The global eCommerce industry is doing whatever it takes to acquire new customers & retain old ones. Whether it’s direct promotions, traditional BTL or advertisements on online streaming services – no stone is being left unturned when it comes to reaching a wider audience. While any new eCommerce player can grow their reach using these methods, it is crucial to establish long-term marketing channels. There are a few channels that are completely in your control, give you a clear picture of what your ROI is & can help you build a loyal customer base. Here, I’m sharing a list of those marketing channels, I believe every new ecommerce player should invest in.
1. Facebook & Instagram Ads
Building a loyal audience is as important as building a niche for your business. More than 2 billion people use Facebook & Instagram daily! Therefore, it’s no surprise that ads on these platforms help you create brand awareness & boost sales by compelling people to shop on your site. The best part is you can even retarget customers once your user base is established. Average CPC incurred for both these channels is roughly between $0.35 to $0.7. While Instagram Ads are costlier compared to Facebook Ads, the amount totally depends on factors like the type of Ad being run, vertical targeted, demographics, etc. Here, I’d like to quote from a report which states that nearly 48% of people who use Social Media were influenced to buy something after seeing an ad. This further makes these Social channels an effective way to gain traction. Whether you are planning to attract repeat visits or influencing buying decisions, Ads run on Social channels can truly help boost your ROI.
2. Influencer Marketing
Today, Social proof is a big driver for purchase decisions and Influencer Marketing comes up as a great channel to use when targeting a specific audience. I recently came across Google insights on YouTube Influencer Marketing which states that every 4 in 10 millennials believe that their favorite creator understands them more than their friends. Other than popular visual content channels like Instagram and YouTube, Influencer Marketing can be also be done on Quora, Reddit, etc., depending on the target base of a business. Further, this channel can be leveraged using minimum monetary investment as many of these influencers happily work in exchange for merchandize, passes, coupons, vouchers etc. This way an eCommerce site can gain higher brand recall, more assisted conversions, higher sales and all that with great ROI. At CashKaro, we regularly work with influencers across platforms. This drives great sales for us while costing just a fraction of what traditional channels do. The trick is to work with influencers who drive higher CTR and Conversion instead of doing a blanket campaign with popular faces who have a large following.
3. Affiliate Marketing
Affiliate Marketing as a tool can work wonders for an eCommerce business. One of the fastest growing sources of revenue, Affiliate Marketing is awesome way of pulling traffic to a website. Roughly 15% of the digital media industry’s revenue today comes from Affiliate Marketing. Cashback websites, for instance, work as best affiliate partners for an eCommerce company as they help these retailers drive sales with good ROI. These websites work on a performance driven model i.e. retailer pays commission to the affiliate website only for successful sales. As a result, the increase in brand visibility and wide spread of the brand’s communication come for free. Because websites like CashKaro offer Cashback over and above retailer discounts, it interests the audience even more, resulting in increased traffic. This is one of the most inexpensive ways to acquire customers as the cost of commission can be anywhere between 5% to 30%.
4. Google Ads
Google search is one of the most popular ways in which a person lands onyour site. Running and optimizing Ads on the Search Results page can therefore drive lot of relevant traffic to your site. Google Ads work a lot like Facebook and Instagram Ads. While CPC for these Ads is costlier compared to Ads run on Social Media, Google Ads can reach a wider user base along with generating better ROI. According to Google Ads’ own support page a business makes an average of $1.50 for every $1 spent on Google Ads. In fact, optimizing your ad can aid in advertising using target keywords. Using bids one can get a guaranteed pop up on the first page of Google’s Search Results. Other than this, a business can opt for Google’s Merchant Promotion strategy to increase CTR, conversions and revenue.
5. Email Marketing
Interacting with customers is important to retain a loyal user base. Here, Email Marketing comes in as a handy and cost-efficient tool. The number of email users is expected to grow to 4.3 billion by 2023from the3.9 billion it stands at today resulting in a likely increase in the impact of Email Marketing. A traditional tool used by every leading business, the cost of Email Marketing depends on the size of the business’s database and target audience, making it an economical alternative.
Further, using segmented and hyper-segmented emails, high Open Rates and Click Through Rates can be sustained over long periods of time. This happens because the emails are personalized based on the recipient’s past purchase behavior. As a result, your users will receive an email tailor-made for them, with offers on products/brands that they’ve earlier shown interest in.
Based on my experience of working with 1500+ retailers for CashKaro.com, these channels are exceptionally useful and cost effective. Besides these you could also toy with Social channels such as Telegram, WhatsApp & Facebook Messenger etc. However, make sure you don’t put all your eggs in the same basket.