6 Ways to Modernise Your Brand While Staying True to Your Legacy
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The consumer market in India is undergoing a gradual, yet tectonic shift. Consumer expenditure in India is expected to grow at 12 per cent year-on-year till 2022, driving the consumption of the growing urban population, two-thirds of which live in 400+ tier 2 and below cities. Therefore, aspirational demand for fashion brands is expected to surge over the next few years.
Further, with growing access to digital content, consumers today are increasingly updated with latest fashion trends. The fashion spectrum in India is evolving where the affluent want the latest to keep up with fashion trends, and the masses look for more aspirational products that offer value for money.
Here are 6 ways how brands can modernize their brands while staying true to their legacy-
1. Stay true to your roots
Brand authenticity is very important to consumers today, especially millennials. Staying true to your brand, valuing the customer, and showing that you care about more than your profit is now just as important as the products and services you offer. Identifying your values is the first step toward maintaining authenticity. Create an authentic culture and an authentic brand will follow. Consistent branding is one thing, but staying true to the company's true character is what's most important. Ensure that you articulate brand values to your employees and empower them to be the face of your brand. Your brand voice and values should be consistent throughout everything a customer sees, even if it isn't marketing related.
2. Focus and build your Legacy
Every brand has pros and cons about the legacy their brand holds. The key is to move forward from here. Every brand has some aesthetics that wonderful and need to be kept and passed on as a legacy. Some things may need to be reworked on in order to keep up with the changing time. Ever since our brand was founded back in 1947, the fashion industry has come a long way! Trends have changed at every blink of the eye. Indian’s are now more open to trying out new trends and explore their fashion choices. In order to make your brand a success, it is important to know what the customers are looking for and what will work the beat in the Indian market.
3. Cater to your customer’s needs
Stand in your customer’s shoes…Look beyond your core business and understand your customer’s full range of choices, break down their choices and understand the gap. Then, create products that fill this gap! This is the easiest way to increase footfall and create an interest for your brand in the market. Being in the fashion industry, you have to sometimes think like a teenager, sometimes like a millennial and sometimes like a middle-aged woman looking for style and comfort!
4. Predict trends
Focus on what customers will want tomorrow. Predict trends! It is not rocket science to predict upcoming trends. Trends in India are Bollywood driven. If Deepika Padukone wears nude floral embroidered box heels, millennials will queue up outside footwear stores to find similar shoes or flood the online market in search of the one true pair! A brand needs to know what will work in the market, what the TG is looking for, and then simply create products that will cater to them. Once the TG knows that you have what they need, nothing can stop you from building a loyal client base.
5. Learn the art of doing the right kind of business
In this fast growing Industry, doing business in the right way is the key to make sure your brand stands strong in the market. There are endless brands in the market that have a variety of options to offer. In order to make it big, you need to do smart business. Be Intuitive! Smart business owners do not just rely on facts, they listen to and follow their intuition. They are aware of when and how their intuitions and insights come to them. They are internally tuned-in to make wise decisions. They are never satisfied with one level of advancement of their product, themselves or their business. They are drawn to new ideas, radical thoughts and innovative ways of changing and doing things. They see the mind like a parachute -- it works best when open.
6. Be patient and stay sane
In the early stages of a business, you can run on pure adrenaline. You are overflowing with excitement and there are a million things to get done. Eventually, your tank of gas is going to run out, making getting a quality rest every night essential. Take time off… So many people say they want to be an entrepreneur and own their own business to have the freedom to take time off whenever they want. It sounds good, but the reality is that starting and growing a business can consume every ounce of energy and time you have if you let it. If you find yourself on the verge of complete burnout, force yourself to take time off. The time away will recharge your energy and focus, making you more productive when you return to work. Remain social… Sometimes entrepreneurs want to remain in their creative area and focus 100 per cent of their effort and time into building their dream. This isn’t healthy -- you need to interact socially with friends and family to remain sane.