FEATURE
Building your Brand and Staying Relevant Amid Evolving Market and Consumer Trends
W
e are in a time of constant change in terms of trends and customer expectations. Brands in any industry need to focus on staying relevant and evolve in a way that sets them on a higher level than their competitors. This is easier said than done for many companies, especially that this entails adapting to current needs of customers, reinventing customer preferences by creating new categories, and ultimately positioning their brand as a trendsetter in their market of choice. Knowing so, becoming the best brand may be an uphill battle for start-ups, and for those at the top, they must exert even more effort to remain the ‘king of the hill’. That is why top brands innovate and exercise a customer-centric approach and experience, along with an outsidethe-box mentality. Whenever brands develop a plan or strategy, they must always put the customer at the center. This means that their product or service should meet the demands of the target market. If, in case customers do not see the need yet, it should become the brand’s priority to make people realize why they should avail of the product or service. In addition, top brands also take careful note of their customers’ experience. In fact, customer feedback is solicited after every transaction. This is because what the customers say regarding their experience will always play a huge role in the brand’s eventual position in the market. Their feedback also helps define the trend of a specific industry.
Toufic Kreidieh CEO & Co-Founder BFL Group
"Innovation and creativity are certainly important aspects in any business, but if the brand wants to stay ahead of the competition, they need to come up with sound expansion plans."
In the retail business, particularly in apparels, brands have many ways to keep abreast of present and emerging trends. There are several ways to keep the consumers up-todate with the latest trends, such as the new arrivals display, editorial photoshoots, and even through the support of social media influencers. Aside from learning the trend, a company should also understand how to address the competition and strategize accordingly to establish its brand. For instance, in our group we implement out-of-the-box
concepts and strategies in recognition of the prevailing consumer trends. Our stores offer the ‘treasure hunt’ experience, wherein customers browse through the shop with an anticipative mood, which excites them to look for the best bargains. Knowing that the items may not be there forever, they would decide to purchase the item before others find the ‘treasure’ and buy it themselves. They then leave the store happier with a branded item that they got for less. Innovation and creativity are certainly important aspects in any business, but if the brand wants to stay ahead of the competition, they need to come up with sound expansion plans. As long as the company has the right tools and enough resources, catering to a larger market should become part of its end goal. For instance, our expansion plan for 2021 includes opening more than 10 stores in the UAE and further expanding its presence in Oman, Kuwait, and Malta. The group is also mulling over the possibility of entering the Saudi market this year as well.
Granted, maintaining brand relevance amid an ever-evolving market and consumer trends is a huge challenge for many, but those that know how to innovate, adapt, and expand, will reap the rewards as long as they establish their position with the end customers in mind. After all, the best brands belong to companies that maintain the trust and loyalty of their customers — this is the trend that will never go out of style.
RETAIL PEOPLE . JUL - SEP 2021 .31
