How To Allocate Budget For E-commerce Marketing?

Ecommerce marketing and advertising are one of the most important parts of your business. But how much should you be investing in it? That depends on the type of business you have. If you're just starting out, then it's probably not worth investing a lot into marketing and advertising, you should keep the eCommerce marketing budget to a minimum. As your business grows and gets more popular, though, you may want to invest more money into marketing and advertising.

What is eCommerce marketing?

E-commerce marketing is a method of promoting a business that sells its products or services through the Internet. A goal of eCommerce marketing is to drive traffic to a website, convert visitors into paying customers, and retain them once they have purchased. Now let's look at the different types of eCommerce marketing

What are the different types of eCommerce marketing?

Types of eCommerce Marketing 1. Pay-per-click advertising (PPC) 2. Search Engine Optimization (SEO) 3. Web push marketing 4. Social media marketing (SMM) 5. Chatbot marketing 6. Influencer marketing 7. Affiliate marketing 8. Email marketing

1) Create a content calendar:

This should include when each piece of content will appear on your website and in other places like social media platforms and email newsletters. Make sure there are enough days in the calendar so that all of your posts can be scheduled without having to cram them at the last minute.

2) List your goals:

Having goals in place helps you understand which types of activities are most beneficial for your budget. For example, if you've set yourself a goal to increase your sales by 10% in 2019, but you're only bringing in $500 per month in revenue, then increasing the number of leads and conversions that you send out will be much more beneficial than spending money on marketing.

3) Set an idea:

Once you have a clear idea of what you want from your site, look at the various Ecommerce Marketing KPIs (key performance indicators) that are available on Google Analytics or Shopify's analytics dashboard.

4) Determine whether or not you'll be using guest posts

Guest posts are great because they allow other people to share their expertise with potential customers who might be interested in similar products or services but haven't made up their minds yet about which one is best for them. But if it's something new for you, consider hiring an expert writer

5) Select your channels

There are many different types of channels that you can use for your marketing initiatives, but not all brands need to have an active presence in each channel. For example, if you're a startup with a limited eCommerce budget, it might make sense for you to only use social media and email campaigns to get your message out there, rather than having both a Facebook page and a website.

6) Evaluate your operational costs

Operational costs are non-negotiable in an eCommerce advertising budget. These costs need to be taken care of and should be set up first so you know how much budget is available for other activities. Operational costs can include website hosting, SaaS subscriptions, platform costs, or other taxes and fees. These costs should not be included in the operational costs column of your spreadsheet. Instead, these costs could be listed separately in your budget.

7) Lay out your marketing strategy

Google Analytics - Google Analytics and Google Ads are both great ways to get a good idea of what your site is doing and advertise them but it's only as effective as the information you put in it Competitive analysis and website benchmarking - Conduct competitive research on your industry. But while you do this, remember, you do not know if their strategies are working or not.

8) Data Evaluation

There is no question that eCommerce marketing is a lot of work. You spend hours crafting content and making sure it's optimized for mobile and desktop, you have to monitor all of your social media channels and make sure they're posting at the right time, and you need to keep an eye on what products are trending on your site, and then there's the whole thing about shipping out orders...

9) Conversion Rate Optimization

That's a great way to think about it if you're not sure if your company is getting the best bang for its buck, then it's likely that they're missing out on something. And that could be costing them money!

Conversion rate optimization (CRO) is the process of getting more visitors to buy from you. It’s a big job and it takes time, so it’s important that you start with the right approach.

10) Customer     experience

One of the most important things you can do for your business is to improve the customer experience. It's no longer enough to simply grow your volume of customers—you need to retain them, too. And that means giving them more reasons to keep coming back and spending more money on your products.

11) Promote cross-selling and upselling

In order to differentiate the two, let's first say that cross-selling is the process of offering additional products or services, such as a T-shirt with jeans, or shoes with socks. In contrast, upselling allows a customer to get a better or larger product - such as a meal or laptop component - for an additional charge.

12) Upgrade your website

There's nothing more frustrating than a website that takes a long time to load. Customers admitted that 70% of them consider site speed when making a purchase. It is acceptable for the download time to be less than five seconds. The additional second decrease your website's search results ranking by 7% and causes conversions to drop.

13) Optimize for voice search

Voice search shopping is predicted to be worth $40 billion by 2022. Consider optimizing your website for voice search now in order to stay ahead of the curve. If you take this information into consideration, you may rethink the way you approach SEO as a whole. You should keep in mind that voice search is different from type search - queries are longer and more conversational. Answer popular questions with articles and other types of content on your blog or website - don't be afraid to be conversational.

The Takeaway

Having more money has its advantages, there is no doubt about that. The fact that a small business or new brand can't compete with a larger brand does not mean that it cannot exist. When you are starting your own brand, you have to focus on immediate ROI. The article describes the importance of a marketing budget allocation process that is aligned with your business goals from day one. Your focus should be on becoming profitable from the get-go, as opposed to brands that have raised money. In other words, we spend a lot of our budget on channels that produce immediate results. One of the most common is Facebook advertising.