How Can Performance Marketing Boost your eCommerce Business
Digital transformation has seen a rapid growth in the last couple of years due to pandemic. Research shows that this transformation is expected to witness a steady increase even in the future as countries are steadily preparing for the post-pandemic era. The onset of the pandemic has led to a drastic increase in the ecommerce market with revenue reaching a whopping US$ 3,193 million for Singapore alone in 2021. Data also showcases that the annual revenue growth rate for Ecommerce is predicted to be 6.53% worldwide every year. This data coupled with the fact that individuals are now more reliant on shopping online calls for a need for companies to venture in performance marketing for ecommerce so as to leverage on this growing segment.
Why should companies adopt performance marketing for ecommerce?
Increasing competitiveness: With ecommerce gaining prominence, companies and especially retailers need to find ways to be more competitive and sustain business growth. Running ads offsite or onsite ecommerce platforms without campaign goals and targeting would not lead to best possible results. With a compelling performance based strategy, we have helped our clients drive up to 20x ROAS (Return on Ad Spend) especially during seasonality with 3 months.
Expanding to new customer segments effectively: For one of our B2C clients, in the past, most of their target audience were aged between 41 -55 years. Fast forward 6 months later, we were able to help them attract more Millennials aged 25 to 40 years after developing a strong understanding of the Millennials, change in creatives & messaging, mobile first strategy, targeting and analysis. Our client was able to reach wider segments but also they are only paying for results thereby leading to more effective spend.
How can you implement performance marketing for ecommerce effectively?
In order for companies to achieve their desired goals, implementation of performance marketing strategies are vital. Below are a few best practices in order to run performance marketing for ecommerce effectively
Develop Your Target Audience Profile: It is essential for marketers to develop a buyer persona on the basis of factors such as age, gender, buying behaviour etc. This will ensure that targeted marketing efforts can be implemented for the desired audience
Design your marketing strategy: Marketers should design the sales strategy based on their top,mid and bottom funnel and align them to the right key metrics at each stage. By adopting a full funnel marketing strategy, businesses will generate more value to the target audience while optimizing the marketing budget.
Remarketing: For any ecommerce campaign to be successful, remarketing is beneficial as it would help companies tap on to the consumers who had purchased or had an intention to purchase products in the past, thereby increasing the conversion rate. This is because it is easier attracting repeat buyers with an existing affiliation with the brand as compared to targeting new customers.
Optimise & monitor performance: Optimisation of campaigns has to be carried out regularly with keywords analysis and ad copies improvements to ensure that businesses are targeting the right audience, at the right time within their budget. Furthermore tools such as Google Adwords, Google Analytics & Data Studio can help businesses track performance and increase conversion rate by identifying the right key metrics.
What can VKT do to help businesses drive results from Ecommerce performance marketing?
In terms of effective execution, implementation and usage of Ecommerce involve complex analytics and optimisation functions that need expertise in order to navigate and implement. My team and I are well attuned to platforms such as Shopee, Lazada and even Tokopedia and have been gathering actionable data-driven insights and running innovative campaigns, giveaways and promotions for peak periods such as 11.11, Christmas, Chinese New Year and Ramadan.
With our extensive B2B & B2C strategy & execution experience in the Asia Pacific region, we have helped many B2B and B2C businesses transform their Performance Marketing & Ecommerce efforts.
Join us for a virtual coffee chat to learn more about how you can leverage our expertise to begin your transformative performance marketing journey here.