The Importance of Establishing Your Brand Identity
After the year of retail-tainment became so paramount, there is now more than ever an emphasis on brands mastering the “experience of retail”. Before it was an effective way to attract customers into store designs. Now, however, it is absolutely critical for concept stores to invest money into making their brand more than just a store. Store designs need to invest in experiences. According to a study by Adobe, “80% of business decision makers said improving their company’s customer experience was among their top priorities” (Adobe). Here is why it should be your top priority too:
More entertainment results in better customer relationships, leaves a longer lasting impression, and makes your store design more competitive in the retail industry.
Brands now more than ever need to invest their money and efforts and to creating a strong brand identity. Developing your brand identity is vital to remain competitive. Using the following steps can help store designs reach the greatest number of people and reach their personal potential.
1. Create a Vision and Understand your Customer
The first step in reaching your store design’s highest potential and learning how to become more engaging with customers is to first understand who you are trying to market towards. Store designs marketing towards a younger demographic should focus on a ‘fun’ atmosphere, versus a more ‘dynamic’ atmosphere for adults. Either way, whoever is being targeted, there still needs to be a focus on engaging with people and making a presence. Company’s need to learn how to make their company better than the rest through marketing, adapting their product, and entertaining customers. Personalizing the store’s vision to their target customers is the first step in understanding and mastering their design.
“Understanding your target customers for successful online lead generation”
Image Source: torpedo
2. Invest in Technology
The second step in reinvesting in your brand is incorporating technology. Currently, the Asian market is leading in mastering the use of technology. Technology is important to attract customers into store designs as well as to keep data on what customers want, and when they want it. Within the Asian market, about a third of companies invest at least ⅕ of their budget on virtual reality or some similar type of interesting experience to allow their brand to stand out. By incorporating technology and virtual reality into concept stores, customers become more aware of products and more loyal to companies overall.
“Consumers Are Changing E-Commerce Preferences”
Image Source: MH&L
3. Focus on Business to Customer Marketing
While it is important to know the vision of your company and how to master technology, the most important factor in being competitive includes focusing your time and attention on entertaining the people. After analyzing the most competitive companies it has been realized that “59 percent of global CMOs recognize brand experience as a way to formulate ongoing relationships with their core audiences, and 90 percent of marketers worldwide think that brand experience delivers strong face-to-face interaction and more compelling engagement.” (Luttner). While creating an engaging store design and incorporating retail-tainment is important, it also is essential for companies to establish their brand by meeting with different customers, networking, and building their brand. By attending trade shows, events, and exhibits, brands can grow their brand simultaneously while growing relationships with customers.
“Top Industry Tips on Mastering Networking in Insurance”
Image Source: TalentEgg
Companies have learned how to master retail-tainment, but now they need to go the next step in mastering their relationships with customers. By reinvesting money into their vision/ design, engaging in virtual reality, and establishing their brand by attending various events, companies can become more competitive and successful in today’s retail market. Customers today more than ever are interested in experiences, and store designs need to understand how to make a statement and leave customers with a lasting impression of their concept store.