Join the Ecwid Ecommerce Show hosts Jesse and RichE as they chat with Ryan Wood, founder of a growth and media strategy firm Woodmill Strategy.
With 12 years of experience, Ryan’s primary job with Woodmill Strategy is partnering with brand owners, large and small, to figure out how to grow their business in a sustainable way.
Listen to Ryan talk about the importance of a
Developing a Vision for Your Business
People who are relatively new to
First things first, create some targets: number of customers, how many of those customers you want to come back and make repeat purchases. Different kinds of quantitative metrics will support your revenue target, such as acquisition or customer retention rates.
Email Marketing and SMS
When it comes to email marketing and SMS, it is a play of preference. People communicate in different ways, especially online.
Let’s say you have an email program going and you’re sending out emails consistently. You’ve got really good automated sequences, such as cart abandonment emails, welcome emails, etc. SMS does pretty much all of the same things, just in a different medium.
However, when you look at the performance metrics between the two platforms, SMS almost always adds value in addition to (not being a replacement for) email marketing.
Chatbots and SMS
SMS is on the rise, but chatbots are becoming less popular. The reason is that chatbots are dependent on
Benefits of SMS Marketing
With the recent iOS update, marketers no longer get open rates (the percentage of subscribers who open a specific email out of your total number of subscribers) or
Ryan shares some statistics on the podcast: it takes somebody 90 minutes to respond to an email. On average, it takes someone 90 seconds to respond to a text message. So with SMS, people are more likely to open their texts and respond to them.
Like with email, you can build cart abandonment flows and welcome flows with SMS. But you don’t have to create a bunch of graphics like you do with emails. You put the same effort into creating an SMS campaign as you do when writing a tweet.
The cost of SMS marketing can be as low as a penny per text message sent. For some of the biggest brands that have collected thousands of SMS numbers, that means a couple of hundred dollars a month. For most brands, it’s even cheaper. It takes a while to get there, but the revenue contribution from SMS marketing is significant.
Subscription-basedbusinesses are wonderful because they’re recurring revenue. But customers are discovering new things, things about themselves and about different products. So subscription businesses have to be unique in experience and fun, otherwise, they can go down the drain pretty quick.
- A lot of times I’ve seen SMS get
80-85%open rates on some campaigns and 40% click-throughrates, unlike email, which is kind of a slow build after the send. You can do a messenger campaign and you can have a massive hit of traffic and performance for the business.
- I’ve launched about 15 or 20 different SMS marketing programs over the last couple of months. The
click-to-purchasepercentages, according to Google Analytics, is that 8 to 12% of them will convert or will transact. An average ecommerce conversion is 2%.
- Chatbot still has a play in my book. I’ve seen some people do really creative stuff. Like using influencer pages for remarketing campaigns. Who doesn’t wanna be messaged by their favorite influencer they’ve been following for the last three years, telling them that they’ve left a product in their cart?