TalentPop reposted this
Co-Founder at TalentPop | Helping 500 E-Com Brands Turn Customer Service Into A Revenue Generating Channel.
I get to peek into the inner workings of over 700 E-Commerce brands that work with TalentPop. From some recent chats with these brands, I've identified 3 trends that I think are going to make or break brands in 2024. 1️⃣ Building a brand in tandem with building a great product Have a deep understanding of your customer and build your brand for that person. Hexclad has a fantastic product, but they have also built a brand around that product with brand advocates like Gordon Ramsey. True Classic makes fantastic t-shirts, but they also built their brand for the normal dude who wants to look slightly more elevated in his casual wear. Creating a company that is not well-branded will keep you on the sidelines and have you wondering why your business is not reaching its true potential. 2️⃣ Becoming tech-enabled is more important than ever. With the rise of new AI platforms, data/analytic SAAS companies, and tech-enabled service partners that help brands get more tech-enabled, there is no excuse why you should be operating blindly without having the right tools and partners to help your organization become more tech-enabled. I think that in 2024, we are only going to see more and more saturation of AI Tools in E-Commerce, and brands that don't adopt AI and are not data-focused in their business functions will risk being left behind. 3️⃣ Build a profitable business, then scale Burning ad dollars to scale brand awareness while being unprofitable is a scary and irresponsible way to grow your business. The days of VCs throwing money at companies that are burning money and don’t have a clear path to profitability are over With that said, I think we are going to see a massive shift in VCs being a lot tighter with their money in 2024 and only wanting to invest in brands that are lean, profitable, or have a clear roadmap to profitability. I'd love to hear your thoughts on this as well, whether you agree or disagree. Let me know!
