In this post, you're going to learn the insane potential of improving different parts of your buyer's journey for your Ecommerce store.
I will also share with you a special Google Sheet calculator, where I show you how each point of the buyer's journey is going to affect your Ecommerce end goal: TO MAKE MORE PROFITS.
Just enter your email address and name below, and we’ll send you access to this calculator. This is going to be so helpful for so many of you out there that are so obsessed with improving your traffic.
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Your Ecommerce Funnel
Many Ecom store owners are so obsessed with increasing their traffic. But they don’t realize that there is so much potential in their store when they optimize their buyer's journey.
The calculator that you just accessed is a representation of your funnel, and it features the different metrics of your funnel: Traffic, Conversion, Profitability, Repeat Customers, and Customer Lifetime Value.
I will break down each metric below, and I will show you how you can optimize each metric to make more profits.
Your funnel starts with any traffic source, which include Google Ads, Facebook ads, Bing ads or any sort of traffic source you have to pay for in some way or another.
So many Ecom store owners, newbies in particular, are so obsessed with improving their traffic, and they tend to focus all their efforts towards getting new traffic each time to their store. And so they miss out on so many opportunities to convert their buyers to loyal customers who will buy from their store over and over again.
Some store owners even waste their budget in running campaigns that don’t really generate clicks and sales. But what they don’t know is that there are other traffic sources that they can take advantage of without spending a dime.
These FREE traffic sources include online forums, organic SEO, YouTube, and social media platforms like Facebook and Instagram. But remember, traffic is just one part of your whole funnel. If you’re building an Ecom store, you want to have your whole funnel tightly optimized for profits.
A conversion is any type of activity that measures the success of your Ecommerce store. Conversion doesn’t only mean making a sale, but you can also consider the following activities or transactions as a conversion:
- Email signups.
- A user adding an item to their wishlist.
- A customer sharing your product on social media.
- A user adding a product to their cart.
- Or any KPI your Ecommerce store finds valuable.
But the most common type of conversion that Ecom store owners want to see is the actual transactions or orders on your Ecommerce for a specific campaign or your ad account. Some of the ways to boost your Ecom conversion rates include:
- Solving customer problems with your product
- Offering Free shipping
- Pricing your products competitively
- Tweaking and testing your checkout process
- Optimizing your Ecom website
- Creating amazing product pages
- Collecting customer reviews
- Optimizing your website for mobile users
- Providing valuable content
- Installing conversion analytics software like Google Analytics and Hotjar.
Are your campaigns actually making a profit? Do you know the metrics you need to track to make sure that you’re really making money from your Google campaigns?
If you’re running an Ecommerce business, one of the most important things you need to focus on is YOUR TOTAL PROFIT. Very few Ecom store owners know and care about the finances of their store because they just focus on the traffic and product side of their business.
But if you get this sorted out, you are going to see where opportunities are in your own store and see exactly how you should be spending on your ads to make sure they're profitable. This is really powerful because if you know how much you should spend on your ads, you can spend more than your competition and get all the traffic they are bidding on.
And that's when you know that you’re not wasting valuable ad spend!
I have a video where I show you how to calculate your profit margin using a PROFIT CALCULATION template that you can download for FREE. I use this for all my stores and I am giving you access for FREE!
Watch the video here
The repeat customer rate is a very powerful metric that very few people take advantage of. This metric represents the number of customers that come back and purchase again in your store.
There are so many powerful strategies to increase your repeat customer rate, including setting up email campaigns and even retargeting ads. As I’ve mentioned before, don’t just focus on getting new traffic to your store. You also need to think of those customers who have already purchased from you.
They already know your product, and they already trust your brand. So set up specific campaigns for these customers and get them back to your store.
Customer Lifetime Value
If you’re building an Ecom store, you want to have your whole funnel tightly optimized for profits. This means you’re not just generating profitable traffic, but you’re also making sure you optimize your store, your product pages, and your checkout for maximum conversions.
You also want to make sure that everything that happens after that is awesome for your customer, too. This means that you also optimize your shipping process, the packaging, and the emails content you send them after they get their product.
All these things work to increase your CLV or customer lifetime value. Your CLV is how much each customer spends on your store, on average, over their lifetime. If you can get repeat customers, then it really makes your traffic way more profitable.
You’re already spending money on the traffic to get the clicks and to get people to your site. So if you can convert more of them, get them to spend more money in their order, and also get them to come back later and keep purchasing again and again.
That’s how you build an Ecommerce store that scales very quickly.
Optimize your Buyer's Journey
In summary, it’s so important that you don’t just look at your traffic. Instead, you also look at the other areas of your Ecommerce store that you can optimize to make more profits. These include your product page, your conversion rates, repeat customers, average order value, and profit margin.
Most Ecommerce store owners don’t realize this, but optimizing the whole buyer’s journey is so important if you want to build and scale a successful Ecommerce store.