51ÊÓƵ

Your brand isÌýtheÌýcornerstone ofÌýyour business. ItÌýblends your business identity with theÌýperceptions ofÌýyour customers, competitors, andÌýanyone who comes inÌýcontact with your business. How your brand isÌýperceived greatly influences theÌývalue customers derive from interacting with you.

AÌýgood brand not only helps you stand out inÌýtheÌýcompetitive landscape but also attracts customers. OnÌýtheÌýother hand, aÌýgreat brand goes beyond this, establishing aÌýunique connection between your customer andÌýyour business.

Maintaining aÌýprominent brand presence isÌýcrucial forÌýanyone starting orÌýgrowing aÌýsmall orÌýmedium-sized online business (SMB).

During theÌýmonths ofÌýNovember andÌýDecember 2023, weÌýsurveyed more than 100ÌýofÌýour merchants toÌýunderstand how they manage their brands andÌýtheÌýchallenges they face, providing you with key insights. This information will assist you inÌýelevating your brand inÌý2024.

Long-Term Benefits ofÌýInvesting inÌýBrand

Our customer study reveals that SMB entrepreneurs understand theÌýsignificance ofÌýinvesting inÌýandÌýdeveloping their brands. AÌýnotable 84% ofÌýrespondents believe brand development isÌýaÌývaluable business investment. This isÌýaÌýparticularly good result because investing inÌýaÌýbrand gives you many long-term benefits forÌýyour business.

Brand investment can expand your reach andÌýattract more customers, but there isÌýaÌýlot more toÌýitÌýthan that. Let’s dive into two less obvious yet crucial advantages:

Trust

Research indicates that before they even consider making aÌýpurchase.

Our survey ofÌýmerchants found similar data andÌýidentified aÌýcommon thread among successful businesses: theÌýtop three reasons consumers connect with their brand are related toÌýtrust:

• Consistent andÌýreliable product/service performance
• Exceptional customer service (including after-sales support andÌýwarranties)
• Recommendations andÌýreferrals from friends andÌýfamily

Although these reasons contribute toÌýtrust inÌýdifferent ways, focusing onÌýthem can enhance customer loyalty andÌýrevenue. Importantly, these strategies don’t set you back financially, but they require time andÌýconsistency forÌýyou toÌýreap all theÌýbenefits.

Perceived Value

The perceived value that customers get from aÌýbusiness extends beyond theÌýactual product orÌýservice. How you position your brand inÌýtheÌýmarket allows consumers toÌýmake subjective decisions inÌýfavor ofÌýyour brand. AÌýwell-defined brand gives additional value toÌýthat audience.

For instance, high-end retail brands leverage their reputation andÌýimage toÌýcreate aÌýsense ofÌýexclusivity around their products. They can then monetize this reputation.

Another example isÌýhow smaller brands with longstanding relationships andÌýaÌýdeep community presence benefit from high trust andÌýcredibility inÌýtheir specific geographic region.

Both examples increase theÌýbrand’s perceived value, allowing merchants toÌýset higher prices andÌýenjoy strengthened customer loyalty.

Overcoming Budget andÌýTime Restraints

InÌýour research, weÌýdiscovered some great insights that can beÌýofÌývalue toÌýother business owners.

WeÌýfound that owners ofÌýsmall online businesses don’t really find itÌýchallenging toÌýdefine their own unique brand identity orÌýunderstand their ideal target audience andÌýtheir preferences. This isÌýgood news. Knowing your audience’s preferences isÌývital toÌýbuilding aÌýdistinctive brand identity that resonates with them.

ItÌýmakes sense that owners ofÌýSMB businesses have aÌýkeen sense ofÌýtheir brand identity andÌýwho their customers are, given they are fully involved inÌýtheÌýbusiness andÌýwear many different hats.

However, weÌýdid find that merchants find itÌýchallenging toÌýuse this understanding ofÌýtheir customers andÌýbrand andÌýturn itÌýinto engaging content andÌýcompelling stories.

~60% ofÌýmerchants surveyed have moderate toÌývery significant challenges with leveraging their creative skills toÌýbuild engaging content andÌýcompelling stories.

