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Building Brand Equity
The document discusses strategies for building brand equity in the Japanese luxury menswear market. It recommends conducting a brand audit to define the brand's essence, identity, and positioning. It analyzes opportunities to establish brand equity through improving brand awareness, associations, and loyalty. Key recommendations include focusing digital strategies on localization, content management, and social media to drive awareness and engaging directly with loyal customers. The strategies aim to add brand equity by increasing customer awareness, perceptions of quality, and loyalty to the brand.
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Building Brand Equity
- 1. Building Brand Equity “inone segment of the world”
- 2. ● Brand Audit ●Establishing Brand Equity: Associations ● Establishing Brand Equity: Awareness ● Establishing Brand Equity: Loyalty What & How?
- 3. Answer this: Whodo you think you are? “Sleek. Clean. Minimal.” The Brand Audit
- 4. Brand Essence: Clean,Sleek, Minimal; Avant Garde Core Identity : androgynous hybrid of sportswear and tailored elegance Extended Identity: Fresh Take on Basic Menswear, Uncompromising (quality, detail, customization) Brand Identity
- 5. The Clock Model:Pre-Purchase, Purchase Pre-Purchase Elements ✓ Website ✓ Industry Press ✓ Fashion Blogs ✓ Social Media ✓ Word of Mouth ?% Purchase Elements ✓ Retail Partnership ✓ Custom Tailoring ✓ In-Studio Exclusives ?% Post-Purchase Elements ?%
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- 7. Three Hurdles How doyou score? Sustainability Differentiation Relevance “how you are perceived to be by customer today”
- 9. Luxury Regions toEnter? (where brand can gain value) Enter and Expand: Asia Enter Next: Western Europe/France Enter Last: North America 33% of market 27% of market 25% of market GLOBAL LUXURY MARKET $339,371 MIllion
- 10. Luxury Region -Asia Asia-Pacific region: Market attractiveness 2012 (excl. China and India) Japan stands out as: Attractive & “Safe” from inflation
- 11. Luxury Region toEnter and Grow (5 years) Apparel and Footwear Segment
- 12. Luxury Region toEnter and Grow (5 years) - Asia Asia-Pacific region: Inflation 2012
- 13. Luxury Region toEnter and Grow – Asian Market Growth Japan Luxury hills and valleys Asia Pacific Luxury moderate growth
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- 15. Google Trends byRegion France has highest search trend in luxury Seal of Approval Japan has highest search trend in fashion consumption
- 16. Global Luxury Industryat a Glance – Japan • World’s 2nd largest luxury market in the world • In the past 5 years, sales have grown slower than any other Asian market = stagnant growth • 2013 new economic policy Abenomics pushed economic performance forward and sizable increase in wealth thus boosting consumer spending • But more tax increases are expected and consumers are “investing” into big ticket items today • Abenomics will not have a further significant impact on economy growth • Enter and grow: aspirational designerwear lines
- 17. Global Luxury Industryat a Glance – Europe • Eurozone Includes 10 luxury markets in the world (Italy, France, Germany and Spain) • Due to debt crisis, tight fiscal policies were adopted and less consumer spending was observed • In future, Eurozone is expected to see modest growth • UK, not past of Eurozone is the 6th largest luxury market in the world • UK is the fastest growing economy in Europe • Continued recovery in consumer spending Enter with uber luxury designerwear lines and accessories (not to sell but to dictate global associations & validation)
- 18. Global Luxury Industryat a Glance – United States • Largest luxury market in the world, outpacing Japan by 2 X • US economy is on a recovery path after modest growth • Income growth came from high-income households • After tax income for high-income households outpace tax rate increases Enter with top luxury and aspirational designerwear lines, accessories will do well too
- 20. Tailoring – Avante-Garde– Chic – Colorful Competition
- 21. Competition in Japan PaulSmith rank improves by 57 points in Japan! Deloitte “Global Powers of Luxury Goods” I 2014 McKinsey “ Luxury Goods in Japan” I 2013
- 22. Asian Menswear Trends Leader-Japan Follower- Korea Copy Cat- China
- 23. Survey Q? :Please describe the consumerBrand Public Perception
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- 26. Japanese Luxury Consumers Lessattractive Logo fatigue Younger Generation Consumers ▪ distinct characteristics and needs ▪ pursue uniqueness fashion style and personalized luxury goods ▪ Middle class, white collar and Second Rich Generation
- 27. Japanese Consumers Where dothey Shop? Tokyo Shopping Districts: Shinjuku, Ginza Boutique stores High-end department stores Company-Owned stores Outlets Online
- 28. Japanese E-Commerce Japanese ShoppingTrend Online revenue alone is over $1 billion in 2014 2 X higher than the Japanese industry average e-commerce Update e-commerce offers every 1.5 hours http://blog.btrax.com/en/2014/06/30/japanese-fashion-retail-brands-getting-e-commercialized/
- 29. Recommendation : Define theTarget Customer WHO IS HE / SHE / THEY ???
- 30. Loyalty Awareness Perceived Quality Associations Proprietary Brand Assets FOCUS ONSEGMENT ADDED BRAND EQUITY
- 32. BUILDING AWARENESS VIA DIGITALSTRATEGY FOCUS
- 33. Digital Media andLuxury Source: Digital Competitive Map (July 2014) | Source: Exane BNP Paribas
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- 36. Website Digital MarketingMobile Social Media ☑ Technology ☑ Navigation ☑ Product Pages ☑ Custom Tailoring ☑ Localize ☑ Search / SEO ☑ SEM ☑ Blog / Content ☑ Other Ads ☑ Engage ☑ Compatible ☑ Apps ☑ LocationAds ☑ Catalogues ☑ Sizzle ☑ Facebook ☑Twitter ☑Instagram ☑ Google + ☑ YouTube ☑ Pinterest
- 37. Social Media: Recommendation Domesticstrategy Content Management & SEO: Social Media Source: - Prphet affluent male
- 38. Online Sources ToResearch Luxury Goods in Japan - 2013
- 39. Japan: Pre-Purchase ByDevice
- 40. Apparels & Accessories (%) Internet52 % TV Shows 28 % Locomi (Local Online Search Service) 14 % Ads 20 % Brochures / Flyers / Direct Mail 16 % In - Store 48 % Japan: Pre-Purchase Channel
- 41. SEM: Current MarketShare in Japan
- 42. Social Branding Targets:where will you spend??? Network Current By Jan 20XX Paid Source – eMarketer.com : Performance Metrics for Facebook Ads
- 43. SEM: Japan Recommendationsfor Start Up SEM Budget Recommended Daily Budget ($) Daily Clicks Impressions Annual Max Cost ($) Annual Max Clicks Conversion (0.20 %) Conversion Revenue Total Spend ($) Total Clicks Total Conversions Revenue per conversion Total Revenue
- 44. Loyalty Awareness Perceived Quality Associations Proprietary Brand Assets FOCUS ONAWARENESS ADDED BRAND EQUITY
- 46. Survey Q? :Where would you expect to buy these clothes? Where does the LOYALTY lie?
- 47. Loyalty Awareness Perceived Quality Associations Proprietary Brand Assets FOCUS ONLOYALTY ADDED BRAND EQUITY
- 48. ● Brand Audit ●Establishing Brand Equity: Associations ● Establishing Brand Equity: Awareness ● Establishing Brand Equity: Loyalty Conclusion