There are many different product promotion and marketing strategies. However, a general and complicated combination of strategies, no matter how creative, will never be a convincing marketing strategy. Only strategies and channels that are critically thought through to find the right fit for your product and business model will be most effective.
A good marketing strategy must be appropriate for your market. Choose channels and marketing strategies based on informed guesses about your customers and adapt them according to the results.
However, before we dive into the specific strategies that will work, it is most important to narrow down the scope and learn more about your specific customers, your products, and the products that meet their needs. This will help you develop a product promotion plan to guide you along the way.
As e-commerce expert Drew Sanocki explains in his course The Triple Multiplier Structure, marketing for e-commerce businesses is three-dimensional: continued growth comes from increasing the number or frequency of purchases per customer (purchase frequency, F), increasing the average order value (average order value, AOV), and increasing the total number of customers. AOV), and increasing the total number of customers (C). Marketing strategies that do not achieve all three will not deliver growth.
Product promotion marketing overview
Product promotion marketing solutions
Too often, brands focus on attracting as many new customers as possible, which is the old way of acquiring customers. But the costs of customer acquisition can add up, and if a customer only buys one item and then doesn't return, these costs will be difficult to recover. Therefore, The Triple Multiplier Structure focuses on increasing the profitability of each hard-won customer you acquire.
We'll use product promotion programs to achieve the results we want: increasing average unit price over time, increasing the number of orders per customer, and the number of new customers. These product promotion planning efforts will work together to support this overall strategy, rather than in isolation.
How to create loyal customers
Your customer base is like a garden. If you look after your customers, you can often increase both the value they reap and the value returned to your business. For example, a customer may get a lot of value from your flagship product but can get even more value by buying your product again, or by buying more products across the product line.
The value of a loyal customer is also compounded. If a customer makes a second purchase, you no longer have to pay customer acquisition costs and they may recommend your shop to friends with similar tastes.
Repeat customers don't come for free, though. You still need to invest strategically in the right areas. While you could argue that "all factors" can affect retention rates, there are three main levers that brands should start using to promote new products.
Merchandise. Customers want products that meet their needs. They will also look for quality products that meet or exceed their expectations. If you find a best-selling product that your customers love, consider displaying it prominently on your website. The first customers to buy that product is likely to return for more.
Customer experience. Exceptional customer service doesn't mean pouring money into your business, but it does mean providing unexpected extras. This can be as simple as offering to help a customer when they need you or offering free returns on any order.
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