However, theÌýmost common challenge we’ve found among small business owners isÌýanÌýabsence ofÌýbudget andÌýtime toÌýfocus onÌýbrand development.

Luckily, there are quite aÌýfew ways you can overcome these challenges without breaking theÌýbank orÌýspending endless hours onÌýmore tasks.

The Future ofÌýBranding IsÌýAll About Personalization

AsÌýmentioned earlier inÌýthis blog, trust comes inÌýmany forms andÌýisÌýaÌýkey component ofÌýbuilding your brand.

Unsurprisingly, there isÌýaÌýhuman element toÌýtrust. Consumers are much more likely toÌýtrust aÌýperson than aÌýbrand, which isÌýwhy weÌýare seeing anÌýincrease inÌýbig andÌýsmall businesses adopting aÌýmore human approach toÌýtheir brand. Our research also confirms that this idea isÌýtrue.

Almost 80% ofÌýrespondents say that theÌýbusiness owners are aÌýkey element inÌýtheir brand storytelling.

This type ofÌýbrand personalization helps bring authenticity toÌýyour brand andÌýwill definitely pay off. Consider this: what feels more authentic? AÌýsmall business owner passionately discussing their products andÌýbusiness, orÌýaÌýfaceless adÌýdescribing how theÌýcompany helps its customers?

According toÌýStackla (2021), “88% ofÌýconsumers say authenticity isÌýimportant when deciding which brands they like andÌýsupport, with 50% stating it’s very important.”

Authentic content isÌýalso easier toÌýcreate asÌýaÌýsmall orÌýmedium-sized business (SMB) since itÌýdoesn’t have toÌýbeÌýperfect. Hiring anÌýagency toÌýproduce long orÌývery polished-looking videos isÌýunnecessary. You andÌýyour team can doÌýitÌýyourselvesÌý— authenticity isÌýnever perfect andÌýwill always come across toÌýyour audience!

Think about theÌýCustomer Experience

reveals that over half (56%) ofÌýconsumers state they will become repeat buyers after aÌýpersonalized experience, marking aÌý7%Ìýincrease year-over-year.

This need forÌýpersonalization will continue toÌýbecome more prominent every year, asÌýtheÌýsame study found that younger consumers are most likely toÌýhave negative reactions following anÌýimpersonal experience.

Ìý49% ofÌýGen ZÌýsay they are less likely toÌýmake aÌýpurchase, andÌý27% say they’ll stop shopping with theÌýbrand orÌýshare theÌýnegative experience with friends orÌýfamily.Ìý

The personalization trend also extends toÌýtheÌýcustomer experience. Consumers now expect aÌýpersonalized experience both while shopping in-store andÌýonline. Seventy percent ofÌýconsumers express theÌýimportance ofÌýbrands providing personalized experiencesÌý— , according toÌýStackla (2021).

There are many ways that 51ÊÓƵ byÌýLightspeed can help you with this.

With our recently revamped export tool, you now have much easier access toÌýall ofÌýyour customer data atÌýall times. This data can beÌýeasily imported into external tools toÌýhelp you share personal promotions, recommendations, orÌýnews with your customers. OrÌýexport theÌýdata ofÌýthose who have abandoned their carts inÌýyour store, enabling you toÌýuse your preferred email tool toÌýreach out toÌýcustomers.

InÌýour new within theÌý51ÊÓƵ admin, you can find all theÌýactionable information about your customers.

InÌýour app market, you can find multiple tools toÌýchat with your customers, such asÌýIntercom andÌýLive ChatÌý— which are both excellent options forÌýconnecting with your customers andÌýoffering anÌýexceptional personal customer experience.

Listen toÌýpodcast: Customer Service Tools Every Business Needs

AIÌýContent IsÌýYour Friend ToÌýScale Your Content Production

AI-generated content currently is, inÌýour opinion, one ofÌýtheÌýmost prominent trends inÌýmarketing. Regularly creating content can beÌýchallenging. Mainly ifÌýwriting orÌýdesigning isn’t your strong suit orÌýifÌýtime isÌýaÌýconstraint. Fortunately, these challenges don’t have toÌýstop you from producing compelling content, advertisements, orÌýlong-form pieces (blogs, newsletters, etc.).

