One of the most popular marketing models out there is the “Power Parthenon” model created by Jay Abraham, a multi-billion dollar marketing expert. The strategy works because it is simple: Use multiple income streams to diversify and strengthen your online sales. Even though some would say this is just common sense, many online businesses still only use one channel to drive sales. They miss the benefits of having more than one channel. When you have more than one income stream activated, you benefit by getting access to new pools of potential customers, even as you buffer your business from unexpected blips and changes in any single income stream.
Unexpected events are a fact of life and business, but it doesn’t have to cost you all your revenue. A single change in Google’s algorithm has blindsided more than one business in the past. However, that’s just one potential event that can derail your business plans. Also, you can just exhaust the potential for profits in a channel and have nowhere else to go except to create another stream of income, if you want your business to grow.
When online businesses look at creating multiple income streams, they may fall back on SEO or PPC ads (Adwords) as the only way to generate more income. Such a narrow approach only does one thing: Limits profits. If you want to grow beyond these methods, you’ll be delighted to learn about the following three Ecommerce strategies for explosive growth:
- A New Channel for Advertising
- Converting Prospects into Buyers
- Leveraging Your Existing Buyer Database
Let’s get started.
Advertising channels for Ecommerce sites
There are a variety of channels for advertising, not the least of which is Google ads. Not all are good. However, we want to stick to a channel that is tried and true: Product Listing Ads.
Adwords Product Listing Ads (PLAs)
Google Adwords campaigns can get more and more expensive as competitors bid up click rates for high competition keywords. This makes it harder for online businesses to generate a profit. Yet, what those bidding may not realize is that the bids are to get the top spot in the search engine and there may an easier way to do just that, except by using PLAs.
PLAs act like regular text ads. They’re displayed in Google Search Engine Result Pages (SERPs). You can create them with a price, an image, and even a special promotion, like free shipping. They get positioned at the top of SERPs, under the top three ads normally posted by Google or you can see them on the right-hand sidebar.
PLAs are very profitable because they instantly attract attention from people using the Google search engine due to the fact that they come with an image. They also aren’t that easy to set up and optimize, so that fewer businesses are taking advantage of PLAs, making them a low competition channel. The cost to implement a PLA can be less than a regular text ad and that one is for a positioning much further down the SERPs.
Shopping Engines That Compare Products
Comparison shopping engines, also known as CSEs, are those like shopping.com. They all are in business to sell products, so they tend to attract people who are already primed to buy. If you plug into some of these CSEs and utilize them to create a new sales channel, you’ll be rewarded with some of the most eager buyers out there.
The power of CSEs is twofold:
- Direct Traffic – People who visit CSEs are going there directly to find the best deals online.
- A Large Internet Presence – You’ll get instant exposure to a large audience using CSEs.
If you have an online product, you need to make sure you are making use of CSEs in your online marketing strategy.
Social Media Sites
If you’re trying to convert prospects into buyers, Facebook can’t be beat. It can also be used to drive up sales from existing customers. Two ways to make use of Facebook to increase your sales channels are:
- Direct Links – By implementing direct links in your ads, you can get people who haven’t bought from you to visit your website offers directly. This produces short-term gains to your bottom line.
- Leveraging Your Fanbase – You can even get your friends and followers to “Like” your page, thus having it show up in their feeds time and time again, for long-term gains.
At King Kong, we know how powerful increasing your sales channels can be for your bottom line. If you want to find even more ways to do so, just get in touch with us to learn more.