How I would Bring a Brand from $1 Million to $10 Million

Did you know that only 10% of Shopify stores are profitable. (https://www.stylefactoryproductions.com/blog/shopify-statistics). So if you are getting close to or have hit the 1 million dollar per year mark , congratulations. You are in the small but succesful minority. But the question is, how do you get to 10 million a year?

I’m going to show you how to get your store from 1 million to 10 million dollars a year. Let’s jump into it. 

Overview:

Put simply, there are three things you need to grow if you want to get to 10 million.

1. New customer Acquisition

2. Average order value

3. Customer Lifetime Value

That’s it. If you increase all of these metrics over time, you will bring your business to 10 million or further. So let’s go into detail.

NCA - New Customer Acquisition:

First is NCA - What’s most important is you need to get more customers to your store. You are going to do this through a highly-efficient and low cost acquisition strategy.

First you are going to want to produce an advertising strategy with a strong focus on reducing CAC. This may be something you hire an agency for or you do internally but you constantly need to be testing creative, copy, advertising platforms, landing pages and more. The concept here is to adapt and improve. Constantly be improving these campaigns to reduce CAC.

Second is to create an affiliate marketing program and a referral program. The first allows you to utilize influencers or those on social media that may or may not be a customer and allow them to promote your product for commission. A mutually beneficial relationship.

The other is a referral program that will allow you to turn your customers into promotes.

Lastly, be sure to always have a strong online presence. Create content and push content to stay top of mind and relevant in the marketplace.

Develop a highly efficient new customer acquisition strategy.

• Affiliate or Ambassador Program
• Advertising Strategy with strong focus on reducing CAC
• Referral Points Program
• Strong Social Media Presence

Increase Average Order Value

Second you need to be sure to increase average order value for all your customers. This is achieved by creating one of the highest performing stores online.

First, you want to reduce the number of clicks to conversion. This is achieved through a highly efficient store that cuts down on clutter and confusion.

Second, Based on experience, if you are making 1 million dollars a year you have some exciting product that your customers are in love with. And typically that is one or possibly two different products. To increase AOV you need to start creating complimentary products to this single product. Not a product that would cannibalize, but one that will complement. For example, if you are selling sneakers you may make socks. Or if you’re selling protein bars you would make protein powders.

Third you constantly want to be upselling your existing customers on products they don’t purchase. This can now be your complimentary products!

Fourth, you want to implement subscriptions if possible. The best way to increase AOV is through monthly recurring revenue from your best customers. Offer promotions to pull them in.

Ensure your Shopify store is one of the highest performing stores online.

• reducing clicks to conversion
• Upselling customers on products
• Subscriptions
• complimentary products.

Customer Lifetime Value - CLV

Lastly, you need to keep the customers that you have.

First, The single best way to achieve this is through tremendous customer service. 76% of consumers will leave a brand after one single negative experience.

https://venturebeat.com

So be sure to keep your customers coming back with great customer service.

Second, implement a rewards program that allows customers to earn points for spending money on your Shopify store. This will ensure that customers keep returning not only to your brand but your specific Shopify store.

Lastly, the most obvious way to keep customers coming back is through a strong marketing strategy. Specifically a strong retargeting strategy. This includes all touch points with your customers including social media, advertising, email and sms and others.

Implement a strong brand presence that has countless touch points with customers. If you have them keep them.

• Amazing Customer Service.
• Rewards Program
• Amazing Email and SMS program.

Conclusion

I have helped dozens of brands reach their revenue goal on Shopify and regardless of the brand, product or achievement they are going after, the focus has always been the same. Increase customers, increase AOV, and increase CLV.

So take these strategies and go and grow your Shopify.