For an industry that has been around for over two decades and growing by the minute, eCommerce has garnered a lot of “growth hacks” and quick “tips to success” around it. Most of these hacks are essentially tricks that have worked well for a handful of marketers on a few occasions and are now considered essential.
In a fast-paced industry like eCommerce however, the rules are being bent and broken all the time. A gimmick that may have worked for a marketer last week may already be the worst to follow by the time you are ready with your launch. In such an environment, most of the hacks or “golden rules” quickly turn redundant or even counterproductive to your business.
It’s true that some of these hacks would have given some brands substantially high ROIs. These hacks however have failed to catch up with the pace of the eCommerce industry and are now relegated to just being myths. These myths often find their way in the minds of even the best marketers curbing the potential of their brand. It’s essential for you to be aware of these myths and how they may harm your brand in the long run as you enter the world of eCommerce. Keep reading to know about some of them!
Myth 1: Targeting A Lot of People Assures Returns
One of the biggest advantages of being an eCommerce brand is that you can customize your digital ad campaigns based on who you want to target on various platforms. Throwing the widest net possible as this myth suggests, keeps you from using this advantage that your business may have over brands that do not utilise digital advertising well enough.
Targeting your audience based on multiple parameters makes sure that not only your Ad spends are low, but the audience you reach is also relevant to the products and services you may be offering. The harsh truth is that not everyone will be interested in the products or services that you may be offering. It only makes sense for you to filter out those people and utilise the advantages of targeting while setting up your ad campaigns.
Myth 2: Social Media Marketing is Useless for Older Customers
Think of the year 2012 when Facebook was THE place to share your pictures, life events and achievements with your friends. All the cool kids from your block and the next were on Facebook. It was the escape you had from your parents as they, or their friends were not as likely to be there. Marketing to old people through Facebook in the year 2012 in that case, would not have been the smartest decision for your brand. The myth therefore, is kind of true, but only till the year 2012.
A recent research from the Pew Research Center found out that seniors are the fastest growing demographic on Facebook. The share of American seniors on Facebook has doubled since 2012 with people over 55 years of Age comprising 10% of Facebook’s user base in 2021.
Treating this myth like gospel in the year 2021 hence, will only prove detrimental to your brand as you may miss the growing user base of seniors on social media. The older generation uses social media not only to engage with other people but also to gather information, news and facts that affect their lives. While “snackable content” may be a hit with the younger generations, some of your longer blog posts might do well with this older demographic and will give you a prominent presence in their lives.
Myth 3: Spending More Money On Ads Reaps Best Results
Another advantage that social media marketing enjoys over traditional media is that you don’t need to set aside a huge budget to set up an effective ad campaign. Social media marketing thrives on quality content. Those boring posters you see glued up on every billboard in your neighbourhood might do its job outdoors, but to be seen on social media, you have to churn out quality content consistently.
A big budget is not your jetpack on social media. Directing more attention to curating content that is relevant and being presented to the right audience will give you better results. Another important thing to know is that advertising in social media is also platform agnostic, what may work well on Facebook, might not on Pinterest. So it is important to know what works best on different platforms for your brand to have an edge over your competitors while acquiring potential customers.
Myth 4: Pricing Is The Only Factor That Leads To More Customers
One of the craziest myths that still somehow finds its way while discussing eCommerce is that lowering the price of your products and services is the best way to increase sales. It’s true that pricing is an important factor while setting up any business, but it also has its own caveats. If low prices were the only dictating factor in the market, the entire niche of luxury brands would not exist. There is always a market for products and services at different price points. That is the reason why both brands like Honda and Lamborghini can co-exist while selling cars (albeit of varying quality) to its customers.
Instead of the pricing, marketing your product to the correct audience should be given more importance to. Marketing a luxury brand to people with a smaller purchasing power and vice-versa will not lead you to the results your brand may want. It is also assumed that lowering your prices would also lead to lower profit margins, a factor that delegitimizes the myth even further.
Myth 5: There’s Too Much Competition To Even Try Digital Marketing
One of the worst myths to come out of the marketers and entrepreneurs that have given up on eCommerce. People often complain that digital space is becoming extremely competitive to advertise and operate on. While it may be true in a sense as we have seen the trend of Facebook multiplying its advertiser base rapidly in the past couple of years, it still is a myth that makes no sense in the real (or even the virtual) world.
As mentioned right at the start of this article and even throughout, eCommerce is an ever changing industry, marketing in which is also an evolving process. Brands that are enjoying a great share of the market owing to their marketing strategies might come down when the new rules and practices are set up. If you keep tweaking your eCommerce brand and its ad campaigns according to the needs of your potential customers you will eventually make a name for yourself. Consistency is key, and quality is almost always a priority over quantity when it comes to eCommerce and eCommerce Marketing.
Merely knowing about these myths will not make your next eCommerce marketing campaign a hit. What you will need to do is learn from these mistakes that even the best marketers may be making to have an edge over them. Using the above list, you can now identify the holes that you may have left in your ad campaigns because of these myths. Work on those problems and improve to provide your brand with better returns than before!