4 Tips for Sellers on How to Build a Strong Brand on Marketplace Be Different to Make a Lot of Money!

Be Different to Make a Lot of Money!

In business, as in nature, uniqueness is important - it is what attracts customers. The ability to stand out from competitors and create your own image is called branding. If you do not form a brand, your goods will be lost in the whirlpool of numerous offers.

Below are a few steps on how to build a strong brand and increase its awareness on Marketplace.

Step 1. Trade in the middle and higher segment

The price segment sets the rules of the game. The higher the segment your brand is in, the higher the margin and the more thoughtful the marketing.

There are price segments for brands:

• Mass market: goods that are available to everyone, often sold at a discount. Has simple and understandable marketing.

• Middle class: the correspondence of price and quality. The assortment is often updated, the goods are actively advertised.

• Premium: high quality, attaching a certain thematic issue to the product, a price above average.

• Luxury: exclusive goods for a narrow circle of society. There are never discounts, the price never decreases, on the contrary - it increases.

  
  

However, there is one nuance: competing at the expense of low prices is advantageous only for large brands that have high turnover and only they can negotiate with suppliers to get the best price for raw materials. Smaller brands will always have to buy more expensively. Brands in the upper-middle segment bet on marginality, because they know that consumers pay not only for the goods, but also for the brand's ideology and philosophy.

In order to quickly choose a price segment, you need to review the opportunities in the niche and consider the following three main criteria:

• Growth - analyze how fast the segment is growing. For example, the premium home goods market has an annual growth rate of 30%, which means that the supply is lower than the demand.

• Volume - find out how big the segment is. For example, if the annual revenue from product sales is several billion, then there are enough buyers in the niche.

• Competition - check who the competitors are and how they work. If there are only premium and budget brands on the market, then it is worth targeting the middle segment.

  
  

Step 2. Be unique, so that it is profitable

A brand is an ecosystem. It consists of elements that consumers have contact with. This can be a memorable name and beautiful packaging. Brand attributes shape the brand as a whole – how consumers perceive it. To make money, you need to come up with your own brand attributes and tie them together.

Brand attributes include:

• A logical name that fits the brand concept;

• A logo that is developed in accordance with the brand’s content;

• A corporate color;

• A corporate style;

• A slogan;

• A character or mascot;

• Packaging;

• Music.

  
  

Step 3. Use multiple sales channels

Develop all channels simultaneously so that you don’t rely on marketplace traffic. Create quality content, engage influencers, exchange audiences with fellow brands, and build a community around your brand.

Tools for stimulating multi-channel sales include:

• Content marketing on various platforms;

• Influence and performance marketing;

• Collaborations;

• Offline retail;

• Creating a unique customer experience in both online and offline commerce;

• Community formation;

• Work on product lines and categories;

• Operational communication and customer support throughout the sales process.

Make sure that customers understand your brand everywhere and that every interaction with it is positive. Regularly post consistent, meaningful, and harmonious content on social networks, collaborate with well-known bloggers who have a good reputation.

Step 4. Build customer trust

In order for buyers to return, you need to build a long-term, trust-based relationship with them, which is possible by meeting their expectations.

The following factors shape brand trust:

• Regular, quality engagement with your audience across multiple channels;

• Recommendations from influencers your audience listens to and trusts;

• Building a sense of stability for your customers through your social media content;

• Promoting positive interactions with your brand at every touchpoint.

  
  

Conclusion:

To stand out from your competitors on the marketplace, it’s important to not only sell products, but also develop a unique brand. Consider the following to make your business recognizable and competitive:

• Don’t sell to the mass market – target the above-average segment to stand out not only with price but also with brand value.

• Create a unique brand – analyze your competitors and differentiate yourself from them. Show your uniqueness with your name, packaging, and visual elements.

• Develop different sales channels - use not only Marketplace, but also other platforms: your own website, social networks, collaborations with bloggers and brands.

• Work on gaining customer trust - invest human and financial resources in brand marketing as a long-term investment. Build loyalty so that customers come back.