Purpose
Consumers value a brand’s purpose over its features, generating a strong emotional bond. According to exit poll data, 66% of respondents consider a company’s purpose in buying decisions, with 62% incorporating it into rapid transactions. When cost and quality are equal, 71% choose a corporation with a purpose. Furthermore, 78% are more likely to recall brands with strong missions. These data emphasize the importance of purpose in influencing consumer preferences, influencing choices, and creating long-term brand partnerships. (Novelli, 2021).
A well-crafted vision statement is required for a successful brand. While developing a brand takes time and effort, a mission statement is an absolute must. It acts as your brand’s guiding principle, embodying its values and direction. A mission statement serves as a constant reminder of your brand’s purpose and ethics in today’s complex business world, amidst the myriad of responsibilities and decisions. It aids in making decisions that are in line with your goal. In a world where even vision can be political, a strong mission statement establishes your brand’s moral compass. A concise mission statement is critical for creating your brand’s identity and success. A mission statement is something that any brand will require if it is to be successful. (Mannino, 2020).
Luxury brands are embracing co-branding trends, as evidenced by Gucci and Adidas partnerships, which create separate logos and designs for collaborative collections. Gucci and Balenciaga, Fendi and Versace, Tiffany and Supreme, and Supreme with Rimowa are among the other high-profile collaborations. These partnerships are aimed at Generation Z and millennials, who see luxury as a form of self-expression and frequently mix vintage and high-street clothes to create their own look. This group craves authenticity and expects firms to keep their promises about sustainability and corporate responsibility.
To appeal to this expanding consumer base, luxury brands are employing marketing activations reminiscent of streetwear brands, such as pop giveaways, and guerrilla marketing strategies. It is expected that 30% of luxury sales would take place online by 2025. Gucci, for example, is taking steps to improve their web presence and encourage direct purchase from their storefronts. Non-fungible tokens (NFTs), game collaborations, virtual influencers, and cryptocurrencies are among the new prospects introduced by the metaverse. With partnerships like Roblox and Givenchy, and virtual clothing items in games like Fortnite by Balenciaga, luxury brands are also pushing into the gaming business. (Mitterfellner, 2023).
Referencing:
Mannino, S. (2020). Council Post: Why Every Brand Needs A Mission Statement. [online] Forbes. Available at:https://www.forbes.com/sites/forbesbusinesscouncil/2020/08/26/why-every-brand-needs-a-mission-statement/?sh=4b6fabc21eb3 [Accessed 28 Oct. 2023.]
Mitterfellner, O. (2023). Luxury Fashion Brand Management and Sustainability. Mastering Fashion Management. Available at: https://libsearch.arts.ac.uk/cgi-bin/koha/opac-detail.pl?biblionumber=1546849&query_desc=kw%2Cwrdl%3A%20Mitterfellner [Accessed 28 Oct. 2023.]
Novelli, P. (2021). PURPOSE PERCEPTION IMPLICIT ASSOCIATION STUDY. [online] Available at: https://www.porternovelli.com/wp-content/uploads/2021/02/Porter-Novelli-Purpose-Perception-Implicit-Association-Study.pdf. [Accessed 28 Oct. 2023.]