Creating a marketing plan for eCommerce business will help you increase business revenues, reach customers through innovative paths and build a strong foundational business.
The E-commerce industry is witnessing unprecedented growth, especially after Covid-19. It’s a great time to enter the e-commerce world and leverage its exponential benefits.
What is a marketing plan for eCommerce business?
Every business wants to sustain its existence by retaining its customers, reaching out to new customers, decreasing operational costs, and maximizing efficiency to extract revenues. A marketing plan for an e-commerce business is the road map that enables businesses to realize their goals through clarifying marketing strategies, growth channels, advertising campaigns, and accommodated budgets that all help you achieve your vision.
Clarity is very important in your marketing plan. It should be simple, concise, accurate, and achievable.
Importance Of marketing plan for eCommerce business
After developing a marketing plan, your tasks are clarified, and every effort becomes relevant to achieving your desired objectives.
Here are the few imperative rudiments that a marketing plan provides for your e-commerce business:
- Focus: Marketers have multiple options to promote their business. A marketing plan clarifies the main priorities and entails your focus on those marketing efforts that are favorable to scale your business.
- Timing: Your business efforts will require time to reach a successful outcome. A marketing plan clarifies the time allocation that needs to be provided for every task based on budget, seasonality, and business need.
- Measurability: You must measure whether your strategies are working or not. This should be part of your marketing plan.
- Precision: If you have a proper plan, your brand goals and objectives are clear and precise.
- Uniqueness: The effectiveness of the marketing plan for an e-commerce startup enables you to stand out in the market competition.
- Alertness: An effective marketing plan enables you to tackle the challenges that can arise during the business journey.
- Loyalty: When you design a strategic and innovative e-commerce marketing plan, it positively impacts customer loyalty and brand building.
Designing an Ecommerce Marketing Plan
Following are the steps you need to follow to develop a marketing plan for eCommerce business.
Brand and Customer Recognition
- A brand story is a crucial component for effective brand building. Tell the targeted audience about your brand story and what vision and mission you are working on. A brand story can create an emotional relationship with the customers, triggering their purchasing intention.
- Customers are the backbone of your business and knowing your customers’ ins and outs is key to developing a successful business. Create an ideal customer profile (ICP) to help you understand your customers’ needs and wants.
- To refine your marketing plan, interview your customers to understand their purchasing behavior. It can change your perceptions and plans to target their purchasing intentions and further refine your marketing plan.
Set Revenue Targets
Every effective marketing plan incorporates revenue targets that are wanted to be achieved monthly or annually. Set a specific revenue target that you want to achieve after a defined time.
You have to know your exact business operational budget (marketing, manufacturing, wages, etc.) and then decide a specific financial number (revenue) that you want to achieve.
Analyze your business data and look for the things that are working and other factors that need improvement. Remove those efforts that are wasting your financial resources and invest in the factors that are paying you positively.
Reviewing Your Business Data
As an e-commerce seller, you should know the success metrics you want to achieve throughout your operational journey. For the e-commerce marketing plan, the below-listed metrics are important to include in your marketing plan and know their exact numbers.
- Customer Lifetime Value (CLV)
- Conversion rate
- Customer acquisition cost (CAC)
- Website traffic
- Abandoned checkout rate
- Average order value (AOV)
Choosing Conclusive Strategies
You need a set of effective tactics that enable you to make more money. These strategies should be part of your marketing plan for eCommerce business.
These are the few tactics that you can consider:
- Try to increase the average order value to make more money from each transaction. Your customer acquisition costs will also reduce, leading to business growth.
- Nowadays, people believe in the experience of others with the brand. Nearly 92 percent of consumers believe a word of mouth to be more effective than advertising. Social proof can be an extremely powerful tool for your e-commerce marketing plan.
- Identify the current marketing channels that are trending and try to reach your targeted consumers through these channels. For instance, if you plan to target the aging group of 18-35, then the channels like Instagram, Facebook, and a few others are suitable platforms to target them.
- Practice content marketing and communication with your existing and new customers through informative content. Identify the information or queries customers want to know regarding your business products or services. It can help your marketing channels.
Creating Action Plan
Now it’s time to develop an action plan. Just choose the selected strategies, success metrics, and a specific timeline to achieve results.
- First, analyze which strategies will be successful for your e-Commerce business. You can choose the above-listed tactics or work on your chosen strategies. Ensure that the chosen strategies to implement are promising to drive positive results.
- Now define your success metrics. It can be increasing your conversion rates by 20 percent or increasing your revenues by 30 percent. Plan everything strategically and work on your goals to achieve them within the selected time frame.
- Now comes the timeline you decide for your marketing plan to drive desired results. It can be a year, two, or more. However, under the intensive competition, e-commerce businesses try to achieve the required results as soon as possible.
For example, if you want to increase your conversion rate by 20 percent after every six months, then you have to define the required actions you will be taking to achieve that goal.
Overall marketing plan for your ecommerce site should be accurate and precise to achieve the desired goals and objectives.
If you want to run a successful online business, creating an effective marketing plan for eCommerce business is imperative. It’s not easy at all as it requires a lot of concentration and research. Every business step will be streamlined once you start working on your marketing plan.
Your future business will flourish with high financial growth rates if your marketing plan is defined and proven to deliver success.
How do you set marketing goals for an eCommerce website?
Your marketing goals for an e-commerce website should be as follows:
- Increasing relevant traffic on your website
- Providing users exceptional shipping experience
- Conduct social media marketing
- Seek the services of influencers
- Increase your sales volume
What are Ecommerce marketing examples?
Some of the major e-commerce marketing examples are:
- Social media marketing
- Content marketing
- Local and affiliate marketing
How do I create an eCommerce marketing plan?
Your marketing plan for eCommerce business should be focused on attracting new shoppers to find your website, creating visitors into buyers, and enhancing the shopping experience on your website to retain existing customers.