Advertising
Advertising

3 top eCommerce market research tips

3 top eCommerce market research tips

Running an online store can be one of the most challenging vocations of the modern world. Like a roller coaster, eCommerce can be the best industry to be in (when sales and conversions are flying high), and the worst (when Web traffic dries up along with sales).

With organic search traffic from Google proving to be more and more volatile and harder to come by, it’s important for eCommerce site owners to ensure that they are doing everything possible to secure a sustainable and profitable stream of income. But what does that mean in practice?

The only way to guarantee a lasting supply of interested and engaged customers is to understand everything you can about your niche market – including who’s who in the zoo, what strategies competitors are using to drive sales, and what customers are thinking and feeling about your products, sales and service.

It’s a lot to keep on top off, but with a little practice you’ll quickly begin enjoying the benefits of knowing and understanding more about who can help you sell more, how to implement better marketing and promotions, and where and why customers behave the way they do.

1. Work hard to identify new influencers

Do you know everyone that works in your niche industry? You should. Reporters, bloggers and journalists are some of the people you should be rubbing shoulders with every chance you get. But not just any old writer. You need influencers who your customers listen to. Spreading the word about your brand, products and business is virtually impossible without help from established industry influencers. Trying to market and promote an eCommerce store is arguably one of the most difficult aspects of online business because everyone is sick of being bombarded with ads about sales and discounts.

Advertising

That’s why it’s so important to have someone else talk about your store. Someone who has a decent social media following, or a decent email list, or simply access to publishing platforms where the type of customers you want hang out. But above all, someone who is trusted by their readers.

But who are these influencers? An influencer can be anyone. What qualifies them as someone you want to build a relationship with is who they influence.

This means that in order to identify the right influencers for your store, you must first research:

  • Who your target audience is
  • Where they congregate online
  • Who do they follow

Sounds easy, right?

Identifying influencers is actually the easy part of the equation because all the information you need is available online. Google is a most useful tool to use when searching for influencers because search results tend to be a great starting point for finding influencers using targeted keywords (depending on what topics your particular target audience might be searching for) – i.e. if a blogger writing about the “latest shoe styles” is on page one of the search results, they might be a potentially valuable influencer for you to reach out to (assuming you sell shoes).

Advertising

The next step is much harder because in order to leverage the influence of the people you are targeting, you must first build a relationship with them and gain their trust. Influencer marketing is not a paid relationship like celebrity endorsements, which means it requires time, patience and effort to succeed… not cash. Once you have identified your preferred influencers, check out influencer marketing 101 to learn more about how to approach them and build sustainable, profitable, and mutually beneficial relationships.

2. Monitor competitors’ sales & marketing

While influencer marketing focuses on reaching out and pulling in new customers, monitoring your competitors is more about learning what marketing and promotional strategies they are using to drive sales.

Imagine you could monitor the sales of competing products, and receive alerts whenever they experience an out-of-the-ordinary spike in sales. Knowing that a product is experiencing a spike in sales – in real-time – would then allow you to quickly work out what it is that lead to the sharp increase. For example, a product review on a prominent tech blog, or an article in a magazine, or a press release in the news.

Armed with the knowledge of what exposure leads to an increase in sales, you can learn useful things like which writer/blogger was responsible for the article, and which site(s) have plenty of buying customers. This makes it much quicker and easier to focus your efforts on people and sites that are known to work in your niche.

But how is it possible to monitor the sales of competitors when they keep that information private? Well, it’s not possible to see how well someone is selling from their own personal site, but it is possible to spy on how well products sold on some of the big marketplaces, like Amazon, are selling. Using a sales tracking service like RankTracer Enterprise means that you can monitor the sales of any product sold on Amazon and spy on how well, when, and why those items are selling over time.

Advertising

Once the system has alerted you to a spike in sales for a given product, they also offer tools to help close in on what marketing campaign was responsible for the increase and add it to your own marketing playbook.

3. Ask questions

The title of this section might sound slightly redundant, but there is more to asking questions than meets the eye. There are different ways to ask questions, and there are different people to ask those question of.

It’s often very useful to ask complex, market and industry related questions on Quora. Especially if they are questions requiring a bit of specialist knowledge you don’t have access to. Many, many industry experts from all over the place take the time to write in answers that often contain really valuable nuggets of info – often with links to corroborating evidence from respected research organizations.

