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Kanye West: A Brand Audit
- 1. KANYE WEST A Brand Audit
- 2. 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 record label founded by Kanye Featured on “A Concert for Hurricane Katrina Relief” Appeared on the cover of Rolling Stones Interrupted Taylor Swift’s VMA speech DW Kanye West fashion premiered Married Kim Kardashian Yeezy Season 1 premiered Becomes co-owner of 1990 1999 2000 3 43 2 2 4 3 Experimented with recording studio First production with rap group, “Go-Getters” Produced for Roc-A-Fella Records (Jay-Z, Ludacris, Alicia Keys, Janet Jackson) 1st solo tour Headlined Historical Perspective 2
- 3. Genuine Music FansFashion Forward Status Seekers • Millennial audience between the age of 18- 34 • Men and women • Ethnicity: White, Hispanic, Black • Geography- global brand with massive US presence • Multi-platform creation appeals to the masses • High disposable income • Desire to have the most premium goods available • Vast knowledge on what is socially relevant • Follow fashion trends and popular culture very closely • Expensive lifestyle • Upper class • Desire to be young and relevant • Loves Kanye’s music • Connects with Kanye’s lyrics about struggle and overcoming obstacles • Students or young adults • Enjoys partying • Desire for great fortune • Interested/follows in other related artists • Active on social media • Interested in mainstream entertainment Target Market
- 4. Frame of Reference Hip hop artist and entrepreneur Hip hop artist and pop culture icon High-end luxury fashion industry Point of parity 21 Grammy Awards, 3 million user company, albums available on streaming services 1 Grammy Award, albums available on streaming services Fashion line sold in over 100 stores including big retailers like Barneys Point of difference Top of mind rapper for 21st century rap listeners Kanye is more visible in the media due to his presence Content of music differs. Kanye’s music revolves around the struggle of growing up with a hard life and becoming successful, while Drake’s revolves around heartbreak Balmain offers rich embroidery and beading Kanye’s fashion line offer more casual- any-situation fashion Jay Z Drake Balmain 4 Competitive Frame 4
- 5. Current Market Situation Market Dynamics ● Hip Hop album sales dropped about 25% in from 2014-2015 ● Hip Hop and R&B industry experienced a 54% increase in streaming ● Album sales for all genres fell by 11.2%, about 257 million units 5 Opportunities ● Promotion and interaction with fans on social media ● Use of digital marketing and art to promote music and fashion ● Leverage fashion brand through hip hop and media influence 48% 22.9% 18.7% 6.13% Concerts Endorsement Deals Album Sales Investment Income Sources of Net Worth Threats ● Digital streaming outlets ● Music piracy ● Many strong competitor in music and fashion industry
- 6. Positioning FOR Genuine Music Fans interested in hip hop music Fashion Forward Status Seekers with a desire to achieve a high social status KANYE WEST OFFERS Catchy, meaningful and innovative rap music from both himself and his signed artists Premium, exclusive fashion products with high social relevance AMONG Other hip hop musicians such as Drake, Future, and J Cole Other luxury designers such as Louis Vuitton and Balmain BECAUSE Of his 7 platinum albums, 21 Grammy awards and elaborate sold out live performances. Constant media presence, pre-existing extreme popularity and social influence.
- 8. Marketing Mix Product Place Price Promotion Music College Dropout, Graduation, Watch the Throne, The Life of Pablo Large retailers like Wal-Mart and Target, music shops, Tidal, Apple Music, Spotify, personal KW website Albums start at $20 Radio Interviews, Previews at Fashion Show Live Performances Tours, Festivals, Award Shows Worldwide concert venues, ACL, VMAs Concert prices range from $60 to thousands Pre-sale tickets, Radio Giveaways, Push Through Ads on Ticket Selling Sites Fashion line Adidas Yeezy’s Collab and Yeezy Seasons 1-3 Adidas website/stores, yezzysupply.com and specialty ecom Footwear from $300-500 and basic clothing essentials start at $200/piece Fashion shows during fashion week, Kardashian association, Business Ventures Tidal Desktop and Mobile Application $19.99/month/user Concerts with Tidal Performers who are also Co-Owners
- 9. Brand Identity 9 97% Kim Kardashian 91% Yeezus 82% Pablo 61% Yeezy’s
- 10. Kanye’s Key Messages 2004 2005 2007 2011 2013 2016
- 11. Customer Based Brand Equity RESONANCE JUDGEMENTS FEELINGS PERFORMANCE IMAGERY SALIENCE
- 12. RESONANC E JUDGEMENTS FEELINGS PERFORMANC E IMAGERY SALIENCE Customer Based Brand Equity •Widely recognized brand •Consumers aware of both fashion and music products •Extreme success in music industry •Pop culture relevance •Room for brand expansion I am Warhol. I am the #1 most impactful artist of our generation. I am Shakespeare in the flesh.
- 13. RESONANC E JUDGEMENTS FEELINGS PERFORMANC E IMAGERY SALIENCE Customer Based Brand Equity • Very controversial brand imaging • #1 association to brand is his personal branding efforts • Unapologetically himself • Very relevant public figure that is impolite and politically incorrect • Large unattainable ego • Associated with fame, fortune, and godliness
- 14. RESONANC E JUDGEMENTS FEELINGS PERFORMANCE IMAGERY SALIENCE Customer Based Brand Equity • Trendsetter • High quality products with high demand • Large fan base • 7 Platinum albums • 21 Grammy awards • Products aren’t readily available for sale • Products are seen as too expensive • Products aren’t unique
- 15. RESONAN CE JUDGEMENT S FEELINGS PERFORMAN CE IMAGERY SALIENCE Customer Based Brand Equity • Annoyance • Indifference • Disinterest • Disgust • Fun • Excitement • Hype • Nostalgia
- 17. RESONANCE JUDGEMENTS FEELINGS PERFORMANC E IMAGERY SALIENCE Customer Based Brand Equity Daily Listeners Weekly Listeners Would you care if Kanye’s music was taken off streaming services? YES YESNONO •Not evens fans are loyal to brand •No reward or inventive to be loyal •Kanye does not reach out to fans unless it is to rant •No community within his fan base
- 19. #1 With part ownership in Tidal, along with the widespread use of music streaming services, how can Kanye leverage his brand image to increase album sales and revenue? Album Title Year Released Sales Price per Album Revenue
- 20. #1 With part ownership in Tidal, along with the widespread use of music streaming services, how can Kanye leverage his brand image to increase album sales and revenue? Offer special promotions through TIDAL that increase site membership, streaming of Kanye’s music, and fashion brand awareness
- 21. #2 Millions and millions of dollars invested in the fashion industry without a manufacturing and distribution plan being implemented.
- 22. #2 Millions and millions of dollars invested in the fashion industry without a manufacturing and distribution plan being implemented. Brick & mortar stores Retail distribution strategy NYC LA
- 23. #3 How to improve brand image to appeal to a wider crowd and continue to grow consumer base? Kanye West is the personification of a Louis Vuitton trash bag filled with last month’s potato salad. –Survey Respondent Annoyance. –Survey Respondent Ugh. Douchebag. –Survey Respondent He’s a jackass. –President Obama “ “
- 24. #3 How to improve brand image to appeal to a wider crowd and continue to grow consumer base? Increase interactions & publicity with fans and organize philanthropic efforts around personal life
- 25. YEEZY 2020