Purpose
The purpose is the last one of the pillars in the fashion business with sustainability. Your brand’s purpose encapsulates who you are and what you stand for above everything else. It’s frequently referred to as your Noble Purpose or your North Star. To symbolize how you create value for every stakeholder that interacts with your brand—your customers, employees, community members, partners, shareholders, and the world we share—so that we can all flourish together, we think holistically about brand purpose. (Raphael 2022)
The beliefs, ideas, and code of conduct that define the organization’s general atmosphere and culture and guide its business activities are referred to as the brand philosophy. The brand philosophy is very important in that the value proposition is more than just a list of differentiators, it is the total set of advantages that buyers can anticipate when they make a purchase from a specific business. The selling aspects that make up the total value proposition are conveyed in a variety of ways, such as through the logo, slogan, website look and feel, copy, and customer after-care. Brand components that are distinctive, relevant, and appealing to the eye help customers connect and recognize you more. This relationship grows into one of trust over time. The branding strategy is the driving force behind how customers come to know, trust, and ultimately buy a specific business or product. (EU Business school 2020）when the value proposition and the trust reach a certain height the value of the brand in the business naturally goes up.
Brands should be extending their own value by designing products with the intention of rental and resale. They should already be thinking about their legacy and stop thinking about trends. (Hasseck 2021) The sharing economy in the fashion sector can relate to actions like trading, renting, and reselling, which are all ways to access goods that already exist rather than buying new ones. At its foundation, the sharing economy in fashion is all about fulfilling the primary function of clothing, which is to be worn. WRAP estimates that simply extending the lifespan of half of the clothing produced in the UK by nine months could cut its carbon, water, and waste footprint by 22%.
Customers in Generation Z want that a brand stands for something. According to a poll conducted by Accenture, 62% of consumers prefer organizations with a clear purpose and a position on issues like corporate sustainability, transparency, and fair work practices. According to research, 13 criteria, ranging from aesthetic considerations to status signaling, have an impact on a customer’s connection with a premium brand on social media. It’s crucial to pay more attention to the posted content’s quality and to prevent anything less than top-notch from being distributed. The reputation of a premium brand is crucial, and it cannot allow poor materials to damage it. From Christian Louboutin’s “#WishUponAStar” to Tiffany & Co.’s “Believe in Dreams” campaigns, content should aim to arouse imaginations of a better social standing and lifestyle. By creating a bridge between the brand and the consumer, they are producing material that lets the consumer imagine how having a certain brand will change their sense of self.(Jack 2022)
References:
Ondrej 2021 Millennials and Gen Z want to support purpose-driven companies acting sustainably Available at: https://www.besmarthead.com/media/post/purpose-driven-brands-younger-customers-look-forAccessed: October 29, 2022
EU Business School 2020 Branding Strategy;5 Reasons It’s Important for Any Business Available at: https://www.euruni.edu/blog/branding-strategy-reasons-important-business/ Accessed: October 29, 2022
Deanna D 2022 What is a brand purpose and why is it important? Available at: https://www.canva.com/learn/brand-purpose-important/ Accessed: October 29, 2022
Ruth MacGilp 2021 What the Fashion Sharing Economy Is, and How to Do It Right Available at: https://ecocult.com/fashion-sharing-economy-swap-resale/ Accessed: October 29, 2022
Hitesh B 2019 What is Brand Philosophy? Importance of having a Brand Philosophy Available at: https://www.marketing91.com/brand-philosophy/ Accessed: October 29, 2022
Jack S 2022 Social Media Strategy For Luxury Brands: The Ultimate Guide(Insights, Examples & More) Available at; https://thesocialshepherd.com/blog/social-media-luxury-brands Accessed: October 29, 2022