The Three Multipliers for Increasing Online Sales
By David Lee
As an e-commerce business owner you are looking to increase your online sales, but don’t know where to put their hard earned dollars. Without a framework, it's easy to waste time and money chasing after the latest marketing tactic or by hiring yet another full service marketing agency in the hopes they get it right.
You need an approach that produces consistent results and addresses all THREE multipliers for increasing online sales.
The equation for generating revenue for e-commerce stores is straight forward:
The good news is that in general there is an order of operations to fixing your revenue problem:
- Fix your conversion rate, which should be at least 2%
- Identity and optimize your BEST customer acquisition channel (Traffic)
- Figure out ways to increase your AOV through bundling, cross selling and upselling
By understanding which multiplier you need to focus on, you can make informed decisions on where to invest your marketing budget.
Leveraging 20+ years of experience with Fortune 500 companies including Toyota, Beckman Coulter, and Deloitte, I craft data-driven website and content strategies to help companies compete and win in the digital age. Explore my insight articles to learn what works and how to craft winning strategies and tactics to move the revenue needle for your company.