When you start your own business, you naturally want to use all available options to increase your reach, your sales, and your clientele. You will look at advertising and e-commerce marketing. If you decide to go with e-commerce marketing, which makes sense in today’s technologically savvy market world, there are some things to bear in mind when planning your budget. To ensure you get the best return for your investment, look at the following factors, among others.
Understand your competition.
As with anything, you should know your competition, to understand how to manage your campaign. This will help you understand your potential clientele.
Know who you want to attract.
Find out what method works for them and have a strategic plan in place. Know what to expect from the campaign and the cost for such a campaign.
Build a brand for your company.
Create a name for the company, an identifiable brand that the customer will recognize and understand.
Diversify the social media that you use.
At first, focus on a more diverse reach. It will help you identify which campaign attracted the most so that you can use that more often. This will help you narrow your focus. Then, analyse the data, by using in-built analytics systems such as Twitter and Google Analytics to gage traffic, and use this in your future campaigns. This will help increase your return on investment in the future too.
Create an experience for the customer.
Keep things related to the overall shopping experience. Have content that is related to what is offered by your company, so that customers might be driven to buy the product or service.
Keep tabs on the Return on Investment.
ROI = [Gain from the investment - The cost of investment] / [The cost of investment], which gives you a percentage value. However, don’t ignore all smaller-return marketing strategies for larger-return strategies. If the investment has a long-term benefit, take that into consideration. See the possibility of a person becoming a customer, and that customer’s life-time value, rather than only the short-term return on the investment.
Additionally, make online payment gateways available for the customer.
Platforms such as CyberCom Pay give you excellent options so that you can have online payment gateways on your site. Low transaction rates will help keep your service high, while you benefit from the no monthly payment policy followed by Swipe.
Tips to back you up with, when building an e-commerce marketing budget
November 11, 2014
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