[LEAP Week 3] eIQ Insights: Market-Product Fit First Before Anything

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ecommerce growth marketing

ecommerceIQ, together with Sasin SEC, created the Leadership Ecommerce Accelerator Program (LEAP) to provide the fundamental knowledge and skills needed to successfully run an ecommerce business in the world’s fastest-growing market.

The third week of LEAP dove into a session disproving what most marketers still commonly think of as the “magic dust of strong sales” and introduced digital marketing concepts such as SEO, SEM and retargeting tools to students looking to grow their customer base.

Here are some of last week’s LEAP highlights:

1. “Growth hacking is bullshit, there is no shortcut to growing your business”

SHEJI HO, GROUP CMO, ACOMMERCE
ecommerce growth marketing

Sheji Ho, aCommerce Group CMO at LEAP 2017

The biggest takeaway from Sheji’s two hour lecture on digital marketing is that companies should ask themselves “if the market needs their product” before spending money on Google and Facebook ads. Popular businesses like ofo, Seekster and Blue Apron, may run into trouble because they lack what Brian Balfour refers to as “market-product fit”.

Examples below:

ofo – Thailand’s roads are the second deadliest in the world, does it make sense to have bike sharing in Bangkok?

Seekster – home service on demand started in the US but churn rate began increasing because once a user finds a suitable cleaner through the platform, most home owners would take the transaction offline.

Blue Apron – once people learned what ingredients to buy and how to cook the meals, would they continue ordering expensive meal kits?

ecommerce growth marketing“Before you spend money at your product, does your business make sense in this time and this market? Because if not, people won’t use your product regardless of how much money you throw at it.”

2. Ok Google, teach me about SEO

KORAVUT PAVITPOK, HEAD OF GROWTH MARKETING, ACOMMERCE
ecommerce growth marketing

Koravut (Bom) Pavitpok, aCommerce Head of Growth Marketing

What is Google’s market share in Thailand?

A whooping 99%.

It’s almost essential then to understand how Google search can drive quality online traffic to your website through proper SEO (search engine optimization), SEM (search engine marketing) and dynamic retargeting.

Based on factors such as search volume and intent, companies can bid on keywords to capture the attention of Thailand’s most likely buyers.

ecommerce growth marketing

The more accurately you can target users on the lower end of the funnel, the more likely to see conversions on your ecommerce channels.

Think of Google search like street names,” says Bom Pavitpok. “You want to be on the most popular street for your particular category.”

The next LEAP class is on Thursday September 28th, 2017 taking a look at social media marketing, Google analytics and a Central Marketing Group case study. Stay tuned for next week’s takeaways.

[LEAP Week 1] eIQ Insights: The New Ecommerce Opportunity in Thailand

[LEAP Week 2] eIQ Insights: Refinement of an Ecommerce Channel Strategy


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