How Small Businesses Can Transition Into Lifestyle Brands
As the coronavirus spreads, small businesses across the globe look for answers. With the public quarantined, these companies rely on their marketing to drive operations. In fact, sproutsocial, a social media software company, found a change in how audiences engaged with brands during COVID-19. They found incoming engagements increased by 44 engagements per day across all industries, and over 7 more engagements per post per day across all industries. While engagement can tell us the popularity, it does not always translate to sales. As consumers scroll through social media content, it is important for the content to be effective. Therefore, with the use of lifestyle branding, businesses can navigate through the challenges they face from the COVID-19 pandemic.
What is a “Lifestyle Brand?”
Lifestyle brands utilize a consumer's interests, values, and opinions to form a more personal connection. They figure out customer’s goals and provide them with experiences that allow them to achieve those goals. In essence, they convince the user your brand can support the lifestyle they want. Some of the most famous lifestyle brands include Nike, Lululemon, and Apple. These companies provide their consumers with the tools they need to live their ideal lifestyle.
Adopting a Lifestyle Brand Strategy
Smaller operations need to find ways to create a lifestyle brand out of their current brand. The first step is to determine the kind of lifestyle you want to sell. This is what attracts customers and drives your brand, but in order to accomplish this step, you must do research. Know your customer! Next, it is important to have a brand story, something that convinces your customers that your brand is authentic and effective. Then, it’s important to be social. Lifestyle brands thrive through social media. It’s essential that you have good content. Stay away from trying to sell your brand, but instead show who you really are. A great way of doing this is through the use of user-generated content. This gives users less brand content and more realistic content. Using these steps, brands can offer the support consumers need during the COVID-19 crisis.
During today’s pandemic, the fitness industry has embodied lifestyle brands. This industry uses wellness as a way to connect with consumers during today’s health crisis. Luxury gym brand Equinox has utilized this technique to connect with members outside of their gyms. With their gyms closed, they use social media to communicate with their customers. Equinox has provided at-home workouts, mindfulness techniques, as well as fun and healthy approaches to life. It is effective for them because they know their users are interested in a healthy lifestyle. Furthermore, SoulCycle, another leader in the fitness industry, has converted its brand into a lifestyle. Not only have they adapted their workouts into digital content, but they have also transformed their brand into a wellness lifestyle.
Monetizing a Lifestyle Brand
Lifestyle brands offer much more than a product or a service. These brands are effective because they sell an identity. Consumers purchase goods because they believe the brand will support their lifestyle. A company’s products might change, but their brand will always be the same.
Today’s consumers have become more and more concerned with their well-being. The coronavirus pandemic has affected people across the globe, scaring them into a more healthy lifestyle. The fitness industry can take advantage of this shift and sell their lifestyle to consumers looking for a product/service that can promote wellness.
In order to retain their customers, most fitness brands have been posting free high-quality fitness plans. Nike has offered its Training Club to the public for free. Many large chain gyms such as Equinox, SoulCycle, and Planet Fitness offer classes through an online platform led by their instructors. However, without the personalization, these brands fail to monetize their business. For a small business, the creation of at-home personal training can be effective. As small businesses start their transition toward a lifestyle brand, consumers will build brand loyalty as they align with brand values. As a result, consumers will be willing to spend the money on personalized at-home training because they know it will contribute to their healthy lifestyle.
Another option that could be used to monetize your brand during COVID-19 is through the use of strategic partnerships. Within communities, there are many small businesses that could collaborate to drive operations. These partnerships will give businesses the opportunity to learn and grow. It will also give small businesses the opportunity to work with other brands in the area and strengthen their community. The monetization can come through deals and advertising. For example, in the fitness industry, gyms can partner with health-oriented restaurants, providing their customers with discounts and recipes created by the restaurant. This will drive sales for the restaurant while keeping customers engaged with the gym.
As a social impact initiative, Rem and Company also offers free consulting services and resources to small businesses and nonprofits impacted by COVID-19. Our pro-bono consulting teams provide small businesses with the opportunity to identify and prioritize issues facing their business, propose innovative strategies, and facilitate execution. If you are a small business or nonprofit in need of assistance, learn more about how we can help.