Saturday, April 9, 2022

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How E-Commerce Startups Can Win in the Visual Economy

Posted: 08 Apr 2022 09:00 PM PDT

visual economy

The human brain is hardwired to process visual information. In fact, we respond to visuals 60,000 times faster than we do to text. It's no surprise, then, that 65 percent of us are visual learners, meaning that we assimilate information better through visuals than through audio or the written word.

This is crucial information for startups looking to grow market share. If you're hoping to win over new customers, one of the most important things you can do is provide adequate visual communication. This is especially important for e-commerce startups, since customers rely heavily on visuals.

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Here's a look at why that's so important and how you can make it happen with your e-commerce startup:

Today, we see more visual content than at any time in history. In Q3 of 2019, mobile data use increased at a year-over-year rate of about 70 percent. Mobile video consumption accounts for the vast majority of that growth.

One fascinating result of being inundated with visuals? They make us want more of what we see. That's what researchers studying the effects of "food porn" found: the more food images we see, the more we want to eat.

So, startups can potentially increase demand for their products simply by showing potential customers more visuals of said products. But how much is enough? And how can startups go about producing all this visual content to stay ahead of the competition? Follow these four key steps.

Include eight images of every product

A recent survey found that online shoppers in 2019 expected five to eight images of every product they considered buying. If that sounds high, you're not wrong: as recently as 2016, shoppers were satisfied with just three images.

And this isn't a case of survey results differing from real-world behavior: a 2018 eBay study showed a correlation between the number of images per product and profits. The results held constant for items across all industries.

So, if you’re looking to increase profits, one simple way to do that is to increase the number of images you offer of every e-commerce product you sell.

Offer interactive images

Of course, not all images are created equal.

One study found that the more shoppers could manipulate an image (by zooming in/out or changing a product's color, for example), the more they trusted the seller.

Another study, which focused on Gen Z shoppers (those in their teens and early 20s) found that, while 75 percent of this group preferred to shop online for most purchases, 65 percent also expressed a desire to "touch and feel products before making a purchase."

Interactive imagery can help: 360-degree rotating images and interactive 3D both let shoppers not only zoom, but also virtually "turn" an image to see all sides of the item they're considering. Interactive 3D is about as close as online retailers can get to evoking the confidence that comes with picking up and examining merchandise in a store.

Choose the right type of image

I mentioned 360-degree images and interactive 3D; but entrepreneurs should also consider 2D images. But what about video? And what about augmented reality, which lets shoppers view 3D configurations superimposed on real-life settings?

While every situation is different, these general guidelines can help you choose the best image type for representing your products:

  • Highly configurable or customizable products: Interactive 3D, which can create real-time renderings of custom designs.
  • Products with limited configurations (furniture, clothing, etc.): 2D images, which can be created ahead of time for maximum resolution. These can be supplemented with pre-rendered 360-degree rotations to show every angle of a product.
  • Products that require some expertise to use: 2D images or 360-degree rotations supplemented with video tutorials can be wildly effective (think: power tools, makeup, assembly-required toys or furniture, etc.).
  • High-cost and large products: 2D images supplemented with AR (usually powered by interactive 3D) can help shoppers see how products would fit in their homes or lives, which reduces the anxiety around making a big purchase online.

Understand the ROI of better images

However you create your product images (whether with software or through traditional methods), you'll have to make an investment. To understand what's a reasonable amount to invest, it's important to understand the ROI of better images.

As you improve images, you can expect the following:

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Create a better customer experience

In an increasingly visual world, startups that want to connect with their customers have to make buying from them a visually appealing experience. And customers are becoming more demanding: 57 percent admit cutting ties with a business because a competitor offered a better experience.

And this isn't just true in B2C; 82 percent of B2B buyers say they increasingly expect a visual-first buying experience when shopping for business purposes.

The message for e-commerce startups is clear: offer more images. Luckily, the benefits are also clear, because with more images, you'll enjoy more engaged customers, better sales, fewer returns, and greater relevance with today's evolving shopper.

Originally published Jan. 26, 2020.

The post How E-Commerce Startups Can Win in the Visual Economy appeared first on StartupNation.

WJR Business Beat: The Appeal of Social Media Sites Is Dimming (Episode 388)

Posted: 08 Apr 2022 07:16 AM PDT

WJR Business Beat

On today’s Business Beat, Jeff explores the changing relationship between consumers and social media. It appears as though consumer behavior is shifting more toward intentional online behavior, moving away from social platforms and toward editorial sites.

Tune in to today's Business Beat to learn more:

   

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at editor@startupnation.com and we'll feature you on an upcoming segment of the WJR Business Beat! 

WJR Business Beat Transcript

Good morning, Paul!

