Today is another day in eCommerce Unlocked. Today we're going to be breaking down marketing channels. I want you to keep one thing in mind as we go over today's lesson. This course is what I would do to market my own eCommerce business if I owned one.
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And this will help you manage your marketing channels because there's a lot of them, you're not going to do them all at once. But over time, at least you can get through them step by step.
With marketing, it's very important to have KPIs. KPIs are known as key performance indicators. You want to keep an eye out on these. Whether that's unique visitors, conversion rates, average revenue per channel, profitability, margins.
I'll dive really deep into the channels in the upcoming weeks, but in the meantime, I want to show you a few tactics that you can implement right now.
Instagram marketing is another channel that I mentioned, it's huge for e-commerce. So is Snapchat. If you end up putting a lot of products out on e-commerce, you can generate quite a bit of sales.
Email marketing, it's one of my favorite channels for different businesses it's going to vary, email marketing has an average ROI of $30 for every $1 spent, just think about that. You can generate $30 for every $1 spent. Even though emails aren't sexy, they convert and they drive sales.
Another approach is upsells. Remember when you go to McDonald's, or if you haven't been, just think about when you're a kid, they always ask you, do you want to toy with that? Do you want to supersize that? Those are all examples of upsells. The right way of doing it is having two upsells and downsells at checkout, the first upsell should be a higher price, and the second one should be 2/3 the price, and it should be a complementary product.
Now, let's go over the math just so you can understand the power of upselling. It's both the same product, let's say you have 500 orders a day. And I know that's a large amount, but it's not that large for some companies. So if you have 500 orders a day, and your average order is let's say $65 for the product. If you have an upsell for $55, and you only get 5% of people who take it, that's 25 people who buy, that's roughly $1,375 in revenue. On the flip side, if you fine tune your upsell and you sell for the same $55 price point, but now you get 15% of the people buy it, that's 75 upsells a day. That's $4,125. The difference is $2,750 a day. That's the power of having a really good upsell.
A few more proven examples that I love, inserts. You're sending people a product, make sure you're putting inserts that promote other products that you also have to offer. It's a great way to keep getting people to come back and buy more from you.
Another tactic is by using lead magnets, exit intents, with one of my old sites, Nutrition Secrets, when we're selling supplements, we did a quiz at the very end that would break down how people can end up losing weight and then sending them the right product that was great for them. Here's one that I use for my website.
And remember e-commerce, many of you could be selling services as well. I would have people go into a cheat sheet, get in their name and email. And then from there, sell them my services over email. If I'm selling a product, I can offer coupons. And then I can sell them products and services related to that over email as well.
When people go to your e-commerce site, you're going to lose a lot of people from not checking out, right? So they're going to bounce or abandon cart, as they call it. I want you to get those people to subscribe through browser notifications, you can do that through subscribers.com. You want to do a push, and depending on the industry, you can see roughly a 6% click through rate. It's a really simple way to generate sales in addition to email marketing.
Most successful e-commerce businesses deploy sales channels, plus marketing channels to maximize their revenue. By doing both, that's how you can do well.
The question is, are you going to follow all the steps in eCommerce Unlocked so you can get the results? So the next step I have for you is go to neilpatel.com/training, and click on eCommerce Unlocked.
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