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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 November 5, 2018

20 Best Places to Work for a Great Career in 2018

20 Best Places to Work for a Great Career in 2018

Looking for a job? There’s no doubt to the fact you will want to work with a company that appreciates you for who you are.

Well, good news. The labor market today is one that has peened up with more opportunities for advancement and personal employee improvement. This is partly due to the fact that a lot of companies have been made to understand the value of their biggest assets: the employees.

To wit, here’s a list of companies- across a wide array of industries- that have been able to develop working environments that are healthy and accommodating to workers.

Take a look at these 20 best place to work for a great career:

1. Salesforce, San Francisco, California,

    Salesforce is in the information technology business and the company ranks highest due to their commitment to learning and innovation. They are ready to try new things and everyone with a new idea is always welcome to share it at the company. The company has also been known to exhibit an exceptional approach to alignment.

    Find out more about careers in Salesforce

    2. Wegmans Food Markets Inc.,Rochester, New York

      Based in Rochester, New York, employees have been known to enjoy a sense of purpose from working here. The company has been able to achieve an optimal level of engagement across all working tiers and they’ve been able to achieve great things together. They even do deliveries.

      Find out more about careers in Wegmans

      3. Ultimate Software, Weston, Florida

        Employees get amazing benefits here but that’s not the only reason why this place is so awesome to work. Whenever there is a need or a death of an Ultipeep or any of other family members, the company shows love and support like no other.

        Find out more about careers in Ultimate Software

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        4.The Boston Consulting Group, Inc., Boston, Massachusetts

          Development is at the center of anything that goes on here. The business is about people and employees are the company’s biggest asset. Employees are able to challenge the status and also leave impacts on clients.

          Find out more about careers in The Boston Consulting Group

          5. Edward Jones, St. Louis, Missouri

            Edward Jones is admired for their ability to acknowledge history without being mired down by it. The company builds on a solid foundation but there is also a level of flexibility that allows for innovation.

            Find out more about careers in Edward Jones

            6. Kimpton Hotels and Restaurants, San Francisco, California

              Kimpton is a trendsetter in the hospitality industry. The company always strives to try something different and that perspective is welcomed there at all times. Enjoy the weekends with luxury rooms, conformable mattress, furnished and well dressed service staff. A great opportunity for job seekers.

              Find out more about careers in Kimpton Hotels and Restaurants

              7. Workday, Pleasanton, California

                Newbies will find no issues with feeling welcome and at home here as this has always been a core culture component of the IT giant. Everyone is treated like family and this fosters a sense of oneness.

                Find out more about careers in Workday

                8. Genentech, South San Francisco, California

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                  Here, employees are encouraged to be themselves. There is a feeling of care, safety, and acceptance that you get here that you can’t get at many firms. The development of an all-inclusive environment has always been foundational.

                  Find out more about careers in Genetech

                  9. Deloitte, New York, New York

                    Deloitte is one of the biggest professional service providers in the world, noted for their focus on constant learning, development and improvement. They invest in their employees and are concerned about their well being.

                    Find out more about careers in Deloitte

                    10. Baird, Milwaukee, Wisconsin

                      Baird is a financial services provide that is known for adopting a “no asshole policy’ which guides the way people relate with and respect each other, regardless of their position on the company’s hierarchy.

                      Find out more about careers in Baird

                      11. Quicken Loans, Detroit, Michigan

                        At Quicken Loans, the views and opinions of everyone are respected and heard. The organization is revered for the amount of investment they put in their team members and everyone looks for ways to grow and be better.

                        Find out more about careers in Quicken Loans

                        12. Capital One, Mclean, Florida

                          Capital One has adopted a culture that encourages employees to take risks and try new things. They foster a healthy work-life balance and associates are challenged to live better lives.

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                          Find out more about careers in Capital One

                          13. Cooley LLP, Palo Alto, California

                            Cooley LLP is a law firm known for their ability to care about the company culture and being able to develop a working environment that is empowering and fun. Cooley is known to go for the best when it comes to their employees, regardless of the occasion.

                            Find out more about careers in Cooley LLP

                            14. Southern Ohio Medical Center, Portsmouth, Ohio

                              The medical center has been known for their propensity to delegate so much to their employees, thereby providing them with the ability to grow and learn on the job. In the end, you get a workplace that is all-engaging and super fun.

                              Find out more about careers in Southern Ohio Medical Center

                              15. American Express, New York, New York

                                American Express is a firm that celebrates wins, no matter how small. Everyone is made to share the same attitude towards service and the people they are to serve, thereby making people care about what they do.

                                Find out more about careers in American Express

                                16. Adobe Systems Inc., San Jose, California

                                  The culture at Adobe Systems is one that encourages employees to develop their own ideas and get a strong viewpoint. As opposed to encouraging competition, work-life balance is fostered everywhere here.

                                  Find out more about careers in Adobe Systems Inc.

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                                  17. The Cheesecake Factory Inc., Calabasas, California

                                    The Cheesecake Factory rewards dedication and hard work. Promotions come pretty easy, and there is always space for guidance to develop your experience and skills.

                                    Find out more about careers in The Cheesecake Factory Inc.

                                    18. Sap America, Newtown Square, Pennsylvania

                                      If you’re looking for a new career path, SAP might be the best bet for you. The company is adept at recognizing value and transferable skills. And you can always look for a new path while maintaining your employment.

                                      Find out more about careers in Sap America

                                      19. NVIDIA Corporation, Santa Clara, California

                                        NVIDIA is known for looking after even the smallest of things. With even a “pets allowed” policy this company accepts you for who you are, and helps you to work within your personality. Advancement is also fostered, and you are able to collaborate effectively.

                                        Find out more about careers in NVIDIA

                                        20. KPMG LLP, New York, New York

                                          Communication and progressive collaboration are the foundation of this company’s workforce treatment. Regardless of the level you are, someone is always at the ready to help and the company rewards extra effort with gratitude.

                                          Find out more about careers in KPMG LLP

                                          All in all, it’s safe to say that you will be able to find somewhere to apply your skills (whatever they are) that is all inclusive and highly accommodative. Companies today are being made to understand how much they can get when they treat their employees right and this has opened the door to an encouraging work environment for all.

                                          Happy job hunting!

                                          Featured photo credit: Pexels via pexels.com

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