Anyone who has started a company knows that that initial growth isn’t as linear as one would think. Not only is the road to product-market fit full of sidesteps, twists, and turns. It’s also full of adhoc marketing activities as part of the process of discovering the right marketing channels.
Your website is your digital storefront. With easy to use eCommerce website platforms like Shopify and BigCommerce, design tools like Canva, and talent marketplaces like Odesk and Dribbble, there’s no excuse not to have a great looking site in this day and age.
However, anyone who has set up an online store knows that all of these resources don’t replace having a solid vision for your brand and what your store will look like.
To inspire your online store’s design (or maybe just the facelift) here are 10 web design trends you should take a look at.
Scarcity marketing is nothing new to the eCommerce space. At this point, scarcity marketing is hardly scarce at all. But, there’s a reason marketers are using this philosophy and for many retailers, it could be just what your strategy needs to hit this quarter’s goals (and perhaps even win over some customer loyalty).
So, what is it and why is it working?
Scarcity marketing plays on the psychological effects of urgency, low supply and high demand. Consumers have shown they’re more likely to buy when they fear missing out on a deal or product. We see these tactics in play everywhere from the online retailers we browse to the slew of marketing emails we receive in our inbox every day. But, just because urgency and scarcity are key components of so many marketing strategies doesn’t mean they’re always being used effectively.
We’ve talked a lot about tiny tweaks you can do to adjust your marketing strategy and achieve better results.
But sometimes, it’s less about optimization. It’s time for a big strategy overhaul, a rebrand, or a gutsy campaign to really net the results you’re looking for.
With that in mind, here are 5 examples of big marketing risks that paid off big time.
The email marketing statistics don’t lie: The time for personalized email marketing is now.
The days of bulk mass messaging are far behind us. With so much capability in your email marketing tools and access to customer data, why wouldn’t you take advantage of being more personal in your messaging?
Based on an Experian report from earlier this year, 70% of brands still failed to use personalization in their email marketing. So I ask you, why?
In this post, I’ll review some of the key email marketing statistics that prove personalization is worth your time and which tactics may actually make your life easier!
1. Personalized subject lines deliver 26% higher unique open rates
Whether you use the customer’s name, target them with a recent action they took (like abandoning their cart), or simply direct your message to the correct gender, personalizing your emails doesn’t have to take a lot of resources and it goes a long way. Half the battle is getting subscribers to open.
2. 60% of abandoned cart emails generate revenue and most of that revenue occurs in the first 24 hours of the email being sent
Source: [Salesforce’s Exact Target]
Use the data you have by initiating abandoned cart emails. Online shoppers are multitasking so by missing the opportunity to send a reminder, you’re losing out on a lot of revenue. Follow up with your customers and do it within a few hours to salvage that lost sale. You’ll thank us for it.
3. Personalized emails improve click-through rate by an average of 14% and conversions by 10%
Get more eyes in front of your emails and offers by including more personalization. While click-through rate may not always be your most important metric to track, conversions certainly are and we all know that you can’t convert customers who don’t ever get to your offer.
4. 61% of consumers prefer offers even if this results in less privacy
Privacy is a definite concern for customers and marketers alike, but if you don’t abuse the information you gather from your visitors, you can offer a better experience for everyone. Use offers and deals to your advantage, but be mindful not to bombard customers too frequently.
5. 94% of companies say personalization is critical to their success
Amidst marketers, there’s no question personalization is important for success. Still, so many brands aren’t taking advantage of it. Now more than ever is your chance to take the lead, even if you’re only taking small steps.
6. 74% of consumers get frustrated when they receive or see content that has nothing to do with their interests
Source: [Janrain and Harris Interactive]
Some marketers claim they don’t want to irritate the customer by using too much of their data. While this is a valid concern, statistics show that you’re angering them even more if you continue delivering irrelevant messaging. Target your outreach, but don’t go overboard. Sprinkle in a healthy balance of personalized messaging and more generalized offers.
7. 54% of retailers that used automated product recommendations increased their average order value year over year
Source: [Forrester Research/Shop.org]
Who says personalization has to be manual? Get your hands on a platform that allows you to deliver automated recommendations based on user behavior. Not only will this decrease your time spent on email, but it will also increase purchasing.
8. Adding personalization experience to shopping could lift sales by 7.8%
Source: [O2 – The Rise of Me-Tail]
There’s no need to spend countless hours or dollars on a marketing campaign or sale when simple personalization could give you a noticeable lift.
9. 80% of marketers define dynamic personalization in emails as highly important
Source: [Adobe and DMA]
Most marketers agree that personalizing your email tracks is key. Invest in an email tool that allows for segmentation and put in the time and effort to target your customers at a more individualized level – even if you can only manage a few different nurture tracks. Some personalization is always better than none at all.
10. Personalized promotional emails see transaction rates and revenue per email more than 6x higher than messages of the non-personalized variety
Not all promotional emails are treated equally. Just because you have a great deal, consumers are almost numb to discounts and percent-off emails. In addition to offering a discount, be sure you’re also personalizing the products you’re sending. For example, send a dedicated email with similar items to each customers’ latest purchase.
11. 77% of consumers are likely to make additional purchases if an option that matches their preferences is presented to them in a personalized email from a merchant or retailer
As I said in #10, leveraging a customer’s latest purchase is one of the quickest ways to making them a repeat buyer. Once they hit checkout, you have valuable information about what that customer’s interests are so use it!
12. 45% of online shoppers are more likely to shop on a site that offers personalized recommendations
Take on a more unified approach to personalization by delivering personalized products not just through email but across your site as well.
13. 59% of online shoppers believe that it’s easier to find more interesting products on personalized online retail stores
Your job as a retailer is to make the customer’s job in finding what they’re looking for easier. By using the data you have, you’re also boosting your customer service and what’s better than that?
What Are You Waiting For?
It’s easy to be overwhelmed by all of the ways you can market to your customers. That said, these numbers and stats prove consumers expect and appreciate personalization. So, for your next campaign, take the right steps to segment, target and build a stronger connection with your audience.
How are you personalizing your email marketing? Share your efforts in the comments below.
[Photo credit: Death to the Stock]
There’s a ton to figure out when it comes to running your own online store.
There’s fulfillment, shipping, sourcing inventory, support questions… maybe even coordinating with manufacturers and creating a product of your own.
On top of all of this, you have think strategically about your email marketing program and actually sell things.
I’ve written quite a bit about Pottery Barn’s marketing. I find them effective and for the most part, they do a great job of tapping into so many of the capabilities marketers have at their fingertips but don’t always leverage.
To be perfectly honest, however, I’m not sure I agree with their whole strategy because they tend to use lots of data, lots of tactics, and in the end, go a little overboard (ahem, they’re annoying).
That being said, they execute on each segment of the nurture track well and I think we can all learn a thing or two from their examples.
These days, there are more marketing channels than every before. If there ever was an era of multi-channel marketing, that time is now.
There’s social media, and then advertising on social media (Youtube ads, Facebook ads). You have blogging, email, events…it seems like there’s a new channel to try out every day, and it’s tough to bring it all together cohesively.
It’s also tough to learn a new marketing channel quickly enough so you can capture the opportunity of it before your competitors do.
I find the best way to expand my marketing knowledge is to rely on what I already know from other marketing channels and use that experience as a point of reference.