“So what does it mean for me? What should I be doing differently?” some online retailers may ask.
Here are a few helpful hints from
the creators of www.LXRMarketplace.com
1. Craft your customer acquisition strategy now. Set your business
goals – how much revenue, how many new customers, what’s your projected
ROAS and share of clicks/impressions, and ask yourself all the right
questions for a bullet-proof strategy.
2. Think competitors. Often times, we don’t think about competitors
hard enough. We know they’re out there but we don’t spend time understanding
what they’re doing differently from, or the same as us. Identify your
opportunity gaps and distinguish your brand and products from your competitors.
3. Think budget. Are you under-spending on certain channels or
campaigns that might not be as obvious as you’d think. You need a
thorough analysis of your converting keywords, ad groups and campaigns
and ensure you’re spending the majority of your budget on your converting
and highest-performing activities.
4. Generate search query reports. See what people are actually
searching to find your ads. You’ll be surprised by new ideas and inspiration
from the users themselves.
5. Monitor, measure and test. For the next couple of months, you
should be monitoring your product sales, sales patterns, and anomalies
by geography, demographics and other parameters you may have set. You
want to be sure you’re not missing the mark on sales promotions that
are working and have profited before, and consider extending
those promotions if they align with your bottom-line goals. Be tactical
yet stay true to your strategy.
6. Last but not least, are
you participating on social media sites? If you are, then come up with a
user engagement plan where you can “benefit” your peers and customers
from interacting with your brand and products online. Are you giving
discounts, coupon codes or free samples? Think social and see how you can expand your “interest pool”
multi-fold by offering them something special simply by associating
or interacting with you.
Feel free to email firstname.lastname@example.org with specific
questions and we’ll do our best to answer!