The reality of your brand value is determined by the views of a diverse world. When brands insulate themselves, relying solely on views of the same people, or one point in time, they risk losing touch with reality and becoming irrelevant. In an era of change, every brand has an opportunity and obligation to their audience to reset on cultural and anthropological views of the market.
Consumers are no longer buying products, they are buying brands, beliefs, impressions, and feelings. The minute we start talking about emotional brand equity, we move into a cultural territory that is woven by a diverse group people and views.
It is a shame that Victoria Secret didn't catch on to changes as often as their semi-annual sales. With transformative campaigns like Dove's 'Real Beauty', Third Love's 'To Each, Her Own', and #MeToo no brand is immune. What do you think, will VS be able to turn things around dramatically and reimagine their marketing? Will they be able to cross the gender spectrums and reach society where it is? I wonder.
In addition to not demographically representing the market with staff who can deftly interpret its signals, the Victoria’s Secret seems to have missed the idea that consumers now want more than just a good product. “Consumers care more about the companies behind the products they buy – more and more every day,” according to Anthony Johndrow, cofounder and CEO of consultancy Reputation Economy. “So if you want to sell more products to women, then you need products that meet their needs AND you need to be a company they can feel good about,” he said. “It sounds like L Brands needs to fix both, and changing leadership is a good place to start.”