Your brand isn’t defined by how much you charge

Daye Moffitt Branding

It’s unsustainable to just become the cheapest in your market, value really works is when it’s embedded into the identity of your brand

Daye Moffitt, strategy director of brand agency, Principals, says building your business’s sense of authenticity is an imperative ingredient for success in today’s omnichannel environment.

Speaking ahead of Inside Retail Academy’s first event of 2016, ‘Managing Marketing in a Multichannel Retail Environment’, Moffitt spoke with Inside Retail – Inside Small Business’s sister publication – about why businesses should take heed of brand authenticity.

In Daye’s upcoming talk at the Inside Retail Academy event she will argue that authenticity is about so much more than just heritage and transparency. Although they’re the most common attributes related to the theme of authenticity, she believes an authentic brand needs to have a really clear purpose and it needs to be built from the inside out.

On the subject of what attracts customers to a brand, Daye believes identity is everything, because you can’t differentiate on price forever. It’s unsustainable to just become the cheapest in your market, value really works is when it’s embedded into the identity of the brand.

Transparency about where your products come from is still very important, according to Daye, as the statistics bear testify. 87% of global consumers factor corporate social responsibility into their purchase decisions, 81% of millenials say they are looking for brands that showcase the way their products are created, and 89% of individuals across 12 global markets said it was important for businesses to act with integrity at all times – surpassing the number who rated innovation (72%).

Daye says that authenticity is not just about social responsibility or staking claims around heritage and/or craftsmanship, however, although it is often misconstrued this way. Authenticity in Daye’s view runs deeper than that and is defined by at least four key principles, which she will be the focus of her talk.

One of these is about being proud of who you are. We build brands from the inside out. Key to this is ensuring every strategic element is based on truth and authenticity. It’s not enough to just be different – a brand needs to be able to back its claims and almost as importantly, have a higher purpose.

Daye will be speaking at the upcoming one-day intensive workshop, ‘Managing Marketing in a Multichannel Retail Environment’, to be held in Sydney and Melbourne later this month.

Other speakers at the event include Uber general manager Australia, Simon Rossi; senior research consultant at the Australian Consumer, Retail, and Services Research Unit (ACRS) at Monash Business School; Dr Violet Lazarevic; Stylerunner founder and CEO; Julie Stevanja; SDL social intelligence lead, Dave Goodfellow; and Demandware director, customer success and retail practice, James Johnson.

To find out more about the event visit: https://www.insideretail.com.au/event/managing-marketing-multi-channel-retail-environment/

Go into the draw to win two free tickets to the event by visiting: https://www.insideretail.com.au/blog/giveaways/retail-marketing-workshop-giveaway/