Small businesses are constantly looking for new strategies to expand in this ever-changing economic landscape. But the key is to get the time correct. Scaling your eCommerce company too soon may ruin it, while scaling it too late might leave it in the dust.
Big Data efforts can help you make wiser, more lucrative adjustments to your eCommerce marketing approach. eCommerce companies may also test new ideas in cycles before deploying them on a bigger scale – this is the underlying principle of lean. You may use this into your marketing strategy to make it more flexible and adaptable to changing marketing trends and competition.
In this article, you’ll understand more about lean marketing and how it may benefit your business.
However, before implementing lean marketing concepts, let us first explain what this notion involves and why your company need it.
What is lean marketing?
The contemporary lean methodology was developed by the Japanese company Toyota. Other implementations of the lean mindset grew common over time as a result of the company’s great success with this strategy.
The five fundamental principles/action points of lean philosophy are as follows:
- Identify Value
- Map the Value Stream
- Create Flow
- Establish Pull
- Seek Perfection
To improve efficiency, the key concepts of lean marketing now include iterative cycles of process optimisation, testing, and assessment.
You can do the following using lean marketing:
- Clearly define value
- Better set intermediate targets
- Restructure the flow and current processes
- Experiment with marketing strategies more.
- Get rid of ineffective methods
- Conserve resources
In essence, lean marketing entails the key aspect of lean methodology: adaptability. You must be adaptable since, as the old adage goes, “change is unavoidable.” This is true for both digital marketing and eCommerce.
Few businesses can afford to invest in developing an eCommerce marketing plan and then wait months to have an idea of its effectiveness. Meanwhile, the landscape might shift; competitors can outperform you. It’s a continual dynamic in eCommerce, especially when it comes to new firms.
In this scenario, the waterfall technique, which analyses the finished product or process, may not be appropriate given the existing circumstances. As a result, the lean technique has gained traction among eCommerce marketers.
Who needs lean marketing?
Every forward-thinking eCommerce company should consider implementing lean marketing ideas.
This concept will benefit not just your marketing but also your overall business strategy. You will be able to keep up with the ever-changing market.
Not only that, but lean marketing concepts enable you to track the outcomes of your actions after each cycle. Lean marketing allows you to assess intermediate results when making decisions. You may either rethink your marketing tactics or keep doing the same thing with such cycle reviews since it’s working.
Assume you’ve recently opened an eCommerce website selling candles. Your marketing department chooses to investigate social media marketing as a primary approach. You’re creating an Instagram account; after a year, you evaluate it and find it’s not functioning. You squandered resources while earning little profit.
You should analyse social media activities once a quarter, according to a lean marketing approach. You’d get the impression that it’s not functioning properly, so you’d switch to PP, which produces better outcomes. Yes, there is still resource waste, but it is less severe.
Consider lean marketing, especially if you:
- If you are a new brand, it will be beneficial to experiment with branding and advertising as soon as possible.
- You are a well-known company that is committed to marketing – you will be able to maximise conversions, boost customer acquisition, and engagement.
- You intend to upgrade your website – it will help you save money and produce the most optimised and appealing website faster.
Lean marketing is very prevalent among large corporations on a worldwide basis. Pinterest, for example, has used lean marketing to emerge from obscurity and into the spotlight. Lean marketing initiatives are also used by Toyota, Tesla, and Nike to stay competitive.
Such monoliths also consider lowering resource waste and improving marketing. So, why haven’t you considered it? The fundamentals stay the same. It’s a question of proportion. If you’re still on the fence regarding lean marketing, these international corporations may help you optimise your development.
What are the core concepts of lean marketing?
We hinted at the basic ‘principles’ underpinning this ideology in our description of lean marketing. The tenets of lean marketing in eCommerce are as follows.
When using lean marketing, teams must concentrate their efforts on certain cycles. By developing a long-term strategy and focusing solely on an objective, the idea is to prioritise a specific goal rather than tackling everything at once.
It’s important to note, however, that employing lean marketing does not imply that you don’t need a marketing plan. You may achieve the same aim in a variety of methods (like in the above case about a candle store).
Working in cycles enables your company to keep executing its marketing plan. You keep focused on your long-term objectives. Most crucially, in lean marketing, the outcomes of one marketing cycle influence adjustments in the next.
Every cycle is focused on a specific goal. Lean marketing enables eCommerce organisations to set up self-sustaining scrums (team-based frameworks) that are carried out in stages. Creative sprints are necessary for time-sensitive projects and marketing campaigns in order to satisfy the company’s time-specific objectives.
A sprint in lean marketing is often comparable to agile sprints. You spend 5-10 days working on a single goal or a small group of goals. After deciding on a goal, the next step is to carry it out. The sprint is completed, and the results are assessed. Then, either keep going in the same direction, try to remedy it, or find another option.
When it comes to creative sprints, it’s important to remember that uncertainty, many contexts, and imprecise objectives will not yield results. Rather to experimenting with a few practises during a sprint, it’s best to conduct one practise qualitatively and understand how it affects your end aim. Experimentation can wait until the following sprint, and it should be identified during sprint planning.
Buyer Personas and Stories
According to Marketing Institute study, 93 percent of businesses who use buyer personas in their marketing activities meet their revenue targets. Only by keeping your consumer personas in mind and developing a buyer story can you succeed with lean marketing.
Traditionally, a buyer persona is a composite character of your eCommerce store’s ideal consumer. In general, there isn’t an one sort of consumer. As a result, you’ll most likely need to create a few client kinds based on their age, region, buying habits, and demands.
You’ll be able to polish your customer personas through lean marketing if you conduct preliminary marketing research since you’ll acquire insights faster and be able to experiment with different channels.
Marketers must collect information from numerous buyers and channels to understand what motivates them to buy, which purchasing procedure they like, and other facts about a customer type in order to create a meaningful user (customer) story.
eCommerce analytics must be measured by your marketing staff. In most cases, you’ll need to employ data analytics techniques such as data collection, evaluation, visualisation, and reporting.
These data-driven lean efforts provide useful insights into all aspects of the marketing process. You must also assess the team’s progress against the set objectives. The results will eventually be used in future iterations of the lean marketing strategy.
Transparency among the team is essential to lean marketing. Every team member must be aware of their teammates’ expectations as well as the team’s overall performance. This unified accountability structure encourages team members to put out their best effort on every assignment or project in the marketing cycle.
Regular syncs and asynchronous documentation should be implemented to keep team members on the same page at all times.
Transparency and team syncs are responsible for this. A backlog is a collection of ideas and tasks that are prioritised. Backlogs are critical in lean marketing for planning creative cycles and sprint optimisation.
They’re also used by businesses as a place to dump ideas. Every project contributor, in essence, may contribute their ideas to the backlog, which the marketing manager curates for quicker revisions.
Markets are always shifting. It implies you’ll have to update backlogs and try out new ideas and procedures in your eCommerce firm.
But how can you keep up with the latest trends? Regular reporting are the answer.
Encourage your coworkers to share their job thoughts on a regular basis. It may be done in a recorded manner on daily standups or weekly syncs. It’s also critical to be open about obstacles and roadblocks. For example, if a PPC specialist is unable to launch a campaign owing to a lack of design resources, this should be discussed openly. Small concerns should be resolved quickly by you and your team.
These reports will show the team whether or not they are on pace to accomplish the cycle’s objectives.