While many big brands test virtual storefronts, NFT drops and other metaverse activations, what does this mean for B2B marketers? The B2B playbook will evolve to include some version of the same strategies. After all, B2B marketers have been adapting all kinds of consumer marketing channels, from video to social, even using B2B influencers.
Here are some metaverse entry points where B2B organizations can become early adopters.
The B2B metaverse. As marketers and agencies make inroads in the metaverse, more business use cases will develop side-by-side. Chances are, many of your business prospects are already using some of these channels.
“While there’s no single, streamlined version of the metaverse today, tech companies are investing big-time in the infrastructure to build out their visions,” said Chris Savage, CEO and cofounder of video and podcast hosting platform Wistia. “B2C and B2B brands, plus early adopters of virtual reality, augmented reality and cryptocurrencies, are seeing massive potential and are experimenting with extended reality technologies that already exist.”
No ‘metaverse stack,’ no problem. “The tech that will be the foundation of the metaverse – including immersive games, VR headsets, 3D meeting rooms and more – is already being used for business, regardless of the fact that there’s no ‘metaverse martech stack’ at this time,” Savage said.
“I’ve personally attended meetings using a virtual reality headset and found the experience to be the perfect ‘third realm’ between the home and the office,” he added.
Metaverse communities. Business marketing is community-focused through trade shows and other industry events. During the pandemic, much of this community building went entirely virtual, and now it’s a mixed bag of virtual, on-demand and hybrid interactions.
As more employees, including key business contacts, began working remotely, they were also more connected digitally through the technology they used to get their work done. This means there’s a wider audience that B2B marketers can reach through digital channels, including on the metaverse.
“B2B marketers should think about how to utilize the metaverse to grow their business and reach wider audiences,” said Savage. “Customer content consumption has changed and if businesses aren’t where their customers are spending time, they’re losing out. While only a small fraction of customers are in the metaverse now, this will change in the future. B2B marketers should be open to the metaverse as a new channel to connect with their audiences – such as using it for virtual events and building communities.”
Elevating metaverse experiences. As the world opens back up, the marketing landscape is more dynamic than ever with its complex blend of in-person and digital experiences. Marketers can use the metaverse to connect and improve these experiences.
In the consumer realm, brand fans might acquire a branded NFT through a virtual community like Roblox. But if they keep that NFT in a virtual wallet, they can flash it from their phone at a brick-and-mortar store and gain special access there. In a similar way, the metaverse could merge experiences for business customers and prospects.
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“Virtual events are here to stay, and the metaverse will simply elevate these experiences by combining the best of virtual – cost-effective, accessible, flexible – with the best of in-person – interactive, collaborative, social,” said Savage. “Some events are better suited to 3D than others, but marketers can reach wider audiences by embracing new and creative ways to connect with customers.
Start small. How should B2B marketers start a metaverse strategy from scratch?
“My advice is to start small,” said Savage. “Because the metaverse is not yet fully understood or utilized, B2B marketers can attend metaverse events, meet with event coordinators in this space and experiment with existing extended reality platforms and tech to get inspired.”
He added, “There will be technical hurdles to throwing events in the metaverse, such as hardware and security, but the benefits will outweigh the risks for brands who approach the metaverse strategically as a marketing tool.”
Why we care. Though it’s still early stages, the metaverse has the potential to disrupt traditional marketing channels. Even if it’s not at the scale of what e-commerce did to uproot traditional retail, the lesson is that in order to remain competitive, marketers at consumer brands, as well as at B2B orgs, should at least plant a flag in the metaverse.
With major martech players like Salesforce providing metaverse-related services, there’s a good chance your competition is already building out their own metaverse strategy.
8 Effective Ways to Ensure Ecommerce Business Success
It is a known fact that the global consumers are favoring ecommerce, and the reasons for ecommerce business success are many.
According to a Statista forecast, the retail ecommerce revenue in the US is expected to cross 1.3 trillion dollars by the end of 2025.
Image via Statista
While brick-and-mortar stores are gradually losing their dominance, the digital marketplace is blazing. More and more ecommerce brands, big and small, are coming up and gaining a foothold in this ever-expanding landscape.
If you are one such ecommerce business striving to taste success, you know how demanding and competitive things can be. And you only beat the fierce competition with aggressive ecommerce marketing strategies like digital advertising, content marketing, social media marketing, etc.
In this post, I will be sharing 8 key factors you need to focus on to ensure your ecommerce business success and sustainable business growth.
Let’s get started.
8 Key Factors for Ecommerce Business Success in 2022
The future of ecommerce is bright and the small businesses that jump on the bandwagon early will reap great benefits. But what does it take to taste this success?
Here are the 8 key success factors for ecommerce businesses.
1. Target a Niche Audience
The secret to ecommerce business success lies in understanding your target audience and focusing all your efforts on engaging them. Instead of trying to attract a broad audience on the search engines, select a niche audience specific to your small business, understand their pain points and interests, and position your brand to meet their needs. An SEO tool like Semrush or Ahrefs can help you with your research to build a strong marketing strategy based on real insights.