My, how online social media sites like Instagram, Facebook, TikTok and others have hijacked our lives, right? Can’t find Johnny? Well, he’s on TikTok. Can’t find your wife? Well, she’s on Instagram. Ever gone to dinner and observed families at a table where no one is talking to the other because they’re all completely consumed by the amazing allure that social media platforms possess?

But wait, is there hope? Could the power and appeal of social media be waning? While new data from a study just conducted by market research company Savanta for Outbrain says, yes, indeed, it is. It appears as though consumer behavior is shifting more toward intentional online behavior, moving away from social platforms and moving toward editorial sites, such as news and lifestyle websites.

This is happening mainly because the content is perceived to be more positive these days. Some even indicate that they are planning a shift away from spending time online altogether to pursue other activities and interests offline. Really? Indeed. Some 21% of consumers indicate that they plan to spend less time on social media in the next six months.

When asked which sites people trust more, 75% trust editorial sites more than social media sites, and consumers are more likely to trust ads on editorial sites versus social media sites by 68%. What are people going to do with their time instead? Well, 39% plan to go offline entirely, 33% plan to spend more time working or studying, 36% planned to visit websites with editorial content such as national and local news sites along with lifestyle sites.

Now, what does this all mean from a business standpoint? Well, here’s the real telling thing. Data from the Outbrain survey shows that native advertising continues to take social's place. Brands like Microsoft and others saw 180% increase in leads through native engagements versus what they’re seeing in social these days. That is a huge shift in the way we’re conducting business today. In particular, if you’re a small business, you need to pay attention to this trend.

So there you have it, Paul. Now we just need to figure out how to have conversation at the dinner table again.

I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

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The post WJR Business Beat: The Appeal of Social Media Sites Is Dimming (Episode 388) appeared first on StartupNation.

5 Strategies to Turn Around a Program Launch That Isn’t Working

Posted: 07 Apr 2022 09:00 PM PDT

program launch

If you're a few days into your program launch and you're disappointed by lack of results, don't waste your time by wallowing in what you think is failure. Before diving into these five steps, first recognize that no matter the situation, your launch is not a failure. I like to tell my clients that every "no" is just one step closer to that "yes."  So, even if your launch hasn't quite lived up to the goal you set out to achieve, there will always be lessons to take from the experience. 

That said, the best thing you can do is stay in the energy of your program launch and pivot as much as possible to turn things around. You can right the ship. Here's how: 

Adopt the right mindset 

The reality is, the launch isn't a failure, especially if it's not over yet. I coach all my clients to adopt and maintain a "CEO mindset," which is the first step to turn around your program launch. Put your CEO hat on, and remember this is business. It doesn't reflect on you personally. 

When I first launched “The Swift Marketing Mastermind,” I had locked in my first four clients super fast after doing outreach to personal contacts and people who had shown interest in the program previously. I was so excited and figured the rest of the launch would go as smoothly.

It didn't. I went the first four days of the public launch without a single sale. I was devastated, but then I realized that while my feelings were valid, I also needed to look at what I could actually change to get better results. A true CEO is able to separate herself from her business so she can show up authentically and objectively and make the best possible decisions for the business. 

Look at your launch through a new lens

I call this "leaning into curiosity." So often, I see launches that can be turned around with a few small tweaks. Ask yourself: why are people saying no? What can I do to change that? 

Some other questions to consider: Am I using messaging that I know will connect me with potential clients? No matter what you're launching, you will come up against objections. The most common ones that come up are time, money and readiness. Evaluate if there are other objections (i.e., is there a particular thing that people always ask about?) Make sure you are speaking to these objections and questions with your messaging.

No one is going to have 100% success at launches every time. A huge element for future success is being able to determine what isn't working. 

Create urgency

Create an "early bird" incentive, either a price point or an add-on service or feature to those who buy immediately. While many times this is provided at the beginning of a launch, you may also choose to add in the addition of a mid-launch bonus, too. This could include offering a bonus masterclass, workbook or video to those who "purchase in the next 48 hours." You'll also have to offer the same incentive to those who have already made their purchase. 

When creating a bonus, remember it can't be something that's essential to the outcome of a program, but it does need to still be enticing. It might be relevant to questions or objections you are getting. For example, if your program focuses on how to create online revenue for your business, you might create a bonus masterclass on steps for how to create and establish your business. This might entice those who are interested in the course but haven't yet created their business. Make sure you set a clear start and deadline for any special offer. 

Set up direct conversations with your ideal clients

I'm a huge fan of getting people onto a phone call. Often, when a launch isn't successful, a big problem is there's no two-way dialogue. You need to be in these conversations in order to know what tweaks you need to make. It's really important to have conversations to listen to and understand what your ideal client wants in order to provide value. After all, a sale should be mutually beneficial: you provide the exact thing your potential client is looking for. They get what they want, and you get the sale. 

