With roughly $4.8 trillion in retail e-commerce sales projected globally by 2021, it would appear that there is ample opportunity for e-commerce businesses to excel. However, nearly 8 out of 10 online stores fail within the first 24 months, often due to problems concerning subpar branding and an excessive emphasis on the product itself rather than marketing the product.
While your product is critical to sustainable business success, poor branding in a digital era of social credibility and brand recognition can make your product irrelevant.
“ It’s not the best product that wins but the best-known one that wins ,” says Jaiden Vu, Founder and CEO of Vantura Cosmetics, an e-commerce business that specializes in organic and vegan cosmetics.
The company was able to capture a sizable audience of Facebook and Instagram followers before even launching a product. With a budget of $5,000, the cosmetics company gathered a following of more than 27,000 people on Instagram, 6000 on Facebook and over 10,000 emails in just two months – without a product launch.
The company utilized social media tools such as UNUM, an app for planning and publishing digital content that provides data-driven insights, partnered with other companies for promotional giveaways, and were very consistent with their publishing schedule in order to grow their following.