BlogEcommerce Growth
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10
min read
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Written by: 
NIkolaus HIlgenfeldt
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Category:
Ecommerce Growth

5 Strategies for Product Promotion to Grow Your Business

There are many reasons why an e-commerce business fails, though poor product promotion ranks high up on the list of these reasons. 

Even if you offer quality goods and have invested heavily into developing a product that you believe in, your launch could fall flat if you don’t make the proper efforts to generate a buzz around your products. 

Product promotion comes in many different forms, as we will discuss throughout this guide, and businesses at all stages need to rely on these tactics to continue seeing e-commerce sales growth and expand business through their marketing efforts. 

Continue reading through this piece as we explain what types of product promotion strategies are out there, and why this is so important in the first place. 

You might also like: 8 ways to sell more and take your store to the next level

Why You Need Product Promotion

You can have the best products in the world, but if you don’t inform the market about what you offer and how great your products are, you will end up with lackluster sales results compared to your store’s potential. 

But this isn’t only the case for online sellers just starting out–e-commerce stores at all stages must continually invest in their marketing efforts to continue to grow their business and boost sales. 

This is especially true the more competition you face in your niche, because there’s no doubt that many of your peers will be heavily investing in their marketing efforts. Through product promotion, your business has a way to differentiate your products from your competitors, and showcase your unique selling proposition. 

Thus, you need to invest in product promotion to grow your business, generate interest in your products, stay competitive, and bring in good sales volume. 

Overall, product promotion can help you out in a number of ways. It can contribute to: 

  • Brand awareness
  • Recall
  • Credibility
  • Sales results

The good news is, the longer you’re in business, the better your product promotion will be over the long term. When running promotions online, you’ll be able to gain valuable insights about your customers like what your key demographics are, where your customers are located, where they hang out online, when they like to make purchases, and more. With this information, you can create more targeted promotions and marketing strategies going forward. 

Now that you know how crucial product promotion is to your business, let’s walk through some of the main ways you can promote your products to expand business and fuel e-commerce sales growth. 

As you will be able to gather, e-commerce stores will be able to utilize each of these different strategies at different times, and will likely combine a few of them at the same time for optimal results. Thus, it’s important to get a good grasp of all the possible product promotion tactics out there that are at your business’s disposal. 

Social Selling

Social selling is one way that e-commerce stores can promote their products and boost sales. With this method, sellers use the trust that is built through personal connections in order to sell their goods. Social selling compares to the traditional form of promotion and advertisement, which involves highlighting the benefits and uses of a product in order to push the goods to consumers. 

In today’s modern age, much of social selling occurs through social media platforms, reinforced by the trusting and organic relationships you can create with your audience online. With this comes the use of influencer marketing as well, which is when you have someone who has garnered a larger following or platform on social media sites to promote your products to their audience. 

To get started using social selling, you will need to do the following: 

  • Be present and active on social media sites
  • Leverage the use of digital tools to target consumers
  • Balance value and promotional interactions with potential customers

For social selling to work to promote your products, you must be engaging in real conversations with your audience to build up trust and rapport with each other. When your potential customers see that you care about their interests, are invested in providing value to your customers, and other positive attributes about your brand, they will be more confident to make that initial purchase. 

From there, if you continue to foster that relationship, they can turn into repeat customers that will continue bringing you sales month after month. 

Upselling

Online merchants can use upselling to boost sales by suggesting to consumers a higher-tier or more premium version of the product they’re already interested in buying. This is utilized as a way to steer interested consumers to a higher-ticket or higher-margin product that offers similar or better benefits to the product that they had their eyes on already. 

While upselling may come off with a negative connotation, it is actually a very powerful tool that online sellers can use, and very effective when implemented correctly. Upselling is commonly introduced during the checkout process, where customers will be presented with the “better” item that is typically at a higher price point, but will bring the customer more value. However, upselling can also be introduced before the sale or after the sale as well to upgrade their purchase. 

When utilizing upselling, you are aiming to get a bigger financial gain and boost sales in exchange for providing buyers with a better customer experience or better value than they would have gotten from the original product of interest. Think of a customer on the market for a laptop. They add the mid-tier choice to their cart, but they are met with the suggestion for the higher-tier device that has more storage capacity and better specs. Depending on the consumer, they may or may not go for the higher-priced item. 

Upselling can be a great way for e-commerce stores to promote the products that are higher-tier and get less traffic than other lower-priced products. Just like other forms of product promotion, upselling aims to help you generate e-commerce sales growth, increase average order value, and improve customer lifetime value, benefiting businesses both in the near and long term. 

