One of the many benefits of running your store on Magento is that you no longer have to think about feature sets or stability of your store. Instead, you can focus on the growth of your store.
With so many different ways to grow your store, it's hard to know what to focus on first and what strategies will actually drive growth for your store.
But when you take a wider view of your store it's easy to see what tactics will benefit you most. First, think about how you can drive more people to your store in the first place. Second think about strategies you can use so that once they get there, they are more likely to convert.
In this post, you'll learn 5 growth strategies you can use within your Magento store to generate more revenue. We'll cover:
- How to drive targeted traffic to your e-commerce store
- Why you should use an auto currency switcher to take your e-commerce store global
- The benefits of using a repricing tool to find the optimum price point
- Why showcasing reviews on your store will lead to further sales
- How to implement a social selling strategy to drive growth
Let's dive in.
Targeted traffic
The first stage of growth involves getting people to your store to check out what you have on offer. But what you need more than that, is targeted traffic. If you work hard to get 1000 people to your store but they're not interested in buying anything, all your hard work has been for nothing.
There is a simple two-step process involved in getting targeted traffic to your store.
The first step is to understand who your target audience is. The more detailed you can make your description the better.
For example, let's say you sell skincare products. Simply stating that your target audience is anyone who has skin is not enough. You might narrow it down further to females between 23-40 who care about where their skincare products come from.
The reason why this is so effective is that it helps you create messaging that encourages a specific type of person to check out your store.
Going back to our skincare example, if you sold eco-friendly skincare range, you should use this within your Google ads and SEO title tags. This way people who are searching for the exact thing you're selling are more likely to find your products.
If you were looking for cruelty-free skincare, you're much more likely to click on this link opposed to this one.
The second link doesn't provide any indication as to what the products are and there is no benefit of clicking onto that link over any other ones.
Go global with an auto currency switcher
If you're just starting your store you might find it's a good idea to only sell locally. This way you'll find dealing with shipping easier. But if you've mastered your local shipping and selling process, you could thin about selling internationally.
International e-commerce is a great way to widen your reach. You have a bigger pool of customers to target and it can be a great way to grow your Magento store.
This Magento extension is an auto currency switcher. Once you've installed it on your store you'll be able to sell to any location and more importantly, display the prices of your products in your potential customers' local currency.
This way, if you're store operates from the USA, but a customer wants to buy from the UK, they can see the price in pounds, rather than dollars.
By tracking your visitors' IP address, they can display the right currency for the right people. The alternative is only having your products displayed in one currency, however, this could lead to a significant decrease in conversions. Potential customers look for an easy checkout process. If they have to spend time converting the price themselves they'll simply look for your products elsewhere.
Another benefit of this tool is its price rounding feature. If a currency changes a price from $20 to £15.45, you could have this rounded to £15 of £16 depending on your own e-commerce pricing strategy.
Use a repricing tool
If you already have the traffic coming to your store from a range of different locations, you might want to use a repricing tool. Your store's prices shouldn't be set in stone. In many cases, you might want to alter your prices based on seasons, your competitors or even your stock numbers.
But if you have a store with over 1000 products, manually changing each price is time-consuming and stops you working on other growth strategies.
Source: https://marketplace.magento.com/prisync-prisync.html
Using a pricing tool like Prisync will allow you to track yours and your competitors' prices in order to implement dynamic pricing.
This tool is able to track over 5 million URLs each day and automatically adjusts your prices to better fit the market.
By analyzing your competitors' prices, you ensure you always have a competitive advantage. By setting predefined rules, you can also ensure that the software follows specific pricing rules. For example, if you never want to sell your products for less than $10, you can set the system to ensure it never falls lower than that, despite what your competitors charge.
Simply sign up for an account and Prisync will automatically synchronize itself to reflect the changes within your account directly to your Magento store.
Generate product reviews
Once someone lands on your store and checks out your products the first thing they want to see is that your business and products are what you say they are. The best way to do that is by showcasing reviews.
People care more about what other people think about your products over what you tell them about your products.
Before a customer chooses this Matcha powder over another one, they will surely check out the reviews.
The reviews above give a good indication for other buyers who might be interested in this product.
It's also important to note that you don't need to have 100% 5-star reviews. People understand that no product is perfect and often, having too many good reviews is a red flag. Consumers are clued up and know that reviews can be gamed and bought.
If you do have negative reviews, make sure you give your customers the opportunity to talk to you about why they left a negative review. But most importantly, reply publicly to their reviews so that other potential customers can see you care about your customers.
Good customer service coupled with a good product is one of the easiest things you can do to drive extreme growth for your Magento store.
Social selling
Finally, thinking outside the box is a good way to drive growth for your Magento store. You don't just have to sell on your store, but you can use social selling too.
Magento social selling is a great way to widen your reach and establish your store as a brand, rather than just a place to buy products online.
With so many people from different generations using social media every single day, there's a high chance your target customers hang out there.
The first thing you need to do is ensure that you've identified your target audience (we did this in step one).
From there, make sure that you know what social platforms you should use. For many e-commerce owners, Instagram makes sense as it allows you to post lifestyle photos of your brand.
However, you can also think about using Pinterest, Facebook or even Youtube. Ideally, pick the social channel where you can consistently post quality content and also where your customers actually hang out.
People are happy and willing to follow brands they love online and even buy from them. So if you're looking for an outside-of-the-box growth strategy, think about improving your social channels.
Magento growth strategies: wrapping it all up
You're now armed with five different strategies you can use within your Magento store to drive traffic and expedite growth. Whether you're in the beginning stages of your store or more established, use any or all of our strategies to see your store improve.
What Magento growth strategies have you used? Leave a comment below.
