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Coming up with a marketing strategy can seem daunting, and many first-timers think: Where do I start? Running your own online store is thrilling when you’re generating sales and you wake up every morning to see a new order has come in. However, there are times when business isn’t so great and you need to think of a marketing strategy to help boost sales. The key to an effective marketing strategy is to ask yourself (and answer) two questions for every new marketing channel you’re trying out: Am I making progress? What can I do to improve? In this post we cover how to create a marketing strategy for your online business in 3 simple steps:
Your Awesome Marketing Strategy in 3 Simple Steps:
Let’s imagine you want to use Facebook Ads to boost sales. In this first stage the goal is to get the Facebook Ad up and running, nothing more. To build your Facebook Ad campaign you’ll need to decide on: objetive, the destination landing page, audience, budget, ad format, content and images. The same goes for any other marketing channel chosen. Whether it’s Google Ads, Instagram, SEO or Content Marketing… The first step is to build the marketing piece or ad.
Measure your results
At this stage, the goal is to answer the first question: How do you know if you’re improving? This answer comes from the data you collect in your eCommerce platform, Facebook or Google analytics. In your sales dashboard for example, you’ll find data about how many people have visited your online store and how many of those visits have converted into sales.
Learn from your data
At this stage you’ll need to decide which data is important to answer the second question: How do you know what to improve? Knowing when to focus on which metric will help you save a lot of time and money at this point. Here are a few metrics that you should be checking: 1. Orders – Are you making any money? 2. How many reach checkout stage 3. How many have added products to cart? 4. Click-through-rate (CTR) 5. Bounce rate 6. Page visit and session duration. Interpreting this data is the hard part. For example, if you’re attracting the right audience but with the wrong offer you’ll see a low CTR. If you’re attracting the wrong audience with a good offer you’ll see a high bounce rate. Tweaking your ad based on what your metrics are telling you is the only way to improve with some sort of guide.