Brand Growth: How to Develop a Brand Growth Strategy (2024)

Your business runs smoothly and profitably. They have increasing sales and well-trained employees, and production and logistics are going well. You could keep things as they are, but you have big dreams and it feels like the time is right to take the next step. If so, you’re probably preparing for brand growth – ways you can strategically increase brand awareness and grab a bigger piece of the pie in your industry.

Learn more about brand growth and gain insight into which brand building tactics work best, based on the experience of Sean Frank, CEO of wallet brand Ridge.

What is Brand Growth?

Brand growth is the process of increasing market share, spreading brand awareness and cultivating lasting relationships with your target audience. You can drive growth by developing new products, expanding into new areas and channels, or adjusting your marketing efforts to increase audience engagement. The ultimate goal is to attract new customers, increase sales and increase brand loyalty.

Brand growth strategies for eCommerce companies

There are many ways to drive brand growth. The following tactics can be part of a broader brand strategy to achieve sustainable growth:

Create new products

One way to strengthen your brand is to develop new products or offer new services, either in the same area as your existing offerings or by expanding into an entirely new category. Research your target audience and your competitors to better understand where the gaps are in the market and how you can add value.

In one episode of the Shopify Masters In the podcast, Ridge CEO Sean Frank offers advice for expanding into new markets. “It’s much easier to capture a small part of a large, growing market,” he says. “You want to choose a market that has naturally growing demand.” Instead of trying to penetrate an already saturated market, look for an area that is trending up and then focus on an underserved niche within this market.

Sean recognized a rapidly growing demand for purchasing men’s rings online and jumped on it. This was a departure from the products Ridge was known for (metal wallets), but was aligned so that the new product made sense as a brand growth strategy.

Diversify your sales channels

Another way to grow your brand is to add outlets that sell your product. For example, you might decide that you’re ready to convert your pop-up store into a permanent location, or that you want to sell on YouTube and Instagram in addition to TikTok.

While it may be tempting to scale as quickly as possible, this doesn’t always lead to long-term growth. It is important to understand what volumes your business can handle and whether you can supply the volume of products to keep up with increasing demand. Sean explains what to look for before getting into wholesale distribution: “Wholesale thinks about things in 12 to 24 month cycles and they want to know what you’re doing in 12 months and you have to bring that with you. “At least that’s what he said at the meeting,” he says.

Expand into new markets

Expanding into new geographic markets is another way to drive brand growth and attract new customers. This is often easier said than done: you may need to adapt your product to cultural, social or climatic differences and adapt your webshop and content. Localization strategies can help you effectively serve each of your demographic segments, increasing your chances of gaining market share from competitors.

As Ridge began to expand into international markets, including Canada and Europe, it had to address product description and web copy translation, currency conversions, and shipping logistics to successfully serve its target audience. Sean suggests creating webshops with localized inventory and using apps like Weglot to accurately translate text into other languages.

Experiment with pricing strategies

Your market research may reveal that your target audience is hesitant to purchase your products due to the high price. Using economies of scale to offer your product at a lower price could be a way to expose your brand to a wider audience. You can also try strategies like product bundling or offering subscriptions to drive brand growth and attract new customers.

Adapt your marketing to a broader audience

Building a presence where your audience spends time online can lead to a gradual increase in brand awareness over time. Leverage social channels that your target audience frequently visits and use different forms of content to serve different purposes. For example, a furniture brand’s audience might turn to Instagram and Pinterest for design inspiration, where the brand might post high-resolution studio photos of its standing desks and modular office furniture. Longer how-to videos on YouTube could show the product in action and highlight all the extras.

To make it easier for potential customers to find your website and other content, use search engine optimization (SEO). Use relevant keywords in product descriptions and in your blog content, use title tags and meta descriptions, and invest time in creating quality backlinks. As you grow your brand, consider the interests of a broader audience in your product and tailor your web copy accordingly.

Collaborate with influencers

Successful influencers excel at creating an emotional connection with their audience and building authentic relationships that lead to loyal fans. You can use influencer marketing to grow your brand by either running an influencer partner program or working directly with influencers. Connect with influencers who perfectly match your brand in terms of values ​​and target group. Sean suggests starting small: “You should just pick 10 YouTubers that you personally like and try to reach out to them.”