  1. Find The Right Products To Sell

The first tip is to figure out the right products to sell. Let's take an example here: Assume that you can notice an excellent smartphone cover that is not branded because it does not have that much online presence or sales. 

But you used the smartphone case, and you liked it; you got in touch with your friends and gave a green signal to the smartphone case. 

Once you notice that almost everyone likes it, you need to figure out if it will sell in your area, city, country or worldwide? 

After getting a "Yes" from your thought process, you can finalize that product for your ecommerce store. 

Quick tip: You would also have to keep in mind the competitors and the pricing at the initial stage when you haven’t generated any sales yet. Also, since the users would be seeing your product image only, not the product itself, you have to make it attractive. For the same, explore tools like face swap online free, graphic and illustration designer, etc.

  1. Finding The Suppliers

Once you have finalized the product, it's time to find the suppliers. If you have a supplier, ask them how much quantity they can offer you the products and do they have the bandwidth to provide more products if you got more orders from your ecommerce store? 

If it’s a yes, then you are good to go. 

To always be sure that you have enough products to sell, you can get in touch with more suppliers.

  1. Choose A Brand Name

A brand name plays a crucial role in the success of your ecommerce store. Let's take a simple example: Assume you are selling smartphone cases and name your brand "Case it up". By reading your brand name, only people would know what products you are selling. 

On the other hand, for your smartphone case ecommerce store, if you picked a brand name like "Execute", people will have no idea about your products and services. 

Hence, choosing a name that resonates with your products is essential.

  1. Pick Up The Right Platform

There are several platforms with the help of which you can create an ecommerce store. You can pick the most appropriate from them based on your requirements, budget, features you need, designs and the integrations they offer. 

One of the best platforms that offer you services based on plans you select is the Shopify store; this platform's overall management and setup is also easy. 

  1. Delivery

Let's come to one of the most crucial parts of an ecommerce store. You must have noticed that ecommerce stores are considering fast delivery as one of their USPs. 

This is also a good point because people expect deliveries as early as possible. Because of this, you should always select the best delivery service provider for yourself. 

You can get in touch with free delivery provider brands and a few local delivery service providers. 

Know about their guarantees, the time they will take, and the delivery charges. Based on these factors, you should select the option that fits your budget.

  1. Gaining Visibility

Here comes an essential sector for an ecommerce store that most ecommerce business owners are not taking care of. Enhancing your store's visibility is a challenging task; if you have money to invest in paid campaigns, then it's going to be a bit easier. 

But here we are going to offer you a few organic strategies that can help you gain visibility without spending a single penny on marketing: 

  • Start a blog within your ecommerce store and post quality content on a similar niche of your products. In this way, you would be able to generate organic traffic easily. 

  • The next strategy to enhance your visibility online is by working on your social media profiles. Start creating engaging content on social media profiles; you can also talk about your products and customers. 

  • One tip that has helped a lot of ecommerce stores fetch a good customer engagement is by creating giveaways and challenges online. You can also work on that for better visibility. 

Conclusion

Setting up an ecommerce store will always look complicated if you are unaware of the tips mentioned above. We have discussed several easy to implement tips that can efficiently take your new ecommerce store to great heights. 

5 eCommerce Hacks to Boost Your Sales and Win New customers in 2022

People are getting busier every single day, which means that the attention span decreases, and it is even lower than that of a goldfish. Isn’t that surprising? Whether you are in an eCommerce business or otherwise, you have to do anything possible to grab the attention span of customers to improve sales and win new customers. 

So, let’s dig into that! We are going to talk about the practical steps to boost your sales and win new customers in 2022. 

Social Proof Works Wonders

Social proof like reviews, feedback, images, and pictures that the existing customers share on Facebook, Instagram, or TikTok inspires online shoppers TikTok inspires online shoppers, and that is what we call user-generated content. Promoting user-generated content on a regular basis gives your potential customers confidence to buy your products.

When making a purchase in person people often love to touch, see, smell the items that give them the confidence to buy them. However, when buying online they rely on social proof. They want to hear about it from a fellow buyer who made a purchase just like they did. 

So, let’s get to this example.

If you are buying perfume in person, you can actually try a tester in the store. However, if you want to order from an online store you would check the reviews from customers, the experience they have shared on the eCommerce store or on social media. 

Display social proof notifications on your eCommerce store 

A great way to make the process more efficient is displaying the social proof pop-up on your eCommerce store using an app like FOMO. It works well for those who are non-millennials out there because they have the ultimate fear of missing out. So a social proof like ‘Sam just bought perfume in the New Hemisphere” will do wonders. It works well for the location targeting since it will help customers in the New Hemisphere to buy with confidence.   

