10 Strategies to Acquire New Customers for your eCommerce Business
In a post-pandemic world, online stores have become the preferred choice for many because of the convenience it offers to customers over brick-and-mortar stores. They are accessible 24/7/365, can save travel time and costs, and make it easier for shoppers to find products quicker.
However, it is a well-known statistic that around 90% of new eCommerce startups fail within their first four months. Why do so many new online businesses fail so quickly?
A major factor that determines the lifespan of any eCommerce business is the customer factor. Every business, both traditional and online, requires customers’ patronization to drive revenue numbers up and keep things moving.
Customers do not magically flood into the arms of a business owner. There are strategies to attract customers and you need to know them if you’re thinking about starting a new eCommerce store or already have one.
This article will highlight ten strategies to help you acquire new customers for your eCommerce business. If you’ve been running an online store and struggling to attract potential customers, then you can count on the ten measures listed below to make a complete turnaround.
Advertising (either offline or online) is one of the most reliable ways to get customers to your online store. The only reason to not have a budget set aside for advertising is if you want to keep your business to yourself.
Some might argue that offline or traditional methods of advertising no longer work, but the fact that 70 million North Americans do not have access to the internet means offline advertising is still a part of the picture. Hence you can use TV stations, radio commercials, billboard displays, or direct mail campaigns to raise awareness for your business.
At the same time, you can beef up your online advertising by sponsoring podcasts, newsletters, or running paid campaigns on social media networks. The online method of advertising is better than offline since it’s faster, easier, you reach out to a larger number of people and you can get to your target audience too.
On your web page, you can advertise by adding product demo videos and not just texts and images. By advertising, you reach as many people as possible with your business and products and you can also get direct responses like a newsletter subscriber, app signup, or even end up making a sale.
Define a Social Media Strategy
Social media no longer serves the purpose of social networking only, it has become the most influential and important internet innovation where you can digitally advertise your brand and your products.
A notable reason why this virtual space has a high marketing power is because of the number of people using social media today. Research shows that about 3.96 billion people currently use social media worldwide, which is almost 2x from 2.07 billion in 2015.
Apart from having a large audience on social media, this type of marketing strategy is fast, reduces your costs, helps you know your prospective customers, and builds a relationship with them. You can also learn from your competitors and build your SEO ranking.
Integrate Content Marketing
One of the richest men in the world, Bill Gates, once said “content is king” and Marcus Sheridan, the founder, and president of The Sales Lion, also nicknamed as the “web marketing guru” by the New York Times, said, “Great content is the best sales tool in the world.”
The two statements made by these two prominent men show the importance of content marketing in every business. Content marketing is different from advertising. To make it more understandable, a toothpaste company can create content titled ‘how to keep your teeth clean’ and post its website.
The purpose of the toothpaste company creating the content is to educate its audience, however, it can slightly mention its toothpaste as one of the products to keep one’s teeth clean. Therefore this marketing avenue not only increases brand visibility and brand awareness but also builds loyalty and trust and at the same time delivers genuine value to your customers.
Pursue Business Partnerships
Like the popular saying, “Two heads are better than one.” Many businesses thrive, not by working alone but by partnering with other complementary businesses in the same niche as well as with similar customer bases.
Not every business in your industry is a competitor. Forming partnerships with other companies not only help you to reach new customers but also always for interchange of knowledge and expanded market reach.
Companies like Sherwin-Williams, Pottery Barn, Spotify, Uber, Ford, and Eddie Bauer have partnered to achieve more results.
You can form partnerships with an eCommerce business with a well-known brand or one that is not a primary competitor, or influencers, publishers, or other affiliates. This will help you keep your existing clients and possibly attract new customers, provide your customers with more choice which equals more time and money spent in your store.
Carefully Craft Giveaways, Promotions, and Discounts
Aside from running ads and creating content, another effective way to retain existing customers alert new potential ones to your business is by organizing giveaways and discounts on social platforms.
This does not necessarily mean giving out thousands of products, but can be a weekly or monthly campaign carefully optimized to bring new customers to your online store. This can go a long way to achieve results for you because giving people the feeling that they “won” something can make them choose your product over a competitor’s.
Running discounts also for clients who patronize your business is not a long-term strategy but it can help you attract new customers to your eCommerce business.
Set-up a Referral Program
Existing customers can help you with the task of bringing in new clients, but only if you have a paying and well-structured referral program. People tend to put more trust in products or businesses that are introduced to them by close friends and associates.
To achieve better results with referral, you can set up a referral marketing program, thus existing customers are encouraged and rewarded when they tell their friends about your business.
Integrate and Promptly Reply Live Chat Inquiries
82% of website visitors are more likely to patronize a business if they’ve chatted with the business first and when they shop, they don’t like stress and prefer to be assisted. By integrating live chat and support options, you can engage your customers promptly and efficiently.
Not only implementing these features but also providing prompt 24/7 services. By doing this, you prevent customers from cart abandonment and website exits.
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Reviews and Testimonials
For most online buyers, the first thing they do before ordering a product is to read online reviews and testimonials. In fact, 92% of consumers confirmed that they visited the review section before buying a product.
Putting this stat into perspective highlights the importance of adding this feature to your business to attract more customers. You can even boost sales by sharing the best testimonials from your customers, or including a simple button on your store for them to share with their friends on social media.
No business can survive without customers. However, a great deal of effort is required to attract such customers and it does not magically happen. Business owners need to take certain measures to achieve the desired results.
This article discussed ten strategies that online businesses can employ to acquire new customers. Among the most prominent include designing their web pages well, advertising their brands, craft compelling content, and promptly addressing the needs of their customers.
The success of many multi-million dollar online stores shows that it is possible to grow a large customer base for any online business. Applying the suggestions provided in this article can get you on the way.