Getting more sales online
Generating sales has been a hot topic for many years and in its simplest form a very straightforward idea. Finding a product, creating a strategy, producing content, and setting up advertising is the easy part.
The real challenges are presented during the growth stages, in particular when businesses are scaling operations, competing with other products, managing resources, and selling across multiple channels. Other aspects such as tech efficiency, sourcing actionable data insight, creating a new market niche, or increasing market share can also pose difficulty for businesses that are scaling operations.
During the course of our twenty years of experience managing our own brands, Activ8 has closely followed the enormous shifts in digital markets which can appear daunting. If businesses are able to establish fundamental infrastructures, it can be simpler to optimise online performance. This includes processes such as adopting the use of high-performance technology, building internal teams, outsourcing to third-party expertise when required, and implementing solutions from data-driven insight.
Know who is selling your products
The goal for most brands online should be to have products appearing on as many channels as possible in a managed way. Retail and distribution deals can offer large revenue increases, but can also create difficulties in establishing your own sales channels. Additionally, global wholesale deals can cause products to launch incorrectly in new territories by setting a price point which is too low or too high, or advertising with the wrong marketing strategy. In turn, this can cause issues with retail and create challenges in launching your own Direct-To-Consumer (DTC) strategy.
Data Driven insights.
It’s not essential to understand all your data in-depth, but analytics should provide more information than what is available on your CMS dashboard and business bank account. Understanding conversion rates for advertising is helpful, but analysing the lifetime value of customers changes the conversation.
Understanding the Repeat Purchase Rate in connection to a customer’s lifetime value can track how likely it is for a customer to continue purchasing your products. Brands should also assess the methods for increasing the average order value, which will influence how much should be spent on client acquisition. Technological solutions, such as third-party analytics software, can support this process by enabling sellers to access global transactions across a variety of platforms within 20 minutes of transaction completion.
Nobody knows your brand like you know your brand
In our own previous experiences, we identified that we outsourced the incorrect processes within the business due to the inability to focus on customers whilst running day-to-day operations. Story-telling and brand building costs were rising, therefore, we employed engaged staff that could handle the operations internally.
One of the growing trends we are seeing is that brands can communicate their external message better than an external third-party. Although outsourcing expert support can be beneficial it should be flexible, enabling the senior team of the brand to focus on working closely with these service providers to create content that consistently matches the tone, messaging, and values of the business.
First point of attribution
The more marketing channels you use, the more you need to know when your customer first heard of your brand. For instance, a customer may respond to a Facebook advert then convert their first sales afterwards via Google advertising, but the sale still originated from Facebook.
Using your own internal data will enable understanding how customers are interacting with your brand and which channels are most effective. Adopting the use of an internal data management software system will enable managing data from a core source, which can connect and analyse all other channels.
It’s not rocket science
Scaling your business online is not as complex as it may seem when using the right tools. As a business owner, there are various aspects which can be done by yourself but as a brand grows you will have to source internal and external experts to handle these processes. While not applicable for all products, if there’s an existing market then you can target consumers through:
- Researching the market
- Creating/sourcing the product
- Use marketing channels to increase brand awareness
- Assess results to analyse which consumer sub-segments are receptive to the product
- Continuously filter out low-performance advertising campaigns, keywords or product lines
For sellers working with multiple channels, it is essential to understand the benefits that each marketplace, retailer, or online provider will offer. What upside do they provide? How much of your share of the market will they take of your own sales? If you need specialist help to fine tune digital adverts, make sure you have transparency on the improvement or the negative impact so you can make fast decisions.