The goal is to make your product unique and market it to a relevant audience that is more likely to make a purchase. This strategy can increase customer loyalty and win repeat customers for your small business. Therein lies the secret to your ecommerce business success.
2. Go Mobile-First
The pandemic has accelerated our shift to ecommerce and given rise to m-commerce. Insider Intelligence estimates that by 2025, m-commerce sales will account for 44.2% of total ecommerce sales in the US.
So it’s clear that the success of your ecommerce business relies on the mobile-friendliness of your site. Having a mobile-friendly online store can help you deliver a seamless online shopping experience to customers on the go.
You can begin by running Google’s Mobile-Friendly Test and building a progressive web application (PWA) for your online store. A responsive design for your website will help boost sales and pave the way for your ecommerce business success.
3. Choose the Right Distribution Channels
Your audiences are active on different channels and if want your products to be visible to them, you need to choose the right distribution channels.
If your business model focuses solely on your ecommerce website, you should broaden your perspective and consider other sales channels. There are several other options to sell your products like Amazon, eBay, social media, affiliate marketing, and so on. You can manage your sales process effectively with the help of sales CRM tools. These tools integrate your different sales channels and makes your sales process more efficient.
Conduct extensive research to figure out which of these channels are preferred by your target customers. Showcase your products in an attractive way to boost your ecommerce sales. This digital marketing strategy can contribute to your ecommerce business success.
4. Create Unique Content
You heard that right. To ensure that your ecommerce brand stands out in the crowd, you should invest in high-quality and diverse content.
Today internet users are flooded with content and to grab their attention you need to think out of the box and create content marketing strategies that truly grab their attention. Remember, video content is ruling the landscape delivering great results. You can use Premiere Pro Presets to create unique and impressive videos and stay ahead of the competition.
Gather insights from customer data analysis, see what your competitors are doing, and learn from your previous digital marketing campaigns to create a more targeted content marketing strategy for your small business.
5. Continually Update Your Email Marketing List
Marketers rely on email marketing to achieve diverse marketing goals. Emails can be used to generate leads, nurture them, build relationships with customers, ensure customer satisfaction and boost ecommerce sales.
But to leverage the power of email marketing, you need to be smart about your email lists and use the right email tools to manage them. There’s no point in sending a thousand emails when only a couple of hundreds of recipients are your target audience.
That’s why segmenting your email lists and keeping them updated is crucial to your ecommerce business success. An effective way to manage your email lists is to ask for the recipients’ feedback on your emails and the information they prefer to receive.
By analyzing the responses, you can make more strategic decisions and ensure the success of your ecommerce business.
6. Deliver a Great Shopping Experience
The expectation of customers in terms of customer experience has skyrocketed and that’s why you need to work towards improving customer satisfaction.
Personalized communication could be one of the biggest game-changers, be it in recommending products, reminding them of abandoned carts, or introducing them to your latest offerings. Creating user story maps can go a long way in making your personalization efforts more effective.
Right from the moment customers land on your page to when they make a purchase, you should strive to create a smooth customer experience. You can also consider incorporating an AI-powered chatbot into your website to take your customer service to the next level.
To make your customers happy, offer them special deals and discounts. Such moves will surely boost your ecommerce business success.
7. Invest in Social Media Marketing
Social media, can be immensely effective in creating brand awareness, extending customer service, and generating leads for your ecommerce business. Facebook, Instagram, Pinterest, and YouTube are all marketers’ favorites to reach out to niche audiences and drive traffic for their sites.
Having said that, it is a crowded market, and winning big on social media isn’t easy. As an ecommerce brand, you need to use social media analytics to create digital marketing campaigns that not only generate engagement but also fill your sales funnel with quality leads.
Ecommerce brands should also leverage social selling as it is growing into a prominent trend. This shoppable post by Macy’s allows its Facebook followers to buy what they like instantly.
Image via Facebook
If invested strategically, selling on social media can act as a profitable sales channel for your business.
8. Leverage Ecommerce Tools
Your team need not struggle to ensure the success of your ecommerce business. A variety of advanced ecommerce tools are at your disposal to optimize your efforts.
Some of the must-use tools for you are:
- Website tools – to design, set up, and manage your ecommerce site
- Ecommerce marketing tools – to help strategize and execute your campaigns with ease
- Competitor analysis tools – to understand the gaps in your planning and improve it
- Analytics tools – to help you gauge the performance of your digital marketing campaigns
- Business tools – to help you manage daily operations, finances, logistics, inventory, and customer service
Choose the ones that can boost the success of your ecommerce business.
There you have it, a list of 8 key factors you need to work on to ensure the success of your ecommerce business. Gaining this success is hard work but it is worth it.
If you want to fuel your business growth, I strongly recommend building your ecommerce marketing strategy to enhance customer experience and build your brand identity. Go ahead and give them a try to beat the competition and establish a successful ecommerce business.
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