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Setting up an ecommerce business is one thing, but creating sustainable growth can be the true hurdle. Below are the top moves you can make to achieve consistent expansion in your ecommerce brand!
1. Invest In Continuous Market Research
As the ecommerce industry continues to skyrocket, there are more and more opportunities for sales. But on the flip side, this makes competition larger than ever. Analyze market trends, popular categories on your ecommerce site of choice, as well as average pricing of competitor products. This will help you better gauge how you can position your winning product! Investing in careful, diligent research will allow you to save money and time in the long run and will set you up for your best chance at success!
2. Write An Optimized Product Detail Page
An ecommerce brand’s product detail page is an essential part of a brand’s image. It’s the first thing a potential customer will see to determine whether to purchase your product. Including accurate, crucial information about the products sold can infinitely increase the number of visitors to your page, as well as total sales! Also, keep in mind that search engine optimization (SEO) keywords, as well as relevant hashtags, can help customers find your product. Finally, make sure the grammar and sentence structure of the page is top-notch since small mistakes can speak volumes of the professionalism and legitimacy of a brand. Here are some key descriptions you could include in your product detail page:
High-quality visuals of your product
“How-to” guides
Examples of occasions for usage
The pain points in a consumer’s life your product will alleviate
Naturally integrated relevant keywords for SEO
3. Build A Loyal Audience
Creating a customer base that trusts your brand is first and foremost crucial to growing your brand. There are two steps to this: first is having the product and service to attract a sizeable base and then keeping them engaged to create repeat customers. Position your product to be unique and different from your competitors, and find customers who believe in your brand. Then, make sure to retain your following! Connecting and frequently communicating with your customer base through social media is a great way to keep them excited and in the loop, eventually becoming repeat customers. Continuous engagement will create satisfied customers that will feel connected to the brand and its mission. This leads to profitable behaviors from customers, such as recommending your product to others or repeated purchases. This is crucial in achieving sustainability in your profits over a long period.
4. Trademark Your Product
Since ecommerce takes place online, many of your assets exist in the form of Intellectual Property. Your Intellectual Property is accessible to all, making it difficult to regulate your assets. No matter the size of your brand, try to register your company name, domain name, and any unique products. This will protect your assets and prevent competitors from taking any names that are heavily associated with your brand. It may seem obvious, but many brands forgo trademark registration until much later in their brand growth, opening themselves up to potential liabilities. Protecting yourself and your brand ensures consistent and sustainable growth in your business. Look into the specific procedures and regulations surrounding trademarks in the countries your brand operates in, and start the process now if you have not already.
5. Stay Organized
Keep inventory organized, standardise a way to fill out forms and spreadsheets. This way, as your company grows and you begin involving external parties such as outsourced talent, new hires, or consultants, it will be easier for you to pass along your term sheets
and workload, creating smooth transitions between the different stages of growth of your brand will experience. Staying organised has an additional benefit of prepping your brand to be acquisition-ready as well! By having clearly structured and standardised term sheets, the transfer process will become far more manageable. This could also lead to potential benefits such as a better valuation for your brand.