April 2024 eCommerce Insights with Jessica Totillo Coster
Apr 05, 2024
The Common Misconception About Business that Might Be Holding You Back
by guest contributor, Jessica Totillo Coster
Raise your hand if you’ve ever looked at another product-based business on Instagram and thought to yourself, damn… I wish I had a business like that!
You see consistent content, an engaged community, and seasonal collections with super cool marketing campaigns. You think they’ve got it all figured out. (Same 🙋♀️)
I blame the highlight reel of social media for a lot of the struggles I see business owners face. It creates so much FOMO and often makes business owners feel like they’re failing.
Truth is, once you strip away the pretty packaging, it’s the boring business foundations that are responsible for their success.
A boring business means you don’t have to chase every shiny object, your marketing strategy ages like a fine wine, and you can work less without sacrificing profit.
So, what’s in a boring business?
1. Profit Over Revenue & Solid Inventory Management
If you’ve been hanging out with Ciara then you know how important your inventory management and profit are. I won’t harp on you too much about this here, but if you’ve been putting off getting these numbers dialed in, here’s your sign that it’s time.
2. A Website that Sells for You
Think of your website as the sales associate in a retail store. It needs to guide that visitor to the perfect product for them + answer any and all questions they might have.
Try not to hide behind your website design though. If you’re converting at 1-3%, you’re good to go.
3. An External Marketing Strategy on a Platform(s) that Actually Drives Conversion
You could have the BEST product, but if no one knows you exist you can’t make sales.
Whether it’s social, paid media, other sales channels, collaborations, PR, or any of the other multiple ways you can promote your business… choose the one(s) that makes sense for you and GO ALL IN.
4. A Mechanism to Turn New Customers into Repeat Customers
Once you’ve attracted those new customers, now it’s time to turn them into repeat customers and to do it as quickly as possible. The easiest way to make this happen is through a strategic post-purchase email flow.
5. A Killer Email Marketing Strategy
Which leads me to the next pillar of a boring business and that’s a killer email marketing strategy. From a solid email automation suite to regular one-off campaigns, if you’re not consistently emailing your customers you are 100% leaving money on the table.
So.. how do you feel about having a boring business?
I know, it doesn’t sound sexy. But you know what IS sexy?
Profit & cash in your pocket. A business that doesn’t keep you up at night… well at least not every night - you’re still an entrepreneur. Time away from your business doing the things you love with the people you care about. Eating a pint of ice cream while binge watching Netflix because you can… not because you’re trying to escape.
If I can get all that from a boring business… I’m game.
Author: Jessica Totillo Coster
The Lounge eCommerce Marketing Membership