So Quora can help with industry related market research questions, and possibly offer a bit of decent insight into your own customer base. But, the best people to ask about your customers are your customers themselves.

Use your newsletter and mailing list to ask questions about what people want, why they are (or aren’t) buying, what information they need to help them make buying decisions, and so on. Unfortunately, many customers are pretty apathetic about answering polls or questionnaires, so offer something juicy in return. Something like, “Answer these five questions and get 20% off your next purchase” might do the trick.

Advertising

What about your own eCommerce platform community forums? Many top eCommerce solution providers offer support forums for their customers to learn from the wisdom of the community. For example, Shopify has a huge range of discussions around anything from how to build a business, to getting feedback on your store design, to selling your site.

There will almost always be someone who has been in the same situation you are and has found a way to solve it already. And, the act of sharing and helping others is also a fantastic way to build your network and make potentially valuable new connections.

Hopefully these three tips will help you to learn more about your store, it’s niche industry, and the people who inhabit it. Ultimately, the more knowledge you have, the easier it is to make better decisions. Decisions that will ultimately lead to greater profits and financial success.

What other market research tips have you used with success? Share yours in the comments.

Featured photo credit: Thomas Hawk via flickr.com

More by this author

Pay Less & Save Money Shopping How to Pay Less Than 30% for Almost Anything Make money blogging I Made $1000 From a Single Blog Post, So Can You 17 Essential Free Online Resources for Entrepreneurs 8 Food & Drink Quotes For Women 3 Amazon Shopping Tips That Will Save You Money

Trending in Marketing

1 8 Life-Changing Skills You Can Learn in Less Than 6 Months 2 Tips for Designing Your Plastic Surgery Website for Optimal Marketing 3 SEO Tools Every Business Should Be Using in 2017 4 8 Qualities To Become An Excellent Lawyer 5 5 Simple Ways to Increase Your Walk-In Traffic

Read Next

Advertising
Advertising
Advertising

Last Updated on March 29, 2020

How To Work Remotely And Stay Productive

How To Work Remotely And Stay Productive

With long commutes, increased traffic, limited job opportunities, and, not to mention, unpredictable pandemics, many people are finding it difficult to get out and go to work, build an income, and provide for a family.

All of this presents an opportunity for you to consider working remotely. After all, this is something that’s been on your mind, or you wouldn’t be reading this.

However, when it comes to working remotely, there is a lot more to it than you might think. First, you need to know how to work remotely, as it’s involves many changes if you’re coming from a standard job.

There is also staying productive and gaining a profit, too. With more people indoors and not working, people are going to be more conservative with their money. With these things in mind, here is a guide to help you get on track and address these issues.

How Can I Get Remote Jobs?

The first big question to address is how to work remotely in the first place. As mentioned, getting your first gig is unlike traditional job hunting. In today’s gig economy, there are a lot of platforms that you can consider, which are filled to the brim with other applicants.

No longer are you competing with people within your business or your city, but across the globe.

This makes it necessary to have a new kind of skill set. You need to look beyond a resume and filling out application after application. Instead, you want to be looking at how you can better market yourself, how you can be more creative, as well as how to deliver something people are willing to pay for.

1. Market In The Right Place

When you think about job hunting, you begin to think of the traditional job posting sites: places like Monster, Indeed, and maybe LinkedIn. There are other sites like this that even have a section devoted solely to remote work.

Advertising

But places like these are the worst place to be looking. Why? Because a lot of the freelance or remote work on those sites are usually location-specific. That, or they require some in-person contact or are questionable businesses in the first place.

Either way, it’s better if you’re focusing more on continuous gigs from multiple clients rather than applying for full-time jobs while working at home. There are a lot of sites that can help with that. Ryan Robinson created a lengthy list of sites that post remote gig work that’s worth checking out.[1]

From there, it’s a matter of building up your portfolio. This can be difficult at first, but plenty of remote job posting sites can provide you with tips and tricks. Your profile on these sites also works similar to a resume.

2. Get People To Buy

The second part to how to work remotely is getting people to buy what you’re selling. If you’re in the right place, the next thing is to attract people. And naturally, people aren’t going to be coming to you in droves.

That being said, there are plenty of ways for you to build up your profile. A lot of it comes down to the skills that you have and how you showcase them.

