As the holiday shopping season fast approaches, the uptick in excited consumers ready to spend will create plenty of opportunities for emerging brands.
There’s Black Friday, Small Business Saturday, and Cyber Monday. Each day—and every other between now and the end of the holiday season—are chances for emerging brands to capture shoppers’ attention. Are you ready?
Let’s explore three simple tips for emerging brands to build an online presence during this exciting time of year.
No. 1: Keep It Simple
Emerging brands often have a trickier time of gaining consumer loyalty than established brands. One big reason why is lack of familiarity of the brand.
Therefore, you should keep it simple in the early stages. This means simplicity across branding, product marketing, advertising, and more. You have an exciting product, but you can’t let consumers get lost in the details of what makes it unique before they know who you are as a brand.
This is why simplicity is beneficial. State what the product is. Explain how it fits into the bigger picture of your industry. Don’t share technical details, product specifications, and other minutiae up front. Save that information for your website, owner’s manual, or similar medium. Focus on building anticipation, curiosity, and excitement to establish a foothold among consumers.
La Colombe Coffee Roasters took a similar approach as it grew, promoting a message of responsibly sourced coffee and trusting that the simple message—and quality products—would garner enough attention.
No. 2: Establish Your Own Identity
Where do you plan to sell your brand online? For many, the answer is Amazon, Walmart, or another marketplace. However, there’s value in creating your own identity away from these major online players.
Why is this the case? It’s because online shoppers do research before buying. They are likely to search your brand online before buying from you on Amazon. And, they won’t turn much up if you’re only available on this marketplace. Plus, selling on your own website gives you more control over your brand—and how you can protect it.
Creating your own website and webstore gives you opportunities to build awareness and provide your own value. For example, a Bizrate Insights survey of more than 1,000 online shoppers found that consumers were more likely to buy from a lesser-known website if it offered free shipping, the best price, or customer reviews. You can do all of this through your own webstore.
For instance, fashion is an industry that is ripe for unique, identity-driven brands. Stationary Denim is one example, which has focused on creating selvedge denim products that are now unique among competitor brands.
No. 3: Properly Price Your Products
Perhaps most important for any new company is price. That’s why one of our tips for emerging brands is to price your products properly.
This takes several forms in practice. For starters, you must monitor your competitors to track their prices. Learn how they’re pricing comparable products and adjust your prices accordingly. As an emerging brand, you may want to price low to entice shoppers but not too low to degrade margins. Tracking your competitors’ prices can help with that.
Next, you’ll want to be able to adjust prices quickly and at scale. This can be achieved with automated repricing tools. In the world of online retail, prices can change every few minutes. This is a monumental task to ask of an employee to manually reprice. Instead, let software do the heavy lifting. You can set rules for prices to ensure they support your business goals, such as minimum and maximum prices or when to change prices based on the actions of a specific competitor.
Take Advantage of Online Retail
What does success as an emerging brand look like for you? Your answer will influence your strategy moving forward, and these three tips can help you get to where you want to go.
Above all, take advantage of the online retail world. The internet provides an opportunity to connect to a vast audience and get your brand across multiple marketplaces. It also gives you the ability to keep a close eye on competitors and tailor your business plan to fit the industry.
Don’t hesitate to contact us if you need some help along the way. Wiser offers several solutions for emerging online brands, from price optimization to market intelligence and MAP monitoring.