I like to think we live in the world of endless possibilities. Unfortunately, it's a curse when it comes to growing the business online. The abundance of tactics, great advice, and possible growth strategies at our hands lead many business owners and their teams into tactical hell (a terrible place where you implement all the tactics and have no idea what (if anything) resulted in positive changes).
To avoid burning energy, time, and money in chaotic actions, we recommend using two prioritization frameworks to help you find the best metrics and tactics to grow.
Keep on reading to explore the power of revenue equation audit, ICE prioritization framework, and in the end – our 8 proven tactics for growing conversions (in case analysis shows that this shall be your priority too!)
Step 1: Find out what’s the weak spot (or next big opportunity) in your business with a revenue equation
Boosting your eCommerce sales is a three-step process that begins with evaluating your current performance.
To understand how you should prioritize your actions, evaluate your business using the following 4 metrics:
- Traffic (T)
- Conversion on the store (C)
- Average Order Value (AOV)
- Purchase Frequency (F)
There is a beautiful revenue equation built from these metrics which we use in our clients’ businesses:
Once you map out what is your current situation, you might see right away what is your weak spot. If not – this top-level prioritization framework can be used to project what will be the smartest way to grow.
For instance, you want to increase your business revenue by 10% in the next 3 months. You can do this by increasing your traffic, improving your conversion, enlarging the basket, or encouraging existing customers to place another order.
A flash sale can be an easy fix for a cashflow slowdown but if you want this extra revenue to stay, you should think further. There is probably ONE metric that is the easiest to improve. To take better decisions check how you’re doing against industry benchmarks and use common sense.
If you’re already crushing it at organic traffic, another 10% growth there might not be the easiest thing for you.
Most businesses we work with (especially those at the early growth stage) have weak mechanisms for increasing AOV, lack marketing automation and remarketing strategy to increase Frequency. I’d say you should take a look at these carefully.
Choose one metric to focus on based on your evaluation and let’s go to the next step – choosing the right tactics.
Step 2: Choose the right tactics thanks to the ICE framework
There are proven tactics that can help you increase each one of the metrics. You can get a few examples below or download our full list of 20 tactics we recommend here:
But knowing the right tactics within one metric doesn’t mean you need to test all of them right away. That’s why you should deploy the second framework.
At Tribe47 we use the ICE scoring method to choose our next moves when it comes to testing for growth.
How to use the ICE score?
This prioritization framework requires scoring each idea in three categories: “Impact”, “Confidence” and “Ease” on a scale from 1-10 and then assigning it an average. This method was originally used by growth and product teams to prioritize the tests. We adapted it as a good tool for choosing marketing moves.
If you want to read more on how to use the ICE score, we suggest you start here.
Step 3: Deploy the tactics and observe the GROWTH
Once you have evaluated your numbers, chosen one metric to focus on, and prioritized the ideas, it’s time to get cracking with the last step: deployment.
Treat your changes like tests and if you do not A/B test, make sure it’s clean and sequential. Don’t jump back to your tactical hell.
Make one test at a time (in order according to ICE prioritization), observe results till they’re statistically significant, and record the learning.
Natalia’s Recommended Growth Tactics to test
At Tribe47, we constantly help few selected eCommerce businesses to grow online by using the presented above framework. I invited our Senior eCommerce Specialist and expert in CRO, Natalia, to share our favorite growth tactics for increasing Conversion on the store. These are the tactics, which scored highest on ICE scorecards in our internal projects.
If conversion is not your key priority now, for additional tactics for AOV and Frequency download our list here.
3 tactics for product pages
1. Communicate your USP
Make sure your Unique Selling Proposition is visible on your website. Communicate how you’re different from your competitors and why the visitor should buy from you rather than another website. Do you offer free shipping? Free returns? Fast delivery? Free samples? This is especially important to communicate on main landing pages (the pages visitors land on first when visiting your website).
2. Calculate and show the amount of savings
Do you run promotions? Are some of your products at discounted prices? Make sure to communicate the amount of savings to the visitors. People don’t like to calculate on their own. Don’t let them think. Just say it.
3. Use social proof to overcome objections
Make sure you have plenty of amazing comments to choose from by enabling reviews on your website. This will provide social proof that will make it easier for the customer to make the purchase decision.
2 tactics for Cart (basket) Page
1. Communicate the time and cost of delivery
This should be done already on the product page but on the basket page, it’s CRUCIAL. Don’t let the customer wonder and search for this information all across your website (yes, this does happen). This is a fundamental thing they need to know at this stage.
2. Make it easy for the customer to review their basket
This is the stage when the customer checks if the content of their basket contains everything they intended to. Did I add everything I need? Did I choose the right size? Help them answer these questions. Show a miniature version of the product photo alongside the most important information like size, color, and price. Make it easy to make final adjustments, such as deleting a product from the basket or changing the number of units.
3 tips for Checkout
1. Keep it short and easy
Keep your checkout process short and sweet. Avoid unnecessary fields, only ask for what you really need. Remember about validation – if the user makes a mistake, make sure he knows where and how to correct it.
2. Don’t force them to register
People rarely want to open one more account for which they need to remember a password. Don’t force it. Give the option to buy without registration (as a guest).
3. Make it safe
Use a secure connection to keep customers’ data safe. Communicating this information can also go a long way in alleviating people’s fears and uncertainties.
Now that you have a framework to prioritize the work of your team you're much closer to reaching your goals. If you feel that you don’t have enough competence to prioritize the tactics or drive conclusions from the revenue equation audit – feel free to reach out for help.
You can request a free consultation with me or Natalia by registering via this form.