CPG & eCommerce: Building Brand Equity
Building Brand Equity
Welcome back! You've made it to the final chapter in our CPG series. We are going to discuss a topic that probably matters most for your brand...building equity. Both new and established businesses are looking for ways to prosper and create brand equity.
You'll recall that we discussed targeting your consumer and breaking barriers earlier. In the world of eCommerce a myriad of themes flow together-- knowing your target audience and eliminating barriers allows for efficient brand success.
The following tips will help you accelerate growth and build equity.
Invest in your eCommerce resources
Recruit and create a dedicated team of eCommerce strategists. Your eCommerce team will need to have the right set of analytical resources in order to stay organized and be successful. Pulling the data, creating a plan and executing is key to accelerated growth amongst heightened competition. Your brick and mortar retail success will not directly translate to online sales success. Your team will create its own eCommerce strategy that speaks to your brand and creates awareness. Having an eCommerce team that explores and manages the challenges of eCommerce is indispensable.
Optimize Your Digital Shelf
You can't build equity without selling your product or service. In 2018 nearly 80% of consumers go to Amazon to discover new products or brands. That's' a 30% jump from the previous year! This means that all brands have the opportunity to compete on the Amazon stage. These numbers reflect the trust consumers have in Amazon. Their digital space allows for large brands and indie brands to reach consumers. You'll need to optimize your digital shelf in two key areas.
The digital shelf has endless options. How will your consumer find you? According to a behavior study, 70% of Amazon shoppers don't click past the first page. This highlights the value of optimizing your product listings with accessible and results-driven keywords. Your keywords play a key part in winning the digital shelf because they provide search visibility.
This means that when a consumer searches for a keyword your product shows up within their results. Ideally, you are on the first search page. Having a digital analytical tool that can guide you through your search visibility is essential. Analytical tools can help guide your strategy by providing insight on your current performance and show opportunities, so that your eCommerce team can capitalize and create conversions, otherwise known as sales, for your company.
Once your consumer has found you, the final and most rewarding step is creating the sale. Provide your customers with dynamic and informational content. In order to be effective, use accurate and beneficial content. Pictures and descriptions are great, but you can take it a step further. Videos of how your product is used or enjoyed are helpful and boost conversions. There's evidence that people that don't read, do look at video content. This impacts your bounce rate and session duration. Statistics show that people watching videos are 64% more likely to purchase. Another benefit of video is that it allows you to tell your story directly to your customer. This engages customers, provides a perceived quality of your product and makes them feel familiar with your brand.
Having an online presence means that your brand is present on multiple platforms. For example, your own website, Walmart, Etsy, and Amazon. Multiplatform marketing is fantastic for creating traffic and interest in your brand. It behooves your company to create an Amazon strategy as people use Amazon as a comparison site. You will want to provide your eCommerce strategist with the tools needed to monitor the expansive content being used. Copybox, a multiplatform content tool, allows your team to monitor changes and set guidelines. As you create content to spread your message across platforms you want to ensure its consistency within your CPG strategy.
CPG and eCommerce are most successful with continuous testing and an open plan; allowing for strategists to respond to consumer feedback. You want to provide your customers with a high-tech, robust online experience. Doing so will allow your brand to penetrate the marketplace and enhance sales.
As you place your focus on creating an eCommerce team and optimizing your digital shelf you'll watch your brand equity thrive.
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