blog 4: purpose
The final of the four pillars, purpose, serves as a direct representation of a brand’s values and pursuits. And there are 5Ps that can embed purpose into brands’ circumstances to generate related initiatives: portfolio strategies and products, people and culture, processes and systems, performance metrics, and positions and engagements. Companies can apply their situations to the 5Ps to bring them forth and communicate them to consumers.
It is impossible to discuss ‘purpose’ without bringing up Corporate Social Responsibility. CSR is a way that companies take responsibility for their social impact. In the meantime, sustainability is also a concept that can’t be avoided and has a sophisticated connection with CSR. Stephanie Strom of the New York Times introduced Corporate Social Responsibility to the fashion sector for the first time in 1996. And for now, almost every brand and company is taking their CSR in their own way, especially in the sustainability aspect. The key now is how to please consumers today while differing from other competitors.
Consumer preferences are shifting quickly these days, especially for Gen Z, who are thought to be the main influencers that even have a considerable impact on both Millienials and Gen Xers. After understanding their demands, it comes to the challenging part: how to meet these demands while still delivering brand value in an alluring and flawless way at the same time. As of right now, brands typically opt to directly address the most fundamental concerns of Generation Z in regards to identity, values, and personal style, demonstrating their commitment to diversity, originality, uniqueness, and sustainability. Also, they invite Gen Z influencers to embed their ideas and act as ambassadors. For example, Nike collaborated with American artist Billie Eilish, who was born in 2001 and is well-liked by the younger generation, to introduce their AF1 LOW collection. This typical collaboration between Nike and Billie Eilish illustrates how corporations care about sustainability and leverage influencers’ fame and effect on younger consumers, both delivering their purpose and boosting their sales, reaching a win-win situation.
It follows that the brand philosophy is essential for presenting the brand’s mission, vision, and values, for it represents the needs of customers as well as those of society at large. In addition, it’s essential for brands to find their own positioning in the market, understand their target audience, and differentiate themselves from rivals by creating their own unique features and advantages.
To sum up, before expressing purpose, brands need to have a precise understanding of their positioning, target audience, and the market they are in. Companies and brands ought to actively fulfill their CSR obligations, respond to consumers’ concerns, and address customer expectations.
Reference:
Mitterfellner, O. (2023) Luxury Fashion Brand Management: Unifying Fashion with Sustainability. Milton, UNITED KINGDOM: Taylor & Francis Group. Available at: http://ebookcentral.proquest.com/lib/ual/detail.action?docID=7260416 (Accessed: 25 October 2023).
Corporate Social Responsibility and Sustainability (no date). Available at: http://www.bloomsburyfashioncentral.com/bfccoll/encyclopedia-chapter (Accessed: 25 October 2023).
Meet Generation Z: Shaping the future of shopping | McKinsey (no date). Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/meet-generation-z-shaping-the-future-of-shopping (Accessed: 25 October 2023).
Billie Eilish Nike AF1 Low Collaboration — NIKE, Inc. (no date). Available at: https://about.nike.com/en/newsroom/releases/nike-x-billie-eilish-af1-low (Accessed: 24 October 2023).