EU052: eCommerce Q&A – Holiday Deals, Existing vs New Products & Biggest Mistakes
Episode 52 of eCommerce Uncensored is a Q & A session. Paul gets Kevin and Jason’s take on some questions related to eCommerce.
Question #1: With the holidays approaching, which types of deals, sales, and strategies are most effective?
Answer: The type of sale or strategy you use is really niche, product and demographic specific, so there isn’t one broad answer. During the holidays people are ready to spend money, so our job as marketers is to make sure we get the right offer in front of the right audience at the right time.
Be prepared with your “Black Friday/Cyber Monday” offers. Even though you may offer similar promotions throughout the year, people are inclined to buy during this time because they don’t want to miss the deal. Also, Black Friday/Cyber Monday is not just two days. This is a time when your promotion can easily run for 2 weeks.
One idea to try is to bundle some products together to create a “gift set”. You can also offer a free gift with purchase – just make sure the item you’re giving away has a higher perceived value than the item being purchased. You can also offer your existing clients an “exclusive offer” as a gift for their patronage.
Question #2: As an eCommerce store owner, should I focus more on existing products or introducing new products?
Answer: It’s the 80/20 rule. 20% of your products are going to sell 80% of the time. That means that 80% of your products aren’t going to sell as well.
If you have a product that’s selling, exploit that, then add on some of your other products as deals or upsells to see if customers really even want it, because ultimately 80% of your products aren’t going to sell. It’s fine to introduce new products, but your focus should remain on pushing the products people are buying. Sell what people want, not what you want them to have.
Question #3: What are some of the most common and biggest mistakes you see people making?
• Trying to sell products that people don’t want. See Question #2.
• Getting inventory before you know if people want the product. Sell the product first. If it sells, then buy the inventory. The phrase “I know people will buy that” is not accurate, until someone actually buys it. Save yourself the stress and money by testing the product before buying a bunch of inventory.
• Not using email to interact with your customers and promote your offer. It’s such an effective, low cost way to market yourself.
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