These days success grows and drops with the flexibility relating to economic conditions of a company and the changing behaviour of the society. The key to success is to be “up-to-date”. To analyse the potential customers on a regular base is essential for the development of a brand. Related to this changes it is important to reflect the preferences of the customers and brands have to keep an eye on that their target group for an authentic brand development. The company should also keep the development from the characteristic and the importance of social networks clearly in mind.
Instagram, Facebook and Snapchat- nowadays we love to get impressions and feelings from this kind of media. They show an individual, own touch of the brand. Especially retailers have to build a bridge between business and advertisement. There has to be a clear strategy between the company, the brand, the marketing and the individual customer approach. A brand has to be authentic- just as you have to be authentic- only true things are able to be successful on long term. Only with this kind of behaviour they can reach a constant market position. Everything that stands only on one foot will fall apart one day.
Just because of this reason companies should deal with marketing strategies intensely. It is important for the company to look at the value creation chain as a way to find out which marketing strategy lead them to the strongest market position.
Today a very good example for a customer focused brand is the fashion label Esprit. In the past they have been nearly inconsiderable for the younger generation. But during the last years they reached a huge positive change because of the redevelopment of their brand & marketing strategy. They made it to reach a new market position and raised profitability. Esprit had put a high strategic goal successfully into practice. The question is now, what was their way to success?
The most important point has been the implementation from the transformation phase- this have been the challenging part of the strategic plan from Esprit. During this phase Esprit implemented an integrated business model to improve the speed and efficiency of the product development and the supply chain process. At the same time they improved the design as also the price-performance ratio of their products. In particular they introduced arrangements to round-up the supply-chain management and to introduce category management as also a new merchandising model. That means that purchasing and merchandising is full centred. Esprit also developed a seasonal product calendar. With this calendar they have developed twelve month fashion lines up to four seasons. “Fast-to-market” product development is indispensable for Esprit nowadays as also constantly improving of the trading stock management.
In the past I´ve seen Esprit as a brand for the older generation but now I´ve changed my mind. Today you look at the homepage (here) and you´re stoked. I like the features like to sale on account, free retours and to place a reservation for an item really easy and the appearance of the homepage is very positive too. What assured me the most was that the latest collection picked temporary fashion items like the flamingo print. With the summer collection they adapted the trend styles from the social networks and so they generated a new target group. I will place a reservation on the new flamingo blouse here for sure and I will also keep an eye on the new collection from Esprit.
From my point of view this development of a brand is a perfect example to show you how important it is that brands keep on developing their image and behaviour. I really hope you will take an eye on broaden your own horizon.
Always remember- only honest steps are real steps to be successful.
Lots of love,