#40 The Importance of Owned Data, Attribution Models and Omnichannel Marketing to Scale Up Your Ecommerce Brand
The Ecom Show · Daniel Budai
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Show Notes
The Importance of Owned Data, Attribution Models and Omnichannel Marketing to Scale Up Your Ecommerce Brand
How does someone who got into ecommerce “by accident” become one of the most respected and successful ecommerce business owners in the entire industry?
On this episode of The Ecom Show, we have the privilege of hearing from Colin McGuire, the CEO of Boomn, a phenomenal group of marketers that does whatever it takes to incubate ecommerce brands and accelerate their growth.
Listen in as our agency founder and podcast host Daniel Budai sits in with Colin McGuire as they harken back to the olden days of ecommerce and recount how the industry has changed rapidly over the last ten years.
You can also hear from Colin about:
✔️ Ecommerce in 2011 vs. 2021
✔️ Attribution models and owned data
✔️ Importance of omnichannel marketing
✔️ What it takes to go from 7 figures to 8 or 9 figures
✔️ Valuing and purchasing an existing ecommerce brand
From Taboo to Dream Job
Early on, Daniel and Colin discuss the early days of ecommerce, back when “dropshipping” and “print-on-demand” weren’t even a thing yet.
Colin began buying stuff from overseas and shipping it to his apartment, where he would package and send it out himself. Not many respected his line of work, and he says it even felt taboo at times, but now the script has flipped, and everyone wants a piece of the ecommerce pie.
Competition has also increased dramatically, but that isn’t a problem for innovators and early adopters like Colin and his company!
Data is Your Friend
Numbers may not lie, but we sure as heck can misread them! In some instances, you can get away with doing something “good,” but in this case, good is the enemy of great, as Colin likes to put it. Big companies crush the competition because they have a profound understanding of their attribution models and have organized it down to a T.
With recent Facebook updates, it’s harder to track where traffic is coming from, which further adds to the importance of owning your data. If you have to rely on other channels and platforms to keep track of your acquisition numbers, it’s a lot more complicated.
Marketing on One Channel is a Thing of the Past
There’s no sense in throwing all your money into one channel these days. You simply won’t make a splash.
To compete with the big dogs, you’ll need to construct a fully-integrated cross channel strategy on multiple platforms like Instagram, Facebook, Snapchat, etc. Boomn owes a lot of its success to its ability to master any channel with its expert crew of marketers.
It’s even better if you can build them up alongside one another to complement each channel and help capture people from vastly differing audiences and areas of the web.
How to Grow a Brand Beyond 8 Figures
Making mistakes is always a big thing in the beginning. How you use these mistakes will guide your future going forward, so be ready to learn from them and move on. Again, data is the secret to unlocking extra zeros at the end of your revenue, and you have to get creative when it comes to deploying new strategies.
Colin mentions being one of the early movers innovation-wise over the years, adopting Facebook and Google Ad spend way before anyone else thought to. He even attributes 30 percent of his revenue from SMS marketing last year, which is quite impressive in its own right!
Don’t Overpay
Boomn is planning on buying a few existing brands this year, as it is “easier to get off the ground” if everything is established. Colin prefers poorly run brands with great winning products because his team can slip right in and clean it up.
One thing he warns of is overpaying for a brand. If you are getting into ecommerce and want to buy a brand, make sure to do your due diligence and remember that many people are overcharging. Try offering a deal to companies that aren’t for sale, and only go for companies that are a few years old.
It may not be easy to get to the level that Colin is at currently, but it is easy to reach out to him on:
You can also follow Daniel Budai here:
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