Do you currently own a retail-based website? How has it been performing during the past 12 months? If you are reading this article, the chances are high that you are less than satisfied with its overall return on investment (ROI). Even the most well-oiled machines require a bit of lubrication on occasion and this is just as valid when referring to online retail portals. The good news is that unlike a physical retail environment, enacting the right changes at the right times is quite easy to accomplish. If you have failed to meet you fiscal goals, the information found below should not be taken lightly.
Redefine Your Target Audience
It can be argued that one of the most common mistakes made by online freelancers is that they fail to appreciate the needs of their audience. This is often the result of a mismatched client base. Marketing a product or service with nothing more than “broad strokes” alone will dilute and water down even the most attractive of advertising campaigns. It is critical that you understand specific metrics so that the appropriate approach can be adopted. Try to answer all of these questions:
- How much is the average customer willing to spend?
- What is the average size of an individual purchase?
- What are the busiest times of year in terms of income generation?
- Where is your audience located and what is their approximate age?
In other words, you will likely need to leverage the insight provided by Google Analytics alongside third-party e-commerce applications such as www.shopify.com.sg. Although collating analytics might not be a great deal of fun, it is impossible to design a targeted and dynamic marketing strategy without this initial knowledge.
Exploit the Advantages of Social Media
Even the largest organisations in the world have finally admitted that social media is an important part of their advertising campaigns. In fact, a sizeable chunk of their income is likely derived from such sources. Are you utilising these portals to their full capacity? Have you made your presence known on major providers such as Facebook, Twitter and Instagram? How often do you interact with your followers and do you respond to feedback (both positive and negative)? If you are lagging behind in these areas, there is no doubt that your ROI is suffering as a direct result.
Enjoying an online financial edge takes time, experience and dedication. It also requires the ability to change an approach if it is no longer relevant. Never allow pride to get in the way of success. Keep an open mind and a sense of flexibility. Above all, remember to be realistic with your short- and long-term goals. Millionaires are not made overnight. The online Singaporean retail community is growing on a daily basis and there are a plethora of opportunities at your disposal. If your portal has not been performing as expected, perhaps it is time for some changes to be enacted.