Creating an identity for a company in a consumer's mind is called e-commerce branding. A brand's visual design, story, name, etc., are all important to establishing a company's image. In e-commerce, the Better you receive feedback from the customers, the better your brand becomes.
Those who want to build a brand must keep certain challenges in mind that are essential to their success. Luckily I have a step-by-step guide for establishing your brand. If you want to know more about e-commerce and brand building, read the full article for a better understanding.
How to Establish your Brand Identity on Budget
Below are some easy steps toestablish your brand on a budget.
· Define your brand identity
· Choose Brand Name
· Design a Unique Logo for your business
· Brand color
· Brand Font
· Identifying your Target Audience
· Brand Story
· Use of Social Media
Define your brand identity
Brand identity is your way of presenting yourself to the public. It will help find what aspects make your business different from others. Branding can be done on a budget if you take into account those unique aspects.
Brand identity includes language that influences the market and signature visuals. Suppose you have started a new company and do not have much presence. In that case, you can monitor your competitors on different social media platforms and see what visuals and languages they are using and how customers react.
After finding the customers' perceptions, it will help you decide what parts of your brand you should continue to associate with and which ones you should change.
Choose Brand Name
When choosing your brand name, consider going for the unique one so customers can easily remember your brand and identify your products. Your business name must also be creative and can convey your business information.
There are many amazing techniques that you can use to find creative domain names for your business that grab the attention of your target audience instantly.
You can also choose the closest domain name for your website to make an impression on the internet and social media. People will search by your name, and if you have the same name domain, they can easily reach you, and your business will grow. Domain names should not be long since no one likes typing long web addresses.
Brand Visuals
Brand visuals include logos, colors, and font. All of these play an important role in establishing a brand. Suppose you are running a business of packaging, then you can implement different packaging ideas for an e-commerce business with different visuals that will attract the audience and protect the product as well.
Design a Unique Logo for your business
The next step in establishing your brand name is designing a unique logo that can be easy to remember. You can use different fonts and colors to make your business logo unique. Your brand logo is also your trademark so that nobody can copy your brand.
You can use different fonts and colors to make your business logo unique with a logo maker.
Brand colors
Colors also play an important role in developing your business by attracting customers. You can use the same colors that you have used in your brand logo for your website. You can also choose funky or decent visuals for your brand according to your need and want. It will be great if you follow the same color pattern on all of the business aspects of your brand, including the website, business cards, posters, print marketing materials, and employee uniforms.
Brand Font
You are communicating with the customers through your business information, product descriptions, and disclaimer, so a good font is necessary for that. Choose a suitable font for your brand that is attractive, captures your brand mood, and is easy to read. Your chosen font must be professional and modern.
Bonus Read: Video Content Marketing
Identifying your Target Audience
The Target audience is the potential customer of your business. You can also define the targeted audience as the most suitable persons to buy from your business. To identify your targeted audience, you can conduct market research, create market segments, conduct competitive analysis, and lastly, through your targeted audience analysis.
Brand Story
If you are running an e-commerce store, people can't physically connect with you or your brand, so to build trust and loyalty, you can share your brand story with your audience. You can share how you develop your brand, your brand challenges, and how your brand tackles them. You can also share the production of your products or highlight your company's CSR Objectives which can make your brand stronger and more trustworthy.
Use of Social Media
You can use social media in order to connect with your audience. You can receive feedback and guide your audience if facing any issues with your products through social media. People feel more comfortable when a brand approaches them even after they have purchased their product. Through social media, you can also promote your brand and products.
Marketing Objectives
An organization's marketing department sets goals to increase the sale of its products and services is called marketing objectives.
How to Set the Right Marketing Objectives
These are a few steps that can be beneficial while writing marketing objectives.
· Identify your Main Goals
· Set Standards
· Create a Marketing Strategy
· Measure the Results
Identify your Main Goals
The first step is identifying your organization's main marketing goals. You can find your primary goals by considering the purpose of the campaign. You can also get an idea through your company's mission and vision.
For example, if you have an E-commerce packaging company having good business and your goal is to sell 10000 packaging units. Develop a structured plan for achieving your main objective by making it specific and measurable.
Set Standards
After identifying your main objectives next step is to set standards. In order to accomplish your primary objective, you will need to follow these standards. You can add a deadline to these actions, so your team will get motivated.
Create a Marketing Strategy
Create a marketing strategy that will assist you in reaching both your standards and primary goals. You can create a step-by-step process that has all the company's goals and the actions that help in achieving them. In addition, it should identify the stakeholders so you can see who or what is responsible for what. You can break down these marketing strategy steps as much as you can to implement them easily.
Measure the Results
After completing all the above phases, the last step is the measurement of the result. You have to measure your performance daily, quarterly, monthly, or yearly (depending on the marketing strategy) to get to know about your result. In case the results are not as expected, further changes in the strategy are made through the result.
Bonus Read: Top YouTube Influencers in India
Define KPIs and How to Calculate the ROI
The acronym of the KPIs is key performance indicator. It is a measurable, specific, and quantifiable matrix used for measuring the performance of a particular object or goal overtime. Decisions can be made analytically; so focus your attention on what's most important.
KPIs provide:
- Targets that teams should strive for.
- It sets milestones to gauge progress.
- Makes decisions more efficiently by providing insights across the organization.
Why Are KPIs Important?
KPIs are an important way to ensure your teams support the organization's overall goals. Here are some of the biggest reasons why you need key performance indicators.
- Provide a health check: From risk factors to financial indicators, key performance indicators provide an accurate picture of your organization's health.
- Hold your teams accountable: Develop key performance indicators for employees and managers that help them track their progress.
- Keep your teams aligned: KPIs keep teams on the same page, regardless of project success or employee performance.
- Make adjustments: By tracking your KPIs, you can pinpoint your successes and failures so you can do more work and implement other strategies.
How to Calculate the ROI
There are two standard methods that you can use to calculate the return on investment.
Method #1
ROI = (The net Return of the investment / the cost of the investment) x 100
Method #2
ROI = ((The final value of the investment – the initial value of the investment) / the cost of the investment)x 100
The return of the investment
The annualized gain on investment over the time period of a year is the return on the investment. It is an important factor when tossing between two investments. Considering this factor is important when choosing between two investments since a 10% return over ten years is likely less attractive than a 5% return over two years, despite the higher ROI on the former term.
The cost of the investment
For an accurate measurement, you must have to use the correct formula for the return on investment. The cost of the investment is one of the most important and common factors that people fail to determine. So first, we have to find the correct cost of the investment. For this purpose, there are some factors that you can consider, including taxes, Insurance fees, additional costs, and maintenance costs. If these factors are not considered, it can lead to an incorrect ROI because the full cost must be considered.
Annualized return on the investment
The annualized ROI formula calculates the return on the investment based on the annualized gains. It also helps to overcome the shortfall of the standard ROI calculator. The formula to calculate the annualized return on investment is as follows.
Annualized ROI= [(1+ROI) 1 / number of years the investment is held-1] x 100.
Conclusion
E-commerce branding is an essential thing on online platforms. For establishing an e-commerce brand, we can do simple steps, including brand identity, choosing a brand name, visuals, brand story, social media for communication, etc.
After establishing the e-commerce brand, every organization has some goals to achieve, so to achieve those goals, we can do a few steps of marketing objectives, including identifying the goals, setting up the standards, making and implementing the strategy, and lastly calculating the result. We can also use KPIs to measure the performance of a particular person or goal and also use ROI formula for the calculation of the return on the investment.
