It seems like every other day we read about another storied brand going out of business, while at the same time, new upstart brands continue to gain traction.
Much of this is fueled by evolving tastes and habits as each generation brings their particular and unique preferences to the marketplace. Millennials and Gen ‘Z’ buyers have changed not only what we buy, but how we shop. But this doesn’t have to spell doom for mature brands.
I recently attended a conference that included an interesting presentation of a rebranding effort by L.L.Bean. Established in 1912, the company was able to find new relevance by mining customer insights. Known for their legendary customer service and quality guarantee, flat sales in recent years indicated the brand was not connecting with younger buyers. Their challenge: how to reposition and differentiate the brand while retaining the unique, authentic L.L.Bean identity.
L.L.Bean’s marketing team recognized that they first needed to better understand the evolving attitudes and needs of today’s customers. They needed to stop thinking demographically and start thinking psychographically.
The company conducted in-depth research to define distinct customer groups based on specific needs and attitudes. That allowed them to identify their ultimate target customer. The research further provided direction for aligning the company’s product offering with customer preferences and identified growth categories where their products could not only compete, but win. Finally, customer insights informed the development of their new communications campaign, “If it’s outside, we’re all in,” designed to resonate and engage with their unique customer base.
In short, customer insights are helping legacy brands like L.L.Bean compete in today’s hyper-competitive marketplace.
Whether your brand is aging or new, here are four key areas consumer insights can help drive success:
- Customer segmentation to identify who your customers are and what’s most important to them
- Product alignment to ensure your product offering is consistent with customer needs and preferences
- Growth opportunities to keep your brand relevant into the future
- Communications strategy to inform messaging and delivery of your brand position
If you need the kinds of customer insights that can keep your brand out front and on top, we can help.
Tags: branding, chris hayes, communications strategy, Customer Behavior, Customer Experience, customer segmentation, evolving culture, growth opportunities, product alignment