DTC RevOps for e-commerce – Where to start
Are you running an e-commerce operation but are finding it hard to scale your revenues in a competitive market? Perhaps you are planning to open your companies online store and are finding it hard to know where to start?
With years of experience in coaching our clients through the modern Revenue Operations processes and procedures required to run a truly successful e-commerce business you can take it from us that knowing your numbers and understanding your metrics is the key to building a successful e-commerce offering.
Understanding & Measurement of E-commerce Econometrics
If you are new to e-commerce or generally not that experienced in selling online then our team can help you understand and utilise all of the econometrics that you will need to know that support the financial model supporting your online store.
By helping you understand how key metrics such as Customer Acquisition Costs, Lifetime Customer Value, profitability and quality indicators such as traffic quality, conversion rates and on page metrics impact your business we put you in the driving seat of your e-commerce revenue engine.
But to give you a pointer on the way to your DTC success we have highlighted some key Revenue Operations Processes that you need to fit together into your DTC jigsaw puzzle.
Considerations in the e-commerce RevOps Process
The average store owner spends hundreds of hours trying to find and implement solutions to common problems, resulting in false starts, wasted resources, missed opportunities and lost revenue – but if you need us we are here to help.
Mindset is everything. When you know to expect problems it is easier to maintain motivation and look at problems as a simple step on the way to success.
Positioning & Product Market Fit
Ensure that you have defined your positioning and your competitive differentiators and validate all of your data prior to going to market with your products.
Understand your competitive market landscape in detail. By benchmarking your competitors you can quickly map out where the opportunities are and spot weaknesses in your foes.
RevOps Accountability Framework
Get your relationships working well, ensure everyone knows what they need to do by when. Implementing an accountability framework clarifies your path to for success for your team.
Platform & Technical Architecture
With hundreds of different technology products available to run your store. You must to define the right technical architecture that works for you, in general complexity is your enemy and simple elegant solutions work best,
Measurement & Analytics
Ensure you are able to understand and explain your analytics data and what it means for you and your business, it will guide you in relation to the changes you need to make to improve your performance.
Econometrics & Core Numbers
By understanding your econometrics in detail you will be able to define the price you should be paying for qualified traffic and set the advertising strategy that maintains a positive cashflow for your business.
Project Management & Organisation
Your entire team should be operating from the same page, items need prioritising and allocating so you can track and improve project processes and visualise your project delivery.
Content Creation Framework
Creating content assets is often expensive, define in advance what content assets you are going to need to deliver consistent results for your business whilst reducing your overall content investment.
Traffic & Customer Acquisition
Your website will not make sales without web visitors. You need to identify the quality organic and paid traffic sources that generate conversions on your store and be constantly measuring traffic quality.
Conversion Rate Optimisation
Get quick wins by implementing a process of testing and action that continuously improves your stores conversion rates, small improvements can make huge revenue improvements.
Pricing & Payments
Define a pricing model that works for your business and market positioning whilst maximising your profitability and lifetime customer value. If you are more expensive be prepared to justify exactly why.
Marketing & Planning
A slapdash approach wont get you there, create a marketing plan that drives your business forward while creating active demand for your products and services.
Effective Customer Support
Implement effective customer support policies that delight your customers and turn problems into opportunities from day one. Think cherries on top and processes for scale on day one.
Revenue Management & Forecasts
Build a revenue model that will accurately forecast your revenue results based on real time data from your business systems and processes.
Finance & Funding
If you will need money to fund your business then the time to start is now, companies often under-estimate just how long it will take them to secure the right financing partner.
Run Kaizen Events
Implement a formal constant improvement process in your business that drives improved performance and profitability, Kaizen events are a great tool for continuous improvement.
Data Analysis & Insights
Extract the relevant data and insights from your business so you can drive your business with a centralised performance dashboard, you can not manage what you can not measure.
The Kaizen Approach To Successful e-Commerce
Consistent improvement based on real world data is the key to driving your success. By identifying, gathering and reporting on key data and performance metrics you should be able to take remedial action when things are not working as they should be.
You should have a simple dashboard in place that benchmarks your key performance indicators.