Branding Branding Branding!
As per the saying of : "location, location, location" that applies to realestate, "branding branding branding" is a fair example we could apply to our case here. It's a simple formula : The more attractive you make your brand, the more it will be so to your potential customers. Once that happens and start generating sales, these will convert into reviews and feedback that would build up your reputation. Branding can be a bit tricky to set a budget on, as it can be very costly and still not very effective. You should also not solely focus on branding and try and see if you can invest your money in another way that is more potential on giving you back returns. Remember, the more reviews and feedback from sales, the more credible you become as a seller; provided of course that the feedback is mostly positive!
Partnerships & Affiliations
This is a very effective way to create a mutual interest for both your partner(s) and / or affiliate(s) and yourself. Let's assume you want an additional channel of income to expand your the accessibility to your product(s)and / or service(s) and that spending a lot on branding and promotion is not an option. You best bet in this case would be to seek these partnerships and affiliations. Why is it good for you? It is promoting your brand and potentially leading to more sales. Why is it good for the other parties involved? Their members are getting a discount per say, and they are getting a 5% commission per sale. Of course, before agreeing on any figures you have to know your margins quite well - you don't want to find yourself in a situation where you would be making very insignificant contribution margins for the sake of processing orders. In some very rare cases, companies might opt in to sell a product or a service for a loss if they are looking to penetrate the market (using penetration pricing methods), or even without either conceding a loss or making a profit in the case of charities and non-profit organisations.
Getting The Media Involved
Getting the media involved in terms of writing press releases about your brand, articles, whatever it may be, it's excellent! The media has a huge influence on markets and getting your brand featured on big media outlets can be just what you need and perhaps, the miracle, that might just put your sales in sky-high position. Remember, any publicity is good publicity! The whole point is putting your brand under the spotlight.
The trick? As you would've guess, it's no easy thing getting featured in the press. Usually you pitch your idea to them and if they find it a compelling story for them to feature you as a brand who did / is doing something innovative, you might just be lucky enough! This is where you come in : give them something to talk about! It is fair to say that the market is saturated enough!