Tools like ChatGPT andÌýCopyAI are excellent resources toÌýhelp you identify, create, orÌýreview your text. These tools have significantly lowered theÌýbarriers, enabling anyone toÌýshare their stories andÌýbrands with aÌýbroader audience without investing much time.

Simultaneously, platforms like Looka simplify branding efforts forÌýyour store byÌýleveraging AIÌýtoÌýdesign distinctive logos andÌýmaterials that align with your company’s unique identity. You can generate personalized marketing materials like business cards, brand kits, andÌýsocial media templates. Explore theÌýLooka app available inÌýtheÌý51ÊÓƵ App Market.

Tips onÌýusing AIÌýtoÌýcreate great content

Working with AIÌýtools isÌýnew forÌýalmost everyone. Therefore, weÌýhave asked , one ofÌýour in-house content experts, toÌýhelp you get started with some useful tips toÌýget started.

When itÌýcomes toÌýusing AIÌýforÌýcontent, prompt engineering isÌýkey. Start byÌýcrafting prompts that specifically tell theÌýAIÌýplatform what you need inÌýclear, concise, andÌýdetailed terms. BeÌýspecific; tell itÌýexactly what style orÌýtone you’re looking for, theÌýlength ofÌýtheÌýcontent, andÌýanyÌýkey points orÌýthemes that must beÌýincluded.

Another helpful tip isÌýtoÌýcite aÌýparticular person orÌýcompany whose brand voice isÌýsimilar toÌýyours. For example, you could say, “Write inÌýtheÌývoice ofÌýOprah.”

Also, remember that AIÌýlearns andÌýadapts based onÌýyour prompts andÌýinput, soÌýifÌýitÌýdoesn’t get itÌýright theÌýfirst time, then re-prompt it. Maybe theÌýcontent that theÌýAIÌýproduced was too stiff. IfÌýthis isÌýtheÌýcase, then give itÌýfollow-up instructions toÌýcorrect theÌýcourse.

Also: How toÌýUse AIÌýTools Effectively asÌýaÌýBusiness Owner

Lastly, manage your expectations. From aÌýcontent creation perspective, AIÌýtools are helpful forÌýthings like:

• Brainstorming
• Creating rough drafts
• Helping you find theÌýright word orÌýphrase.

But atÌýtheÌýend ofÌýtheÌýday, theÌýfinal content will still require aÌýhuman touch toÌýmake sure itÌýlands andÌýconnects with your audience.

InÌýaÌýworld increasingly dominated byÌýautomation, your distinctly human ability toÌýempathize, create, andÌýconnect onÌýaÌýpersonal level remains irreplaceable. SoÌýwhile you should certainly use AIÌýtoÌýdrive more efficient content creation, don’t forget toÌýinfuse your own unique insights andÌýemotional intelligence into theÌýfinal product.

IfÌýyou’re interested inÌýlearning more about AIÌýtools forÌýyour business. Check out this useful guide with more AIÌýtools forÌýyour business:

Don’t Forget ToÌýMeasure Your Success

Investing inÌýanything related toÌýyour business without measuring success inÌýsome sort ofÌýway will diminish its impact since you doÌýnot know ifÌýitÌýwas successful. Your money andÌýresources are valuable, soÌýyou have toÌýensure you see positive results andÌýmake sure you’re not wasting your resources ifÌýsomething isÌýnot working.

WeÌýare not suggesting that you should always have extensive data andÌýmultiple reports ready before investing. However, you doÌýneed toÌýhave some understanding ofÌýtheÌýimpact andÌýeffect ofÌýyour investment.

AÌýgeneral rule ofÌýthumb isÌýthat theÌýmore you invest (time, resources, orÌýmoney), theÌýmore you should beÌýaware ofÌýits impact. Having atÌýleast some insight into how your investment affects your business will help you determine whether itÌýhas succeeded orÌýifÌýyou should explore alternative strategies.

