It’s important to have a sales strategy in place for any e-commerce store.
There are so many moving parts, and so much conflicting advice in the market from different experts.
Having a simple written strategy helps store owners to stay focused on their goals and achieve success.
Here are some key elements to consider when creating an e-commerce sales strategy for any online store.
Get specific about the customer
Amazon, Walmart, and eBay own the ‘general store’ category, and there really is no room left for startup operations.
Independent e-commerce stores need to specialize to be successful.
That means focusing on a single brand or a single product category.
It also means focusing on a small number of customer profiles (also called avatars).
It’s important to consider that e-commerce stores very rarely have true product exclusivity.
Even if the brand is unique, there is almost always a competitor selling a very similar product that can substitute for it.
This means that a product-centric store is usually not the way to go.
The most successful e-commerce stores are customer-centric, and focus on providing a great user experience.
That begins with understanding the demographics, interests, and needs of your core customer base.
Create a marketing plan:
Tactics and grind can get an e-commerce business to about $50k a month.
Strategy is what creates sustainable growth onward to 7-, 8-, and 9-figure revenue.
Take the time to define your biggest ‘north star’ goal, and write the milestones you’ll need to pass on the way there.
Choose the initial marketing channels and key revenue driving offers.
Think about how you can upsell and cross sell your products to boost AOV and overall conversion.
Select the initial marketing channels, and key revenue driving offers to drive customer acquisition…
And make sure to use your email list, customer service team and retargeting advertising to retain customers, bring them back and grow that LTV.
Many entrepreneurs skip this step… Maybe it gives them flashbacks of writing boring reports in high school!
Don’t do that.
This doesn’t have to be some 30-page report.
2-3 pages is more than enough to plan the next 6 months.
Even a 1 page plan is infinitely better than coasting from tactic to tactic without a sense of the big picture.
Use data and analytics:
Serious entrepreneurs know their numbers, and check their Key Performance Indicators every day.
For some that might be cash collected, for others it’s AOV, or LTV.
It depends on the stage a business is at, and the future goals in the owner’s growth plan.
No matter what the goals though, understanding data and using analytics are essential to understand what’s going on in an e-commerce business.
This becomes more true as a business grows.
Small hinges swing big doors, and in a high-volume business, fractions of a percentage point can have a big impact on cashflow, fulfillment cost, and customer satisfaction.
To give 1 example – tiny increases in chargebacks and refunds can result in a merchant account being frozen, causing massive losses for the whole business.
Wise business owners who want long term success get deep into the numbers, and make it a daily habit to know where they stand across 3-5 KPIs.
Continuously monitor and optimize:
E-commerce sales strategy is not a set-it-and-forget-it kind of deal.
A strategic plan isn’t set in stone either.
It’s a living document that’s meant to be reviewed, expanded, and updated over time as the business grows.
So it’s important to continuously monitor and optimize your sales strategy to ensure that it’s working effectively.
This includes testing new tactics, analyzing data, and making adjustments as needed.
By following these guidelines and implementing an effective e-commerce sales strategy, store owners increase their sales, boost AOV, and ultimately grow their business.
It’s important to remember that a good sales strategy takes time to implement and to see the results, but by staying focused on goals and continuously monitoring and optimizing strategy, you’ll be on the right track to success.
Checkout Champ Can Help
Strategy has 2 parts – planning, and execution.
Once you’ve created your plan, you want to have the best possible tools at your disposal.
If you run an e-commerce store, e-commerce agency, or a portfolio of stores and generate at least $50k a month…
Checkout Champ is the toolkit you need to Streamline all business processes in one hub.
Access all your strategic data and KPIs, and optimize your campaigns from ONE powerful central dashboard with ONE login.
With Checkout Champ’s integrated platform, you can link the features you want to level up your existing store, and cut out third-party apps that cost you thousands in extra fees.
Improve your online store this 2023 using bolt-on technologies like Checkout Champ.
Book a demo today and see for yourself what Checkout Champ can do for your store’s strategic growth and profits.