The Noble Eight-Fold Path was first enunciated by the Buddha as a means to end suffering in life.
The Clove.AI eight-fold path is designed to end your e-commerce woes and help you increase ecommerce sales.
Through this series of eight articles, I’ll lead you through a journey of insight and wisdom, and freedom from your day-to-day data woes as a business aggressively looking to expand and establish your online business across the globe.
Let us first see if you will find value in this. This series is for you if
- You are an ecommerce business head looking to 10X your online sales while also reducing your Ad spend
- You are a marketing head or analyst trying to optimize your Ad Spend by generating various correlations like revenue by time/visit/device/channel etc.
- You / your CEO wants a simple, unified ECommerce Dashboard that helps understand the business holistically and factually.
- You are a system integrator / digital marketing agency and want to provide your customers with more valuable and meaningful results from your digital marketing efforts.
You can run your online store on any platform — Magento, Shopify, WooCommerce, and use tools like Google Analytics, Mixpanel, etc.
Clove.AI Eight-Fold Path discusses in detail the following paths an E-Commerce store can take to ensure an effective and profitable online business
1. Right Digital Marketing
5. Right Checkout
2. Right Personalization
6. Right Payments
3. Right Customers
7. Right Data
4. Right Mobile Optimization
8. Right Insights
While all of these are essentially being adopted by e-commerce businesses successfully, it’s sometimes good enough to do some things right and reap the benefits earlier.
Through these series of 8 episodes, we will show you how doing the right things at the right time can help you increase sales and retain more customers. You will also understand ways to measure and monitor each path regularly
RIGHT DIGITAL MARKETING
Today E-Commerce Agencies and merchants spend up to 50% of their revenue on digital marketing. This can be via ads through Google and Facebook, emails, or even SEO based activities.
Among all digital marketing efforts, paid ads are the most critical as they require investment of huge amounts of money and time to start seeing results.
Irrespective of whether your Ad spend is receiving the results that you desire, there is no alternative. Not spending on ads will only limit the chances of increasing traffic to your site.
We have seen customers who stopped running ads as the results are not good and soon realized their traffic drop dramatically.
To be fair, it’s not just the clicked ads that are important, the visibility that is provided by the near presence of ads also contributes to you from recall in prospective customer’s minds.
We must aim to maximize Ad Spend ROI by leveraging technologies that assist in smarter digital marketing. Use your data from multiple channels and technologies that deliver campaigns and see what is working and what is not.
Right digital marketing essentially means extracting data from different channels and technologies and analyzing them collectively. This helps uncover opportunities that help increase your Ecommerce sales.
Here are four key areas you should focus
1. Marketing Channel
The first step is to connect all the data sources together and analyze the performance of different channels.
- Create a Marketing Data Dashboard that is easy to comprehend by all stakeholders
- Include only the essential marketing KPIs and metrics that reflect the impact of your strategic decisions and actions
- Monitor these metrics over a period and evaluate the effect of your campaign adjustments
- Base your actions on the historical performance of your KPIs and not just on your gut feel
If you cannot manually do this, you need a good analytics tool that will help you eliminate the above set of challenges.
If you’re a Clove.AI customer (in fact, all the metrics and reports recommended in this post will be readily available), you can simply connect your data sources to Clove.AI and get actionable recommendations that tell you what to do next to grow your sales.
2. Competitor Analysis
The next step is to look at your competitors using tools like SEMrush, and make sure that you are in the right seller segment. If you are clubbed together with stores that are not really your competitors, you need to look at your content, tagging, & aSEO to make sure you are available to the relevant target audience.
These metrics will help you understand when you need to do a thorough competitor analysis:
- Bounce rate is increasing
- Session duration is reducing
- Pages per session is decreasing
- Final Conversion (Revenue per Visit) is minimal
3. Search Terms
Another important thing is to look at what your customers are searching for in Google and when they land on your site. That can give you a very good idea about:
What they think your site represents
What Google thinks you are doing
You can also use these organic search keywords to fine-tune your digital marketing strategy.
You can look for search terms from the following:
- SEMRush will help you with the search terms of your competitors along with the search volume.
- Google keyword planner
- Google’s Autocomplete feature can help you with recent search words being used
- Also, look for related searches at the bottom of your SERP on Google
4. Custom Landing Pages
Another often ignored technique is to use custom landing pages — especially when you are running offers or want to highlight a particular department in your store. Landing pages help you rank high on organic searches and improve the quality score of your ads.
Again, measure the performance of landing pages and take effective action to realize your ROI.
A few key metrics that help assess your landing page performance are:
- Traffic sources and pages per session by each source
- Bounce Rate
- New vs Returning Users
- Conversions and Conversion Rate
- Avg. Session Duration
- Page Load Time
If this is useful, please leave comments below.