Mark I

Mark I is our first marketing strategy. The rest of this page delves into the details of the Mark I strategy.

Summary

Mark I aims to increase the reach of the brand and conversion by:

laying out standard metrics to track the effectiveness of the business and marketing strategy

leveraging on low- or no-cost promotion tools to increase outreach

relooking at the inventory management system to capture interested customers

offering a variety of sales and discounts

offering customer service

Standard Metrics

Impressions and Clicks

Impressions: the number of visitors that see the ad

Clicks: the number of visitors that follow through by clicking on the ad

Clicks are closely tied to bounce rate (see below).

Bounce Rate

The percentage of visitors that leave quickly after clicking through on an ad.

Conversion Rate

The percentage of visitors that make a purchase after clicking through on an ad. The opposite of bounce rate.

Promotion Techniques

Sales and Discounts

Offer exciting sales and discounts on medium-demand items. Since the objective is not to make profits but instead drive conversion, we can slash prices to the point where our profit margin is only 10%. Eventually, as sales pick up, we can slowly increase our profit margin.

Coupons

Coupons are a great way to reach out to visitors that are not purchasing themselves, but who know other visitors who might be interested.

Recommended Action

Design coupons that give discounts for visitors who tag us in their posts, make a purchase with their friend, spread our brand, etc.

Inventory Management Reimagined

Voting System

Items that we have not purchased yet can be put up for voting — visitors can upvote or downvote certain designs, and the items with the highest votes are stocked up in the inventory at the end of the week. Also serves as an activity to engage the community and spread the brand.

Customer Service

Helpdesk

A robust customer service system starts with a single point for customers to reach out to, whether they need to make enquiries, complaints, or give feedback.