Want precise actionable ideas that propel your D2C brand ahead? Well, we talked to Prathamesh Dembla in our recent mojoSeries episode.
Currently, he is the co-founder of a Stealth Startup. Prathamesh’s execution mindset has resulted in visible results like an 8x growth for Licious and 15x growth for Milkbasket. So he is the perfect person to tell you what you should be doing for your business, and what you should avoid!
If you missed it, watch it here!
If it’s too long for you, we have a TL;DR version right here! Here are 5 actionable growth ideas for your D2C brand.
Build a growth flywheel for your business
What is a growth flywheel?
A growth flywheel is a continuous loop of activities that drive customer acquisition, retention, and expansion. It is based on the idea that every action taken by a company should contribute to the growth of the business in a self-reinforcing way.
Does a growth flywheel help D2C brands?
A growth flywheel can help D2C brand owners achieve sustainable growth by creating a virtuous cycle of customer acquisition, retention, and expansion.
By continually improving and refining their flywheel, D2C brands can build a thriving business that delivers long-term value to customers and shareholders alike.
Even though there are multiple types of growth flywheels, you will have to recognise what works for you the best.
According to Prathamesh, the perfect Growth Flywheel to follow would be – The brand habit flywheel
A brand habit growth flywheel is a specific type of growth flywheel that focuses on building strong habits and customer loyalty. It is based on the idea that habits are the foundation of long-term customer relationships, and that building strong habits around a brand can drive sustainable growth.
What is your main revenue equation?
Often, business owners get inundated with TOO many metrics. And that results in stress and chaos. You should be able to identify ONE core revenue metric that will define your business growth for you.
Here are multiple revenue equations, the first three should be the most applicable for D2C business owners.
eCommerce metrics that your D2C brand should look out for
Business = Dhanda
You are running a business to make profits, which is why revenue needs to be your north star. But here are other metrics that decide whether or not your revenue is set to grow or not.
Luckily, for eCommerce businesses, these metrics are often easy to calculate considering all platforms provide analytics. Take Instamojo for example, it has a dashboard that gives you real-time analytics on how your online business is doing.
So which metrics are important? (Hint: All of them) But to ease your life, you can choose any THREE out of these and just run with it!
Videos – the queen of digital marketing
Your business NEEDS digital marketing to win. But, some efforts have a higher ROI than others. The biggest example?
Video marketing has one of the best results when it comes to brand awareness, consumer engagement and consumer retention. Plus, these videos do not have to be of high production value. All it needs to do is tell the consumer exactly what they need to hear.
Here are two examples of short and sweet video ads done by Milk Basket and Licious. All they did is show the consumer, what they stand to gain from these consumer brands.
Here are some resources to help you make videos under a budget:
- Become a pro: How to make the perfect video in 60 minutes
- Why You Need Videos in Your Social Media Marketing Plan + 3 Free Tools
- Youtube for eCommerce growth: An untapped opportunity
How to find the perfect influencer
Influencer marketing is often seen as more authentic and trustworthy than traditional advertising because it relies on the endorsement of a trusted and well-known individual.
Influencers have built a loyal following by creating content that resonates with their audience, and they are seen as experts in their niche. When an influencer promotes a product, their followers are more likely to trust their recommendation.
Here are 4 hacks to increase your ROI from an influencer marketing campaign –
1. Check for these things when choosing an influencer:
- Fake Follower check
- Engagement Rate Check
- Check how fast the Followers have grown & why they have grown
- Demographics (Typically shared by Influencers) (Ask the influencer about their Follower Analytics)
2. Always try to get Influencers with Engagement Rate > 5%
3. Stop working with an Influencer once you reach 0.2% of his follower Count
4. Understand the basics of payment to influencers
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