April 8, 2020
5 Tips For Creating A Microbrand To Grow Your Business On Amazon

5 Tips For Creating A Microbrand To Grow Your Business On Amazon

(whoosh) – Hi, my name’s Matt Kostan, and I wanted to give you the
five tips that I have for creating what I call a microbrand. I’ve done over seven figures in eCommerce, and I wanna try to help
you hit that, as well, too. So my first tip when
coming up with a brand is try to figure out what to call it. And I know, I know, it sounds very basic, it sounds very easy, but a lotta people kinda mess this up. And the way I look at
it is you want something super simple and something super relevant to the actual product you’re
trying to come up with. So for example, one of
the brands I created is called Ontock. Very, very simple, but
it’s a line of watches and tick-tock, Ontock,
it kinda makes sense. On time is a play on words as well, too. So get something super easy and the way I would actually do it is through a site called bustaname.com. You can throw a bunch of pronouns, a bunch of names, and it’ll actually tell you if that domain name is available. And the reason why I
mention the domain name is because if that dot-com is available, then’s it’s very likely
you’ll actually be able to register the trademark,
which will help you out much later down the line. So tip number one, simple name, kinda describes the product
line that you’re doing, and try to get something
where the dot-com’s available, because then it’s very likely you’ll be able to register
it as a trademark. Tip number two is being consistent. So again, very simple,
but not a lotta brands do this very well. And when I say consistent, you wanna be consistent in your
colors, your typography. Anything that the customer touches should kinda be a
representative of what you want your brand to be. Really great example of this is Tiffany’s. You know that ice blue color and you know that when
you’re giving that as a gift, your partner doesn’t even
care what’s in the box, they’re just happy to
get that ice blue box. You wanna get that excitement
for your brand, as well. It also works when you have consistency throughout your product line. So if you’re doing multiple
products, and you should, then you should kinda have a single thread or a single kind of
commonality so it makes people wanna buy a set or a series. People love collecting stuff, people love buying stuff
that makes them happy, and when you have a common thread, it’s more likely that
they’ll buy it from you. Tip number three is to
have a brand purpose. And the way to come up
with this is, quite simply, asking yourself, what is
it that you believe in and what is it that you
want the market segment that your product solves problems for to believe in, as well? And I would recommend
actually writing this out. What is that you value? What is it that you stand for? Personally, something
that I always like to use as an example is offering
first-class customer service. I have a line of travel
products and it kinda coincides with that theme. The fourth tip that I recommend you doing when you’re coming up with your brand and your positioning is
something that I call the golden guarantee. And if you only take away one thing, this is the one thing to take away. So what the golden guarantee is, is you coming up with a guarantee for the customers buying your products that is so outrageous, so awesome, that it almost makes you nervous. So what do I mean by that? Well, a lot of companies will
offer a one-year warranty, or a two-year, or even a five-year. I would go with something
that’s even bigger than that. So if you can do a lifetime
guarantee on your products, and of course, your product
has to be amazing quality, it has to be a great product experience. If you can give that
lifetime guarantee, do it. The amount of sales that you’ll make far, far exceeds what people
might take advantage of with that guarantee. And yes, there might be some bad apples, and I always get the feedback, you know, Matt, that’s crazy. People are just gonna return my stuff, I’m gonna lose money. But you’ll see that you
actually make so much more sales because you have that guarantee and if you have an awesome
product to back it up, you shouldn’t be afraid to offer it. So definitely, definitely
come up with a guarantee. As a side tip, you also want the guarantee to be related to your actual product. So you don’t necessarily wanna just say, hey, you know, lifetime guarantee, ’cause that kinda falls flat. Everybody has some sort of guarantee. Instead, I would say something like, if you’re doing something
in a travel space, hey, if your airline
ever loses your luggage, we’ll replace your luggage for a lifetime of how long you own it. So make the guarantee specific, so they get the kind of niche
of your particular product. For tip number five, you have to have some sort of differentiator. So I like to say that
private labeling is dead. And private labeling, in itself, is typically taking an existing product and just slapping a logo on it. You can’t do that anymore. You have to get a little
bit more creative. So you wanna think to yourself, what are the things that you can do to actually make the product unique and make it different? And it doesn’t have to be super crazy. You can differentiate by
much better packaging. Obviously, you’re gonna differentiate by coming up with a brand. But I’d also recommend looking into what other materials can you do? What other colors can you do? Are there any complaints that people have with existing products that you can solve? Best way to get those
complaints is looking at the two-star, three-star reviews of other competing products. See exactly what the customer
is asking for you to fix, and fix it for them. And then you’ll find you have an advantage over your competitors and be
able to make a lot more sales. So that’s my tips that I have for you. I hope that it helps. If you wanna get in touch with me, you can go to Microbranders.com, and yeah, I hope to speak to you soon and see what success
that comes up with it. Thank you. (whoosh)

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