Staying relevant as a well-established brand is much more difficult these days. As we previously reported, there has a been a major decline in brand loyalty, as younger audiences crave newness and are flocking to up-and-coming brands as opposed to established brands and retailers. With an emerging crop of small brands accelerating rapidly, it’s no wonder that larger brands are looking for new ways to keep their customers interested and engaged.
Whether big brands re-think their marketing strategies, production cycles or design aesthetic, it’s important that these heritage brands recognize the need for change. While larger fashion houses and luxury brands remained successful because of their longevity and heritage, it’s no longer enough just to stay at the top of mind for younger consumers.
More than 79% of executives place self-disruption as a top trend for 2019 and a key influence in their overall marketing strategy.
The primary lever for disruption is for companies to conduct brand makeovers to help create the impression they have their fingers on the pulse of what’s trending in the fashion industry. Simple practices include updating brand logos, colors and revamping their messaging to appear more modern and authentic.
Social media and digital marketing also continue to be huge factors in a company’s overall marketing strategy, and if performance was measured alone, some of the largest fashion players would in big trouble. While brands such as Reformation, Everlane, and Supreme have expanded their social media presence more than 130% from January 2018 to September 2018, brands such as H&M, Dior, and Zara only grew by 30 percent. These newer brands also see a much higher engagement level as well as like/follower ratio.
In addition to focusing on social media, larger brands are also collaborating with streetwear brands to cultivate a more modern and cooler image. Examples include when Louis Vuitton appointed Virgil Abloh, known for his popular brand Off-White, as their new creative director or Burberry creating a new logo and monogram under Riccardo Tisci are clear recent examples of self-disruption strategies.
In order for larger, established fashion brands to keep up with new, up-and-coming brands they must be willing to adopt a more contemporary marketing strategy. With Millenials and Gen Z represent $350 billion of spending power in the US, it’s important to engage with them in a way that resonates with their values and spending habits.
Smaller brands are capitalizing on this market and are winning over new customers each year in return. If big brands want to stay on top, they have to play according to the new rules too.
To learn how NuORDER can help you revamp your brand story, request a demo or reach out to your account manager today.