Display Smart Trust Badges

According to Statista, 17% of cart abandonment during 2021 was due to trust issues which means that you can retain a significant percentage of the customers by placing trust badges on your eCommerce store. 

When you place a trust badge on your eCommerce store it instills trust. It is often placed on the checkout page, and it’s been quite a while when most of the retailers and eCommerce experts place it on the landing pages as well. The core reason to have them on your website is, to boost sales and increase customer satisfaction

The science behind these trusted badges is complex. There are several security features behind these trusted features that keep the credit card information and personal information safe & secure. SSL is a complex system that encrypts the information that is sent over the web. You will only get these trust seals when your security systems incorporate all the standardized security protocols. 

Your technical team should be responsible for taking care of everything and placing trust badges on your landing page or the checkout page. And, your sales will improve significantly. 

There are several kinds of trusted badges including:

Safe Checkout badges

It indicates that the checkout process on your eCommerce store is safe, and any information that a customer shares on the website can not be stolen. It ensures all the personal information shared is encrypted.

Accepted Payment Badges

Honestly, nothing is more relieving than seeing an accepted payment badge on an eCommerce store. It instills confidence among the customers. 

Money-Back Guarantee Badges

It gives the customer confidence that he is not going to lose anything even if he doesn’t have a great experience. You can ask your graphic designer to create a money-back guarantee badge that you can place on the landing page. 

Free Shipping and Returns Badge

I think it’s a must for an eCommerce store. Extra shipping or returning costs are one of the major reasons for cart abandonment, so if you place a badge like this, you can earn and build customer loyalty

Use Exit-intent Popups

I’d call this, saying goodbye but with love so that the customer returns back instantly. Here’s how the Exit Intent Technology works:

  • It precisely detects that the customer is going to leave 

  • Quickly interrupts a customer’s intention to exit 

  • Offers a great call-to-action like “Subscribe” or “Get and offer a giveaway, sign up request, a product-specific discount, etc 

An exit-intent popup helps the user to return back to your website using an advanced predictive algorithm. The technology quickly detects the user’s activity by incorporating the cursor movements and its velocity to take him back to the store. 

It helps you save a second chance to take your customer back to the store to improve your conversion rates. So, if it’s not efficient you will lose your chance. Try to design creative popups that are user-friendly, quick, efficient, and interactive. It acts as a ‘safety net’ once you are successful in bringing back your customers, they will spend more time exploring and might buy that is more incentivized. 

An exit pop-up strategy helps you build an incredible email list for your email marketing. So, why not kill two birds with one stone? You can then use an efficient email marketing strategy to send them customized emails that are tailored to their needs. As a result, you will have a higher chance of a conversion.  

Cross-sell and Upsell

If you have an Economics background, you’ll be able to better understand how cross-selling and up-selling strategies works. You can offer your customers complementary things, related things on the checkout page, the cart page, or the product page that entices the customers to buy the product due to its complementary nature. 

Cross-selling and upselling had been doing wonders in the past. You can use tools like Bold Upsell to set your upsell and cross-sell strategy. 

Let’s look at the example on Amazon. The customer wants to buy an exercise bike machine with a great resistance bike and Amazon offers the buyer a heavy-duty equipment mat. It is because the seller is sure that other similar products in the same niche would interest the buyer. 

Use Accounting Software

When you know where most of the money comes from you can create a better sales strategy for your eCommerce store, and that’s why accounting software helps you. eCommerce store owners struggle with bookkeeping and they face difficulty to manage the accounting with each new sale. The fact is when you don’t have an in-depth idea about your current sales you are not able to prepare an efficient sales strategy for the future. 

To overcome this issue eCommerce stores can use simple and smart accounting software that offers solutions for small, big, and large eCommerce giants. Using these expense management software, you can take an in-depth study of the data, study multichannel sales and extract specific types of information like conversion rates. As a result, you will be able to get information about the number of items sold, and the number of transactions that occurred. Plus, you will know how many products are highly sold, so that you can gear your efforts towards that product in order to improve sales.

You can take the following actions:

  • Promote all those products that were not so popular among your target audience. 

  • Identify and work on the products that have the highest potential of upselling. 

  • Find out all those items that have the highest marginal profits 

  • Track if the discounts you have been offering performed well, and recognize if the spend management is efficient. 

So, there you have it! Five incredible eCommerce hacks to boost your sales and win customers. 

What are the eCommerce hacks that you incorporate into your business to boost your sales and win new customers in 2022? Let us know in the comment section below.