Just like any business, creating your own brand or webstore involves a lot of planning and strategizing. From product sourcing to inventory management to customer service, there are actually a lot of processes involved in online selling.
It’s safe to say that to run a profitable webstore, you’ll need great products. But it doesn’t just stop there. You might not know this but finding a winning product depends a lot on market demand and who you’re ultimately targeting.
Once you have a clear idea of your audience and e-commerce target market, you’ll be able to source better and more relevant products. On top of that, you’ll be able to create ads that have high conversion potential with better audience targeting.
If you’re unsure about how to define your e-commerce target market, here are some tips to help you get started:
Tip #1: Understand what your product is about
Figure out what is the purpose of your product (other than the obvious goal of making money!). Ask yourself these questions:
- What is your product’s unique selling point (USP)?
- Is it unique or are there similar products on the market?
- Will people be willing to pay for it?
- If you have existing customers, why do they buy and what do they have in common?
Go through your answers to determine what type of audience does your products appeal most to. Are they women in their 20s? Or young professionals aged above 35 years old? This will help you get started before going on to the second part, which is to create buyer personas.
Tip #2: Create buyer personas
A buyer persona is a description of the different attributes of a buyer. Buyer personas are usually segmented into different groups. For example, you may have one that is a student, another that’s a working adult, or even one that’s a retiree. It details their approximate age groups, interests, income level, and other key attributes.
Using the answers from Tip #1, try to create different buyer personas that you feel will appeal most to your products. The key is to recognize that different people with different backgrounds, interests, and income level have different needs. And they behave differently when deciding what to buy online.
Tip #3: Study your competition
You’ll be surprised at how much you can learn from studying your competitors. Whether they’ve been around in the industry for a long time or new to the market, there’s a lot of valuable insights you’ll be able to draw from your competition.
Look at how they are selling their products and how their customers react to them. The easiest way is to browse their social media pages and read through the comments to learn more about their customer or prospect base.
Defining your e-commerce target market will prove to be invaluable. By understanding your audience better, you’ll be able to push more relevant products and create more effective ads that will convert better.Tags: ads, businesstips, E-commerce, ecommerce, ecommerce platform, ecommercebusiness, facebook ads, how to run promotion, marketing, online platform, online seller, onlinebusinesstips, onlineselling, onlinestore, sell on facebook, tips
Categorised in: Business
This post was written by Nina