Now, you have a lot of skills in your arsenal, but you want to be focusing on ones that close sales. For example, if you are someone who can finish work fast and maintain quality, that’ll be more appealing as clients can give you a larger workload or be confident that when they ask for some work, you can get it done fast.

This skill highlights one big thing that people care about and are willing to pay for: someone that they can trust.

Conveying that in a portfolio is difficult at first, but when you start getting work and people are leaving reviews about the speed of your work, people will begin to see that you are someone they can trust to get work done.

Advertising

You also have skills that go behind the scenes. These don’t contribute to your output directly, but they could lead you to more clients.[2]

One trait that’s mentioned is having a place dedicated to your work and where you can focus. This can help you increase your speed and productivity as you have a specific place for you to work.

This can lead to people buying more from you because you have created a system for yourself to enter a state of mind where you can work without interruptions.

How Can I Stay Productive While Working Remotely?

As you begin working away and getting clients, the next biggest challenge is staying productive. Like I mentioned above, having a place where you can focus will help you in staying productive, but oftentimes people need more than that.

For example, having a place where you can put out a lot of work is great, but what if your pickings are slim? Or maybe you’re not a huge fan of sifting through job postings?

Having a place where you can focus is good, but it might not help you to feel motivated to do parts of the work you don’t want to do.

When it comes to working remotely, there are times where you’ll have to do work that you don’t want to do. And there will be times when work comes slowly. During those times, you need to have ways to stay productive. Here are some suggestions to help.

1. Create an Ideal Work Space

Let’s go into more detail about what a productive space looks like and why it can be effective. First, you want to make sure that this space isn’t in your bedroom. Many remote workers work from their bed, and it’s bad for several reasons.[3]

Advertising

The biggest reason comes down to how we are programmed. When you are lying in bed, the brain is programmed to go to sleep. If you try rewiring your brain to think staying in bed is “going to work,” it’s difficult for your brain and your body to get into that mode.

You want to make sure that the area you are going to feels like you are “going to work.” Even though work is only a few footsteps away, that’s enough time for you to tell your brain, “I’m going to work now.”

With this in mind, you want your space to be ideal for working. Make sure that the space is clean and not cluttered. You want to make sure the area feels like an office or a place where you can get things done.

2. Take Breaks

When working remotely, you get to set your own hours. While that is great, this is something a lot of remote workers forget about.

You’d think that working at home is luxurious, but in reality, a lot of freelancers overwork themselves. It’s not out of the ordinary for freelancers to work exceedingly more time than those working a typical 40-hour workweek.[4]

With that in mind, be sure that you are pacing yourself. Take breaks, and get away from your office space once in a while. Even with a virus flying around, you can still get outside or walk around your home or apartment.

Not only is this good for your own sanity, but it can also be a productive tool as well. Our bodies aren’t built to continuously put out work without stopping, and even if we’re in a comfy chair, we can still feel drained by the end of the day if we attempt this.

By taking some regular breaks at your own pace, you can boost your productivity, especially if you are incorporating stretching and other activities that bring you energy.

Advertising

3. Set Regular Goals

One of the biggest challenges with how to work remotely is the fact that you need to set your own goals. When you’re going to work for a company, you already have your duties outlined.

That’s not the case when you are the one setting your own hours and acting as your own boss. That difference can be mentally shocking despite it being so obvious.

Because setting goals and working towards them is challenging for many people, some people give up on goals quickly or self-sabotage. They run into one problem and lose all motivation.

With this in mind, you want to be setting goals on a regular basis. You can think of it like a schedule. For this many hours, you want to be doing a specific task. Or maybe you want to structure it as a to-do list and schedule your time according to the tasks that need to get done.

Whatever the case is, setting goals or having a plan in place allows you to set markers that you can work towards. This is a system that works because businesses do this all the time through the duties and responsibilities in each position. They’re the ones setting the markers that you are working towards.

Final Thoughts

Working remotely isn’t as glamourous as it’s made out to be. You need to create systems and habits for yourself that not only will get you clients, but keep you productive and content in your position.

Now may be as good a time as any to see if this can work for you. Even though most people are out of a physical job, the gig economy could present opportunities for people to stay afloat during these hard times.

More Tips on Staying Productive

Featured photo credit: Paige Cody via unsplash.com

Reference

Read Next