Today, marketing is not the same. The aim of marketing is to know and understand your customer so well, that your customer is the hero of your story.
On May 18th 2000, the CEO of one the biggest British Internet company Boo.com said that “Unless we raise $20million by midnight, boo.com is dead.” Half of this investment was raised, but it was too late. Less than one year after its launch, boo.com was closed becoming the largest European dot-com failure.
Their idea was nothing short of revolutionary at that time when the industry was finding new ways to attract customers. But as a company which aimed to be the biggest online retailer for sportswear and prestigious brand leisure, it failed to give importance to some of the most important factors which defined a company's profit potential. Customer acquisition costs, conversion rates and customer satisfaction were some of the primary things the company overlooked. This massive failure was a classic example of failed ecommerce strategy, and this became the biggest learning curve for the marketing community.
An ecommerce business is never an easy job in hand. The crowded ecommerce world ensures that you go through a lot of struggle to just get a small opportunity to drive ahead of your competition. But when it comes to shopping experience, most of the retailers stick to the same game plan. The “add another item and get 10% off” and “customers were also looking for….” to lure customers into buying more products. But how long can you interest your customers with it?
Your business requires something which can help you and your brand stay ahead of the curve, build an identity and trust among your customers (just like how they would trust a physical store that they visit). You need a perfect marketing strategy. But with the digital world changing rapidly, especially in relation to the growing popularity of virtual reality & Artificial Intelligence, the retailers cannot just stick to just a couple of strategies to run their business. Constant changes, regular updates and up-to-date knowledge of the growing technology is a part of every marketing strategy today.
Things tend to get a little out of hand when your competitors know how to cope up with the change better than you do. And this gets worse in the ecommerce market because there is new competitor popping up every other day. So it is very important that you have a fair idea about the market, your competitors & what are they doing to attract more customers, before drafting out your marketing strategy. Luckily, you have us. We will discuss some of the most important tips which can help you in building a marketing strategy for your ecommerce business.
5 Marketing Tips