Digital marketing is changing rapidly. Strategies that worked a few months back might not be working now. It’s crucial to be a good marketing strategist and stay on top of trends. You should also come up with new ideas that aren’t been tried before. We will be discussing ways to improve eCommerce marketing ROI.
Strategies to increase ROI in 2021
What are the best eCommerce marketing strategies that will help you get a better ROI on your marketing campaigns in 2021
A data-driven approach to marketing campaigns is a great strategy. It will allow you to be more personal with your content in 2021. Data-driven personalization campaigns achieve five to 8 times the ROI of marketing spend.
Let’s look at seven strategies you can use to increase your ROI in 2021 marketing plans.
1. Personalize your content more
Accenture’s report revealed that 91% of customers would be willing to purchase from companies that offer relevant offers. Your eCommerce business should not neglect content personalization. It has a direct effect on customer buying decisions.
Online shoppers have different preferences and interests. This can make it difficult for brands to personalize content. They must create experiences that are relevant to multiple customer segments. What does this mean in practice? And how can you make it scaleable?
Collecting information about user behavior is the first step. Ecommerce brands need to track the pages that users visit, the products they are interested in, and the frequency with which they convert.
These are just a few examples of what you should measure. When you create personalized eCommerce pages, you can gather and analyze data in many different ways.
Online polls and questionnaires can be integrated to allow store customers to answer additional questions or learn more about their preferences.
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Source: Warby Parker
Once you have established a data collection plan, you can now decide which elements to customize for each customer profile.
Personalize the main page, product pages and checkout process. You can customize dynamic content such as headlines, product descriptions and images. This allows for a personalized experience that is based on previous interactions with the online store.
2. Segment your lists better
List segmentation is the next way to offer relevant offers to your customers. This is especially important for email and newsletters. Let’s examine how brands can segment their email lists to offer users unique experiences.
You can personalize your online content using email marketing automation and other criteria. These are just a few:
- Demographics (age, employment, salary, etc.)
- Preferences and interests
- Browse history
- Purchase history
- Minimum purchase amount
- Inactivity Duration
Amazon asks customers to rank the product’s fit. This is a great way for clients to give feedback and rank products. Customers can also be engaged via email to feel valued.
3. Become more data-driven
It is impossible to improve what you don’t measure. When creating an eCommerce marketing strategy, you must rely on data.
Dashboards and custom reports are tools that you can use for campaign performance analysis and to identify potential bottlenecks.
A custom dashboard allows you to quickly assess your progress towards your marketing goals and KPIs. A custom dashboard allows you to analyze the performance of a new strategy in content personalization and whether it leads to higher sales volumes.
Custom dashboards can help you see where your data is, but they don’t reveal why some strategies are underperforming. To do this, eCommerce companies can use Google Analytics custom reporting to dig deeper into traffic sources and device categories, operating system, and goal completions.
If you want to reach the next milestone in your eCommerce business’ growth, data must be at the forefront your marketing decisions.
4. More A/B testing
Customers’ preferences are not better than you can.
It is possible to make assumptions about your customers and how your website will interact with them.
If something doesn’t work, it is possible to question your assumptions. You can conduct usability tests to discover if your customers believe your store isn’t user-friendly or trustworthy.
This is a mistake that brands can avoid by trying different approaches. Perform A/B testing to determine which page version or element performs best and drive higher conversion rates.
A/B testing allows you to see how minor changes in the product page structure can impact a buyer’s behavior.
These are some page elements that you can use to test different options.
- Get involved
Begin to research how customers interact with your store. Next, formulate a hypothesis about consumer behavior. Then, define variables and set parameters. Finally, launch your test.
5. Concentrate on lead nurturing
Subscription businesses are facing some of the most difficult problems in today’s world: cart abandonment and churn. Statista states that the average industry churn rate is over 75%.
The churn rate in retail is high (72.8 percent), as well as the travel and finance industries. What can you do to lower the churn rate
It’s crucial to maintain good relationships with users who haven’t made their last purchase in order to avoid high churn.
Incorporate dynamic targeting and triggered email to bring back churned customers. To encourage first-time buyers, you can offer discounts that are time sensitive like the one below.
Source: Thrive Market
6. Use user-generated content
User-generated content (UGC) can be used to break down buying objections, build trust and establish trust with potential customers.
Patagonia integrated UGC into its social media strategy via Twitter. Customers were encouraged to use #VidaPatagonia as a hashtag so that influencers, shoppers and climbers could share their climbing experiences.
Patagonia was able to show potential customers how its products could be used and how they performed in an outdoor environment. Patagonia also gained a stronger connection with customers through this social media campaign.
Topshop was another retail brand that used UGC to display live trends during London Fashion Week. This was in relation to products Topshop sold in its online and traditional stores.
Topshop gathered data from across multiple online channels to show fashion trends in real-time during one of the biggest fashion events in the UK.
Topshop displayed products that corresponded with trending keywords while showing the trends as Twitter hashtags. The products could be seen next to the trend hashtags in Twitter on billboards in the largest UK cities.
Topshop merged the online and offline experiences to help potential customers discover their products and encourage them to visit the shops.
7. Do not change your strategy.
Don’t rely on your gut feeling, but more on data and evidence. You shouldn’t let anything stop your creativity, but you must incorporate analytics into your daily life and be aware of KPIs. This is how you can build a more successful marketing strategy for 2021.
You and your colleagues may be excited by many small, trendy marketing “hacks”. If you want to reach greater marketing goals and advance in your career, it is important that you put aside short-term strategies and instead focus on a strategic plan. What aspects of your work should you consider to be a more successful marketing leader?
Consider how much time you are spending on new strategies. Examine how much time you spend on campaigns that produce results and those that don’t.
Time-management tools can help you determine where to focus your time, and decrease the activities that don’t contribute to your business’s growth.
Remember that your team is the key to delivering a strategy. You can review the way your team handles daily tasks and create a plan to improve collaboration.
If you use these strategies, they will have an impact in your marketing over the next year and will help to grow your business.
Let’s summarize what eCommerce brands should do in order to increase their ROI by 2021.
- Deeper content personalization
- Advanced list segmentation
- More data-driven decisions
- A/B tests
- Concentrate on lead nurturing
- Use user-generated content
- Strategy over tactics