Tip of the Week 2 – Plan your budget
Starting any eCommerce operation is quite a costly endeavour, no matter the size of your business! Large companies do have to invest more as they need more advanced tools and they aim for a larger portion of the market, but the start-ups are in no better position either. Simply, they have to spend less, but their budgets are far smaller as well.
The key to being successful is managing your resources in a way that it will make your eCommerce endeavour a successful one is to determine the sectors that need the most attention and to optimise the spending accordingly. There are 2 major parts of any endeavour:
The first and the most important thing is to actually create an online store. The expenditure in this department can really vary on a massive scale. There are eCommerce platforms that are more than affordable and with which design and development is not a heftily priced ordeal. Of course, these options are not exactly the most potent ones, so you will be limited in many aspects by opting for something like this.
There are some other eCommerce solutions that are far better in terms of feature, but these require more significant investments.
The key in this department is to determine what exactly you might need from the platform of your choice, and how deep you wish to dig into branding and creating the brand identity through your online channels. You need to pick the solution and invest in UX and customisation just enough to cover all the features you see as the key for successful trade and expanding your brand awareness.
It is rather easy to figure out this part with the right help. A good consultancy provided by the digital agency of your choice will help you out. You should look to spend exactly the amount that will produce the results you need. Overspending or cutting on expenses in this department is not a wise choice by all means!
What is left of your budget once you are up and running needs to be invested in marketing efforts! There is an entire myriad of options here, from SEO and SMO all the way to paid advertising via various channels. Of course, the newsletter campaigns and other means of advertising are also in the mix and things can turn rather confusing once you reach this stage.
The key is to identify the channels that will produce the fastest and the best results. Investing in SEO is great in the long run, but it won’t produce great results from the get-go. Paid advertising, on the other hand, can be quite tricky and risky. You simply need to identify the right option that will pay off in time to keep you afloat on the market that is quite challenging and demanding.
Once again, the right consultant is all you need in order to really be successful. Digital agencies such as Studioworx have enough prowess to help you identify the keys to the success. With the expert help, you will be also able to determine the right ratio between the two sectors of your operations.
Feel free to give us a call and we will be more than happy to help you out with any issues you might be experiencing.