Creating a new market for our Artwork

At the center of each ecommerce business is your need to market products or services at a profit. In the last year, we at overstockArt have been contemplating how to grow our earnings significantly without taking huge risks or investing a great deal of money.

I wrote a series of posts in 2014 concerning the Theory of Constraints — see”The value of focus within The Theory of Constraints,””Applying Theory of Constraints to our packaging process,” and”Theory of Constraints, for ecommerce businesses .”

In TOC methodology, you determine the constraint in your enterprise and subordinate everything to this restriction. We identified the market (or, our ability to market ) as our constraint. While our company has been growing, it’s not growing as quickly as we would like it to.

We looked at a number of the changes which have been happening online in the last few years and how they affect our organization. We also estimated where ecommerce could be heading in the next couple of years.

Our analysis found that going the conventional route of ecommerce companies wouldn’t provide our target sales and profit growth. Google has been favoring bigger brands and while we’ve been gaining ground in our natural search positions, it has not been enough. The per-click cost of AdWords is rising. We do not think reliance on visitors from Google will help us fulfill our objective.

We chose to go after the professional market — to sell our artwork to companies. This approach is affordable and allows us to target big buyers somewhat inexpensively. Additionally, it gives an opportunity for tremendous growth.

Many readers might believe that targeting the professional market is clear. Maybe readers wonder why we did not you think about earlier. Though this is true, my experience is that if we find something which actually make sense, it appears clear and somewhat rudimentary. In actuality, I consider the remark”well, this is evident” as the ideal compliment to an idea.

Here is our procedure at overstockArt for creating the new professional marketplace and the dimensions to monitor it, to know if we’re successful.

  • Identified the Perfect market for us. Focusing on a single group — firms — helps us gain understanding of the key factors for success.
  • Wrote a short bullet-point plan that summarized our approach. The plan included how we’ll approach the market and who’s responsible for every activity.
  • Decided our advertising process will use email, physical mail, and the phone. It is low tech and it is out of style, but it works!
  • Made a marketing campaign with key goals and actions. We did not wait for all actions to be completed before starting since we’re talking to new prospects. We’ll probably fine tune our approach.
  • Developed a”success record” of what we expect to achieve by certain dates. This listing was key for monitoring and measuring success. At the beginning of every job, particularly a business development project, things move slowly. If your whole dimension of success is sales, you probably will feel just like you’re failing early on and fail the job. Here are our achievement points:
    • Find enough prospects.
    • Track number of responses from leads.
    • Set appointments for a first introduction.
    • Conduct meetings with prospects to (a) determine the pain points, (b) identify what the prospects are searching for that they can’t readily find; and (c) determine the large opportunities.
    • Describe our products and services to prospects and search for matches.
    • Conduct internal meetings and expect a few of the objections base on previous talks.
    • Identify real chances. “Actual opportunities” aren’t actual sales. They are providing assistance, tools, or service to a possible client.
    • Develop relationships. A couple of prospects will no more think of us as just another sales team. They’ll respect us and will be interested in hearing from us. This will happen if they appreciate our advice, advice, or what our service or product can do for them.
    • Create a sale! This is sometimes a tiny sale. But it’s a good idea to get some actual business done. We’ll observe the sale no matter how little it is. It’s evidence of success. Someone from the new market is purchasing from us.
    • Start measuring our potential earnings and revenue growth. We utilize a customer-relationship system which lets us enter prospects and estimate the chances of success.

We began working this job about a month ago. Up to now, our investment has been quite modest — almost negligible. Our earnings have been small, also. But those sales have generated incremental revenue for our organization.

I wrote this article generically, to assist others wishing to increase revenue by means of a new sector. For questions or for more information, please post a comment, below.