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Branding? What’s that? Branding is an impression, an emotional connection and it can be a promise. It’s a bit more like touchy-feely.
Let’s say that you’re shopping on myALSY for a high-dollar item like a Rolex watch. Assuming that both of these stores are selling the same Rolex watch that you want to buy, which one would you buy from based on the store’s name alone: “Pete Bargain Shop” or Emily’s Fine Jewellery?”
Personally, I’d go with Emily’s because I can actually deduce a few things based on her store name. My first impression is that Emily’s store more likely specialises in fine jewellery, therefore has some experience with Rolex watches. Without further investigation, I have a sense of emotional connection that she might have the right level of product knowledge.
On the other hand, Pete’s store probably sells variety of stuff and the word “bargain” indicates that I might get a deal. However, I am not assured enough that I would find the level of quality that I’m looking for and it isn’t worth the risk in my book. I’d probably pay a little more just for the peace of mind or the promise that Emily store brand seems to convey.
This example is based only on store name. There are other important branding component that need to be considered as well such as:
Everything that you do for your business portrays about your brand. You might have thinking all along, I don’t have time for branding but you’re branding everyday. It’s just a matter of what you’re conveying.
Here are four more reasons why you can’t afford to ignore branding:
Apparently, it’s a well known “secret” that Google prioritise established brand in organic search results as visitors are more likely to click on them. I’m not saying that it will be easy to go up against big online retailers with massive brand equity, but if you have a unique niche and a solid brand strategy, you have a better chance of fighting your way to the top.
Once you attract a potential buyer and turn them into a customer, branding can go along way to help you retain them or encourage repeat business. If you’ve left a good impression, established an emotional connection and delivered on your brand promise, most likely customers will think of you the next time they’re in the market for what you sell. It’s that simple.
Aside from the money you can save by improving your organic search results, you can also save money when you turn first-time customers into repeat buyers. How? Well, it costs up to six times more to acquire a new customer vs selling to an existing customer. So, if you deliver on your store brand promise and delight buyers, they’ll return and hopefully bring friends.
Remember what I said earlier about being willing to pay a little more for peace of mind? When you deliver on your store brand promise, whether that’s something spelled out in your mission statement, implied through your branding efforts, or is born out of prior experience purchasing from your store, you can afford to change a little more than the competition. You’ve in essence already secured your customer’s trust and that’s worth a lot. But as always, be fair.
If your store has a clean, cohesive and professional look and feel, your listings are concise and have attractive images, you respond promptly to your customer inquiries and your customers are happy with their purchases, you’re well on your way.
As with lots of things in life, consistency is the key. The more consistent you are with your brand, the more brand equity you’ll build.
Sellers, tell us on how do you use visual branding in your business?