Reaching your target audience is not just a goal; it's a necessity. Market reach plays a pivotal role in the growth of your e-commerce business. In this comprehensive guide, we will explore what market reach is, why it is crucial, how it differs from impressions, how to calculate it, and practical tips on using it to boost your e-commerce success.
Market reach refers to the total number of individuals or potential customers exposed to your e-commerce brand or products within a specified period. It is a measure of your brand's visibility and the extent of your audience's awareness. The broader your market reach, the higher the potential for attracting and retaining customers.
While both market reach and impressions measure exposure, they differ in their focus. Market reach quantifies the number of unique individuals reached, emphasising the breadth of your audience. Impressions, on the other hand, count the total number of times your content is displayed, highlighting the frequency of exposure. The choice between the two depends on your specific goals:
Start by determining the total number of times your content is viewed or displayed. This serves as the basis for understanding the initial exposure.
Calculate the average number of times an individual sees your content during the campaign period. This frequency is a key factor in estimating reach.
When figuring out how far your marketing reaches, some methods are simpler for resellers and online marketplaces.
Imagine you just shared a bunch of posts to promote a new product line on a platform like Twitter. Twitter makes it easy to see how many people saw your post, especially if you boosted it with paid promotion.
Nowadays, it's getting easier to measure your reach for online campaigns, thanks to tools like Google Adwords. They'll straight up tell you the reach of a banner ad campaign.
But, there are some marketing moves where figuring out your reach is tricky. Like, if you slapped an ad on a billboard or posted flyers in a window shop with your Poshmark closet handle, it's almost impossible to know how many cars or people passed by. You can make a guess, but getting it exactly right is tough.
Just remember, getting the exact number for marketing reach is unlikely, but having an estimate can guide you on whether to go ahead with a campaign and how to interpret the results.
Market reach plays a pivotal role in determining the success of resellers. Essentially, it measures the extent to which a reseller's products or services are visible to potential customers. Let's delve into two key aspects: examples of market reach in advertising and the formula for calculating market reach in marketing.
Consider this: market reach in advertising is akin to the number of unique individuals who lay eyes on a particular advertisement. Imagine you're a reseller showcasing your products through online ads. The greater the number of unique individuals who see your ad, the broader your market reach. For instance, if your ad is displayed to 10,000 people across various platforms, you've achieved a market reach of 10,000.
Now, let's put this into perspective. Picture a reseller specialising in handmade jewelry. By strategically placing ads on social media, crafting compelling content, and engaging with potential customers, the reseller can expand their market reach significantly. The more eyes on their unique, handcrafted pieces, the higher the likelihood of attracting interested buyers.
To quantify market reach in marketing, there's a simple formula at play. It involves dividing the total number of impressions (how often an ad is displayed) by the average frequency of exposure during a specific campaign. This formula provides a numerical representation of a reseller's reach, offering valuable insights into the effectiveness of their marketing efforts.
Let's break it down further. Suppose a reseller's Facebook ad garners 50,000 impressions over the course of a month, and the average frequency of exposure is three times per viewer. Applying the formula (50,000 impressions ÷ 3 average frequency), the reseller's market reach for that campaign is approximately 16,667.
One powerful technique is crosslisting, and Vendoo is a seller's best friend. By crosslisting, resellers can seamlessly showcase their products on multiple online marketplaces simultaneously, reaching a diverse audience and increasing visibility. Vendoo streamlines the crosslisting process, allowing sellers to efficiently list their inventory across various platforms, such as eBay, Etsy, and Poshmark, with just a few clicks. This not only saves time but also opens up new avenues for potential customers to discover and purchase their items.
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In the competitive landscape of online selling, leveraging tools like Vendoo for crosslisting proves to be a strategic move for resellers looking to amplify their market presence and boost overall success.
Now that we understand the significance of market reach for resellers, let's explore some best practises to enhance visibility:
Diversify Marketing Channels: Utilise a mix of online platforms, social media, and e-commerce websites to reach a broader audience.
Optimise SEO Strategies: Enhance your online presence by optimising product listings and website content for search engines, making it easier for potential customers to find your products.
Leverage Influencer Collaborations: Partner with influencers in your niche to tap into their established audience and expand your reach organically.
Engage in Email Marketing: Build and maintain a strong email list to keep customers informed about new products, promotions, and updates.
By incorporating these strategies, resellers can not only increase their market reach but also foster sustainable growth in their business.
Have you utilised any of the strategies mentioned to expand your market reach? Let us know in the comments!