Procter & Gamble, one of the biggest consumer goods brands in the world, with many CPG brand names such as Gillette®, Head & Shoulders®, Pantene® and so many more we all know, acquired Walker & Company - a health and beauty products startup focused primarily on people of color.
The world of commerce is changing: from huge companies you find on supermarket shelves, to small and highly focused brands you find online or at small boutiques. Those are not household names, and you probably have never heard about those brands, unless you are part of their very targeted customer base.
Over the last 5 years, more and more small businesses understood what branding in the new world is all about. They know the common thread of consumers behavior is no longer their age, sex, or the location they live in, it's about reason - different people have the same reason to buy a specific brand. But unfortunately, most business owners still haven't figured out the shift from demographics to psychographics.
It is 2019 and the reason to buy and support a specific brand has changed. Since today there is so much of the same, and in reality, the consumer has all the power, the reason to buy deviated from "want" to "need".
Since 70% of online sales happen on mobile devices, consumers hold the power in their palms. Today we can buy pretty much whatever we want, wherever we want, whenever we want.
Branding was always about the same things, but now it's more important than ever. Branding is about focus, differentiation, and customer benefits. You need to differentiate your business from the competition by focusing on a specific customer base, and offer a specific product that answers their specific needs, pain point or support their specific beliefs.
If I had a Dollar for every time I asked a client "who are your target customers" and they answered "everyone", I would have been a Millionaire by now. You can't sell to everyone - you will end up selling to no one.
Both are digitally native, online oriented, customer focused brands. Eloquii is a brand focused on plus-size women's fashion, and Hill City is focused on young successful men, the kind you find in Silicon Valley. They have a defined purpose and differentiation, just like Walker & Company.
Epsilon's research shows 80% of consumers are more likely to do business with a company if it offers personalized experiences and 90% indicating that they find personalization appealing. To achieve success, you need to stop thinking about your product or service and start thinking about your customers.
It's not you, it's them.