What do weak stores look like?
Weak stores are a lot like bodybuilders who never train their legs.
They miss out on money. They leave it behind by not pursuing growth and revenue capture with a strategy and intention. They work hard, but they don't reap the rewards they could.
- No plan in place to capture more revenue. They don't work to boost the key metrics that turn visits into money. Things like average order value, customer lifetime value, & conversion rate are ignored in pursuit of more traffic.
- Depending on a single source of traffic. If Facebook denies a few ads, or if the ROI on ads drops, and they suddenly have to worry about survival... Ads are great, but if all your revenue comes from ads driving new buyers, that's a problem.
- Working purely on guesswork. Any store with a moderate amount of traffic and buyers has a valuable river of data to draw from. Not using that data is like not watering a plant, then wondering why it dies.
- Not building customer relationships. One night stands might be fun, but they don't do you a lot of good in the long term. In the same way, one-time buyers are great, but it's repeat customers that will help you grow consistently.
How can you make your store stronger?
Making your store stronger is about pursuing more revenue on purpose. Instead of just "letting growth happen", you can be smart and go after growth on your own terms.
Generate traffic and build trust
Get more of your ideal audience to your site instead of just random visitors. Build trust. Build relationships. True fans will buy from you, and tell all of their friends to do the same.
Use data to drive decisions
Don't make changes and decisions based on guesswork. You have real data from real customers available now. Use that data to make informed decisions.
Running a successful Shopify store isn't easy. But if you know what you want, and create a plan to go after it, it get's a lot easier than just taking chances and hoping for the best.
What would your store look like if you focused on growing this way?
- Better ROI on your efforts, because they are based in research, and you know where to start. Instead of starting at 0/100, you start at 50/100 with every effort.
- Traffic would come from multiple sources. When one sources waxes, it's a great bonus. But when it wanes, there's no need to panic.
- Less stress. You don't have to wonder if you are making the right decision. You have research-backed reassurance that you are at least close to the mark with your work.
- You don't have to acquire every customer brand new. You could count on bringing them back for multiple purchases and turning them into evangelists.
Most importantly, you'll be able to Scrooge McDuck right into a bigger pile of money.