“Marketing is enthusiasm transferred to the Customer” -Gregory Ceotti. Marketing creates brand awareness that gives competitive edge to a global online business and its products on international marketplaces. Since marketing leads sales force by creating appropriate buying environment, it is crucial to get marketing up and running first. The most widely prevalent myth that nothing can fetch better sales than offering discounts on top international marketplaces does not entirely hold true anymore. Previously, e-retailers have trended the discount route but of late other marketing avenues have taken a front-seat for generating higher sales and greater revenue. Here’s a quick glimpse on some of these:
Customizing marketplace E-Store:
Marketplaces give sellers the undeniable benefit of enjoying high traffic and visibility. However, for acquiring better conversion rate, merchants need to decorate or customize their personal e-stores on the platforms. This helps in presenting products in a much more attractive and organized manner that instantly catches buyer’s attention and leads to a conversion.
Assessing marketplace outreach:
Estimating the probable size of a marketplace is essential before investing and introducing products on it. It is feasible to thoughtfully understand the customer base, internet penetration and category specific marketplace to have a proper understanding of the revenue potential of the platform before investing in it.
Studying accepted products:
Having a deep insight of product categories that are accepted and are in demand in the destination countries of the marketplaces is vital. A seller should ideally prioritize products based on the logistics and country restrictions for being highly accomplished on the marketplaces.
Pricing products logically:
Price is the foremost attribute for generating high sales volume on an international marketplace. It is prudent to take up pricing mindfully and determine prices of products matching the calculated profit levels. It is advisable to compare the prices of competitor brands but not get biased by them and end up incurring severe losses.
Adapting suitable marketing strategy:
It is not enough to simply have products that can successfully cross the borders; it is equally important to adapt an efficacious marketing strategy for powerful brand promotion in the new marketplaces. Getting in touch with the respective marketplace account managers can help in determining whether the opted marketing strategy is workable or not.
Getting the timing right:
Timing is the key. On certain marketplaces, a set of products might seem quite advanced to be introduced while on some others, they might seem outdated. Identifying an exact time when demand for the products is at its peak on the marketplaces can actually help in conducting targeted monthly sales events.
Using marketing channel mix:
Since tastes differ from customer to customer, diversifying and utilizing assorted marketing channels can be beneficial in reaching out to every possible customer. In order to drive additional traffic, external marketing techniques like Google Ads, AdSense, Social Media Ads etc. can be incorporated apart from internal marketplace promotions.
Product Listing Ads (PLA):
Product Listing Ads (PLA) are the best stimulators for product recall in a customer’s mind. Pay Per Click (PPC) ads are highly preferred for their ability to generate instant call-to-action. Running paid ads on and off marketplaces along with marketing channel mix is crucial to catch hold of new prospective buyers at any point.
Reducing Communication Barriers:
The problem of language barrier with the foreign customers can be curbed with the help of specialized translation services. The automated translation offered by Google Translate is not up to the mark and for more meaningful translation a specialized translator is imperative.
Working with Growth Partner:
Working in partnership helps in managing and expanding an online business dexterously. Even after possessing all the resources, an online business might not be aware of the correct ways to attain desirable results. A growth partner like Eunimart helps in supporting and building global dreams for many such online businesses on international marketplaces.