Deepak Agarwal’s Recipe for Building a Brand

ATLANTA, GA / ACCESSWIRE / August 20, 2020 / Establishing a business is relatively easy. Every day thousands of new retailers open worldwide, both brick and mortar and eCommerce, as the barriers to entry have lessened with the adaptation of social media for business.

However, according to Fundera, 50% of small businesses fail after five years in business. What is the difference between those that survive and those that don’t make the cut? What is the reason that so many new businesses fail?

While establishing a business may be easy, establishing and maintaining a brand is a challenge that eludes a large portion of market entrants. Many new businesses fail because they lack the differentiation and consistency necessary to up-level their business into a sustainable, scalable brand.

“Building anything requires a sturdy foundation, and a brand is no different,” says Deepak “Dee” Agarwal, C-suite executive of several large multi-category online retailers. “Building your brand is all about establishing a strong foundation and customer base. This means creating repeat buyers and brand advocates who will not only happily spend money on your product, but also gain you more followers through positive word of mouth.”

How do you earn this? What is the catalyst that transforms a business into a recognizable brand that customers are willing to promote?

Value and Consistency.

Defining what makes your business unique and valuable to your target customer is essential in highlighting this value and differentiation to pique the interest of consumers and earn new business. Know your ideal customer, where to reach them, and how to appeal to them.

“As a brand, you must be able to articulate why should anyone choose to do business with your brand over another? This is your value proposition. Start there,” says Deepak Agarwal. “Once you have an answer that holds water, you are onto something.”

Along with value, consistency is also critical to earning repeat business. When a customer knows that they can expect a positive experience from you, you can keep them coming back time after time. Creating consistency requires implementing protocols for operations that allow all of the independent moving pieces of your business to work seamlessly and in tandem.

“With online retailing, you cannot physically interact with your customers to ensure a positive experience with your brand,” says Deepak Agarwal. “In each of my businesses, I have invested my time and resources in establishing ways to provide a consistent positive online experience that encourages customers to return. From a customer’s first interaction with our site to the time they receive their order, each touchpoint is put in place to ensure that they feel valued and know that they are important to the brand.”

For more expert business tips from Deepak Agarwal, read Top 5 Tips to Master Social Media in Online Retail.

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SOURCE: Scenic Figure

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