The economy is on the road to recovery and consumers have more money to spend. This is good news for aspiring entrepreneurs who want to make the switch to the digital world of marketing and sales. Launching an eCommerce store has numerous benefits and online marketing is a promising field for those who want to make the most of the internet and all its advantages. An online store allows you to reach more people, gain more credibility, and make more sales.
Why Should You Consider An Online Store?
An eCommerce store can provide you with a platform to sell your products and services, whether you are an expert in your field or an established brand. As an entrepreneur who wants to succeed in Southport, you might be thinking about creating a brand for yourself or for a business that you co-own. Launching an online store is a viable option for entrepreneurs, as proven by the many successful brands and businesses that exist today.
Traditional brick and mortar stores have always been a popular choice for consumers, mainly because they can interact with sales consultants who are on hand to help. Even though many people prefer to shop in person, online stores like Shopify have made it easier for consumers to find the products they want, without having to go from store to store. This benefits both consumers and businesses alike.
The Importance of SEO
Organic search engine optimization (SEO) is an important part of any digital marketing plan. When a consumer uses a search engine to find a business or brand, the results should be optimized to appear at the top of the list. Having a healthy social media following and engaging with customers on various platforms, also known as digital marketing, is great for establishing credibility and building trust.
However, SEO is very technical and involves a lot of testing to determine the right keywords, density, and approach for maximum results. It is very difficult to get started with SEO and a lot of businesses, especially small and medium sized ones, simply cannot afford the time and expertise to manage organic SEO. That is where having a digital marketing company come in and take care of all the work for you.
The Rise of E-commerce
E-commerce, or online shopping, has boomed in recent years and will continue to grow as more and more people discover the convenience and ease of online shopping. According to Statista, in 2022 over 72 million American householders will shop online. That is a 13% increase from 2021.
E-commerce allows consumers to discover businesses they might not have heard about before, as well as establish new connections and gain credibility. Established brands might also want to take advantage of the digital world of marketing to remain relevant and to gain new customers.
The Growth of Online Shopping in Southport
The market in Southport is expanding and entrepreneurs are finding it easier to launch a business in this area. According to Statista, by 2022, the population of Southport will increase by 15% and the number of single-parent households will double. That is a lot of potential consumers who have grown up accustomed to using online stores and finding the products they want, without having to go from store to store.
Starting a business in Southport is a good idea, as long as you can succeed in marketing and selling your products to the local community. With more and more people discovering the advantages of online shopping, it is important to consider how to make the most of this trend in your favor.
Marketing Plan For A Successful eCommerce Business in Southport
To start a successful eCommerce business in Southport, you must define your target audience, determine the main products you will sell, and set a marketing budget. Then, you can develop a marketing strategy that will propel you towards your goal.
Setting a marketing budget is essential for any business, but especially for an eCommerce business, which should have a limited cash flow. How much money you are willing to spend on marketing should be based on how much sales you expect to make. If you are just starting out, consider spending less on marketing and instead using your funds to grow your business.
For example, if you are starting an adult baby clothes line, your target audience might be parents who want to purchase trendy yet functional clothing for children aged 0-3 years old. You will want to produce high-quality products that satisfy your customers and encourage them to come back for more. To attract potential customers to your store, you might choose to run an online sale for a limited time or promote a flash sale where you offer crazy discounts.
Set A Marketing Budget
The amount of money you are willing to spend on marketing should be based on how much sales you expect to make. If you are just starting out, consider spending less on marketing and instead using your funds to grow your business.
You should also consider how much you are willing to spend on fixed costs, like rent or legal fees, before you start worrying about profit. These are costs that you cannot hide and will have to spend, regardless of whether you are successful or not. Setting a marketing budget is a critical step towards launching a successful eCommerce business in Southport.
To set a Marketing Budget, you will need to take into consideration;
- Your expected sales volume
- The products you will sell
- How much you want to spend on Advertising and Marketing
- How much you want to spend on Labor and Overhead costs
If you are curious, you can use this calculator to get an estimate of how much money you will need to spend on marketing. Simply enter your expected sales and the total number of products you will sell, followed by the city and state you will operate out of.
As much as possible, you want to keep your marketing costs below 3% of your total sales. For example, if you expect to make $25,000 this year and you decide to spend $1000 on marketing, your marketing budget will be 3% of your total sales or $25,000 x 0.03 = $500. To keep your costs down, consider using free blogs, like WordPress, to generate website content, utilizing social media to reach out to potential customers, and using Google Adwords to attract and retain customers.
Determine Your Sales Volume
Determining your sales volume is quite straightforward, as long as you know what it is. Your monthly sales volume might be expressed as a monthly revenue or as a monthly number of units sold, depending on how your business is set up.
If you want to be able to set a marketing budget, you must first know how much you are willing to spend on sales. To determine your sales volume, you will want to multiply your monthly revenue by 12 (which will give you your annual revenue) and then you can set a marketing budget of up to 3% of your annual revenue.
What Will You Sell?
Once you have determined your sales volume, you can determine the products you will sell. For this example, let’s say you expect to make $25,000 this year and you decide to sell Baby Groot costumes. Your target audience is parents who want to purchase trendy yet functional clothing for their children. So, your main products will be Baby Groot costumes, as well as possibly some accessory items, like booties and socks. When developing your product line, consider what your customers most want and need as well as what you have available to sell. This will help you choose the right products to focus on.
Determine The Main Affiliate Programs You Will Use
Determining your affiliate programs is quite straightforward, as long as you know what they are. If you want to be able to set up affiliate programs for products you promote, make sure you are clear on what they are and how they function.
The main affiliate programs you will use to promote your products are;