Jan 8, 2020
In this episode, we’ll focus on e-commerce strategy, especially for bootstrapped startups. And, for that purpose, we’re interviewing an expert growth strategist named John Coyle, who’s going to explain how to identify your competitive advantages, how to capitalize upon them to grow your brand, and how to strategize successfully through the three phases of bootstrapped e-commerce. Let’s dive right in…
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⭐ During this episode, we detail these takeaways:
1. Startups must devise products that fit the marketplace well and they must maintain at least one competitive advantage in order to survive.
2. Startups should develop as many competitive advantages as possible, which may include large market size, current market trends, brand image and/or celebrity support, product uniqueness, benefits-versus-costs, figurative deep pockets, and ample relevant data.
3. Startups should stack their competitive advantages when marketing themselves.
4. e-Commerce marketing for bootstrapped startups normally progresses through three distinct phases, which are firstly gaining traction by urgently developing one profitable revenue stream, then reinvesting profits to develop additional profitable revenue streams, and lastly scaling-up all profitable revenue streams as best as possible.
5. e-Commerce marketing should usually start with advertisements, which are great for steadily yielding quick responses—especially Facebook ads, which access a vast audience while enjoying advanced features, although Google ads are excellent for targeting prospective customers while they’re shopping for what you’re offering.
6. Although generating leads for e-mail marketing is still superior for yielding cheap results over the long term, some e-commerce marketers may want to expand into the fast-developing field of messenger marketing.
7. Influencer marketing can help; influencers sometimes request simple upfront fees, but it’s better to negotiate lower fees in exchange for affiliate cuts, which incentivize sales, plus for authority to use their reviews in other forms of marketing that may increase their followers.
✍️ Click here for this episode’s complete show notes!
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