There are two main ways to increase revenue from ecommerce. One is to grow your audience. The other option is to maximize conversions. Facebook is ideal for both. In this episode we’ll cover both of these ways along with different strategies you can use right now.
1. Video Ads When you’re starting out, the first thing you want to do is figure out your minimum viable funnel, which in short, means the least amount of steps to get a sale. A great way to get eyeballs on your product cheaply is with video. However, don’t run this as a video views campaign, optimize for viewing products or adding to cart. If you’re a smaller, or family run business, you need to create a video that tells your story. Potential customers are a lot more likely to buy when they understand your why.
2. Lookalike audiences When you start out or as you grow, you’re going to want to reach new audiences, but starting with cold traffic is tough. Facebook has the ability for you to create a new audience with similar characteristics of your already existing audience. Think about past purchasers, your email list, website traffic, etc. All of those could be turned into a lookalike audience and marketed to. This takes them from a cold audience to a warm-ish audience, which should be much cheaper for you.
3. Facebook Messenger One thing is for certain, Facebook is pushing new ways to reach audiences because they are running out of ad space, hence the reason they have moved to pushing messenger. It may also be because 1-2B people are on it. Whatever the reason, you should use it because it’s cheap and has a much higher open rate than messenger. Create a campaign or strategy around talking to your audience through messenger and offering discounts or links to go and purchase. We created a VIP list from messenger and whenever we want to offer them a special deal we can message them. Open rates are 80+% compared to 15-30% on email.
Remarketing The fortune, as they say, is in the follow-up. This is true in marketing as well. Imagine running an ad back to the person who added to their cart but didn’t purchase, that would probably be a good person to go after. To give context, 95+% of people don’t buy the first time, so you either need to send a TON of traffic to make it work, or get 20-30% of those people to come back to your site cheaply with an effective remarketing campaign.
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Hope y'all enjoyed this episode! We'll see you guys next week for another episode of The Marketing Natives!