☰5. Marketing
The objective of the marketing section is to help our partners market the new finance proposition at their ecommerce platform. In this section we will elaborate on the importance of online marketing, share marketing content to leverage and learnings on how to measure success.
By no means are these required to implement
5.1 Marketing financing at ecommerce platform
Why marketing this new financing proposition is important?
Financing with DLL increases the customers’ purchasing power and can therefore help convert potential customers into buying customers. To effectively leverage this new proposition, it is critical that current customers as well as new visitors of your ecommerce platform are aware of the financing option and the benefits it can bring to their business. Marketing the financing proposition can be done through multiple visual and textual elements. It is important to spark the interest of the buyer early on in their awareness stage, when they are contemplating on the options they have.
Where can we actively promote financing on the ecommerce platform?
Promoting the financial solution should be a strategic decision based on a couple factors. It is important to take into consideration at which point in the customer journey you want to inform the customer about the financing options. This could either be done on the website through messaging while scrolling, footnote messaging, product page and cart messaging, and sitewide messaging.
It is important that the visual and textual triggers are placed strategically. The placement of the solution should ideally be where it is the first thing that catches the eyes of the customer. This can also be done through coloring that distinguishes the financing option from the website.
The promotion of the solution can also be done through advertising with existing customers. It is therefore recommended to create an email newsletter for customers to inform them about the online quotation tool.
5.2 Marketing assets
<- Sitewide messaging banner on product page
<- Product page messaging
<- Newsletter example
5.3 How to generate traffic
Objective of traffic generation
Marketing financing is important, but in to convert a buyer on the ecommerce platform first traffic needs to be generated. Generating traffic, means actively driving visitors to the ecommerce platform.
Content marketing
Content marketing can be used on digital channels to engage with customers by sharing creative content such as inspirational quotes, pictures, or campaigns. Instead of only pushing out the solution it’s important to tell the story that describes the solution and engages the potential customer. The goal of content marketing is to spark interest and get potential customers excited about your offerings.
<- Instagram examples
SEO
SEO (search engine optimization) is a set of practices, which together improve the positioning and approach of web pages in organic search results. Research shows that organic search is considered the most important and most common way for potential customers to access and discover the web pages of businesses. Therefore, it is recommended to have a SEO strategy in place, to improve quantity of visitors as well as the quality of the website.
5.4 Measuring conversion rates
Measuring success
Tracking the performance of your ecommerce channel is essential to determine the success of the pilot. Metrics provide insights in your ecommerce performance and levers to push for growth. There are several important metrics we recommend our partners to track.
Traffic
Website traffic measures the amount of people who visit your website. This metric is a good starting point to measure your website’s performance because it reveals the size of the audience you can attract. Besides total number of visits, we recommend tracking several other traffic metrics to gain a better understanding of your website’s effectiveness and customer base, such as: the percentage of new visitors, average time spent on the website and the number of pages clicked by a visitor.
Traffic Metrics
Conversion rates
Conversion rate refers to the number of conversions divided by the total number of visitors. A higher conversion rate is evidence of successful marketing and web design.
For each of our API solutions, it is possible to track the number of customers who have interacted with them. You can measure how many people have clicked on indicative price or initial quote, and how many people have sent a quote to the dealer. We recommend tracking the conversion rate for each of our API solutions to determine their contribution to eventual sales. By tracking each step of the digital customer journey, we can identify possible bottlenecks and search for continuous improvement.
Conversion Metrics
Other Metrics
Besides conversion rates, there are several other useful KPIs we recommend to track.
The Cart Abandonment Rate provides insights in how many customers have initiated a sale but have not purchased the item. This KPI helps you to understand the shopping behavior of your customers. It is an important indicator of how intuitive and trustworthy the check-out process is. Decreasing the abandonment rate is an effective way of increasing revenue.
Average Order Value is calculated by dividing total revenue by the number of orders placed. The outcome is the average amount spent per order. Tracking average order value is critical for your business to understand purchasing patterns. Increasing the average order value is an effective way to increase revenue.
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