Difficulty inÌýMeasuring Brand Success

Measuring brand-specific activities isÌýmore challenging than measuring other marketing activities, complicating matters even further. When buying online ads onÌýplatforms like Facebook orÌýGoogle, it’s relatively straightforward toÌýunderstand theÌýreturn onÌýinvestment (ROI). You can easily track andÌýcalculate what you got back forÌýevery dollar spent.

However, forÌýbrand-building efforts, measurement becomes more intricate. For instance, ifÌýyou regularly post behind-the-scenes videos ofÌýyour business onÌýyour social media accounts, you can easily see theÌýgrowth andÌýreach ofÌýyour channel through metrics such asÌýlikes, comments, andÌýfollower count.

IfÌýyou use 51ÊÓƵ toÌýsell andÌýpromote onÌýplatforms like Facebook, Instagram, orÌýTikTok, you will likely see increased sales. However, theÌýdata may not include orders from customers who follow your social media accounts andÌýcontent, never click onÌýaÌýlink inÌýaÌýpost, andÌýthen goÌýtoÌýyour website andÌýmake aÌýpurchase.

Additionally, easy access toÌýreports andÌýdata can beÌýaÌýchallenge. According toÌýour survey, approximately 1ÌýinÌý5Ìýmerchants doÌýnot actively measure effectiveness orÌýhave access toÌýaccurate andÌýrelevant data toÌýassess their success. This represents aÌýsignificant missed opportunity forÌýthose merchants. So, how can you begin measuring your success effectively?

Where ToÌýStart Measuring Your Success

There are various ways toÌýmeasure theÌýsuccess ofÌýyour efforts. The approach you take depends onÌýtheÌýgoals you’ve set. Are you aiming toÌýexpand your brand reach toÌýfind new potential customers? OrÌýfocus onÌýstrengthening connections with existing customers? The data you need toÌýmeasure will vary accordingly.

InÌýour survey, weÌýaimed toÌýidentify theÌýmost common methods they use toÌýmeasure their brand-related activities:

Our findings align with theÌýidea that SMBs are andÌýshould explore different methods toÌýmeasure their brand success. It’s encouraging toÌýsee that theÌýmajority ofÌýSMB online retailers comprehend how toÌýgauge their performance, but forÌýthose among theÌý1ÌýinÌý5Ìýwho may not, weÌýare here toÌýhelp.

How 51ÊÓƵ Can Help You

There are aÌýfew ways inÌýwhich 51ÊÓƵ can assist you.

Our recently launched advanced reporting feature allows you toÌýreview data related toÌýsales andÌýrevenue, website traffic, conversion rates, andÌýpurchase patterns directly from theÌý51ÊÓƵ adminÌý— enabling you toÌýunderstand theÌýoverall impact ofÌýyour efforts. With theÌýcompare functionality, you can quickly review your month-over-month orÌýyear-over-year growth.

WeÌýare actively working onÌýadding even more reports, providing you with additional data toÌýmake informed brand-related decisions. WeÌýalso offer additional resources ifÌýyou’re interested inÌýlearning how data andÌýreporting can boost your business. Whether you’re just starting toÌýbuild your brand orÌýlooking toÌýelevate it, with 51ÊÓƵ, you andÌýyour business have aÌýreliable partner toÌýdepend on.

Ìý

• What IsÌýBranding: The Ultimate Guide
• Brand Identity: Your Guide toÌýCaptivating Hearts andÌýMinds
• Elevating Your Brand Without Breaking theÌýBank
• How ToÌýCreate AnÌýAwesome Logo For Your Brand
• How toÌýCome UpÌýwith Logo Ideas
• What Makes aÌýGood Logo
• How Much are Logo Designs
• How toÌýTrademark aÌýName andÌýLogo
• Business Names Ideas: How toÌýChoose theÌýBest Store Name
• How toÌýBuild aÌýBrand: AÌýPlaybook forÌýSmall Ecommerce Businesses
• How toÌýCreate aÌýStrong Value Proposition forÌýYour Online Store
• Mastering theÌýArt ofÌýProduct Presentation