The global eCommerce market is estimated to hit $5.4 trillion USD in 2022. This means that the number of eCommerce stores selling the same products or services as you is growing.
So…how can you save your eCommerce business from getting lost in a sea of mediocrity? The best thing that will help you stand out is strategic company branding.
Company branding isn’t only about monthly revenues. Rather it’s your long-term plan to scale your business by making your audience trust and recognize you. When done right, branding can compel visitors to become loyal customers. Branding can bring your business to life.
If you want to be exceptional, you must know how company branding impacts your eCommerce business growth and how to build your own brand.
Company Branding and Its Importance for Business Growth
Your brand isn’t only the products you sell, but it’s who you are. It tells people your story, your goals, your beliefs, your values, your credibility. In short, it showcases the human side of your business.
People connect with emotions. This is why they buy from you. If you want to grow your business, you must build a company brand. Here are eight reasons company branding impacts your eCommerce business growth:
- It positions you as an authority in a particular niche.
- You become a credible source…and your target audience starts trusting you.
- You’ll be able to build a loyal customer base who will recommend you to others.
- You’ll be able to multiply sales.
- It can help you build dynamic communities.
- Company branding can win you new contracts.
- Branding will help you emphasize your unique selling point (USP) to consumers.
- Over time, you become a trendsetter in the market.
What Should Be Your Company Branding Strategy?
Identify Your Target Audience
One of the main goals of branding is to connect with your customers. For doing that, you have to first get to know your potential customers.
Conduct thorough research for identifying your target audience. Keeping in view your niche, create a portfolio of your ideal customer. This persona might include their location, their problems, their needs, and so forth.
Building personas will help you determine how your product can solve customer problems. You should be specific about who you are targeting in your marketing campaigns.
Clearly State Your Vision and Mission
Vision and mission statements give your eCommerce business a strategic direction.
Vision informs your audience about what you plan to achieve in the future through your business. Your mission statement interprets that goal over a certain period. You can use both of these to show what you stand for and what you strive for.
Both of these are the building blocks for a company brand. They help you narrate your brand’s story. Having a clear vision and mission statement also poses you as a credible source and enables your customers to better connect with you.
- Tip: Your vision and mission shouldn’t be a blend of random, catchy words. Rather, they should depict your brand’s personality.
Build an Interactive Website
It’s almost impossible to do any eCommerce business without having a website. You need to have a platform to showcase to your audience what products or services you are offering.
Even if you are using an eCommerce marketplace such as Amazon or eBay, you’ll need a website so that people get to know more about your brand.
There are various options for building your site. However, for an eCommerce business, it’s better to build your site on eCommerce-specific platforms.
WooCommerce and Shopify are the two leading platforms for building your e-store. While WooCommerce can give you complete customization flexibility, with Shopify, it’s much easier to set up your eCommerce store.
Create Innovative and Informative Content
The best way to engage your audience is to create content that is either helpful for them or they find amusing. This not only helps you bring traffic to your eCommerce store but will provide value to your target audience.
Moreover, by creating content, you’ll be able to build your credibility in your niche. This will eventually help you shape your brand.
For creating content, it’s important that you consider your niche, target audience, and your defined personality. This information will help you set the tone of your content.
You can start by sharing blog posts that carry valuable information for your customers. You might also start a weekly newsletter that you send exclusively to email subscribers.
Use the Power of Social Media
As an average person spends two-and-a-half hours daily using social media, it’s more likely they will find your online store through those platforms. Moreover, by 2025 you will be able to reach 4.41 billion social media users worldwide.
Obviously, social platforms are the most powerful mediums for marketing your brand. Precisely because they are so powerful, you’ll want to tread carefully.
After looking at your online store, customers tend to find your social media accounts to verify your credibility. Your availability on different platforms makes you a more accessible and trustworthy brand. You don’t have to be active on all platforms, but at least make a strong commitment to one or two. “Quality over quantity.”
With more and more eCommerce businesses coming online, it’s getting increasingly difficult to differentiate your brand amidst a sea of mediocrity. Your best chance to stand out is strategic company branding.
Through company branding, you’ll build authority, credibility, and a loyal customer base. You’ll also be able to emphasize your USP and become a trendsetter in the market. Most importantly, in the long run, it will help in the growth of your eCommerce business.
Having a clearly defined strategy in place for company branding is crucial. How you display your business to the internet can help increase sales. Identify your target audience, clearly state your vision and mission, and build an interactive eCommerce site. After that, create helpful content for your audience and use your socials for brand awareness.