While it's true that the UK is currently in an economic downturn and consumer spending has plummeted, all online businesses are facing similar challenges. If your figures are dwindling, don't blame yourself or your business – this is a global phenomenon.
So don't stress, failure isn't imminent. The landscape is simply evolving and your digital marketing strategy needs to be prepared to change with it.
Every ecommerce business should have an effective digital marketing strategy that evolves with the times. With this in mind, here are some things you can do to make sure your business is ready for whatever the economy throws at it:
It is crucial to be not only aware of who your online competition is, but to understand what they offer customers in regards to pricing, delivery costs and times, warranties, after-sale service assurances, payment plans etc. Additionally, you must make sure that you understand your competitors' product offerings and ensure yours are stronger or at the very least equal. This way you can make the most of your digital marketing efforts.
Part of effective search engine optimization (SEO) involves understanding where your competition ranks. If they're ranking highly on the terms and keywords you want to rank for, it's time to ask yourself why – what are they doing that you're not? Are they running a successful Google PPC campaign that you could learn from or emulate? Answering these questions will help guide your SEO strategy moving forward.
By engaging with the various Digital Marketing tools available, you increase the success of your online website - and now more than ever is it important to do so. Not only because consumer confidence is low, but also because user experience greatly contributes to a website's overall success.
If you want to improve your website, put yourself in your visitor's shoes and take a good hard look at what could be improved. You might be surprised at what you find! In other words, are you making it as easy as possible for your customers to find you and the product they want on whatever device or browser they're using? Can they purchase quickly and easily with their preferred method? This is where Conversion Rate Optimisation can also really help.
With the rising cost of living (or recession as we used to call it), people have less money to spend on unnecessary things. If your company sells items that fit under this category, should you continue promoting them? Or would it be more beneficial to switch gears and start pushing the cheaper, yet still necessary products?
If you want to increase sales and encourage customers to buy from you, a great way to do this is by offering discounts and deals. People are always looking for ways to save money, so if you can offer them value for their purchase, they will be more likely to buy from you. Even if you haven't offered discounts in the past, now is a good time to start considering it. Using tools like Google Optimize you can quickly test out your hunches.
We can help you express your product offering in a way that helps sales. If your online marketing results aren't meeting your expectations, try adjusting what you offer and how you present it to customers. For example, promotional sales might interest potential customers even if that's not something you typically do.
You may want to consider marketing to new audiences. If your digital marketing strategy typically targets a specific audience, we can help either target a new audience or channels that may offer your company more growth.
Marketing can be expensive, so you need to closely monitor your costs and profitability using a holistic approach. This means considering all channels available to reach potential customers such as Paid Search Marketing (digital ads), Search Engine Optimization (SEO) campaigns, and email marketing. We consider it essential to have reporting that provides accurate data points for each channel so you can make informed business decisions.