Renaissance
The Business of Fashion has christened 2024 as "The Year of the Brand.” As a brand marketer, and as someone who has championed the value and power of brand over and over again, I’m SO glad someone is banging the drum! And while this sentiment rings specifically true to Fashion Brands I think ALL brands should be listening up.
Over the past few years, performance marketing has claimed the spotlight, and while online advertising as reigned king, brand owners tossed brand marketing to the kerb, in order to protect return on ad spend. However, with online advertising becoming more expensive and buyers becoming more savvy and having seen first hand the uplift in performance marketing when brands step up their organic marketing and community building - it is true now more than ever that a strong brand presence is the foundation to ANY successful business.
Now more than ever, succeeding as a brand will require a little dance with change. But what does it mean to build a brand in 2024. For me, there are three key pillars for long term brand success, Community, Identity and Perspective.
Community Building:
In the digital age, building a community around your brand is not just an option; it's a prerequisite for sustained success. We're not just selling products anymore; we're selling an experience. Cue the spotlight on community building. In an era where connection is currency, building a fanbase around your brand is key. Engage, connect, and make your audience feel like they've stumbled upon a secret society. A strong community fosters loyalty, leveraging the influential reach of word-of-mouth and user-generated content.
Identity
Brands, it's time to show some personality. In 2024, consumers are swiping right on brands that have more to offer than just products. Crafting a true brand identity isn't just about a catchy logo; it's about a vibe, a feeling, an essence. What's your brand DNA? Define it, shout it and own it.
Perspective
The ability to adapt and showcase a unique perspective is indispensable in a world where trends change at the speed of ten second TikTok. .Picture this: a brand that's not just following trends but setting them. In a world where change is the only constant, perspective is your golden ticket. The brands that can navigate the delicate balance between tradition and innovation will undoubtedly stand out in the crowded marketplace.
Of course it would be naive of me to neglect the power of performance marketing, but as we head into the Year of the Brand, I’m excited to see the resurgence of brand marketing separating the brands of today from the brands of 2024 and beyond.
You can read the full BoF article HERE