6 Key Steps for Building 9-Figure Omni-Channel Brands

6 Key Steps for 9-figure Success

In today’s ever-evolving market landscape, the approach to building a successful brand has gone through a significant transformation. As investors shift their focus towards innovative moves, the concept of an Omni-Channel brand has emerged as a game-changer.

Recently on our podcast Two Ecomm Experts, we had Mike Fata, a Canadian entrepreneur and co-founder of Manitoba Harvest Hemp Foods, a business valued at over $100 million. Mike shared his journey to multimillion-dollar business, offering invaluable insights for entrepreneurs looking to thrive in today’s ever-changing market.

In the episode the host and founder of Markademics – Viktor Stoilov and Mike Fata covered the complexities involved in operating an online business.

In the past, relying solely on a direct-to-consumer (DTC) model was enough for brand growth. However, times have changed.

Today, investors are seeking brands that not only perform well in online sales but also have the flexibility to expand into various channels seamlessly. This Omni-Channel approach involves selling products across multiple platforms, including company websites, third-party e-commerce platforms like Amazon, and brick-and-mortar stores.

Investors are now placing greater value on businesses based on their potential for future growth rather than just their current profitability.


What are the steps to build a 9-figure Omni-Channel brand


1. Assess Market Competition

Before you expand into different sales platforms, it’s essential to thoroughly analyze the competitive landscape in the market. Take the time to study what other products similar to yours are already doing.

This helps you spot areas where your product can stand out from the crowd. It’s also crucial to understand what your competitors are charging for their products and how they’re marketing them. This information will enable you to develop effective pricing strategies and marketing campaigns tailored to your target audience.

Having a clear understanding of the market landscape provides a strong base for making informed decisions about which channels to pursue and how to position your products for success.


2. Evaluate Pricing and Margins

Expanding into new channels often requires adjusting prices and margins to accommodate wholesale and distribution costs.

When forming a wholesale pricing strategy, it’s essential to factor in various costs associated with distribution. Retailer discounts, distributor fees, shipping expenses, and potential promotional costs all contribute to the final pricing equation.

Furthermore, businesses must ensure that the adjusted pricing scheme aligns with their financial objectives.

This proactive approach lays the foundation for sustainable growth and profitability in an evolving business landscape.

3. Invest in Sales and Marketing Support

Investing in sales and marketing support is key for getting your products into physical stores. Brokers or sales representatives already have connections with retailers, making it easier to get your products on shelves. They know how to navigate the retail world, saving you time and effort.

Plus, putting money into tailored marketing for each channel is crucial. Whether it’s running promotions in-store, showcasing your products, or advertising online, it helps attract customers. By investing in sales and marketing support, you boost your chances of success in expanding your business into physical retail spaces.


4. Forecast Sales Rate

Understand the sales rate of your products in each channel to set realistic growth targets. Research past sales data for similar products and analyze consumer behavior to predict demand accurately.

Setting realistic sales targets helps you navigate expansion and track your progress accurately. Knowing how fast your products sell enables smarter choices and ensures your growth plan matches actual market conditions.


5. “Execute Locally, Amplify Digitally”

Mike’s advice suggests focusing on building a strong reputation and customer base in your local community first. Then you can try to expand your business nationwide or internationally.

Start by attending local events such as trade shows or hosting product demonstrations to introduce your brand to people in your area.
These face-to-face interactions can help create awareness and drive initial sales.

Then, amplify your efforts digitally through targeted marketing campaigns and online advertising to reach a broader audience.
This gradual approach allows you to build momentum before entering larger markets.


6. Adapt and Repeat

Monitor sales performance closely and be prepared to adapt your strategy based on market feedback.

If some channels aren’t meeting expectations, rethink your approach and look for new opportunities for growth. Optimize your Omni-Channel strategy constantly to stay competitive and responsive to changing consumer preferences.

Building an Omni-Channel brand requires careful planning, strategic execution, and a willingness to adapt to evolving market dynamics. By diversifying sales channels, pricing strategies optimization and marketing support, entrepreneurs can position their brands for sustainable growth in today’s competitive landscape.

If you want to hear more of this story and many others that give practical advice to implement in your business, check the “Two Еcomm Еxperts” podcast on YouTube and Spotify.

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