How To Create a Long Term Success Strategy For Your Online Store

This article aims to provide clear guidance on creating a long-term branding strategy and emphasizes its significance for businesses. The truth is that many businesses struggle with developing a long-term strategy, which can lead to confusion and declining conversion rates. Nevertheless, establishing a strong long-term strategy is crucial for sustained success and forms the foundation of your brand. What does this mean exactly? 

We will explore methods to make your company stand out amidst competitors and market changes, ensuring long-lasting success. We will delve into the reasons behind it and explore how to implement it. 

However, let's begin by addressing the fundamental question: What is a brand?

A brand is often mischaracterized to be just a logo or an image of a company.

While those aspects are undoubtedly crucial for your business, they merely scratch the surface of what your brand truly represents. Let us unveil the essence of your brand: it's the living, breathing personality and ethos of your company. 

Imagine, just for a moment, viewing your business as a vibrant individual, not a static entity. Picture someone you know—a friend, perhaps—and summon memories of their past and their distinctive character. It's through this process that we forge a connection with others. 

Let's take a fictional person named Martin and craft his identity, incorporating his ethos and personality. Imagine Martin as a reserved, traditional individual, molded by his upbringing in a conventional household. He achieved average grades in a regular school and is now celebrated for his unwavering work ethic. Martin dresses conservatively and shies away from controversial discussions. 

From this portrayal alone, you can guess that Martin is a dependable individual, someone you can rely on to accomplish tasks. He's predictable and unlikely to venture outside the boundaries. 

Now, here's the fascinating part: If Martin were the owner of a company, he would be renowned for embodying reliability, upholding traditional values, and possessing an impeccable reputation.

Now let's look into some real-life examples - Steve Jobs.

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He has a really rich history in his life. He was born in San Francisco, California and he dropped out of college. He is known to be a tech guy. In 21 years, he and Wozniak started Apple Computer Company. Three years after the release of Apple's second model, the Apple II, the company's sales increased by 700 percent to $139 million. Today he is known as an innovator, futurist, and a man with a unique taste when it comes to computer and phone design.

Steve had an eye for the future and Apple's revolutionary products, which include the iPod, iPhone, and iPad, and which are now dictating the evolution of modern computer and phone technology.

Having the information above will give you enough to form a few presumptions about Steve Jobs. He is definitely caring the mind of an innovator, as well as an eye for beautiful design. He definitely has the relentless drive that propelled him forward in his entrepreneurship journey. Also, that same spirit is present in every business that he comes involved with. So, as you can see, the so-called “ethos” is a spirit around something. Also, a personality (especially in the brand context) are the characteristics and values that something possesses. Basically, your brand MUST have both – ethos and a personality.

Why having a brand actually matters?

You might be questioning the relevance of all this to your business's success. Well, believe it or not, it's EVERYTHING. Every industry inevitably reaches a point of saturation. Even if you currently face minimal competition due to novelty, a nascent market, or a substantial advertising budget, rest assured that competitors will emerge and capitalize on your target market. That's where a strong, established brand comes into play—it empowers you to outshine your rivals consistently. Your brand is what forges that personal connection with your customers, enabling you to triumph over your competitors day in and day out.

If you still have your doubts, consider this scenario for a moment. Imagine you don't have any of the unique circumstances we mentioned earlier. Now, suppose both you and your competitors offer the exact same product with identical benefits and features. In this situation, who do you think customers would choose to buy from? And more importantly, why? When you and your competitors offer an indistinguishable offering, your brand becomes the determining factor in customers' decision-making process.

Here's the revelation: NOBODY can replicate the unique ethos and personality of your company. The majority of people make decisions based on emotions first, and then they rationalize those decisions. If you lack an emotional connection with your target market while your competitor has one, rest assured that your target market will choose your competitor every single time—without a shadow of a doubt! Let's use "Apple" as an example again, but this time as a business company.

1. Conduct extensive research on your target market and demographic.

2. Perform in-depth competitor research.

3. Develop the essential elements of your core story, as people relate to stories, not just products.

4. Ensure your brand's core story is strong, consistent, and imbued with emotional value and depth, breathing life into your products and services beyond their tangible benefits and features. This will provide stronger and enduring power.

5. Choose a brand name that conveys higher perceived value. The names you assign within your business can significantly influence how clients perceive your worth. Naming is all about positioning, and effective positioning can make the difference between a hundred and millions of dollars in value.

6. Craft a compelling Unique Value Proposition (UVP) and Unique Selling Proposition (USP). Clearly define the values you offer and understand your unique selling point. It's essential for everyone involved to grasp these terms, yet experience has shown that very few people develop a strong USP, and many are unaware of what a UVP entails.

With the insights and concrete examples of how a powerful brand works (maybe actually THE most powerful brand ever created), you should now have a solid idea of the steps necessary to outshine your competition and establish a long-term branding strategy. 

Take your time to reflect on these points and then begin executing each one discussed here. As Benjamin Franklin wisely said, "If you fail to plan, you are planning to fail!" 

But once you have your branding strategy, executing it flawlessly is equally as important. That’s why our team is working tirelessly to provide every one of our merchants with the tools need to succeed in eCommerce. Feel free to take a look at our Marketing Suite, specially designed to boost your marketing and branding efforts.