Brand Strategies Overview
Sarah West Hixson
Created on September 10, 2024
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Transcript
Brand Strategies Overview
Fashion Brand Management Map
Consumers
Products
Strategies
Today's Focus
Course Objectives
Omni-Channel
Metrics (KPI)
Digital
Physical
Distinctive Elements
Consistency
Experiences
Symbolism
Controlled by the Brand
NOT controlled by the Brand
Channel Strategy:
Essential components for Branding through Channels
Potential Channels
Strategies
Market Research
Core Messaging
Attendance/Look Ahead
Assignment Desc.
Channels
Derived from the same root word as 'canal'
Channels
Social MediaSEO and PPC
EventsAR/VR
In-StoreE-commerce
PrintAudio/Visual
- Builds Awareness
- Brand control
- Generates profit
- Consumer control
- Offers uniqueness
- Balanced control
- Seamless
- Balanced Control
Digital
Physical/Traditional
Direct Sales
Experiential
Potential KPI
Don't worry, we dive deeper into these Next Class
Porter's Competitive Strategies
Strategies to achieve competitive advantage
Focus
Tailored to serve a specific group/segment
Cost Leadership
Provide the lowest possible cost
Differentiation
Provides uniqueness, meeting needs by filling a gap
Cost + Differentiation Wide selection at a low cost (ex. Walmart, Target)
Stuck in the Middle (Literally what it's called) When you're trying to do everything, you're doing nothing well
Focused Cost Leadership Provide lowest cost in a segment rather than a market
Focused Differentiation Also called "niche marketing"
Sharp'sGrowth Strategies
Customer Acquisition Over Retention
Loyalty programs, focusing on return purchasers, and ignoring expansion lead to lost mental and physical availability
Increase Mental Availability
Build Brand Awareness AND Brand Image to generate Brand Salience
Increase Physical Availability
Make it easy for the consumer to access (therefore purchase) the product
Distinctive Brand Assets
Ensure the Brand is recognizable and memorable
Challenge
03:00
1) Which channel is this? 2) Which Strategy is highlighted?
Savage x Fenty lingerie show
Challenge
03:00
1) Which channel is this? 2) Which Strategy is highlighted?
Patagonia's "Don't buy this jacket"
Challenge
03:00
1) Which channel is this? 2) Which Strategy is highlighted?
Gucci Virtual Try-on
Positioningand Competitor Analysis
Looking at competitors to understand optimal channels and gaps
Core Message
Enables a consistent identity across channels
Bad Examples
Good Examples
The message should be Clear, answer what is Unique and Valuable, and appeal to the Emotions of the consumer to communicate brand identity and build brand image
Communicating to Consumers
Channel
Message
Strategy
Omnichannel Marketing
Integrated & ConsistentOmni = All
Channel Strategy
This assignment provides the opportunity to explore and plan to implement one or more branding strategies that produce effective brand communication. When you have completed the activity, you will understand how to develop a channel strategy that builds brand equity.
Purpose
This will be a component of your final project if you are hired as Digital Marketing Manager. Your submission may be used by the Brand Manager to determine their team if you score high enough COL points.
Final Project Component
Anticipate Omnichannel requirements!
Looking Ahead
- Revisit/drill down on Metrics and measuring success
- Byron, Porter, and more
KPI - Next Class
- Segments vs. Worldviews
- Prep for Customer Journey Map (overlaps Channel concepts)
Consumers - Next Thursday
- Possible innovations
- Product Category Innovation defined
Products (pt 1) - Following Tuesday
All before Channel Strategy is due
KPI (Key Performance Indicators)
- Media Impressions (publicity quality)
- Audience Engagement (KPI from other channels! ex. Reach + Frequency)
- ROI (was this worth it? sales lift - $ spent)
Return on Investment
Course Objectives
- Identify basic terminologies and concepts in fashion branding and marketing
- Explain the importance of brand experience in establishing brand equity and salience
- Comprehend different types of brand strategies and their key benefits and costs
- Identify the characteristics of highly effective brand communication
- Explore the future of digital brand communication in the light of constant changes in the retail environment
- Develop a successful fashion brand omnichannel launch strategy designed to enhance sales and profits
KPI (Key Performance Indicators)
- Sales Volume by SEGMENT (location, etc.)
- Sales Cycle (how long til a sale)
- ATV/AOV (average $ spent per purchase)
ATV - In-person, Transaction AOV - Digital, Order
KPI (Key Performance Indicators)
- Engagment rate (# like, comments, shares)
- Click-Through Rate/CTR (clicks ÷ views)
- Conversion Rate (% of sales from views)
KPI (Key Performance Indicators)
- Reach + Frequency (# people, how often)
- Response Rate (requires Call-to-Action)
- Sales Lift ($ increase after ad - expected sales)