As an eCommerce business with a strong foundation, you’ve secured a strong brand identity, a strong flow of consistent buyers and ensured that profitability is the cornerstone of your entire online presence. It’s true what they say – that hard work does pay off, and thanks to your robust eCommerce strategy and effective marketing proposals, you’ve also paved the way for the next phase of your eCommerce enterprise: growth and scalability. `We are assuming you have fixed the eCommerce pain points we wrote about previously.
Interestingly, growing and scaling your e-business isn’t just about maximising your revenue without the associated costs eating into your hard-earned profits, it’s also about keeping one step ahead of your eCommerce rivals (and Amazon of course!).
A steady influx of competitors within an expanding online marketplace means that even the most profitable of eCommerce enterprises must be at the top of their game. Consistently evaluating their online performance and shifting focus from their now established eCommerce foundations to the finer details of growing and scaling their company for future success.
You may already be thinking considering the expansion of your email lists, placing increased focus on customer support and optimising your SEO plan for stronger results to kickstart your growth strategy, and while all these approaches are commendable, it’s worth remembering that a tenacious approach to remodelling and persistent reassessment of your eCommerce enterprise means you’re more likely to enhance the permanency of your brand.
Every eCommerce enterprise has the potential to be a success story, and when e-Commerce managers dedicate time and resources to growing and scaling their success, there’s no telling where that may lead.
Let’s explore some effective approaches to help you tap into the growth and scalability of your online eCommerce enterprise.
Alter Your Approach to Cart Abandonment with Remarketing
Cart abandonment is something that plagues even the biggest e-Commerce players. When a potential customer unexpectedly drops out of the check-out process before they complete their purchase it’s not only frustrating but potentially stunting the development of your business. While it’s easy to think that – you win some, you lose some – a more pragmatic remarketing approach to your cart abandonment rate will help drive your eCommerce growth and scalability.
Utilise a Remarketing Approach
Failing to utilise remarketing as part of your growth strategy, is akin to giving yourself one shot at getting site visitors over the finish line. In reality, with a strong remarketing approach, you can have multiple chances. While utilising Facebook ads is a popular option for remarketing, employing remarketing lists for search ads (RLSA) is an approach that is hugely undervalued. RLSA gives eCommerce managers the authority to tailor specific search campaigns based on the pages visitors have explored online (or their app) and the products they have viewed. Making remarketing much more specific and as a result, a better ROI. You can either:
- Make bids on your ad groups for those searching on Google using your chosen keywords
- Create search ad groups that will appear if your shopper is both on your remarketing list and browsing online using the keywords you have bid on
It’s safe to say that as an eCommerce retailer, you’re going to accrue cart abandonments, however, an in-depth remarketing approach will help bring those lost customers back into the fold, and subsequently push your business growth forward.
Segment Your Product Groups
Do you have a segmentation strategy in place? Having all your products grouped together in one group could be restricting your ability to grow as an eCommerce enterprise. A segmentation strategy means separating or segmenting your product groups into subcategories and sections. This straightforward yet highly effective approach to your Google shopping campaigns and product lists has multiple benefits for an eCommerce business that is looking to scale itself with a strong ROAS. You can click the link to learn more about the anatomy of a perfect Google shopping campaign.
How Does This Drive Growth and Scalability for eCommerce?
Essentially, segmenting your product groups allows eCommerce managers to sell more products to more people without potential costs spiralling out of control. By splitting your products into subcategories, you then have the reach to sell these items across different target markets and demographics, effortlessly helping you scale your business with an increase in your market share. You can also lower the risk of selling high-cost products, by selling them across multiple target markets, rather than one single demographic.
Additionally, by segmenting your product groups you’ll also have a clearer insight into your product analytics, helping you to see which products are performing well and which may need more attention.
Break Through the Noise with Merchant Promotions
Online retailers love nothing more than shouting about their latest deal. Unfortunately, making your own promotion heard over the raucous bombardment of your competitors’ latest marketing ploy can feel as though you’re swimming against the tide. This is where a new approach should be considered. Breaking through the noise with Merchant Promotions is the difference between your promotion being lost in the noise, and distinguishing your brand from the competition.
How Does This Help?
By utilising Merchant Promotions as part of your growth and scalability strategy, you’ll be able to turn the heads of prospective customers by making your ads on the top of search results, appear different to those of the competition. Instead of blending into the traditional ads, your promotion will appear, like a little badge of honour on the ad itself, instantly catching the shoppers’ eye and encouraging them to click through to your website. Simply update the Promotions dashboard on Merchant Center to get started.
Focus on Impression Shares – Bid Scheduling
As part of your growth and scalability strategy, eCommerce managers need to understand the unequivocal importance of having their ads at the top of search results. Focusing on Impression Shares and introducing smart bid scheduling means that your products will be seen by more people and at the top of more search results.
How Can This Help Enhance Growth and Scalability?
While it’s easy for our campaign analytics to highlight how well our current campaigns are performing, impression share helps e-Commerce managers pinpoint missed marketing opportunities and where there is room for optimisation.
You’ll have three placement options to bid for, depending on where you want your ads to show, these include the absolute top of the page, anywhere on the page and the top of the results page. Bid Scheduling is an automatic bidding approach to the keywords within your campaigns, helping you achieve the impression share you need to drive your business forward.
Embrace Query Sculpting
With a query sculpting approach, you’ll be able to generate more sales and revenue from your ads whilst keeping your advertising spends minimal. This alone, makes query sculpting an asset within your eCommerce growth and scalability strategy. Maximising your conversions by creating similar campaigns with identical products, using negative keywords and a tiered bidding structure means gaining a powerful edge over your competitors.
How Query Sculpting Can Help
When used efficiently, query sculpting can help you cut back on costs and enhance the ROI from your marketing/ad budget, giving you more room to grow and scale your business. By focusing your ad spend on better quality search terms, instead of those with poor conversion rates, you’ll enjoy a better ROAS.
Now It’s Your Turn
Scaling and focusing on the growth of your eCommerce enterprise takes time and dedication. It’s a constant process and depending on your results, you may find you need to adapt your approach from one month to the next. Either way, keep working on your eCommerce success!
If you feel overwhelmed with this information or you feel your current agency is not performing, please get in touch. We should chat and see if we can help you.