Purpose
Within today’s society, brands need to identify their purpose and outline what they stand for. A clear vision and an authentic brand identity allow them to differentiate themselves from competitors, as modern consumerism craves originality. In addition to attracting customers, having a vision helps to unify the company as they work towards their targets. This is why purpose is another essential pillar to the fashion industry, the purpose of a brand is the driving force of a company and what pushes it to create. Brands must centre their focus on their mission, vision and values, to succeed.
Additionally, a brand’s philosophy is critical for attracting an audience. Many consumers gravitate towards authenticity, and a company’s belief system can be what draws them in. Current customers are looking deeper than tangible products and want to know what makes the company tick (McKinsey & Company, 2020), a brand’s philosophy can be a deciding factor in making a purchase. An example of a company that has a clear brand philosophy is Nudie Jeans, their philosophy is based and round sustainability and encourages their audience to shop for quality over quantity. The concept of their brand is their jeans should last for life, as a part of this they offer free repairs to prolong the garment’s lifecycle. This concept resonates with the contemporary consumer in today’s climate with the push for sustainability.
A large demographic is Gen Z, this generation doesn’t want nonchalant brands, they seek companies that voice their brand mission and purpose, searching for unique products and high ethical standards. Communicating purpose should be done online through social media engagement. This young generation is heavily immersed in technology, McKinsey found that Gen Z in Asia spend six hours or more on their phones each day (McKinsey & Company, 2023). Highlighting how companies must converse with the modern consumer via social media, this can be done through influencers. Brands utilise influencers that embody their values, fitting the aesthetic of how they want to be perceived. This is found to be an effective strategy, as McKinsey found that 40% of Gen Z in the USA admit to being influenced online, typically through videos such as influencer endorsements (McKinsey & Company, 2023).
It’s important for brands to communicate their purpose, especially as consumers are becoming more in touch with social issues. Not only does its purpose make the brand more appealing, but it could boost its reputation, in turn leading to more sales.
Bibliography
Meet Generation Z: Shaping the future of Shopping (2020) McKinsey & Company.
(Accessed 28/10/23)
What is Gen Z? McKinsey & Company (2023)
https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z
(Accessed 29/10/23)