Purpose
Ikigai: a japanese concept meaning a reason for being. Our purpose is our why, its a reason for which something exists. In correlation to the fashion industry a brand is obliged to a purpose. They must understand what would be lost if the organization disappeared. What is unique? Particularly for the new Gen-Z consumer a purpose and reason for being is highly important. “They’re looking beyond tangible products and actually trying to understand what is it that makes the company tick” (Mckinsey & Company, Finneman, B, 2020) Aesthetics of a product are simply not enough its all about the morals and values.
Circled around the topic of brand philosophy is the mission, vision and values of a brand. A strong mission statement within a company sets a definition for the business and clarifies the purpose. A powerfully built vision statement is beneficial to show consumers what a brand intends on doing in the future and can be inspiring. It’s hard to believe who is being truthful and who is being ethical for the popularity. Therefore it is vital that “Ensuring your house is in order before going big on public actions. Your internal culture and diversity should match your external posture.” (Curry, L, 2020). Value proposition gives customers a purpose to shop for the brand. If customers resonate with specific brand values there is an increased chance in purchases and association. If your business works on these components so they are of the highest quality and ensures the actions said are implemented then brand benefits will follow.
Common knowledge is that the Generation Z is heavily guided by social influencers of today. Unlike previous generations gen z is driven by not only social media but authenticity of a brand. They want to know “What’s its mission? What’s its purpose? And what is it actually trying to build for us as a society?” (Mckinsey & company, Finneman, B, 2020). After studying highly commended Gen-Z influencer, Alix Earle, Janet Balis came to the conclusion of five powerful lessons in order to develop new ideas for reaching Gen-Z consumer and proving your purpose. One of these being “Find the right influencers for your brand” (Balis, J , 2023) Alix Earle is a prime example of why this works. With Alix Earles authenticity in her “get ready with me” videos show her going from “natural beauty to flawless perfection, displaying professional yet replicable makeup techniques and product use.” (Balis,J, 2023). She’s making herself approachable to the young generation and this approachability is what makes her resonate so much with Gen-Z.
Reference list:
Balis, Janet (2023) How the best brand-influencer partnerships reach gen Z, Harvard Business Review. Available at: https://hbr.org/2023/06/how-the-best-brand-influencer-partnerships-reach-gen-z?ab=at_art_art_1x4_s02 (Accessed: 29 October 2023).
Curry, latia (2023) How brands can follow through on the values they’re selling, Harvard Business Review. Available at: https://hbr.org/2020/08/how-brands-can-follow-through-on-the-values-theyre-selling (Accessed: 28 October 2023).
Meet Generation Z: Shaping the future of Shopping (2020) McKinsey & Company. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/meet-generation-z-shaping-the-future-of-shopping (Accessed: 28 October 2023).
Image reference list:
Earle, A. (2023) Login • instagram. Available at: https://www.instagram.com/alix_earle/?hl=en-gb (Accessed: 29 October 2023).
Tan, E. (2023) Youth Radar: Analogue Marketing, WGSN login. Available at: https://www.wgsn.com/insight/article/65251313dd2ce724c6dd22f1 (Accessed: 29 October 2023).