By now most people are well aware of the benefits of running a business online. The cost is minuscule compared to a traditional bricks and mortar storefront, and the ability to sell your product to people all over the world has seen global ecommerce sales hit the $2 trillion mark. With the online market so competitive these days it can be quite difficult to gain a foothold, so we’ve come up with a few tips to help you grow your online business.
1. Acquisition
Cash flow is the lifeblood of most business and in order to generate cash you need sales, and to get sales you need customers! Acquiring new customers can be difficult but with careful planning it can be achieved. Social media and internet advertising is a great way to attract customers to your business at a comparatively low cost to other forms of advertising, and with modern technology enabling business to track customers you can ensure your advertising spend is leading to sales. Setting up a sales funnel that converts clicks to revenue is vitally important for gaining new customers and needs to be constantly managed to ensure that you are getting a return on the investment.
2. Spend Increase
Another way to increase your sales dollars is to get existing customers to spend more on your products. If you want a customer to spend more on your website you need to make sure that you are giving them more value for their dollar when they spend more. This can be done by offering discounts for customers who spend more as well as offering things like free shipping or free express delivery.
3. Frequency
Increasing how often your customer buy from your website will also help you generate more sales, and when done right it can be very cost effective. Once again the best way to do this is to add value to customers who buys things from your website regularly. Customers will be more inclined to sign up for a subscription service and monthly delivery if they can see the value in what you are offering.