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Raluca Popescu

Need a strategic approach for your eCommerce? Use the Growth Matrix

Do you ever feel like John Travolta here when thinking about your Ecommerce growth strategy? 

via giphy

Maybe you have been trying to implement every new marketing hack that you heard about and felt like something’s missing. It’s a common trend among marketers, and especially in Ecommerce, to be chasing the “silver bullet”. The one that will finally take their business in the big league.

The thing is that constant growth doesn’t happen overnight and there is no foolproof solution that will solve all your problems.

If you too have found yourself in this Unicorns chase, you’re not alone. We’ve been there too, it’s how we learned that we needed another way. A strategic, backed by data approach that keeps us on track and helps us not derail when facing another shiny object. So we created our own resource for this.

It’s like we’ve made our own red pill and now we want to share it with you.

ecommerce strategy matrix

 via giphy

Are you ready to step into the matrix with us? Let’s jump right into:

The Ecommerce Growth Matrix  

This resource helps you plan, organize and prioritize your growth tactics for the long term without overlooking the needs of the moment.

Ecommerce Growth Matrix

What is it, you ask? An easy to use template you can copy and use for your own business. Please, don’t let yourself be fooled by its appearance, this is a very powerful tool if used wisely. We’ve put in it our +10 years of helping businesses grow.

Here’s how using the Growth Matrix can help your strategic business planning.

First things first, copy the template from here:

Then follow these steps:

Set Strategic Objectives & Initiatives

We already inserted examples of 6 strategic objectives aligned with the vital KPI’s for every eCommerce business:

-NPS – Net Promoter Score;

-Lifetime value;

-Conversion rate;

-Retention rate;

AOV – Average Order Value;

-YoY – Year over Year Traffic.

And a few strategic initiatives that would help achieve these goals.

Feel free to adjust and replace them with your own strategic objectives and initiatives after a thorough brainstorming. Take your time to make sure you set the right objectives.

How the Growth Matrix works: Assess the impact, time & ease

Using a scale from 1 to 5 assess the impact of each initiative on every objective. Rate the budget, execution time and the resources needed to get the ease score. This means every new idea will go through an evaluation that will show you if it’s worth the effort or not. It will be easy to figure this out once you take into account budget, execution time, copy, design, front-end development and back-end development, 3rd party development.

Make the best decision

Choose the strategies that make the most sense for growing your business and follow them through. Repeat the process every time you want to adopt a new strategy. Enjoy the ride and the steady growth of your business.

Now stop reading on marketing blogs about how to grow your business and start working on your strategic planning with the Growth Matrix.

 

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