How Following Established eCommerce Brands Can Grow Your Business
In this episode…
Are there any top-performing ecommerce brands you admire in your industry? If so, what is it about them that you can emulate in your own ecommerce brand?
Michael Bires, the Founder of Nutrition Faktory, is Dean Dutro's guest in this episode of the Relationship Commerce Podcast, where they discuss the benefits of doing your research and emulating top-performing brands to beat out your competition. Michael talks about his entrepreneurial background, explains why he returned to 9-5 employment, and shares his tactics for providing great customer support.
Michael Bires is the Founder of Nutrition Faktory, a vitamin and supplement company based out of Tennessee. Michael has over 20 years of experience in the nutrition space having worked in branding, retail, and ecommerce.
Nutrition Faktory company has seen tremendous growth since its beginning in 2017, opening 12 stores in its first 18 months. When COVID-19 hit, their website exploded — it took them only three days in 2021 to beat all of their January 2020 online sales.
How Emulating More Established eCommerce Brands Can Help Your Business
If you are new to the ecommerce space, you need to find creative ways to learn more about the industry you’re entering. The best way to start this process is by researching the different types of companies in your industry. Discover which tactics the bigger, more established brands in your space are using to grow and scale, and then use that information in your own ecommerce business.
This is what Michael Bires did when he started his vitamin supplement business, Nutrition Faktory. He did his research and found gaps in the market that he could fill as he grew his business. In his research, he found successful and profitable brands that he admired from different industries and emulated to stay ahead of his competitors.
There’s a key takeaway from Michael’s experience: the brands you find don't have to be in the same category or niche as your business. Nonetheless, they must be top performers that bring in decent returns. Visit their websites and retail stores, where possible, to learn more about the strategies they use to grow and scale.
How to Leverage the Power of Your Relationships to Grow Your Career
Good relationships are not only vital for an entrepreneur's personal life, but they also play a very critical role in your professional and entrepreneurial life. These connections can help you connect with prospective customers, suppliers, and investors.
As the Founder of Nutrition Faktory, Michael knows the benefits of leveraging your connections in business and life. After his first supplement business didn't go as planned, he accepted a job offer to work for one of his biggest competitors. He learned so much from that experience, that he was able to use that knowledge to grow his own business later on.
Michael advises fellow ecommerce sellers to be flexible even after becoming entrepreneurs; don’t shy away from going back into employment! It could be a good opportunity to expand your knowledge and skill set — and earn some money that can be used as capital for your next business.
How to Provide eCommerce Customers with a Better Online Buying Experience
As an ecommerce seller, one of the best ways to attract and retain customers is by providing your user with a memorable online experience. Customers want a support team that is responsive, supportive, friendly, and helpful. They also want to be heard, provided with solutions to their problems, and appreciated. Some ecommerce businesses often ignore this because they sell online and fail to realize that this could have a negative impact on their business.
Michael made some changes to his business operations to ensure that his customers received excellent customer experience from his team. He hired new customer support employees and implemented systems for his team to provide the best possible customer experience. He also added a 1-800 number and a chat function on the website to handle any incoming questions online.
In addition, Michael sold his products at a fair price compared to manufacturers and his other competitors, which led to an increase in website traffic and sales. He also increased the number of brands he worked with so that his consumers could have a wider selection of products to choose from when shopping. This not only helped boost their sales but also helped make his ecommerce store a one-stop-shop for different types of health supplements.
Resources Mentioned in this episode
- Worth eCommerce
- Nutrition Faktory
- Michael Bires on LinkedIn
- Michael Bires' email: email@example.com
- "How to Use Long-Form Sales Pages to Boost e-Commerce Sales" with Byron Walker
- "How to Connect with Influential People and Create More Awareness for Your eCommerce Brand" with Kelly Watters
- Shopify Plus
- Rebuy Personalization Engine
- Apache Accumulo
- The Vitamin Shoppe
Sponsor for this episode...
This episode is sponsored by Worth eCommerce.
Worth eCommerce is a small mighty team of eCommerce email marketers who help businesses of all sizes dramatically grow revenue with lifecycle email marketing. It is made up of copywriters, designers, strategizers, and marketing extraordinaires who specialize in nurturing relationships and guiding sales through the sheer power of email.
Worth eCommerce's sole focus is creating a lasting relationship between eCommerce sellers and their customers through the most personable form of digital connection: email. Businesses that send personable, interesting, and helpful emails earn the trust and continued business from that same customer.
Worth eCommerce’s mission is to help small medium-sized ecommerce businesses generate more than a million dollars a year each in revenue using their own marketing channels.
To learn more about Worth eCommerce, visit http://worthecommerce.com/.
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