Cross-Selling

Similar to upselling, cross-selling is a product promotion tactic where customers are presented with additional products–not to replace the existing product in their cart–but to be added in addition as a complement to the original item. 

Think of an instance where you’re shopping for groceries online for pick up, and you add grape jelly to your cart. An example of cross-selling would be if the store asks if you want to add peanut butter also. Online sellers can use the data they have on customers and their spending habits to recognize what types of products are typically bought together, and suggest these complementary products when someone adds one of the related items to their cart. 

Cross-selling promotes products in a way to bring in additional revenue for the store that they wouldn’t have captured otherwise, like in the case of the peanut butter and jelly. Even if the consumer didn’t have the intention of making a peanut butter and jelly sandwich, this suggestion in the checkout process could sway them to add the product anyway. 

With both upselling and cross-selling, it’s important for merchants to not come off as greedy. If you plan on implementing either of these tactics into your online store to grow your business and boost sales, you will need to be strategic. Focus on educating your consumers about why you’re making the suggestion, what benefits they’ll get from the new product, or even side-by-side comparisons about what the best purchase decision is. 

Discounts & Incentives

You may also choose to promote products by offering discounts and incentives on certain goods to boost sales for the given item. 

There are a number of ways you can utilize these tactics to bring in more sales for your store, starting with the first time a new visitor comes to your site. In exchange for their email address that you will use to promote products to them going forward, you can offer an incentive like: 

  • Free Shipping
  • % off the first order
  • Weekly newsletter 

Additionally, loyalty programs are highly utilized by e-commerce sellers. It’s a proven fact that customers that are part of a loyalty program will spend more over their lifetime of being a customer with a given brand than those who are not a part of the program. You can integrate incentives into this program as well, like free shipping on every fifth purchase, a percentage discount once they’ve amassed a certain amount of points, and so on. Above all, a loyalty program will help you grow your business and bring in more sales. 

Whichever way you choose to promote your products using these tactics, make sure that the incentives and discounts are easy to understand, and simple to use upon checkout. The last thing you want to do is frustrate potential customers who feel like they were manipulated or misled and never got the discount or reward they were promised.

SEO

Search engine optimization, or SEO, is a way to increase visibility and traffic to your website. This is an organic form of promotion, in that you are utilizing tactics on-page with your website in order to boost visits to your site, not paid advertising. 

The point of SEO is to help your website come up higher in the search engine results when customers search for the products you offer. Especially nowadays with competition so stiff in the e-commerce world, you want to take every chance you have to show your superiority to your competitors. Thus, the higher your site ranks on search engines, the more traffic you can get to your site, and eventually, more sales of your products. 

SEO content is often done in the form of blogs, which can be a great way to showcase your products, provide value to your customers, and give insights into the latest in your industry. Through your blogs, you have the chance to promote your products, and showcase what’s so great about them. This helps move potential customers down the sales funnel, and promote increased interest in your brand. 

Aside from blogs, there are other ways to optimize your site for SEO purposes, like: 

  • Researching and incorporating relevant keywords into your site
  • Optimizing your site for search engines
  • Publishing quality content on your page
  • Garnering quality backlinks from other high ranking sites

Fuel Your E-Commerce Growth with Myos

Aside from the tips listed above, there are plenty of other ways that you can promote your products and boost sales for your e-commerce store. These other strategies include email marketing, SMS marketing, hosting virtual events, and many more. 

Whichever methods you choose to implement as you grow your business, it’s important to weigh the pros and cons of each to figure out which ones would be the right for your market and audience. Even still, investing in your business’s growth strategies typically isn’t free, so chances are you may need to seek out external financing sources while you’re trying to boost sales in the earlier stages of your venture. 

There are many financing options available to e-commerce store owners, though few offer as many benefits and little downsides like asset-based financing. Many online sellers are turning towards this breakthrough financing method, preferred for its: 

  • Flexible repayment terms
  • Generous qualification requirements
  • No personal guarantee from business owners

With asset-based financing, you don’t have to have years of business experience in order to qualify. When you work with an asset-based lender like Myos, we will make our lending decisions based on your future business prospects given the products you sell, not on your historical business performance. 

So, you can still secure the funding you need quickly in order to expand business and boost sales, without making a personal guarantee. Check out the financing option that brings you all the upside of being an e-commerce entrepreneur, without the risks. Boost your store growth today with Myos asset-based financing

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