Establishing your brand strategy is one of the most important things you can do as an online entrepreneur. And as an online retailer, it’s important to recognize that in order for a customer to be loyal to your brand, they have to know it and know it well.
Your brand strategy is your business’s signature presence. It can encompass everything from your logo down to the filter you use on your Instagram posts. Establishing a cohesive brand story across the board will foster your ability to establish brand recognition and loyalty.
Now, something to note here is that brand loyalty has actually declined significantly over the last few years. The internet has blown the doors off the way consumers behave. Options are seemingly endless, and finding a better deal is sometimes as simple as just scrolling down. For that reason, having strong branding and forming a strong customer base is more important than ever before.
What is brand strategy?
Your brand strategy helps define how your customers see your products and your business. Basically, it’s what helps your business stand out and helps you avoid having to compete on prices alone. Finding your positioning can be a bit tricky, but every business has a “winning-difference,” you just need to get very specific about what you and your business are all about.
A strong brand strategy can act as a powerful marketing, customer retention, and loyalty technique.
Finally, identifying and establishing your brand strategy early on, before you branch out into other aspects of business is hugely important. You’ll avoid having to work backwards and reestablishing an impression with customers. Having a consistent message across the board promotes legitimacy.
How to establish a brand strategy for your online retail business
So, we’ve got a little brainstorming exercise for you to help you establish your brand strategy. Doing this should help you uncover what makes your business remarkable!
- Does your online retail business have a mission? If so, what is it?
- Does your product solve a problem? What problem?
- What do your current customers like about your business?
- Write down what your potential customers think about your business?
- Think about what standards you want customers to associate with your business?
Ultimately, you’ll want to be able to eventually answer these questions without hesitation or much thought. It would be even better if you could promote these messages on your store. Consider a philosophy page to show your brand’s message or a place for customer reviews so they can let people know what they think of your business.
So, market research will be your friend. You want to get inside your customer’s heads to know and understand what they think about your business. Email out a quick survey to your current customers or implement a quick survey function on your website!