Virtual branding is the use of online advertising, logos, and advertising instead of more traditional means like billboards or walk-in stores. Many companies like Amazon have enjoyed unprecedented success through effective use of it, and it’s not hard to understand why once you add up the numbers.
Right now 42 percent of the 7.54 billion people on the planet are frequent internet users, an increase of seven percent when compared to years past. With countless people shopping and socializing online, your digital presence and impact act as a net that is capable of flipping users to customers.
As virtual branding has taken off in the last couple of years, a new level of creativity has naturally followed to find the magic formula. There’s plenty of potential out there to exponentially increase your revenue, it’s just a matter of putting the right innovative practices into play.
1. Virtual Storefronts
Perhaps the greatest power of virtual branding is that it can create entire stores without a physical anchor point. This would have been unheard of decades past, but now is common practice.
Customers can browse a business’ services and products and read peer views from the comforts of home, and companies enjoy less legwork to keep the store operational. Orders are still taken and processed just as if in-person, but by creating a custom digital storefront, customers can absorb some of a business’ personality commonly absent from online.
Iveta Dilger, co-founder of Online Kitchen, has integrated virtual branding in her company’s model to great success. As such, she shared with me why it’s a key move for business owners.
“Virtual branding means you can do much more with the same resources you already have on hand,” explains Dilger. “For example, with Online Kitchen’s model, businesses don’t need to worry about changing what they already do well. Instead, we create virtual branding for our clients in unique, authentic, proven and viable ways. By so doing, our clients more easily find their customers virtually, but then deliver excellent service in real life. Strong virtual branding bridges the gap often lost by going online, allowing entrepreneurs to do more with less.”
The reach of virtual branding and stores has far greater potential than traditional stores, as they aren’t dependent on foot traffic or local population size. For companies looking for a quick way to bolster revenue, investing in virtual branding and storefronts is always a solid move.
Virtual branding can function as an unparalleled magic key, but there is a bit of an art in finding the right locks.
2. Target Your Consumer
Having a quality product and presentation is essential and the first step for many businesses. Once you have it though, the name of the game becomes putting it in front of the people who want to see it.
By looking at website traffic and past sales data, you can start to build a customer profile about who has already shown interest in your product and is likely to return. Once you have your demographics dialed in, it’s just a matter of designing and placing the right virtual ads to the same types of customers.
“Typically, you start by identifying your best customer prospects based on your observations and intuition about your market,” explains business author and coach Peri Pakroo. “Next, you do research to learn more about your market, such as what your target customers’ buying habits are, what your competition is doing, or whether there are important industry trends.”
Studies show that target advertising leads to 2.7 times as much revenue when compared to non-targeted attempts, so it’s certainly a step worth looking into for those looking to rev up their revenue to new heights.
3. Make Things Scalable And Sustainable
The beauty of virtual branding is that once you have the right pieces in place, it’s as scalable and sustainable as anything can be in the business world.
“A forward-thinking mindset can help you avoid a common small business trap: a patchwork maze of systems that just aren’t getting the job done,” says business writer Jeanette LeBlanc. “Think as the owner of a business 10 times larger than your current reality. Choose solutions that will serve what is AND what may come: quality over quantity.”
Dedicating time to virtual branding upfront leads to ease of use later as the framework has already been set. You need to be prepared for growth when it happens, and having your virtual branding and identity already is an essential tool for any 21st company.
It’s sustainable as can be when compared to the overhead costs of normal branding and stores which need employees, have utilities, and are just more complicated to run in general.
Virtual branding requires little to function yet can rake in dollars. All these factors make it better for your bottom line, giving you more time and resources to develop other aspects of the business.
There are a few things that can ignite a business’ revenue so effectively as virtual branding. Taking the time and the resources to effectively convey your companies’ product and message has a steady and efficient rate of return.
It’s a numbers game these days as to who can garner the most attention and make the most lasting impression on the digital masses. This is the time to shine for your virtual branding. With the right strategic moves, you can position your business to be ready to meet the moment and blast off in profit.