KEY ACTIONS TO MAKE THE MOST OF YOUR OWNED CHANNELS
2020 changed the e-commerce industry (and the way we shop) forever.
Recently, one of the big email marketing platforms (Privy) on one of the largest website platforms, Shopify, released a report called "The State of Shopify", outlining The 14 things Top Shopify Stores need to know to Grow in 2021. Even if you don't own a store on Shopify, there are some great data in this report for anyone with an online store, and so we summarised the key takeaways on actions you need to take to make the most of your owned channels below.
Read our previous articles outlining '7 e-commerce trends you need to know about' here and
'How to Increase Your Website Conversion Rates' here.
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If you are not already doubling (and tripling we would like to think) down on channels YOU own, it’s time to start now. Pronto, no time to loose. What we mean by this, and why it is so important is spending time communicating your WHY to your clients, but also includes retention plays (like rewards/loyalty programs) to keep your customers coming back again and again.
The biggest advocates for your store spend 3x more on every order than the people who don’t feel a connection with you or your business. These loyal customers are also 9x more likely to convert compared to a first-time shopper.
Focusing a big part of your efforts on the marketing methods that you own, such as your own newsletter database and your client record, no social media platform or phone manufacturer can ever take these marketing methods away from you. The new Apple iOS update has recently showed us all how important it is to focus on the channels you own. You are in full control of all of the data, and your customer list will provide your business with a solid foundation to grow that is largely immune to outside forces. Sounds good? Here's why and how to do it:
The power of email marketing (and why it should be your #1 channel)
We talked about how you can build your email list by capturing the traffic you already have coming to your store (in this free resource on Kaizen Kiwi). But to actually make money with email, you need to be committed to sending emails regularly. In an ideal world, email would drive 30% (or more!) of your store’s revenue. But before you start sending one-off sales emails, make sure you have these types of emails up and running first:
1. Set up your automated emails
Imagine if there were emails that could make you $$ while you sleep. Well, that’s exactly why automated emails are so powerful. No matter how busy you are or what you’re working on, your automated emails are working for you. It’s seriously like having an extra employee for your business. While normal newsletters are amazing (and a critical part of your email marketing strategy), you shouldn’t skip ahead. Make sure first that you have:
• A welcome series: to nurture people who have signed up to your list, introduce them to your story and to tell them your WHY.
• An abandoned cart series: to recover carts that didn’t end up converting and give it another go.
• An order follow-up series: to keep customers engaged and excited about their orders, entice them to leave reviews, and simply tell them how grateful you are for their support!
2. Now shift the focus to monthly newsletters
Once your automated emails are on, it’s time to get stuck in sending regular newsletters. It is recommended to send at least 1 email to your list (outside of your automated emails) every single month. Ideally, you would send an email every week, but you can work up to that over time (if you wish, it is not a must). But what exactly should your newsletters be about?
The short answer is: anything! But here are a handful of suggestions:
• New content
• Holidays and their promotions
• Back in Stock Products
The easiest way to get inspiration for your own emails is to find other brands that are doing a great job with their own emails. The most important thing you can do is to get into a rhythm and stick to it. And once you start seeing sales after you hit send, it’ll be easier and easier to prioritise and spend time on these emails.
We would suggest to set up a template for each type of newsletter you wish to send, so that you only have to "plug and play" so to speak, any products you wish to showcase that month, or switch out your updates (such as out of stock, back in stock, employee of the month, or social media posts and contest winners), saving you time and making crafting newsletters a breeze.
So what's 'normal' when it comes to open and click through rates? According to email marketing company Privy, the stats are:
• Average open rate: 28.5%
• Average click rate: 5.2%
• Average unsubscribe rate: 0.6%
• Average revenue per email: US$ 581.72
The secret to turning customers into Superfans
The biggest advocates for your store spend 3x more on every order than the people who don’t feel a connection with you or your business. These loyal customers are also 9x more likely to convert compared to a first-time shopper. So investing in these longer term relationships can have a HUGE impact on your revenue. But how exactly can you turn one-time buyers into your #1 fans? The most important thing to remember is that your customers want to support real people. Just think about the businesses you tell your friends about… Of course the products have to be good, but you probably also feel a connection with the actual people behind the business. So what should you do after that first sale? You need to motivate these customers to engage with you. Because loyalty members have an average repeat purchase rate that’s 2.5x higher than non-members.
Loyalty members have an average repeat purchase rate that’s 2.5x higher than non-members.
A loyalty programme can reward people for things like:
• Social Engagement
• Leaving Product Reviews
• Or Even Joining Your Newsletter or just by Having A Birthday!
And they can have a big impact. Easy-to-understand and redeem points are also key.
After a while, customers see the value they get from being part of your community, earning and redeeming rewards, and engaging with your business, as second nature and they’ll be sharing your store with anyone who will listen.
Remember: It costs much more to attract a new client, than to retain one!
Wonder where all those stats came from? Click here to read the full report.