The festive season is here and DTC brands across the country are preparing for the biggest eCommerce sales ever!
It’s a good time to step back and analyse different aspects of your business. In this blog, we explain 7 hard truths many online brands overlook. You can takeaway tips on how you can optimise your business for maximum sales this festive season.
- 1 1. DTC is an entire different way of doing business
- 2 2. “Fail fast” has to be the mantra
- 3 3. Your brand story NEEDs to have value
- 4 4. Your employee culture needs to reflect these values
- 5 5. Your marketing needs to get smarter
- 6 6. Without data, your growth will remain stunted
- 7 7. Staying relevant also means staying up to date with latest tech stacks
1. DTC is an entire different way of doing business
DTC is not just a different distribution channel of eCommerce. This model allows online sellers to conduct business with innovation.
It provides them an opportunity to actually connect with their audience. It’s fundamentally different to the model that the legacy brands operate in. Legacy brands focus on efficiency and churning out products in large quantities. DTC brands channel these incumbent legacy brands by daring to be different and by daring to actually listen to what their consumers want.
DTC brands need to understand, this model of eCommerce does not just mean reaching the consumer without a middle man. This model has transformed what is widely known as a “producer” – “consumer” relationship.
2. “Fail fast” has to be the mantra
DTC brands at their core know what their customers like and what they prefer. That means you can either satisfy their demand, or understand that your product did not work and move on.
Brands like Wildberry Organics, Pulp Brew, IAS insights, Bizgurukul all could identify the gap that was there. Understood what their customers were missing out on and then they delivered value services.
These brands started out with a certain product and then carefully monitored what products were well received and what were not. Because these independent brands base their business on the needs of the consumer, if the consumer leaves a bad review because –
- The product was useless
- The website experience was difficult
- The quality of the product or service wasn’t up to the mark
Their business is at stake. Which is why DTC brands are much more alert and in tune to their product quality. If something doesn’t work, they need to quickly pivot and make changes to deliver a product that satisfies their consumer.
3. Your brand story NEEDs to have value
Today’s consumers know they are powerful. They do not want to be at the mercy of the MNC monopolies. So when independent brands come in that have values and goals that resonate with the consumer community, they see instant success.
Your brand story needs to show the consumer what value you want to bring. Anybody can make a product, but the why and how is pretty important in today’s day and time.
They had the advantage of building a brand that already imbibed values of preservation and ethics. Legacy brands often have to take calls on choosing between large scale profit or making structural changes that bring them closer to their ESG goals.
Related Read: How to build a brand for your small business
4. Your employee culture needs to reflect these values
The values that your brand stands for needs to be imbibed in every single member of your team.
Even though the founder sets the direction for the ship, it’s the entire crew that ensures a smooth sail.
This is the difference that most DTC brands are seeing with legacy MNC brands. The teams of DTC brands are generally younger, more committed to inclusivity and diversity and have a stronger belief that each team member has ownership.
As a team leader, it is very important that you not only ensure that your team recognises the values that your brand stands for but also willingly takes ownership in the quality of the final product.
5. Your marketing needs to get smarter
Remember the CRED ad with Rahul Dravid? Or the Licious ad with Khali? Or the Zomato midnight ads on YouTube?
All memorable right? They made sure that after watching their content, we remember their brand name.
That is what is needed. There are a hundred million brands out there, but unless your marketing delivers something unique and remarkable, you will remain unnoticed.
Strive for innovation with your content and build a loyal community.
Related Read: 4 DTC amazing eCommerce marketing campaigns
6. Without data, your growth will remain stunted
Maybe the biggest advantage that selling on your own website has – you can collect and leverage consumer data.
But what is the point of collecting consumer data if you are not using it to refine your product and marketing strategy?
Data can offer you a wealth of information. It can tell you what kind of people are liking your products. What products are working well. What is the favourite product of a particular consumer and so on.
With this information at your fingertips, not using it can lower the potential of your business growth.
Using data can help you:
- Offer personalised discounts
- Expand product lines
- Understand your profit margins
- Target the ideal customers
- Imported your marketing efforts
- See better conversion rates
7. Staying relevant also means staying up to date with latest tech stacks
In today’s economy, technology is the fastest hack to growth. Your goal should be to become as close as possible to your consumer.
By leveraging the right set of technology, you can ensure:
- Faster communication
- Better Website performance
- Higher customer satisfaction
Chatbots, live chats, video commerce, all of these will help you directly connect to your customers.
Exit intent pop ups, custom scripts, mobile responsiveness, etc. will help you convert customers.
Constantly stay up to date with technology and make it a point to research. The more you know, the better you can perform.
And if you need help, we are always there.