Developing an effective business strategy for ecommerce can be a daunting task. 

However, it’s necessary to create a tailored business strategy that will help your ecommerce business attract and convert potential customers. 

Getting expert guidance from NEXT BASKET supports your company as you grow. Doing so gives you a competitive advantage, synchronized with your core values and organizational goals.

Strategic business development for small and large companies

Business strategies are key components for an ecommerce business, no matter its size, product type, or target audience. 

NEXT BASKET works with small businesses and enterprises to create different business strategies meeting their objectives. 

We learn about your business model and ideal customers to deliver a digital business strategy, including the perfect recipe to deliver more value and increase sales.

Strategies consist of analysis, recommendations, action plans, and how to measure success. Below, you’ll find all the strategy’s components.

Competitive research

You can realize new competitive advantages with our competitive research. 

Learn what your competitors are doing well and where weaknesses exist. You can find insights into both of these outcomes, helping you define your business goals that set you apart.

It gives clear direction on how to stand out in a crowded market.

Brand positioning

Brand positioning defines the unique value that your brand represents to customers. 

With this resource, you establish a brand identity that conveys a value proposition, which is why a customer would choose your company over others. It is a key component in an ecommerce strategy. Brand positioning is often the starting point for a successful business strategy, influencing all the other aspects of the plan among different departments.

Product strategy

The next element of digital business strategies focuses on the product. 

It’s a high-level business plan that includes the following:

  • The value proposition of the product
  • The target audience
  • How the product solves a problem or meets the goals of the customer
  • Key goals for its life cycle

A product strategy contains clear instructions for your business to find its market fit, and it incorporates flexibility to shift as the market or audience does. 

It aligns with your corporate objectives to ensure you meet them.

Pricing policy

The pricing of your product is also part of a business strategy that helps define the long-term business objectives. 

It considers many factors, such as cost of goods, competitor information, and market intelligence. Getting the price right can be the difference between high-volume sales and ones that underdeliver.

Distribution strategy

Your ecommerce business needs a turnkey distribution strategy. Getting your product to customers quickly and cost-effectively impacts satisfaction and margins. Working with NEXT BASKET experts, your organization receives a plan that accounts for all the many factors in the distribution ecosystem. It also offers input on how to evolve as needed if the market changes or if there are disruptions.

Communication strategy

The communication strategy for your ecommerce brand involves the content your potential customers receive. 

It includes foundational-level strategies around product messaging, digital marketing, content marketing, social media marketing, and other positioning language.

You use this in every piece of content and messaging to ensure consistency. As a result, your new and existing customers find it relevant to them and their needs.

Attracting new and retaining existing customers

A good business strategy offers support for attracting new and retaining existing customers. 

For new customers, it gives you a path to identify, target, and convert them. You receive a documented approach on how to use brand positioning, product strategy, and content to win new customers.

Existing customer retention is also a part of the business strategy from NEXT BASKET. It provides direction on how to continue to build relationships. With this guidance, you can ensure higher customer satisfaction and loyalty.

Expert advice from the NEXT BASKET team

NEXT BASKET becomes an extension of your business when you choose us to develop your ecommerce strategy. 

Our team of experts has years of experience working with ecommerce brands and helping them find success with a digital transformation strategy.

The value of this expertise drives you toward the ultimate goal of generating more revenue, more repeat sales, and more profit with less resources.

Frequently Asked Questions

What methods do you use for competitive research?

Competitive research includes reviewing websites and a company’s digital footprint – website, social media platforms, and even email marketing. Additionally, keyword positioning, SEO evaluations, and customer experience occur. Locating product reviews and customer sentiment is also part of the process.

How do you determine the right price for products?

Analysis of the market for the product, historical data, and consumer buying trends are all areas that contribute to pricing recommendations. The final business plan defines the price segment and the reasons behind it.

Does the strategy include input from the company?

Developing a digital strategy for your ecommerce business is a collaborative effort. NEXT BASKET seeks feedback from your team at every step of the process. This information ensures it aligns with your vision and goals as we add the right digital technologies to help your business grow.