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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.

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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).

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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.

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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.

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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

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Last Updated on February 11, 2021

10 Secrets of Making Every Presentation Fun, Engaging, and Enjoyable

10 Secrets of Making Every Presentation Fun, Engaging, and Enjoyable

Not a lot of people are good at public speaking. You could even say that virtually everyone needs to get some practice, and preferably good guidance, before they can learn to stay calm when facing a room full of people. Having all eyes on you is an uncomfortable experience and it takes time to get used to. However, even if you can manage to control your stage fright and stay focused, it doesn’t necessarily mean that your presentation won’t put people to sleep. This is usually the case with long presentations on a very dull subject, with the presenter speaking in a monotone voice and dimming the lights to play a PowerPoint presentation.

You have to work hard to develop the right skills

If you want to be remembered and actually get people engaged, you need to make your presentation fun and enjoyable, without coming off as corny or desperate to please. I know, it doesn’t sound that easy at all! A good presentation during a promotional event or given to an important client can be a game changer for your business, so it is easy to get stressed out and fail to perform all that well. Luckily, giving an interesting lecture is something that can be practiced and perfected. There is plenty of advice out there on the topic, but let’s look at the most important aspects of giving a memorable and fun presentation.

1. Make your presentation short and sweet

With very long, meandering speeches you tend to lose the audience pretty early on, and from then on out it’s just a test of endurance for the few bravest listeners. Not only will people’s attention start to drop rapidly after sitting and listening to you talk for 30 minutes, but you also risk watering down your core ideas and leaving your audience with little in the way of key phrases and important bits of information to take away from the whole ordeal. Famous speakers throughout history have known the importance of condensing the information by using well thought out sentences and short phrases loaded with meaning.

JFK’s famous: ”It’s not what your country can do for you, but what you can do for your country,” expresses so much in very few words and gets the audience thinking. Ancient Spartans, for example were famous for their quick, dry wit, often demolishing their opponent’s argument with a single word or phrase. You’ll want to channel that ancient spirit and be as concise as possible when preparing your presentation.

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2. Open up with a good ice breaker

At the beginning, you are new to the audience. There is no rapport, no trust and the atmosphere is fairly neutral. Even if some of the people there know you personally, the concept of you as an authority on a particular matter giving a speech will be foreign to them. The best way to encourage a warm and friendly atmosphere is to get some kind of emotional response out of the audience right at the beginning. It doesn’t matter what emotion it is, you just need to connect with them on a more personal level. It can be shock, curiosity, laughter, knowing smirks, nervousness – whatever gets them out of that initial feeling of indifference. There are different kinds of effective ice-breakers, but generally speaking, the most successful ones utilize one of these tactics:

  • Joking
  • Tugging on their heart strings
  • Dropping a bombastic statement
  • Telling an interesting and relevant anecdote
  • Using a metaphor or drawing comparisons

You can make a small, self-deprecating comment, stir the presentation one way and then suddenly surprise the audience, use sarcasm, open up with a short childhood story that taught you a lesson, quote a famous person and elaborate on it from personal experience, use an inspirational anecdote or hit them with a bit of nostalgia. Just remember to keep it short and move on once you’ve gotten a reaction.

3. Keep things simple and to the point

Once you’re done warming up the crowd you can ease them into the core concepts and important ideas that you will be presenting. Keep the same presentation style thoughout. If you’ve started off a bit ironic, using dry wit, you can’t just jump into a boring monologue. If you’ve started off with a bang, telling a couple of great little jokes and getting the crowd riled up, you have to keep them happy by throwing in little jokes here and there and being generally positive and energetic during the presentation. You need a certain structure that you won’t deviate too far from at any point. A good game plan consists of several important points that need to be addressed efficiently. This means moving on from one point to another in a logical manner, coming to a sound conclusion and making sure to accentuate the key information.

4. Use a healthy dose of humor

Some of the best speeches and presentations in the world, which have been heard and viewed by millions, all feature plenty of humor. No matter the subject, a great speaker will use natural charisma, humor and beautiful language to convey their points and get the crowd excited about what they are saying. A great example of building rapport with the audience through the use of humor is Barrack Obama talking about the government building Iron Man.

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It is silly and fun, and absolutely not something that you would expect from a man in a position of power speaking in such a serious setting – and it’s exactly why it works. The more serious the situation and the bigger the accent on proper social behavior, the harder your jokes will hit.

5. Try to tell a story instead of ranting

Some people can do all of the above things right and still manage to turn their short and fun little presentation into a chaotic mess of information. You don’t want your speech to look like you just threw a bunch of information in a blender in no particular order. To avoid rambling, create a strong structure. Start with the ice breaker, introduce the core concepts and your goals briefly, elaborate on the various points in a bit more detail, draw logical conclusions and leave your audience with a clear takeaway message. You want to flow naturally from one part to the next like you are telling a big story chapter by chapter.

6. Practice your delivery

Standing in front of the mirror and practicing a speech or presentation is a technique as old as mirrors – well, come to think of it, as old as human speech, since you can see yourself reflected in any clear and calm body of water – and that means that it is tried and true. The theory is incredibly simple, yet the real problem is actually putting in the effort day in and day out. Work on your posture, your tone of voice, accent, pauses between sentences and facial expressions. The most important thing is to talk slowly and loudly enough to be heard and understood clearly. Many famous speakers, such as Demosthenes and King George VI, overcame speech impediments through hard work.

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7. Move around and use your hands

Although you won’t instill confidence in your project if you are very jittery, moving around erratically, not knowing what to do with your hands and making fast movements, standing dead still can be just as bad. You shouldn’t be afraid to use your arms and hands when talking as it makes you seem more passionate and confident. The same goes for moving around and taking up some space. However, try to make slower, calculated and deliberate movements. You want your movements to seem powerful, yet effortless. You can achieve this through practice.

8. Engage the audience by making them relate

Sometimes you will lose the audience somewhat in techno-babble, numbers, graphs and abstract ideas. At that point it is important to reel them back in using some good, old-fashioned storytelling. Make comparisons to events from everyday life that most people are more than familiar with. By making things look simple, not only will you help your audience get a better understanding of the subject by enabling them to visualize the information more clearly, you will also draw a connection between you. After all, you are all just regular people with similar experience, you just happen to be performing different roles at the moment.

9. Use funny images in your slides

Although slides are not really necessary at all times, if you do need them to make your point and present your information more effectively, it’s best to liven them up. They say that facts aren’t always black and white, and your presentation should reflect this. Add a bit of color, make the information stand out and use an interesting animation to switch from slide to slide. You can use the slides to add some more humor, both in terms of the text and the images. An image that is used to elicit a positive response needs to be funny within the context of what you are discussing. For example, if you are discussing the topic of authority, an image of Eric Cartman from South Park in a police uniform, demanding that you respect his “authoritah,” is a nice way to have a bit of fun and lighten things up.

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10. End on a more serious note

When all is said and done you will want the audience to remember the core concepts and keep thinking about what you have said after the presentation is over. This is why you should let things naturally calm down and end with an important idea, quote or even a question. Plant a seed in their mind and make them think. Let us turn to Patrick Henry for a great way to end a speech: “Is life so dear or peace so sweet as to be purchased at the price of chains and slavery? Forbid it, Almighty God! I know not what course others may take; but as for me, give me liberty or give me death.”

As you can see, there is quite a bit to learn when it comes to giving a good presentation, one that is both memorable and fun. Be sure to work on your skills tirelessly and follow in the footsteps of great orators.

Featured photo credit: Austin Distel via unsplash.com

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