– The ideal customer can be identified through intent signals tied to revenue and conversion rates, rather than assumptions or guesswork.
– Many Shopify stores prioritize spending on reaching more potential customers rather than investing in tools that help them understand their target audience and tailor their messaging.
– Investing in software that assists with conversion and improves the customer journey can lead to more efficient ad spend and increased revenue, similar to having a personal fitness and nutrition consultant for your store.Invest in software or tools that help you understand your ideal customer and their conversion journey, rather than solely focusing on increasing brand awareness and reaching more potential customers.Contrary to popular opinion, your ideal customer doesn’t come from a whiteboard; they come from intent signals that can be tied to revenue and a conversion rate. Yet, we market to people we think should convert with no checkups on if it’s the case outside of ROAS. The problem is, most Shopify stores would rather spend money on getting their product in front of more potential customers than pay for an app that helps them know what message to put in front of more customers that are more likely to buy from them. This is a quantity vs. quality argument that is usually overlooked when building out business strategies. Spending $100k on ads in a month equals brand awareness and a necessity, while spending $5k on understanding who actually converts and why is considered nice to have. This is the vitamin vs. painkiller argument, but instead, I tend to think about it as heart disease vs. a healthy diet. If you don’t pay attention to the underlying signs, switching your diet to salads after years of neglect is going to be too late. Logically speaking, a talented team would take the learnings from the $5k and be able to improve the customer journey, resulting in more efficient ad spend and increased revenue that would create a long and healthy life. Software is like having an extra employee that works 24/7 and assists with conversion at the same time. It’s your personal fitness and nutrition consultant. The problem is, people don’t value those roles until it’s too late. We could replace $5k with any number above $100 and get the same response. It’s not the cost but the knowledge of business strategy that’s missing. Go ask anyone with heart issues if they wished they lived their life a bit differently; most people wish they exercised more, ate a little bit healthier, and did the small things to improve their overall quality of life. The perceived value isn’t aligned. But then again, there was a time in our history where we smoked indoors. I will admit we built too complicated of an app because we’ve been doing this stuff for a while. But you don’t get to the simple without identifying the complex first. It’s only through understanding all the complex relationships that you can begin to strip away and get back to what really matters. Most brands have heart issues stemming from years of making bad choices and decisions, the amount of lifestyle changes they need to make to rehab themselves back to health currently is the equivalent of a doctor telling them what weight they need to get to without telling them how to do it. Invest in a personal trainer and nutritionist for your store, it’s not about new wonder pills, it’s about good lifestyle choices. But hey, there’s a reason that big pharma makes so much money so keep chasing all those shiny new tools with growth hacks. #ecommerce #strategy #datahttps://www.linkedin.com/in/jivanco