Drew Sanocki is a New York-based private equity investor and operator. He sold his own online retailer, DesignPublic.com, in 2011 and became an operational partner at a direct-to-consumer private equity firm. He is currently directing growth initiatives for ten top retailers including Karmaloop.com. He shares his top data-driven growth secrets at NerdMarketing.com.
The Top Growth Secrets of 9-Figure Ecommerce Retailers (All Of Which You Can Steal)
The single best thing you can do to grow your company is to build your business around your best customers.
There is a vast body of evidence showing that in most businesses, 20% of the customers drive 80% of the revenue and profits. So entrepreneurs that realize this and focus on that 20% find faster growth and leverage on their personal time. I want to tailor this to both sides of the WooConf expected audience: agencies and operators.
For agencies I will show how to prove out their ROI to the small operator. Ex. You spent $30,000 adding a referral program, improving the layout, and automating the newsletter and from the first month we see a boost in sales of $5,000. In 6 months this will have paid for itself.
And for store owners — having run a small store I know the #1 issue is overwhelm, so I argue that by focusing on a few channels where they can drive high LTV customers it solves a lot of their resource and stress issues.