There is a rapid expansion of the e-commerce industry in India. It is expected that the e-commerce market will grow at an 18.9% CAGR by 2030 to reach a value of $400 billion. Currently, there are 5,217 active e-commerce startups in India.
You will need a long-term, all-encompassing business plan to dominate the direct-to-consumer market and differentiate your brand. On Figuring Out, I interviewed Ananth Narayan, CEO of Mensa Brands. We discussed how to create sustainable D2C brands and develop a tailored, customer-focused strategy that fits your brand.
Here are some D2C brand-building strategies that I believe are most important:
1. Identify customer needs
Direct-to-consumer brands outperform multi-brand retailers by a considerable margin. Despite the difficulty of capturing the customer’s attention in a crowded market, comprehensive data can provide in-depth insights and determine client needs. Entrepreneurs who follow this approach can better understand how clients behave and interact with them on a more personal basis. Your brand evaluation and customer service will be entirely under your control. D2C brands should therefore aim to engage with and care for their customers as their primary objective.
2. Create budget evaluation
Identify how you can expand your D2C brand by making a budget plan and analyzing it. Organizations benefit from analyzing budgets because it helps them achieve goals and minimize waste. Cash flow can be determined through a budget analysis. By doing so, you can ensure that your brand stays on track.
Spend wisely, and look for breakthroughs. It is also essential to examine deviations, compare budgets to predictions, and adjust if necessary.
3. Make an influencer strategy
It is vital to develop influencer marketing strategies for direct-to-consumer firms so they can reach and target a vast customer base. Utilizing internet penetration and customer inclinations for social media platforms can help companies engage with customers and provide a customized experience. It is also essential to align D2C strategies with how clients shop online.
4. Optimize your marketing
In a fiercely competitive market, companies need a strong marketing strategy. An online presence is essential to building your brand. In order to acquire and reach new customers, a brand needs a strong marketing strategy based on an Omni channel approach. It’s all about social media, performance, and SEO. Take the time to think about how you are doing things differently and what else you are doing. Brands will succeed or fail based on their ability to stand out from the crowd.
5. Train employees for D2C
In order to accomplish the business’s goals specific, measurable, achievable, relevant, and time-Bound targets must be established, and the team must be ready to achieve them.
It is vital that they work effectively and efficiently so that the company can grow and generate profits.
In order for your D2C brand to be successful and for its retailing to be successful, you need to focus on the key factors. Ultimately, the core objective of your D2C brand is to delight your customers with innovative products when you launch.
Listen to our full conversation here.