First and foremost, a unique brand can have a huge impact on your business by giving you a competitive advantage over your rivals and helping you acquire and retain customers at a much lower cost.
In eCommerce, where new businesses (and therefore, new competitors) are springing up every day, an established brand can be an invaluable asset in bringing customers back time after time and generating profit. Regardless of whether you’re investing time and effort into crafting a compelling brand or paying no attention to it whatsoever, your business still has a brand, however, it may be completely different to how you intended to be seen.
By carefully constructing your brand through stories, relationships, marketing messages and visual assets, you have the opportunity of shaping your customers’ expectations for your business and creating a unique bond that goes beyond the buying-selling relationship.
Brands that manage to take a step further and establish a special, long-term emotional connection with their customers become lovemarks. Essentially, lovemarks draw on three key elements: mystery, sensuality, and intimacy. Mystery is infused by tapping into dreams and the powers of inspiration, building on the value of icons and myths, and exploring the ideas of past, present and future. Sensuality relies on the five senses to locate touchpoints with consumers, whereas intimacy is achieved through empathy, passion, and commitment. Transitioning from a strong brand to a lovemark can have a tremendous impact on your business, as you not only create customers for life, but they also become your greatest evangelists, promoting your products/services and driving continuous sales for you.