Staying in the game is not enough these days. WGSN Mindset consultants reveal what brands need to do to thrive & future proof their business.
Let’s face it. It’s a tough time for brands today.
Why? Because so many shifts and dynamics are impacting the fashion & lifestyle industries. Everything from retail mutations to blurred lines between fashion, beauty, food and interior sectors, to big data and new tech pushing the limits of marketing and business strategies. All the while, the consumer is getting more power every day, and demanding that retailers modernise their structures, to make one-hour product deliveries and shoppable Instagram accounts, a possibility.
So, it’s a challenging time for brands as they evolve but we, at WGSN Mindset (the bespoke consultancy division of WGSN) believe that as we live in a world of opportunities, now is the time for brands to step back and reflect on their true purpose and mission. Brands need to use this time to understand their business better, define their USP and what they bring to the party that no one else does. That brand clarity, followed by a robust business plan will bring higher profits and rebuild the rocky relationship with the consumer who is actively seeking authentic brands, and can see through any obscure (read: bullshit) marketing jargon.
Encouraging brands to stop, question, think, plan strategically and follow through with priorities is our key mission. Over is the time when brands could use flashy ads to sell meaningless products to a jaded consumer. We have therefore decided to list our top 10 questions that we think ALL brands (emerging and established) should ask themselves to become more MEANINGFUL and RELEVANT in this ruthless and hyper-competitive era.
1.BRAND IDENTITY VERSUS MARKET REALITY > Who am I and how do I want my brand to be perceived in the market today and tomorrow? > And above all, are those 2 questions aligned?
2.BRAND PURPOSE & VISION > Why am I selling this product to my customer? What values do I want to convey?
3.BRAND EXPERIENCE > What type of experience do I provide to my consumers? How does this experience make a long-lasting mark on my consumers?
4.BRAND RELEVANCE > How am I anchored into the current market reality and how am I talking to my consumers? Am I relevant to my consumers’ lifestyle?
5.BRAND LEGITIMACY > Is my brand offer and/or brand experience legitimate with my brand expertise? Am I recognised as an expert in what am I offering to my consumers?
6.BRAND PERCEPTION > How am I perceived by my consumers and non-consumers? Is this perception aligned with my brand purpose and vision?
7.BRAND HONESTY > Am I true to my consumers in the way I am showing my brand manifesto and brand values? Am I delivering the right value for money?
8.BRAND STRATEGY > How am I envisioning the future of my company? What is my next move to shake the market rules and provide something unique and different to my consumers?
9.BRAND CULTURE > How am I developing my brand culture? How am I bringing more creativity into my brand DNA? How am I communicating this brand culture to my consumers and non-consumers?
10.BRAND COLLABORATIONS > How am I spreading my brand culture and experience to my community? How to collaborate more with relevant people to increase my visibility and creativity?
WGSN Mindset offers tailored made consultancy. Leveraging an incomparable network and expert knowledge of the fashion, beauty and interiors industries, WGSN Mindset deciphers and translates genuine insights into tangible recommendations and actions for your business. To keep up with WGSN Mindset, follow us here