Why Brand Building is Important to Your Business
By Janson Tan · 9th August, 2018
According to the EasyStore's merchants statistics, the trend of selling with own brand is growing and accelerating pretty fast.
Why? there is a story behind it.
At the beginning stage of ecommerce, most SMBs used to be selling in marketplaces and social media only, as they intend to get maximum traffic at minimum cost. Despite the centralised platform having the high transaction charges and full control on all the customer data, SMBs are still live with it because it is too costly and high risk to start building their own brand and manage the daily business operation.
However, with the fast pace development of internet technology, ecommerce had become easier and more affordable, to the extent where anyone could start selling with their own brand.
You must be wondering why the trend of building a brand is raising?
Research shows that most of the healthy growing business are often equipped with 3 main elements to drive business growth, but the pillar for all of them is the “brand”.
What makes people buy from you but not from your competitors? The answer is the “value proposition”, it is the value you promise to deliver to your customer. That’s what makes your product or services attractive to your customers.
After your customer felt that you have kept the promise of the value offered, the level of trust built would be the highest than you could ever imagine. Basically, the customers would buy your next products without any hesitation. That is the real customer royalty, the next main element. If you are wondering how to come out with your own “value proposition”.
“People don’t buy what you do, and how you do it. But people buy why you do it.” - Start with why, Simon Sinek.
A business is not easy to sustain without regular customers and this is why building a good customer relationship is so important. They have endless choices but only open their wallets for the businesses or “Brands” that they really love, feel the connection, and care about them.
In fact, most of the successful businesses generate 60-70% of the revenue from their existing customers. What causes them to continue buying from you is definitely not only your products or your prices but also the story behind the business and the value that your business delivered.
Don't get surprised that the happy customer would share their good experience around their reach. It doesn’t matter who or where they are sharing, it creates WOM effect to your business. When there’s WOM effect, what comes after? New customers and new sales.
Customer loyalty opens up the opportunity for upsetting and diversification. After a strong relationship has been built, there is a higher chance that they will buy any related products that you upsell to them. Even if you have a different product or service line, your customers are still comfortable to buy from you.
Don’t put all the eggs in one basket; Your business can’t really rely on one single channel to drive traffic or engage with customers. Once there is any bad scenario happened on that particular channel, it could harm your business entirely.
If your business wanted to do marketing into different channels, the crucial thing that your business needs to have is “brand name”. It is the identity for people to get aware of and remember your business.
At a certain time, you might need other business to liaise with you to grow further, that is the partnership. With an identity, you have the bargaining power on how you want to establish the collaboration. Don’t limit your business.
Perfecting Your Brand
It starts with the brand promise - aspirational belief that a business brought to people. Every entrepreneur believes their company and products are valuable. That’s why it is so easy to overlook the value that is communicated to strangers. Spend the time to perfect your brand promise, it will pay off for your business to grow tomorrow!
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