& Why That’s Important For ECommerce Success
As an eCommerce business, you already know that selling online is far from easy, and the competition can be cut-throat. But there is one very effective (and underutilised) method of rising above the noise that some eCommerce business owners do not even consider – and that’s the power of building a brand.
Sure, you may have the greatest product on the market — but unless you get your brand out there and resonating with the right people, no one may ever know it exists.
For a moment, think about what a world without brands would look like. It wouldn’t be pretty for start-ups or small businesses. The reality is, without the power of brands, we’d only be shopping on Amazon and Alibaba – where decisions on closing the sale rely on the lowest price, reviews and the most efficient delivery method.
Utilising the power of a brand allows you to add more value to your products, making them more sort after, and worth the extra money or wait-time to get them.
Putting aside all our industry jargon, psychological evaluation and terminology, here’s what you need to resonate with customers and grow your eCommerce business through the power of building a brand.
What do we mean by the word ‘brand’?
A brand is much more than just the product itself. Having an established brand acts as a representation of your entire business. It includes all aspects of your look (brand image), the way you make the customer feel (messaging), and what the customers experience while interacting with/purchasing/or using your products (customer experience). There’s a lot to consider, especially as a brand contains all of the critical elements associated with your products and business — the logo, designs, colours, name, terms, communication, and any other interpretive or experiential features.
In a nutshell, a brand is what your customer considers when setting your business apart from every other business in the world. Your brand’s worth depends on what it means to your customers and how well it represents them. In formula terms, a brand consists of:
Business Branding + Customer Interaction + Customer Experience = YOUR BRAND
Becoming an influential brand is truly powerful! Take, for instance, Jessica Albas’ Honest Co company, offering eco-friendly products for babies, lotions, sanitisers, and more — all sold online with a few brick-n-mortar partnerships. According to Reuters, Honest Co just “traded sharply higher on their Nasdaq (stock market) debut, valuing the consumer goods company at around $2 billion. The shares were trading 37.5% higher than the IPO price, at around $22... Alba’s 6.1% stake in the company is now worth $124 million.” This was all made possible thanks to how the Honest Co brand was positioned with eco-friendly branding and messages.
We won’t bore you with the psychological reasoning behind it all, but building a brand comes down to creating a feeling of like-minds and acceptance between brand and consumer (and sharing the same values and opinions) — and these feelings can be evoked through connections as simple as their favourite colour or conversation. The truth is, brands bring that “love” factor to your product/service and promote loyalty and repeat purchases better than any other form of marketing. Many advertising tests have been conducted to prove the theory – when making a purchase decision, if a customer feels like they can relate and resonate with a brand, they will choose them over the comparable competition.
What makes a loved brand?
A lot goes into making a brand loved. It begins with knowing your target audience and appealing to them in everything you do. After all, they’re the ones who need to fall in love with it.
Successful brand development results in your customers easily recognising & choosing you. This can only be achieved when you have really delivered on the appeal of your brand, communications, and customer experiences. Leaving many areas of business to be considered as “brand building”:
- Brand design (colours, logos, themes, packaging, typography, etc.)
- Website presence
- Marketing campaigns
- Storefront and store locations
- Social media presence
- Exceptional customer service & interaction
- Company and working culture
- Messaging, slogans, and taglines
- Pricing and product or service quality
- Overall ‘personality’ and beliefs of the brand
- Brand promise & credibility
- Performance and valued outcomes
How does being a brand benefit you (& your business)?
Not only does having a brand bring more meaning and authenticity to your products/services, but it gives your customers something to bond to and form relationships with after they purchase. It also helps you build recognition and awareness (making you stand out from the crowd). It boosts trust and credibility, customer loyalty and creates customer tribes/a developed fan base.
You’ll can also benefit from a higher return on investment (ROI), increased profit potential, higher advertising effectiveness – where you will be met with curiosity and reliance, making a conversion more likely. And a competitive edge – such as justifying a more premium price against competitors.
In fact, Small Biz Genius reports that when done consistently, branding has been known to increase revenue by 23% and is 3.5 times more likely to enjoy excellent brand visibility than those who do not have a brand presentation.
Your business can grow immensely with branding because it makes consistency more achievable, messaging more valuable, your future strategy clearer, and new product opportunities more successful.
As long as your brand tells a story that can spark imagination and usage scenarios in the minds of your customers, the possibilities are endless.
A brand allows you to do good and be part of something bigger.
Brands have helped businesses become more than just profit makers. They can help benefit customers, communities, and the greater good through causes. This is especially important now that most consumers prefer purpose-driven companies.
According to Engage for Good, consumers “expect companies to lead with Purpose: 78% of [consumers] believe companies must do more than just make money; they must positively impact society as well.” This report was followed up with a study that found that 89% of executives say companies that lead with purpose have a competitive advantage in today’s marketplace.
Considering there are more than 32.5 million businesses in the U.S., more than 6 million U.K. private sector businesses, and about 2,422,404 businesses in Australia — there isn’t anything more critical to your business than standing out with a competitive advantage. Branding does that for you, especially when you stand for a given set of values and support relevant charities and causes in your community.
As customers, we have never expected more from businesses than we do today. We want to relate and support companies that we feel deserve our money. Whether they make a difference or stand for something — we expect the intangible and added positive feelings/thoughts that come with our purchase decisions. This is due to the train of thought – that we don’t want to easily part with our money. Especially now with the implications of an uncertain financial future that COVID has created. Ultimately, the power of being a brand can bring value and make all the difference to the success of your business.
Build a Brand You Can Be Proud Of
Forget the hype and industry urgency we all tend to feel on social media. Before you make the mistake of wasting money on ad spend, remember that building an established brand for your eCommerce store is a key foundational element in creating conversions and future growth.
Truthfully, the eCommerce world is changing and has already changed significantly to the pre-Covid era. Now, customers require more from you than just an offer — they want to know you and what the brand behind the product/service stands for. This means in order to succeed, you need to have more than a good product. You need to prioritise building bonds between your brand and its target audience, strengthening relationships with loyal customers, and building a brand that customers relate to –– now that's something you can be proud of.
If you want to see your conversions rise and ensure your business succeeds well into the future, strategise ahead by planning, building and establishing a brand for your eCommerce store. Get in touch with Marketing Your Brand or view our Website and Brand Building Workshops to build a brand that is proudly yours.