The Seven Global Truths of eCommerce
Navigating the dynamic world of eCommerce for small business can be a daunting task for small business owners, especially with the constant influx of new tools, trends, and tactics.
However, amidst this ever-changing landscape, there are certain foundational principles that remain timeless. Understanding and implementing these universal truths can help businesses not only survive but thrive in the competitive online marketplace.
In this blog post, we delve into the seven essential truths of eCommerce that every small business owner should know. From the critical role of content in driving sales to the importance of mastering a primary acquisition channel, these insights are designed to help you sharpen your strategy and boost your bottom line. Whether you’re just starting out or looking to refine your approach, these principles will serve as your guideposts, ensuring you stay focused on what truly matters in the journey to eCommerce small business success.
Let’s break down these truths and explore how they can be applied to enhance your business, helping you build a strong foundation for long-term growth and profitability. In our ever changing industry, it’s important to not get distracted and lose your way. That’s why it’s crucial to keep your gaze fixated on the fundamentals: the universal truths.
Here’s is a breakdown of these seven global eCommerce truths for you:
- Content is crucial: First thing’s first. Above all else you need to master how you; package benefits, address objections and drive action. Knowing these like the back of your hand is crucial to your business. Having a well rounded idea of how you’re selling a product is the basis for success.
- Your main channel: You only need 1 acquisition channel to hit 7 figs (Sometimes even 8). Meta is fundamentally the best place to buy attention on the internet. Here, we see the brands we work with dedicating 60% – 80% of their ad budget regardless of the scale of the business. Fixating on one channel when first starting out is an essential way to hone your techniques before branching out – and for that, Meta is king.
- Retention: Spending thousands on acquisition and losing out on millions in customer lifetime value doesn’t make sense, does it? Over time, you need to be bringing people back time and time again – a revolving door, no matter how much it revolves, will only generate you so much. To that end, I present retention marketing. If your brand is always leaking customers, retention strategies act as a safety net to catch and retain them – it really is that simple. If you’re looking to scale in a big way, it’s an inevitable necessity.
- Continuity is key: High continuity between paid content and post-click is crucial in establishing a high conversion rate.
- Testing and Iterating: I could talk all day about the necessity of testing, but I don’t have enough time or space. So I’ll keep it brief… Robust testing and iterating systems are fundamental in scaling. Not only is variety the spice of life, it’s also the only way you’re going to find your most profitable variations. In addition, you need to build a feedback loop to analyse and improve upon these iterations.
- Strong gross margin is vital: With this in mind, you should always aim to be first order profitable. Everything else is a challenge without it and you may find yourself in trouble before you know it if you aren’t generating income from kick off. Tricky as this may sound in the moment, all it takes is meticulous planning – and of course, testing.
- Offer and product above everything else: It’s very simple: you can’t out-market a bad product. One time purchases are gonna make you feel good for a while, but this can only last so long. Acquisition is only half the battle. Retention will build the bank balance like no other.
In the ever-evolving eCommerce landscape, mastering these seven truths is essential for sustainable growth and success. However, navigating these principles on your own can be challenging.
That’s where COG Marketing comes in. Our expert team is dedicated to helping you refine your strategy, optimise your content, and drive real results. Don’t let your business potential go untapped—partner with COG Marketing today.
Let us help you implement these key strategies and elevate your eCommerce business to new heights. Reach out now to start your journey toward lasting success.
