Remember the day when you’ve made up your mind to start an eCommerce business. What were those several things you’ve started to investigate in order to build a solid foundation for it? Here is the list of those aspects you should thoroughly investigate when shaping your successful eCommerce business:
Define the right product to sell. Usually, this point determines the fate of your business. You should be able to estimate your product from the point of view of future customers. One of the typical mistakes: business owners are falling in love with their products and can’t examine them critically. I won’t even tell you the statistics of how many new businesses fail every year. This might seriously disappoint you.
Business owners should be aware of the fact that if they pick a red ocean strategy, they’ll have to struggle for the customers’ attention because the chosen niche is not new. Those who launch innovative products are in the “blue ocean”. They don’t have the competition. As it turns out to be quite difficult to create innovation on the market, entrepreneurs should make efforts to improve their products, marketing strategies, and customer service on a constant basis.
Do you have a clear understanding of who your ideal customer is?
The point is that thousands of people are wasting lots of money on advertising because they haven’t managed to investigate their buyer personas in due time.
What is vital to know about your target audience?
demographics (the place of residence, level of income, education, age, gender)
attitudes (interests, motivation)
What kind of value does your product have? (will it make the life of your customers better and what kind of problems can it solve)
what kind of typical/non-typical objectives your buyer personas may have
what will make them purchase your product
which channels can your customer use to search for your product
What will you get if you segment your target audience in a proper way:
you’ll be able to set correct targeting on Facebook
you or your marketers will know what kind of messages your audience needs to see in order to find out the value of the product
You’ll know how to improve the product in order to exceed the customers’ expectations.
But in this case, a good idea would be to conduct interviews in order to ask the customers directly: what do they like about your product and what they don’t like.
Why do people buy and whether they are ready to pay for what you sell
I have mentioned this issue in one of my articles. After you conduct thorough competitor analysis, you won’t have difficulties with defining a price strategy. But there is one thing, which shouldn’t be forgotten: customers will always find the ways to pay for your product if you arouse a desire to possess it.
You may have the most typical product for your potential customers. But marketing and PR efforts will help you to transform it into something truly prestigious and desirable.
The design of your product is the first thing which creates a bond between your brand and your potential customer. So, the design of your website, your logo and your product are among the most serious investments in your business, because you are going to deal with people, not machines.
You’ll never influence human psychology if you use wrong colors in your brand attributes. You may also think, that’s a trifle and I’m joking, right? Who cares about colors? The answer is EVERYONE.
Once Heinz decided to launch a different kind of ketchup. Not red, but green. And you know what? More than 10 million bottles were sold in the first seven months following its introduction, with Heinz factories working 24 hours a day, seven days a week to keep up with demand. The result: $23 million in sales attributable to Heinz green ketchup [the highest sales increase in the brand’s history]. All because of a simple color change.
What kind of a design you get, when co-operating with a good UX specialist:
it smoothly leads customers through the sales funnel directly to checkout
it follows the usability and rail standards
contains the best UI/UX practices
has a background which raises the conversion rate
looks very attractive for customers
But it’s not enough. Even the best designers often lack some fundamental knowledge which can help influence the sub consciousness of a customer. A desire to buy is always dictated by our sub consciousness (scientists claim, that almost 95% of purchasing decisions are controlled by it). That’s why it’s good for a designer to work with an experienced digital marketer (the one, who knows well how human psychology works). A good content marketer/digital marketer should prepare a structure of relevant content for the customers could:
See the value and benefits of making purchases at your store on every step of the funnel
Have a desire to spend as much time on the website as possible
See the right content in strategic places and could quickly grasp the idea
See good CTA’s and increase their AOV
To make it all work, every business owner should make sure that his brand positioning is reflected in reality, not just on the website. If you have the best customer service – prove it. No matter how strong you’re marketing and PR is, if you don’t want to strengthen the relationships with the customer with your real actions. Otherwise, it’s not the brand it’s just an empty phrase. Nowadays a good brand is a result of strong relationships with customers.