144: 3 Simple Levers You Can Use to Grow Your Ecommerce Business
Posted by May 24, 2018on
Do you sometimes feel overwhelmed with all the information out there about how to grow your business?
I know I do, it’s a freaking jungle out there.
There’s so much noise out there telling you to build this, optimize that, or to invest in some new shiny marketing channel it’s difficult to choose where to direct your attention.
It’s easy to get distracted from the simple fundamentals of how to grow your business. If you’re feeling stuck and are looking for inspiration on how to jumpstart growth, this episode is for you.
This week we share the three levers you should focus on to grow your business, the simplest and least expensive way. These include: number of customers, average order value and frequency. We talk about how to calculate each of these, and how, as well as how much, you need to increase them by to double your business over the next year.
- 4:42 Lever #1: Reviewing your product pages to identify opportunities for increasing the number of customers.
- 6:05 How the creation of a “best-sellers” page can ensure you are not leaving money on the table.
- 7:28 Lever #2: Increasing your Average Order Value.
- 10:28 The data is in and this is the minimum AOV you should be targeting to see success with Facebook and Instagram advertising.
- 13:37 Lever #3: Increasing your purchase frequency.
- 17:20 Here’s Austin’s formula for figuring out purchase frequency and how to scale it up over the next year
Links and Resources:
This episode is brought to you by Klaviyo. If you’re running an ecommerce business and sending emails to your customers, you should be using Klaviyo. It will help you find out who your best customers are and target them one-to-one to make more money.
I’ve been using Klaviyo since they were just two employees. Now they have a team of 150 and are rolling out new features almost weekly. If you aren’t already a customer, head over to www.ecommerceinfluence.com/klaviyo and you’ll get a free trial + priority on-boarding.
33 Killer Tools and Apps for Ecommerce Pros
Enter your email to access the list of my favorite tools for scaling your business