What can you learn from Everest Climbers that would enable you to effectively DOUBLE your eCommerce growth speed?
As you know climbing into Everest is one of the hardest challenges known to mankind, it’s literally climbing to the top of the world…
Doesn’t it sound like then you want to reach 10-20mm+ yearly revenue marks with your eCommerce store and you want to reach the top of 3% most successful stores?
And you know what’s the secret to the summit to Mt. Everest?
It’s preparation, pacing and knowing where and how to go.
You plan your work, then you work that plan...
You see, when a climber sets out on his journey to climb Everest, he doesn’t just rush up in one go. That would be equal to suicide. If he did, he would get tired, cold and lost.
Instead, he does climb from one camp to another on the mountain where he rests, recuperates, changes equipment. He does this to prepare for the challenges that lie ahead.
After all, some parts of the path are easier to climb and other requires tools like pickaxes to climb almost 90 decrees up on ice wall…
Sounds smart, right?
Well… eCommerce growth is very similar.
You can’t just rush up from $0 to $10 million in sales overnight. Like climbing Everest, you need to adapt your steps and marketing strategies to match each of the growth milestones.
Because it wouldn't make sense if you use the same growth and marketing approach you have used to get to $100K or $500K yearly sales to hit $10+ Million Mark, right?
The problem you face when you are just starting vs when you are trying to hit your first $5m in revenue is completely different.
While we can’t help with a lot of internal things like hiring people, restructuring supply chains etc. (We still often consult and give some strategic advices for our clients as their success is our success).
But most importantly we help them and you to adapt your marketing strategies to match the growth levels.
So what is “Everest Growth Framework”?
It’s a growth framework that we have created from our six years digital marketing experience and growing numerous clients stores to at least 7-figure levels.
To be exact, it’s four stages of eCommerce growth with clear steps and focuses there one should focus and what tasks to do to maximize the growth potential.
Part 1: Base Camp – High Converting Website or a Funnel
At the eCommerce basecamps, just like climbing on the Everest, you have to make the preparations. In this case, this means getting quality tools.
For a climber, it is clothes, bags, ice picks, climbing, and safety equipment.
For eCommerce, it’s a high converting website with an average conversion rate of above 3%+. Because looking at recent year statistics, 3% is the new average for conversion rates.
Now you know the importance of good preparation, how do you do it?
First, you make sure that your website has a smooth UX (user experience), that it has detailed product descriptions, good images, is easy to navigate and looks clean and modern.
Then you start running some basic campaigns to drive traffic and A/B test the heck out of it.
- product names
- button colors
- different checkout modifications
- different offers
Reality is only about 30% of the test will be winners and most likely only bringing small, incremental improvements.
But with time they will start to stack-up and results will start to grow exponentially.
Part 2: Efficient ONE Channel of Traffic Acquisition
Now, you may be thinking why we are focusing on just one channel, here’s why:
Focusing on too many things at the same time is a mistake a lot of eCommerce stores make early on.
They simply spread their attention and cash resources way too thin…
Reality just one channel, e.g. Facebook Ads, should be more than enough to get you to 2-5 Million a year mark.
When you divide your attention too early on, this happens:
- Your cash is being spent on fixed fees like multiple employees, agencies contracts or at worst… You spend your own time trying to learn and manage multiple and complex channels which not only brings poorer performance than one professional managing it, but also takes you valuable time which CEO should be investing in growing eCommerce from strategical level.
- Having ad spend distributed makes it harder to test enough to beat out your competition in any of the channels.
The BIGGEST Core Thing below <1 Million a Year mark is just getting one channel going, getting consistent sales, optimizing the current channel and actively working your website to maximize Average Order Values and Conversion Rates.
As you start to pass 1 million a year in sales (~90-100K a month) a big focus should go to expanding your product line to at least six products. This will enable you to continue scaling your ads and enable Part 3 of Everest Growth Framework. See below.
Part 3: Maximizing the Value of the Traffic
Now as you have a well-performing website and steady traffic, you want to start upselling and maximizing repeat orders.
Best place to start is almost always with emails flows and newsletter campaigns. Set-up correctly, they can easily add additional 20-30% of monthly revenue without ANY additional marketing expenses. That’s a 20-30% INCREASE in sales revenue, without adding a single dollar of profit-eating expenses! Pretty good, right?
And it’s at this point where the biggest eCommerce stores make their most profit.
Now to achieve these results, it’s best practice to send at least one newsletter email a week and build out these automated emails flows. Here’s how:
- Buy or Die Sequence: To make any new subscribers convert as soon as possible.
- Post Purchase Sequence: To get reviews, content and make second purchase.
- Abandoned Cart Sequence: To get people coming back and finishing up on their orders.
- VIP Sequence: The best clients sequence.
- Lapsed Clients Sequence: An email journey to past customers who haven’t reordered from you in a certain time to push them not to leave your brand and make another purchase.
Part 4: Enabling booster rockers with multiple traffic sources.
Now as you have a solid foothold, the next obvious step is to simply start stacking up another marketing channels.
This is where you set the primary triggers to explode growth!
But the most important thing is to come at it at the right time and not to rush to it unless you have the solid groundwork done.
There are some exceptions to that where you need to blitz the market and you have all the resources to do that, e.g. from Venture capitalists, but it’s rare.
Do you think this approach is what your eCommerce business needs to grow?
Currently you have two options:
Your first opt-in is to go at it alone. You know you’re not an expert, but you try to figure out everything yourself, try to learn from your mistakes. You commit countless hours learning, reading blogs, watching YouTube videos hoping that it will all pay off soon. As you know, in most cases after months of trying, so find yourself back to square one.
Second option: You can press the button below, apply for a strategy call with us. It’s 100% free and there’s no obligations on you. It’s a good way for you to discover if we can help you scale your ecommerce brand. And even if it’s not a perfect match, at the very least you’ll walk away with strategies and tips you can start applying, all at no cost to you.
Click the button below to lock-in your free 45-min Discovery call with us.