If you're hoping your products reach a wider audience, Walmart offers you excellent visibility to help you find your target customers. With about 100 million unique monthly visitors, Walmart.com can leverage your business in astronomical ways. However, to get the most out of selling on Walmart Marketplace, it's essential to have a trusted strategy in place. Being intentional about your goals will allow you to streamline the selling process and find your customers more efficiently.
If you want to maximize your sales by adopting tried-and-true selling strategies, this guide will cover everything you need to know about boosting your success on Walmart Marketplace.
Key takeaways
- The 4 Ps (Product, Price, Placement, and Promotion) are the foundation of every quality selling strategy. Leverage these points to ensure your products reach the right audience.
- Identify your target market to promote your products with more intention.
- Always keep your competitors in mind when pricing your products. It's important to prepare a good offer to catch buyers' attention.
- Be persistent. Adopt remarketing strategies to stay at the forefront of your customers' minds.
- Test your selling strategies repeatedly to see what resonates with your customers.
1. Use the 4 Ps
Before you create a selling plan, you must have a strong framework. To do this, incorporate the 4 Ps: Product (Content), Price, Placement (of Advertising), and Promotion. By having all 4Ps working together you increase your chances of reaching your desired objectives for each product. Here's a closer look at each one.
Product (Content)
The first step is to introduce your product to potential buyers. Given the millions of products that are sold on Walmart Marketplace, it's crucial to ensure that yours stands out in some way. Ask yourself what makes your product different from your competitors.
- What are its key features?
- What benefits does it offer to consumers?
- What type of buyer would benefit from your product the most?
Answering these questions will help you define your product more clearly. Once you have a better idea of what your product is used for and how it can help improve your target customer's life, you can use what you learned to define the other three P's.
Price
A number of factors determine the price of your product. Some aspects include the type of product, Walmart fees, competitors' prices, consumer perception, product costs, and supply and demand. In addition to focusing on the features of your own product, it's important to analyze products that are similar to yours. The Walmart interface makes it easy for customers to compare prices across different brands, so be aware of this when pricing your goods.
Placement (of Advertising)
Once you've clearly defined and priced your product, it's time to decide where it will be available for customers to purchase and how it will be advertised. What type of ads and keywords will you use to get it in front of customers? The key goal here is to get your product in front of the customers most likely to purchase it. To do this, ensuring your product is appropriately targeting the right customers on Walmart Marketplace is critcal. If you spend money on the wrong keywords, customers will have difficulty finding your product, causing you to lose potential buyers.
Promotion
Effective deals and promotions can help you differentiate your products from others in the search Taking the time to build a compelling set of promotions will help set you apart from your competitors. It can take a bit of trial and error to figure out which discounts garner the most sales and overall profits work best for you, so take the time to analyze the results of past deals.
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2. Identify your target market
The most effective marketing is focused marketing. To ensure that your product reaches the right pairs of eyes, take the time to identify and explore your target market. Start by determining what types of problems your products solve and who's looking for a solution to these problems. It's also a good idea to look at what your competitors are doing so you can see where your own business fits into the market. This will give you a good point of reference so that you know how to tailor your products to buyers.
3. Build your brand reputation
To generate sales for your products, building a positive brand reputation through customer reviews and other feedback is a great place to start. Your reputation helps shape consumers' opinions of your brand, and a positive brand image can attract more consumers to your products. Additionally, a well-crafted reputation plays a major role in increasing awareness of your brand and boosting customer loyalty.
By managing and curating your company’s image, you'll keep it at the forefront of consumers' minds. This is essential to winning over new customers and retaining existing ones.
4. Have a great offer
Customers who shop on Walmart Marketplace are always looking for a good deal. If you price your products too aggressively, interested buyers will likely turn to a competitor offering lower prices. That said, it's important to take your product category into account. A competitive price in the cosmetics category will look very different from a competitive price in the home goods category.
Spend time researching other products in your category or target market and take note of the price they're selling them at. Strategically choosing the right price point for your product can help with turning casual browsers into buyers.
5. Keep products in stock
You might have a brilliant, in-demand product on sale, but you're missing out on dozens of sales if it's out of stock. It might sound obvious but don't neglect to ensure that your products are always available for customers to purchase. Fortunately, Walmart is designed to simplify inventory management compared to Amazon. This is one of the many benefits of selling on Walmart. You can easily keep track of how many units are currently in stock as well as how many orders you need to fulfill. Keep an eye on these metrics on a regular basis so you don't risk falling behind at any point.
6. Have excellent customer support
Despite your best efforts, things can go wrong at any point during the selling process. Maybe there's a severe delay in one of your shipments, or a product a customer purchased is somehow defective. Regardless of the specific problem, it's crucial that buyers have a reliable way to get in touch with you so they can express their concerns. Excellent customer support is a hallmark of a reliable business. After all, mistakes happen all the time—what customers will remember is the way you handled them.
7. Adopt remarketing strategies
Once you know that a potential buyer is interested in your brand, following up with them to achieve a conversion is vital. Luckily, remarketing allows you to do this easily. Remarketing refers to the process of promoting your products to consumers who have already engaged with your brand in the past. An example is emailing a customer reminding them that they left a product in their shopping cart. The customer expressed interest in your product by adding it to their cart. With remarketing, you can increase the likelihood that they complete the purchase.
8. Use automation to optimize campaigns
As technology continues to advance, it's wise to use it to your advantage to optimize your ad campaigns. Keyword harvesting and bid optimization are key activities to scale your business efficiently. Simply input your products and the type of keywords you think might be valuable and let these systems brand out from these seeds. They can then adjust the bids on these opportunities based on how well they convert. While there may be a bit of a learning curve to use the tools, they are certainly easier to learn than PPC management and can save seasoned experts more time in the long run.
9. Expand product catalog and variants
Variants are a great way to expand your organic reach and appeal to a larger audience. For example, customers may be looking for a specific size, color, or material. Brands that have products with these variations are edging out competitors who don’t satisfy buyers' needs as closely. Additionally, when customers buy your products and love them, many of them will browse your product catalog to see what else you offer. The more variants you have, the more likely you'll be to sell multiple products to a single customer. Having a bigger product catalog also increases your credibility as a business. This will help drive more traffic to your Walmart Marketplace storefront in the long run.
10. Test your strategies
Once you've formed a strategy that works for you, it's important to test it out. You'll only determine whether your selling strategies are effective if you see how they work on real-life customers in a real-life setting. When testing your methods, don't be afraid to do some trial and error to figure out what works and what doesn't. Over time, you'll hone your strategy to be as effective as possible.
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In summary: why strategic thinking is essential for Walmart Marketplace growth
On Walmart Marketplace, sellers are rewarded when they develop well-thought-out strategies. As we discussed earlier, each of these tactics plays a crucial role in boosting your chances of success. Remember, by building off the 4Ps, you’re more likely to get the most out of each product’s potential.
With Trellis in your corner, you can build strong sales growth over time. By testing various strategies focused on the 4 Ps, a successful digital storefront is within reach, and so are the rewards of being a seller on Walmart.com. Reach out to us today.