Based on research, e-commerce is accountable for more than $3.5 trillion in sales worldwide as the industry continues to grow every year. So, if you are an e-commerce startup owner, you may feel intimidated by the overwhelming number of competitors in your industry. But remember that a crowded field is also a sign of the existing demand, making e-commerce a cost-effective segment to be in.
Before diving into developing your marketing strategy, let’s get clear on exactly what it is.
What is an e-commerce marketing strategy?
For starters, it is not only about the individual tactics you implement. They can represent a single facet of a comprehensive e-commerce marketing strategy, but your strategy can be more.
Your e-commerce business strategy is the roadmap you follow that outlines every marketing direction you’ll be taking. It combines your predetermined goals into a single document and effectively provides its users with a clearly defined plan to accomplish them.
How to start developing an e-commerce business strategy?
Developing a marketing strategy always starts with a plan. A successful e-commerce marketing plan is made out of several components that come together to achieve one common goal: to increase sales on your e-commerce store. From improving brand awareness through advertising to gaining new followers through social media, every action you take should have a measurable impact on your sales.
As you’re laying the groundwork for your strategy, it’s vital to note the below points while developing your business plan to ensure that your methods and strategy are well thought out and will pass the test of time.
- Executive summary– By writing an executive summary of your strategy, you’ll be taking the first step to developing your e-commerce marketing plan. You can start by gathering substantive advice from knowledgeable mentors and doing in-depth research.
- Goals & objectives – Make sure to set clear and specific goals. Once you start to execute your plan, these goals put great importance on measuring your results. That being said, make sure to include specific goals and metrics.
- Mission statement & value proposition– the business owner or probably one of the company leaders must provide a clear mission and value proposition. Answer question such as the below:
- What’s the purpose of this company?
- What do you do?
- What don’t you do?
- Target customers, personas & markets – Digital marketing agencies in Dubaisay that knowing your target audience is vital in developing an effective marketing strategy. Suppose you don’t have a clear understanding of who you’re targeting, what characteristics define them, and where they’re located. In that case, you’re bound to run inefficient campaigns that waste money targeting low-converting, unqualified individuals. Therefore, make sure you know the following basics:
- Age ranges
- Gender breakdown
- Geographic location
- Purchasing power
- Situation analysis – Perform a thorough analysis of the business’s current state, the competition, and the overall marketing plan. A better understanding of your current situation will lead to better decision-making, and eventually, better results.
- Pricing & positioning strategy – Do your research and make sure that your pricing and positioning provides real value to your target audience. While there are opportunities for testing and refinement throughout your product’s lifecycle, by doing a little more work upfront, you’ll be better off in the long run.
There is no easy way to scale your startup in this competitive environment. However, implementing the tips mentioned above can help you craft an effective e-commerce marketing strategy and make your brand stand out amidst a sea of e-commerce stores.
At Creativo, we know how complicated and time-consuming an e-commerce marketing plan can be. Sometimes you need a little bit of help, and that’s where Creativo comes in! We provide internet marketing services ranging from SEO to SMM to SEM and everything in between. Whether your e-commerce store is big or small, their expert team is available to help you reach your goals.