– Understanding different types of ecommerce businesses and their models is crucial for success in modern marketing.
– Creating high-quality differentiated products and websites focused on the customer journey are essential strategies.
– Collecting and utilizing the right data is vital for effective marketing and staying ahead in the face of changing trends and competition.Invest in a data play to ensure long-term success in marketing and ecommerce.The fundamental marketing concepts of modern e-commerce are as follows:
1. Understand the different types of e-commerce businesses, their models, and the means of running the business.
2. Create a high-quality differentiated product.
3. Create a website focused on the customer journey.
4. Create clutter-free product pages (and landing pages) based on data collected directly from visitors.
5. Create ad campaigns to drive your initial traffic and collect data.
6. Create a customer acquisition flow centered around data.
7. Create email flows to automate customer-driven touchpoints personalized with data.
8. Create a conversion funnel based on collected data.
9. Create a post-conversion funnel to maximize LTV (Lifetime Value) based on data.
10. Leverage your owned audience with data to unlock partnerships, collaborations, and limited drops.
11. Introduce new products based on data rather than guessing.
This is all there is to it today. This is the only model that pretty much guarantees success and gives you the best chance of finding product-market fit, which is the ultimate goal for a brand. It is what takes you from your initial traction to massive word-of-mouth and organic traffic.
However, there is a caveat to the above. The data you think you’re collecting may not be the right data or the right type of data. With all the changes happening, such as iOS 14.5, iOS 15 (launching in 5 days), the great cookie crackdown, rising ad costs, and increasing competition between brands, it is crucial to have the right data strategy in place.
I will keep saying it: if you do not have a data play, the right data play in place, your time is running out. Every day you fail to invest is costing you money in the long term. #marketing #ecommerce #zeropartydata #customerjourneyhttps://www.linkedin.com/in/jivanco