A retail startup is at times seen as the most favorable option by many entrepreneurs. Maybe you had a vision about a new product, or you just have the right strategy to up-sell an existing chain of products and make money off them. Of course, you’re just starting out. On your way to success, you’ll have to consider and tackle various challenges. One such challenge is how to brand a retail product? Well, to help you with this, I’ll be sharing with you a few product branding tips for retail startups to help you scale your product and discover early business.
So, let’s get started.
1. Track Metrics
As a business, metrics are your best friend. Knowing where your product is heading next in the market and is it where you want to be, is what they help you track.
Some crucial metrics to keep an account depends on which industry you deal in. The most common ones include traffic, sales, conversion rate, sale-profit ratio, and customer count, etc.
Depending on which industry you deal in, there are different ways to track your metrics. Ideally one should use CRM (customer relationship manager) software to track their growth as a business. Further, I recommend doing a monthly or a quarterly review as doing so, would help you gain clarity over your branding goals.
2. Use Media & Infographics to Grab Eyeballs
Various studies prove that people like to understand the product they’re buying. And to make them understand, at times, fancy blog posts or website isn’t enough. You must employ offering a variety to your audience by using videos, pictures, or infographics to educate them about your product or service.
Applying the same strategy on social media like Instagram would help you gain more visibility and generate engagements. How? You’ve probably witnessed this first-hand when you stopped scrolling on your Instagram feed because you encountered an interesting video thumbnail or caption.
Similarly, adding humor or employing informative memes is also a great way to get people to share and discuss your brand on social sites.
3. Capitalize on Trends
Every now and then people tend to be captivated by some trends. It’s by using this as a brand advantage that you can benefit as a business. By simply participating in trends, you’re showing that your brand is ‘social’ as well, which further increases the probability of getting noticed by people.
Thus, it’s important for your retail startup or company to formulate a content strategy around the hottest topics and keywords, preferably on a same-day or same-week basis.
4. Leverage Your Existing Network
Building a network around your retail product is a bit hard, but is totally worth it. Once you are able to even create a small network, it helps you reach out to new connections and even, generate business.
The easiest way to start networking is by being active on platforms like LinkedIn, sharing industry insights, and attending hottest meetups in your niche.
5. Take Feedback & Iterate
Allowing customer feedback would help you make adjustments to your product branding strategy.
Further, by collecting feedback you can give the people what they want instead of trying to guess what they want. This exercise can help you even in your pre-launch phase and can generate momentum, brand awareness, and even sales prior to the product’s actual launch.
Finally, I’d like to say that the product won’t hit the market and become the best selling in just a day! It will take time and effort. But if you are consistent, it will happen one day.
Furthermore, in the last of product branding tips for retail startups, I’d like to tell you that every other effort won’t matter if you’re not developing high-quality content. So, do take time and invest in building quality content that is understandable by your target audience.
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