Diversified Branding: The New Lifestyle
Why do you love Chanel No.5? Why do you covet a Diane von Furstenberg wrap dress? Why do you need a Coach handbag? What is the allure of driving an Aston Martin? Beyond the obvious selling points of, “It goes well with my outfit” or “It’s just so pretty” or “It’s a great car,” these items—really, these brands—offer an entry into a lifestyle, THE lifestyle.
Luxury brands certainly understand this. The scope of their target audience analysis consistently hones in on offering a consumer something beyond a particular item. That something may be a feeling of accomplishment, a taste of upscale living, a touch of refinement. Again, lifestyle. Millennials are the perfect customer base. This demographic does not seek to collect things. Rather, millennials want experiences. Behind every expense they make, a millenial’s motivation lies with exploring what life offers to the fullest extent compiling each moment through photos and social media posts (Looking directly at you, Influencers). As they move up the socioeconomic ladder acquiring greater financial power, their choices of experiences will gravitate to what they already know, to brands they hold in the highest regard.
Hence, companies now focus on diversified branding: implementing their brand name on a seemingly inconsistent business that provides more. Take Miami, for example. Miami is synonymous with the lifestyle. Not surprisingly, upscale brands have made the Magic City an international hub of their diversified branding experiments. For those wishing to live in a high-rise designed by a leading German automotive brand, Porsche Design Tower opened. For those wanting a condo fashioned by the foremost visionary in modern Italian haute-couture, Residences by Armani/Casa is available. And for those dedicated sports fans who want an immersive dining experience, Real Madrid Café in Downtown Miami will happen.
While it seems that such ventures prove irreconcilable with each brands’ foundational business, they are simply not. Class, style, exclusivity all define the lifestyle. Mix experiences with the lifestyle and you get the incredible power behind the diversified branding concept. So, get ready. Moving forward, you won’t just wear your preferred label or drive your preferred car, you’ll live it.