#108 Jure Knehtl: Growth Hacks for Ecommerce Businesses
One episode was nearly not enough to share all the golden growth nuggets that Jure Knehtl offers, which is why we’re so excited to have him back on The Ecom Show. Jure Knehtl is an expert in growth hacking, and he’s the founder of the successful growth marketing agency, WeScale.
In episode 49 of The Ecom Show, he walked us through some of the key pointers of starting and scaling an e-commerce business. Today, we’re going to dive deeper into strategies to pivot and quickly scale your business in a fast-paced world.
This show is sponsored by Budai Media. Budai Media is a fully remote eCommerce retention marketing agency. In the last three years, Budai Media has worked with over 100+ eCommerce clients and generated $30M+ in additional store revenue. If you’re interested in knowing more, check out our website, or feel free to directly contact our founder and podcast host, Daniel Budai.
Join us on the latest episode of The Ecom Show to hear more about:
✔️ Navigating Your Business Through iOS Changes.
✔️ How To Take Your E-Commerce Business Global.
✔️ The Formula To Building A Multi-Million Dollar Business.
Navigating Your Business Through iOS Changes
The latest iOS privacy changes hit eCommerce stores around the world like an earthquake—shaking the ground right from beneath them. It’s changed the way businesses advertise; and forced everyone to regroup and find more creative ways to adapt.
Jure works with multiple e-commerce brands from across Europe, and it’s interesting to note his observations on how different brands were affected to different degrees based on their location, audience demographic, and marketing channels.
This update hit the US markets much sooner than it started affecting European markets, but European countries started seeing a downfall between May and July.
You could notice a bigger data loss in countries like Germany and France, where the majority of the population is young and in between 25-34, as compared to countries like the Czech Republic, where the majority of the population uses android phones.
These new privacy regulations were causing huge data loss and majorly affected the way that applications were reporting their analytics. Jure and his team used their expertise in CRO to pivot out of this situation by changing the way they analyze data. They used a three-prong strategy where they’d take data from the Shopify dashboard and the attribution platform that can actually stack all the marketing platforms together. And in some cases, use apps like Iris to have a more visual and real-time view of the performance. The focus shifted away from numbers and more towards understanding consumer behavior.
DIversification of digital marketing efforts is another tactical strategy that’s helped businesses perform better in these testing times. Utilizing a mix of email, SMS, social media, influencer marketing, and paid advertising diversifies your risk to changes. It also helps in community and brand building alongside paid marketing.
How To Take Your eCommerce Business Global
David Ogilvy, also known as the father of advertising, has famously spoken about the power of localization, a philosophy that Jure strongly believes in. The idea is that you need local employees to connect with local communities and customers. Each country you expand to has its own cultures, traditions, and ways of living. You need local people to bring in their local expertise on customer experience and consumer behavior to successfully operate in a foreign country.
Going global also works well when you take your time to understand each market. It’s easier to expand to countries with similar mannerisms; for instance, when you look at English-speaking countries or countries that are neighboring each other and have some similarities in culture.
The key to taking your business global comes down to finding the right people to help you navigate the new territory, taking time to understand the new culture, and incorporating strategies that are specific to the new countries you’re expanding to. For instance, Tik Tok is huge in the USA, but it’s banned in India and many other Asian countries.
The Formula To Building A Multi-Million Dollar Business
Jure and his team helped a brand scale their e-commerce business to generate over 42 million euros annually in the span of two years. This isn’t the first multi-million brand he’s helped build. Prior to this, he’s helped scale several other brands to a multi-million dollar empire. Here’s the winning formula he attributes this success to:
You need to have an amazing product where there’s a high potential for the return customer rate. Businesses that can generate a return rate of between 30-40% experience a great amount of success. In order to do this, you need to invest a lot of time in actually understanding your customers. Talk to them and understand why they actually want to buy your products, their dislikes, and hopes from your future collections.
Then you start working on your plan of action, “What are our acquisitions channels? What are our retention channels? How do we implement influencers into that? When do we actually start an ambassador program, and how do you implement all of these in your market?.”
And then, you basically analyze how to grow globally by identifying similar markets. But, nailing down your returning customers is really crucial to growing your brand. When you have 200k customers with a good product behind them and a good returning customer rate, you automatically start getting referrals. You can keep pouring money, but it isn’t a successful brand until customers continue purchasing without needing any additional advertising push. When you have returning customers, you're able to focus your funds on new customer acquisition, with only a small bit going towards retargeting your returning customers.
Interested in learning more about growth marketing? You can directly reach out to Jure or check out his company website WeScale. They’re a growth marketing company that helps e-commerce businesses scale internationally with the power of paid social, direct-response creatives, user-generated content, retention channels, proven growth hacking tactics, and delivering profitable results.
If you enjoyed this episode, make sure to check out episode 49 to hear more from Jure and Daniel.
We release new episodes every Tuesday and Thursday. You can check out some of our earlier episodes here.
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