Yotpo released their 2023 e-commerce trends predictions: it reports your ideal buyers want your – WHY – of your business, products and services. That includes
- Your personal story,
- your values,
- your ingredients,
- social proof,
- evidence of customer results,
They want it all and expect it as a minimum before purchasing.
It is a low-cost way to stand out and rise above the noise of your competitors.
It is also clear – your business doesn’t have a choice.
From Yotpos report:
“YOU’RE NOT JUST SELLING A PRODUCT; YOU’RE SELLING WHO THIS SHOPPER COULD BE IF THEY HAD THE PRODUCT. THIS INVESTMENT IN STORYTELLING WILL DEVELOP LASTING RELATIONSHIPS WITH SHOPPERS IN 2023.”
Your purpose is part of your WHY
“Not only do businesses need to learn and implement ways to start being more sustainable, but they also focus on how they’re talking about being more sustainable to customers”, Yotpo reports.
Business leaders increasingly have found that you can no longer guess or hope -as a strategy, will deliver budgeted revenue.
Creating and converting high-quality potential buyers into revenue requires a bolder approach built on the best performance.
Apple taught us that good brands create moats – that it is critical to differentiate and segment with a strategic narrative, story and pitch – that can build an impenetrable moat around their business.
Many business leaders have yet to grasp that it lowers your CAC (acquisition cost).
Investing in brand building – building digital trust, credibility and authority, explaining your business why with a strategic narrative and pitch reduces your overall acquisition costs and increases your long-term revenue performance – in short – done well – it has positive ROI.
“Brands that create authentic engagement within their customer base by deepening connections based on common beliefs ( purpose and your WHY) will have the edge over the competition and build stronger loyalty and trust,” reports Yotpu.
Award-winning brand-building campaigns are significantly less efficient at acquiring customers; however, when you turn off the campaigns, you often find that the CAC increases and conversions and organic drops over the next few months.
As a rule, the best practice is to spend 10-20% of your marketing budget on brand building: your purpose – why – vision.
It is no longer a nice-to-have option – it is a minimum requirement for an efficient revenue growth engine.
84% of buyers – buy based on values.
According to Direct to Consumer, consumers are 4x more likely to purchase from a brand and 4.5x more likely to refer others to a brand “with a strong purpose.”
As the world moves to – digital-first selling – (look – no humans involved in selling these products, franchises, or services), it requires businesses to transform how they think, act and communicate their values, products and services to sell more.
Yesterday’s newsletter went into depth about building a strategic narrative. One element is using a strategic narrative that is the same as all-time best-selling books and movies.
One of the five elements is – your promised Land.
Your business’s Promised Land – the future state – your business commits to bringing about for your buyers should be
- Desirable
- Improbable. Your buyers will only reach the Promised Land in a world with your product/service.
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Regards
David
