There are major brands today, like Apple, that are not only selling a brand, they’re selling a lifestyle. Studies suggest this new form of advertising has been influenced by the Millennials. The lifestyle pursued by this generation is putting brands that should be on the peripheral into the main stream. These brands like Starbucks and Facebook are not merely replicating individual’s taste, they are becoming their lifestyles! In other words, certain products are becoming a necessity of life, more than ever before.
In an article not too long ago, BMW and Chanel were deemed top brands amongst Gen-Y users and others. It was concluded that these brands, being considered luxurious, had nothing to do with the outcome. It had more to do with the product being a part of a dream lifestyle. It’s more about “who a person is and how they wanted to be identified.”
The Future of Advertising
It has been suggested that the future of advertising may see the end of the “product brand,” and the introduction of “lifestyle brands.” Either brands will have to change or they will go into oblivion. Before, a trade name was a facet of life, they were something we used but most importantly, they weren’t a necessity. Currently, the tide is turning where brands have become a part of our lives, signifying a “style of life.” There are some trade names right from the beginning who had this feature of “lifestyle branding.” Virgin is one of them. However, there are some outside trade names that are taking this new wave of brand strategy quite serious. Nike and Puma literally came out of the dark and took over a whole generation. Not only through advertising, but also by attaching themselves to a particular way of living; leisure lifestyles and rap music being two of them.
The Shifting Nature of Brands
Research gives insight to the changing nature of brand competition during this period of rising social media and divulges obscure challenges. The research is amid the first to examine how brands provide a means of perspicuity, highlighting the limitations of individuals who express their identity through brands.
“The competitive world is quickly changing,” stated one observer. “Customary categories are finished. Today, brands are contending across various categories for a stake of a consumer’s individuality. Gratifying individual’s desire for self-expression is turning into the new cutting edge of brand competition.”
Lifestyle Branding has its Limitations
Studies indicate that the expansion of social media, accumulated customization, and one-to-one marketing, has supplied consumers with extraordinary prospects of expressing themselves. Nevertheless, in spite of the multiple choices for self-expression through brands, results reveal that this is finite. As consumers discover more ways to articulate their identity, their desire for articulateness may become too much. For instance, Facebook may fulfill an individual’s wish for self-expression to the point where it can decrease a person’s predilection for further lifestyle brands, such as Puma or Coach.
The forecast for the next decade states that the populace will be consumed with lifestyle branding. A few of these brands have already placed themselves into this category; in addition, there are many that are up-and-coming. Then again, don’t be startled to find more conventional brands taking this approach. In any case, it’s all about selling.