At-home advertising can pay off big-time for your ecommerce business, but it can also be a painful and expensive path to profits, full of mistakes if you're not properly prepared. Thankfully Matt Schroeder's made some of them already, and shares his hard learned lessons in the hopes you'll avoid repeating these common missteps.
The Three Biggest Mistakes First-Time Ecommerce Marketers Make:
- 1:30 Stay Focussed. Don't get overwhelmed with too many options & apps. Make a list of every extra thing your brand does or uses, and keep only the top 5 performing activities. Everything else will simply stall progress by eating up your time and money. No matter the allure, there are no magic apps or additions that will transform your store into a success overnight, so choose hard work and reliable growth instead.
- 4:53 Don't Jump The Gun. Promotional tactics like campus referral programs are a great way to build a community of customers once you're known and noticed, but are an entirely unnecessary and wasteful strategy for anyone to concentrate on starting out. Without brand recognition, your campus referral program and other promotional tactics will flunk out long before finals.
- 6:03 Diversify To Avoid Surprises & Shocks. You may have a fantastic deal with a wholesale retailer now, but what happens when they change their mind and stop buying? Is your business ready to take losing such a large client? Will this just undermine your profit margin, or could it result in layoffs and closures? Not all wholesale is to be avoided early, but you must make sure it doesn't start making your business decisions for you. Don't put all your eggs in one basket, and never stop looking for more markets to carry your product.
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