Decide you are all in, no matter what

It's great to recognize a not-so-successful launch as a learning opportunity. But if you get too far ahead of yourself by thinking beyond the launch and planning for the future, it's easy to "check out," so to speak, and miss out on the chance to create success in the current moment. Stay in your program launch. Stay all in. Give it the energy it deserves before moving on to your next initiative. 

Originally published Sept. 30, 2021. 

The post 5 Strategies to Turn Around a Program Launch That Isn't Working appeared first on StartupNation.

Consumer Behavior in the New Normal: How to Better Serve Your Customers

Posted: 07 Apr 2022 09:00 PM PDT

lifestyle brand

Due to the pandemic, changes in consumer behavior have emerged across all areas of our lives. For example, more people are now shopping online than ever before: U.S. e-commerce sales grew 44% in 2020, and online spending represented 21.3% of total retail sales for the year, according to Digital Commerce 360. 

Online sales are just the beginning. Additionally, many people are now working from home (4.3 million people in the U.S. work remotely, which accounts for 3.2% of the entire workforce, according to SmallBizGenius), and remote communication is now the norm.

The way people work and live has changed, from the way consumers shop to the way they communicate and consume information to the way they play and entertain themselves — and these new trends are expected to continue in a post-COVID-19 world.

As an entrepreneur, what does this change in consumer behavior mean for your business?

Simply put, these changes in consumer behavior will reshape the way your ideal customers make decisions moving forward. As a response, you need to adapt to these changes fast and rethink the way you plot your customer journey to meet their expectations.

How the pandemic has changed consumer behavior forever?

Consumers want a seamless omnichannel shopping experience.

An omnichannel approach involves integrating different shopping methods to meet your customers where they are, i.e., online, in-store or by phone. 

So, how can you meet your customers' needs using an omnichannel approach?

You must engage with your customers where they are and where they want to be. Use data to optimize your business, and provide your target customers with what they want. While it might require a bit of legwork to get these additional channels up and running, your business will benefit in the long run: Marketers using three or more channels in any one campaign earned a 287% higher purchase rate than those using a single-channel campaign in 2020, according to Omnisend.

While most entrepreneurs have rightfully been moving their businesses online over the past year, do not overlook the importance of SMS in your omnichannel strategy, either. According to the same Omnisend report, omnichannel campaigns that involved SMS were almost 50% more likely to end in a conversion.

While it's important to have an omnichannel approach, make sure you provide a consistent and seamless shopping experience across any and all platforms. 

Consumers expect brands to engage with them more online.

Since consumers spend most of their time online, specifically on social media, you must increase your digital engagement, and aim to stay relevant across all touchpoints.

In order to engage with your customers online in 2021, start with authenticity. It's essential to showcase the human side of your business. Consumers want to know about the person behind the brand. In fact, studies show that 70% of consumers feel more connected to a brand when the company's CEO has an active social media presence. Furthermore, a reported 90% of consumers buy from the brands they follow on social media.

In addition to authenticity, it's essential that your brand delivers a highly personalized customer experience. A reported 76% of customers expect customers to understand their needs and expectations, and you can deliver on this by providing personalized experiences through the use of AI and chatbots.

Chatbots can help you take your customer service to the next level by delivering a more personalized experience (i.e., answering questions in real time, providing product recommendations, driving customers through the sales funnel and eliminating errors) while also taking some of the burden off your sales and marketing team.

Consumers expect businesses to care.

If you don't already have one, now is the time to create your company's value proposition, which is a clear message that states the primary value your brand provides to its customers.

Consider adopting the SRI value creation process, which is broken down into four components: NABC

  1. N: What are the customer's needs?
  2. A: What is your unique approach to meet these needs?
  3. B: What are the benefits and costs to meeting these needs?
  4. C: What is the competition or other alternatives for meeting this need?

Reimagine what it means to create value during these times. This goes beyond solving consumer problems with your products or services. What does your target audience truly care about? 

Today's consumers, especially post-pandemic, support and purchase from the businesses they feel connected to through shared values and beliefs. In fact, 81% of consumers said they need to be able to trust a brand in order to make a purchase from them, according to Oberlo.

Key takeaways on changed consumer behavior

Today, your company's survival depends on your ability to pivot and respond to consumer behavior changes fast! When it comes to adapting to the new normal, smart entrepreneurs must make sure to provide an omnichannel shopping experience, engage with customers online and establish (and share!) company values.

Originally published Sept. 15, 2021.

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The post Consumer Behavior in the New Normal: How to Better Serve Your Customers appeared first on StartupNation.
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