Well into the first month of the new decade, many companies are on the rise with newer, more modern business practices. Although we intend to do well, it is human nature to make mistakes. A business’s journey is paved with many high rises to climb and many obstacles to go through. Not everyone is proficient or has expertise in everything, and people can make a mistake along the way.
According to Smart Insights 2019, more than a third of marketers are trying to integrate digital marketing with traditional marketing activities. Now, these statistics show that with many businesses trying to switch to new methods of marketing, mistakes are bound to happen. What one can do to minimize the damage done and still not stop the walk forward is to take precautionary measures to avoid making mistakes.
8 Marketing Mistakes Costing E-commerce Companies Revenue
Here are eight commonly made mistakes that are costing large revenues, if avoided, would minimize the damage caused to your eCommerce companies.
1. Not Focusing on Customer-Centric Marketing
The main thing every company should understand now is that the customer is king. No matter what your business is about. It is a customer-oriented trade where you work to meet customer demands. Therefore, it is necessary to maintain a healthy relationship with customers to carry a successful business marketing. Not marketing your product or service accordingly and not being sensitive to their needs can cause excessive revenue damage to your business. If you will not advertise and market your product to provide value to the customer, it is highly likely that the consumer will not feel the need to buy it.
2. Selling Multichannel and Not Having Enough Resources
Correctly allocating time and resources is a business rule of thumb. But many people who newly undertake tasks and business activities tend to get excited and, in turn, end up excessively spending either of the two for additional opportunities.
It is precisely why expanding your business to a successful multichannel eCommerce platform should only be done when you have enough resources. Not having enough resources and yet going forward with branching out to other platforms can be very risky. Although you don’t want all your eggs in one basket going for a multichannel approach should happen one at a time, with a well-maintained pace that both you and your business can handle.
3. No Prior Knowledge of Marketing a Product
How you present, your product makes a huge difference. It is a key element that makes an impact on the shopper to transition them into a regular customer easily. Both verbal, as well as visual aspects of a product presentation, play a role in how your customer perceives it. But if your content and marketing team has no prior idea as to how a product should be presented that it can go haywire for you. Although people say, there is no such thing as bad marketing. But when it comes to specific product marketing like clothing items and accessories like star lord jackets, customized t-shirts, etc. require advertisements and well-thought marketing ideas.
4. Not Providing Ease of Access to Customers
Product and service accessibility is extremely crucial. For suppose you successfully market your product and easily convert a shopper into a customer. But by the end of the buying decision, you didn’t make it easily accessible. Then you might end up losing your potential customer. It is why providing ease of access is important because your product or service is featured on an online cost-effective eCommerce platform. But you make the buying procedure a hassle by not providing cash on delivery, limiting the checking out process, and not providing clear buying instructions. Thus, chances would be your customer might not return for a second time purchase as checking out was such a hectic thing to get through.
5. Failing to Build Trustworthiness of Brand
The first impression is the last impression, which is rightfully said so by many because it usually works that way. It also applies to marketing because you build customer trust and a strong relationship based on the first impression your product creates. Therefore, failing to develop a trustworthy relationship with your customer right at the get-go is potentially harmful to your business. Companies should readily invest factors that contribute to it like:
Providing excellent user experience for e.g. integrating voice search for eCommerce
A great user interface for the online forum
6. Wrong Pricing Strategy
When it comes to online retailing, pricing is a factor that needs more focus than normal retail. The drawback here is that the customer cannot touch, feel, or see for himself whether the product is worth the price point or not. Therefore a wrong pricing strategy will give you a hard time moving your product. According to Buy Essay UK, price is the single most important purchasing factor for 60% of shoppers online. These stats show that a wrong pricing strategy can be the main reason behind lower than expected conversion rates. Thus, companies should try to understand their target market better by keeping their psychological aspects of buying power in mind.
7. Undermining Issues of Targeted Audience
Focusing on just the marketing of the product and not catering to your target audience’s needs is a major miss when it comes to product marketing. As much as your customer would want to see that the is focused towards fulfilling their needs, they would also want that it actually is resourceful. Many products are marketed correctly but fail to match the standards they have set for the consumer through their marketing campaign. Therefore, it is huge mistake on the company’s part to undermine issues of their target audience which can cost them large sum of revenue.
8. Overly Aggressive Marketing
Last but not least, unduly aggressive marketing that is too in the face of the customer doesn’t work. Customers nowadays, like subliminal messages and subtle marketing that leaves space for them to think for themselves. Being forced to consider a product for buying doesn’t work and may adversely cost your business. Also, your organization should work towards creating brand familiarity. The quicker your brand becomes a household name that people feel connected to, is how quickly you will not only gain recognition but create a loyalty bond with your customers.
In conclusion, technological advancements have made digital marketing and retail reasonably easy. It is just required by the companies to abide by certain basic guidelines to become a pro at it!
About Melissa Calvert
Melissa Calvert is currently working as a Marketing Strategist and Academic Writer at Crowd Writer, an excellent platform providing research proposal writing service. She has work experience as a content marketing assistant to big corporations. She likes to share her work experiences online through her blogs on Academist Help.