It’s a topic we’ve covered before. There is a huge opportunity on the horizon for the world of ecommerce. In particular, niche vendors (oftentimes small businesses) with focused product lines and unique goods. But despite this projected half trillion-dollar opportunity that is coming up, are there any losers?
Well, there may be. We might in fact be seeing the end of the big box store.
No question the two giants of the big box in North America are Walmart and Target. Interestingly this past summer, analysts were taking a somewhat dimmer view of their forward-looking prospects
In fact, one of the two giants biggest supporters, Goldman Sachs, now believes that:
Shoppers are increasingly turning to the web or to smaller, more conveniently located stores, cutting into the market share of big-box retailers like Walmart and Target
So for smaller businesses and boutique businesses online, while you may be seeing more and more competition from peers; mostly from other small businesses coming online. The biggest losers may end up being the big legacy companies you were most worried about in the past. It may be true, we may be seeing the end of the bog box store.
Advertising costs money. Unfortunately there’s really no way around that. Whether you’re using search marketing, social media, paying for clicks, or even running a customer referral program. There is a cost to all of that, in dollars, time, or often both.
But when it comes to money, how much money are we all collectively spending on advertising? Especially online advertising. We all do it, but what does that all add up to?
Here’s an awesome infographic from the team at Percolate who have compiled some research (online believe it or not :)) to answer some of the questions we’ve all had in the back of our minds. By looking at what some of the big boys brands are doing in advertising online, you can learn a few things, and also find some clues into where best to focus your own time, money and effort.
It may be the hottest topic in all of online marketing today – How far reaching is your company’s Facebook reach? Especially since the latest round of Facebook algorithm changes. It’s a question many of us have and want answer for. How many of our “fans” and their friends are actually seeing the content we post on social media on our Facebook pages.
There are lots of horror stories floating around online about Facebook reach falling off a cliff. For many companies the many updates that Facebook has rolled out over the past year, have been less than kind to put it mildly.
In the past Facebook would say that content posted to most branded or company pages would reach about 16% of their audience of fans. That’s not bad. But more recently they’ve indicated that in an effort to really optimize the quality of the newsfeed algorithm, one side effect has been a drop in organic reach for branded posts (i.e. content that comes from companies, rather than users actual friends). In some cases that reach has dropped to as little as 2% of a page’s audience.
I don’t watch much TV these days. A little bit of sports, a little bit of news, and the kids shows that my son and I watch together (Rescue Bots roll to the rescue!) ☺.
What I do however spend far too much time doing is watching YouTube videos. What I’ve found interesting though is the type of videos I’ve found myself addicted to. Not a genre or theme, or viral top 10 list. But I love watching videos where I can tell that the creator is really pursuing a passion.
I watch videos like collectable toy reviews, sports tutorials, workout tips and I watch a lot of amateur musicians. A LOT of amateur musicians.
Music is a passion of mine and always has been, and there is a certain purity in that passion that you can see in others when you watch them on video. Here’s an example of one of my favorite channels that I’ve found. He’s a teenage kid named Sean Tighe, and he plays the drums.
Is he the best drummer I’ve ever seen or heard? No, not by a long shot. But he does something that I absolutely love. He hits those drums REALLY HARD.
In the world of e-commerce, referral marketing often falls to the bottom of the priority list. Many e-commerce businesses are missing out on a huge opportunity by not taking advantage of referral marketing programs. After all, the best sales people for any product will ultimately be the passionate and loyal customers of that brand.
As you know we firmly believe here at Forewards that, referrals are something that are important enough to start bubbling up to the top of your marketing priority list.
Have a listen to this podcast that I recently recorded with Luna Vega from The Global Influencer podcast where we talk in more depth about the benefits and gotchas of e-commerce in general and specifically referral marketing tactics and how word of mouth can benefit your business.
If you prefer your podcasts on the go, you can also download it for free on iTunes.