In the ever-evolving world of fashion marketing, the tides are turning, and brand marketing is poised to reclaim its prominence in 2024. The traditional landscape of brand-building has undergone a metamorphosis, moving away from the era of heavily relying on instantly trackable performance marketing. Various factors, including economic pressures on discretionary spending and the tightening grip of data privacy regulations, are reshaping consumer expectations. Today, consumers yearn for captivating brand storytelling that transcends mere product offerings. This shift is compelling marketers to explore alternative avenues to engage with shoppers as the costs of performance marketing rise.
Fashion leaders are responding to this shift by reassessing their marketing strategies. According to the BoF-McKinsey State of Fashion 2024 Executive Survey, 71% of executives are planning to boost brand marketing expenditure in 2024, marking a fundamental departure from the era of DTC labels heavily relying on trackable, targeted performance marketing.
The Evolution of Brand Identity
Effective brand marketing necessitates a comprehensive, sustained strategy that transcends one-off moments. Recent success stories highlight how a strategic brand marketing approach can revamp brand images and capture new customer bases.
Hugo Boss embarked on an image reboot, targeting a younger demographic through differentiated branding for "Hugo" and "Boss." The company's heavy investment in brand marketing, featuring ambassadors like Hailey Bieber and high-profile events, led to record sales in 2023.
Image Source: Boss
Ermenegildo Zegna Group streamlined its Zegna menswear brand, collaborating with Fear of God to tap into a younger audience. The result was a 16% YoY sales increase, showcasing the power of a refreshed brand image.
New Balance leveraged collaborations to elevate its brand, partnering with influential names like JJJJound and Miu Miu. These collaborations solidified New Balance's position as one of the best-selling brands on popular sneaker resale platforms.
Image: New Balance x Miu Miu
The Brand Marketing Toolkit
As consumers crave authentic connections with brands, marketing efforts shift towards brand storytelling and emotional affinity through various channels.
Brands can leverage the personalities behind the label, such as founders or creative directors, to create organic and authentic content. Nike, on the other hand, has successfully built a brand perception around social causes through bold ad campaigns featuring high-profile athletes.
Creating memorable shopping moments in the real world is another avenue for building emotional connections with consumers. Immersive stores with visually striking spaces and interactive experiences have proven effective, providing ideal backdrops for social media engagement.
Image Source: Jacquemus
Cross-industry collaborations with music, film, and sports are becoming integral to staying relevant. In 2024, fashion brands are expected to invest further in collaborations, joint ventures, and sponsorships, with examples like LVMH's sponsorship of the 2024 Summer Olympic and Paralympic Games.
Creating Long-Lasting Affinity
A shift in priorities is essential to succeed as a brand in 2024. Chief marketing officers need to focus on selectively using brand-building tools, supported by a long-term strategy, the right talent, and channel investments.
CMOs must invest in building teams that encompass both brand and performance marketing specialists working cohesively. A focus on the long-term story, backed by impact measurement over strategic horizons, is crucial. The emphasis is now on "less is more," with carefully crafted storytelling that amplifies a brand's clear, coherent personality, ensuring consistency and authenticity in consumers' day-to-day lives.
Whether you're a seasoned marketer or a budding enthusiast, now is the time to dive deeper into the world of brand marketing. Explore the possibilities, challenge the norms, and stay ahead of the curve.
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