Vijay in this session explained what exactly the Web Exclusive Brands are, why adopt WEB strategy, what are the Success matrix’s, Challenges & Opportunities in the WEB industry.
- You are just one of the many stores in the world, creating awareness, to get visitors and get them buy, involves huge cost which depletes margins and capital left in organisation, and if you try acquiring customers on these high margins, the negative margin cost, then you have try get them back to buy again. But if your proposition is based on discounts the day discounting ends, the customer is never coming back and they would be coming back only if they have made good experience with you.
- You have to create your brand something which gives identification, differentiation, aspirational touch-feel to the whole environment that the customers feel that there are good products here. There must be something larger than the product to hold the package together; there must be value equation perception. A single brand cannot address everybody and anybody, A Brand by name means a lot to some it can’t be everybody and anybody.
- You have to define your TG, who is your customer (Age, gender, geographic). Brand positioning, imaginary cool or classic, whatever way you think your customer will be attracted to, you have to create those brand ethos, identity and experience which has to run through everything you do.
- More you narrow your focus on audience Cost of customer acquisition increases, it’s not about you can send out 200 e-mailers just to everybody and everybody comes and checks your website, 90% may not be relevant, if you target your audience finer and you reach out to people whom you think will reach out to your product niche marketing cost of acquisition increases and balances also.
- Online business is real business too, get your fundamentals right; Founding team must bring all key skills & experience, Get the consumer facing proposition right, it’s is not a valuation game. It’s a long haul & there are no short cut.