Purpose
Purpose is fundamental for a businesses success. Now more than ever, it is vital for a brand to transparently communicate who they are, what they stand for their aims and goals. It is integral for successful businesses to have a story which they share with their customers for them to resonate with (Londrigan and Jenkins, 2018). Particularly, Gen Z looks beyond tangible products and are attempting to understand what is it that makes the company tick (McKinsey & Company, 2020) Therefore, It is essential for fashion brands to have a clear overall purpose.
A brand’s philosophy is important and consists of the mission, vision and value proposition. A brand’s mission statement is a summary of the current state of the brand. A familiar mission statement is Nikes “If you have a body you are an athlete” (Nike, 2019). sums up what Nike values inclusivity, ambition and aims to target everyone. This could encourage customers to purchase from Nike if they resonate with their mission statement, hence it is important the mission of a brand clearly and effectively captures who they are. Moreover, a brand’s vision statement predominantly focused on the future and what they aim to achieve. For example the sunscreen brand Supergoop’s vision statement is ‘change the way the world thinks about sunscreen,’ which has a balance between being broad and not overwhelming and communicates to their customers what their aim for the future is (Kolowich, 2023). Furthermore, a value proposition is a statement that should accurately explain how the product fills a need and why a customer would choose your product over competitors.
Brands need to develop their purpose and communicate this to their customers. Generation Z in particular is a large target market, and successful brands need the ability to authentically communicate their purpose in a manner that resonates with customers. On social media, customers see constant advertisements, brands need to shift their focus towards breaking through the clutter with storytelling, emotional connection, quality content and communication. The rise of micro-influencers is what several brands are adopting, as their audience is smaller, loyal and their audience trusts them more than larger figures. By brands working with micro-influencers their purpose could be naturally communicated to the correct demographic, which may encourage individuals to purchase from the brand. Businesses will also face pressure with CSR as Gen Z tend to be more ethically aware shoppers (McKinsey & Company ,2020). In order to achieve CSR goals, sustainability must be focused on. TOMS for example “with every purchase, TOMS will help a person in need.” This is positive CSR work and helps them connect with their customers on an emotional level creating a win-win situation (Londrigan and Jenkins, 2018).
Overall, purpose enables a brand to tell its story and can be the predominant reason why a customer purchases, and a significant contributor to a brands success and competitive advantage. Hence a brand should take time when crafting a purpose that is best fit for them!
Nike. What is Nike’s mission?[Online]
Available at: https://www.nike.com/help/a/nikeinc-mission
(Accessed: 28 October 2023)
Londrigan, M.P., & Jenkins, J.M (2018), Fashion Supply Chain Management. Fairchild Available at: https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia-chapter?docid=b-9781501317798&tocid=b-9781501317798-chapter3&pdfid=9781501317798.ch-003.pdf (Accessed: 27 October 2023)
McKinsey& Company (2023) What is Gen Z?
Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z
(Accessed: 28 October 2023)
Kolowich, L. (2023a). 17 Truly Inspiring Company Vision and Mission Statement Examples. [online] Hubspot.com. Available at: https://blog.hubspot.com/marketing/inspiring-company-mission-statements
(Accessed: 28 October 2023)