Experiential Branding in Fashion [Video Transcript]
In this whiteboard animation, we’re going to discuss the concept of experiential branding and how it can be achieved in the context of the fashion industry. It seems that nowadays we are not actually buying stuff anymore. All we seem to be doing is purchasing experiences. Share economies have shown us that ownership is an outdated model of business, and true disruption comes from developing brands focused on inclusiveness so that companies can achieve success by making a product available to the widest market possible. It’s easier to see how this can apply to services, but how does this impact traditional retail? If your brand sells physical products, how can it access the experiential market? Well, all it takes is simply a change of perspective. Your products need to become a gateway, or a means to establish a more profound connection to your customer. Experience is something memorable, that stands out of the ordinary, something we can remember for a long time because we are able to attach to it a particular emotional connotation.
Brands use each of their customer touch-points (both physical and digital) to foster that emotional connection and to leverage it towards establishing customer loyalty. Sometimes all they need to do is to surprise your customers or just do something unexpected to solve a problem or to simplify their lives. In fashion retail, store managers focus on ways in which customers can access this emotional connection even before they make a purchase by creating theatrical environments in a brand’s flagship store. By being located in historical buildings and in prestigious streets, Flagship stores are able to draw on legacy and heritage which is imbued with cultural values. To understand experiential branding, we have to expand our marketing lens. A customer is not simply pushed through a ‘funnel’ but needs to guided through an hourglass. After having made a purchase, a customer needs to be guided through a variety of human, physical and digital experiences, which transform a lead into a brand advocate. To do so, what kind of experience would you like to provide? Is it entertainment? education? Is it aesthetic? Is it escapist?
However, you need to bear in mind that a relationship cannot be obtained when increasing sales is the sole focus of the experience – in other words, brands should not constantly try to up-sell their products-. A real relationship can blossom when the brand involves a customer into something larger than the product so that a product can be but a gateway to a wider set of values, for instance, connected to social equity or sustainability. Designing an experiential brand can entail for radical change in a fashion firm. If you want to stay on top of your game follow 440 Industries a business blog dedicated to the creative industries and grow your business.