By the end of next year, eCommerce will account for a staggering 25% of all retail revenue around the world. It’s never been easier to make money through a website.
If you’ve monetized your website, but you’re not seeing the kind of results you were hoping for, it may be that one of the important factors that drive revenue is letting you down.
Don’t worry, though: Zyro’s got your back.
Below you’ll find a series of 7 questions. Thinking carefully about each of them will help you identify areas of your business that might be hindering sales.
1. Are you targeting the right people?
Let’s start off with a question that might, on the face of it, seem obvious, but it’s surprisingly overlooked by many small business owners.
All too many companies make broad assumptions about who their target audience should be without doing the work to back up their assumptions with evidence.
Just to recap, your business should help your customers by:
- Solving a specific problem they have
- Offering a convenient solution that fits around their lifestyles
- Filling a niche in the market
- Being a better option than your competitors
- Offering your product or service at a price they’re willing and to pay
If your business isn’t fulfilling all 5 of these targets, then there’s a good chance that you’re targeting to wrong group.
Consider conducting some marketing research to discover who is best served by your company.
2. Are you using the right sales channels?
This is a similar concern to the question above. The difference is, while you might be trying to reach the right people, you might be going about it in the wrong way.
Different demographics consume different media and hang out in different places online.
You need to insert your brand into the places your target audience will find it.
For example, if your target audience is mostly mothers with small children, you’re best-served targeting platforms like Facebook and parenting message boards. If you have a product targeted at Zoomers, you might be better off on TikTok.
As well as where you display your ads, you need to think about what message they convey. The graphics and messaging of your marketing should appeal specifically to your audience, and make it clear how you serve their needs.
3. Have you opened up enough revenue streams?
Alright, so let’s assume you’ve identified the right target market and have traffic streaming into your website. If you’re still not making enough revenue, it might be time to diversify your income streams.
As an eCommerce entrepreneur, the obvious first step is to open your own online store, but it’s worth remembering that you have tons of options when it comes to revenue streams.
Some ways you might try to squeeze revenue out of your traffic includes:
- Online store
- Affiliate links
- Facebook store
- Shoppable Instagram posts
- Monetized YouTube channel or podcast
- Guest posting
- Online workshops
- Subscriptions to your service
Think about which revenue streams might fit into your business model, then incorporate them into your business.
4. Is your website is optimized for conversions?
It’s a common problem: your off-site marketing has proved successful, and you’ve got traffic streaming onto your website, but everyone’s leaving without making a purchase.
Sorry guys, sounds like you need to do some conversion optimization.
To make sure that your website and pages are set up for maximum conversions, you should consider the following:
- Does each page have a clear purpose in mind (i.e. a conversion intention)?
- Is your page design simple enough to make the conversion path clear?
- Do you provide an answer to your visitors’ queries up top?
- Are your calls to action prominent and packed with attractive language?
- Are there too many steps between visitors landing and making a purchase?
- Are you presenting visitors with the kind of products that will interest them?
A little site care can go a long way in eCommerce.
5. Is your user experience is up to scratch?
As well as being a store to make you money, your website is a service to give your customers are pleasant shopping experience.
If your user experience is getting in the way of sales, then you should know two things: you need to make a change and it’s easier than you might think.
The most important aspects of user experience to consider are:
- Navigation. It should be simple and fast for visitors to locate and travel to the pages they want need. Make links and menus obvious and clear.
- Page layout. Don’t confuse customers by over-designing your pages. Remember to be logical and leave plenty of white space.
- Messaging. Keep a consistent voice throughout your website, and make sure to maintain a friendly tone.
- Site speed. Split seconds make the difference between visitors making a purchase and leaving your website. Make sure all your pages are lightning-fast.
- Mobile responsivity. Half of all eCommerce purchases are made on mobile devices. If your website is not responsive, you’re just leaving money on the table.
Remember to A/B test all changes you make to ensure you’re optimizing.
6. Are you offering the right payment methods?
Ok, it could be argued that payment options are a feature of user experience, but their importance to your revenue justifies their own entry on this list.
Just like when you’re identifying the right target audience for your brand, you need to work out which are the best payment methods for your customers.
The payment gateways that your customers prefer will be influenced by their location, their demographic, and your type of product or service, along with a bunch of other factors.
To save us going into too much detail here, we recommend you check out more info about payment gateways here.
7. Are you offering the right products or services?
If you’ve answered all the questions above with ‘yes’, then it might be time to go right back to the drawing board.
It might sound like a drain on time and resources to change gears once your website is up and running, but if everything else is perfectly targeted and optimized, then you should really consider switching up your offering.
Huge companies like YouTube, Shopify, and Yelp all went through a pivot period and came out the other side to enjoy greater success. They prove that a total rethink of your business is possible, even once you’re established.
Don’t get suckered by the sunk cost fallacy: if your business model doesn’t work, it needs to change.