A Skims Case Study: Is Brand Velocity Redefining Brand Strategy?
The traditional approach to branding is changing rapidly, and a new concept [well, new to me at least], "brand velocity," is at the forefront of this transformation. In this article, we'll delve into the importance of brand velocity and how it's redefining brand strategy for companies looking to thrive in 2024.
Brand Velocity Explained
Brand velocity refers to a brand's ability to swiftly adapt, innovate, and introduce new products or content while upholding quality and relevance in the view of its target audience. It entails being agile, responsive, and unwavering in the pursuit of outpacing competitors. A stellar illustration of a brand exemplifying this principle is SKIMS , founded by Kim Kardashian, which has garnered significant popularity.
The Skims Approach: A Case Study in Brand Velocity
Skims has set an unprecedented standard in the industry by consistently pushing the boundaries of brand velocity. In just the last two months of this article publication, Skims has showcased a remarkable commitment to this concept.
So what exactly puts Skims ahead of the curve?
1. Quality Products and Content
Skims seems to understands that speed alone is not enough. The products they release are of decent quality, according to reviews, meeting or exceeding customer expectations. This commitment to quality ensures that customers trust and remain loyal to the brand.
2. Optimization for Social Media
Skims leverages the power of social media by tailoring its content and product releases to be highly shareable and engaging. They know that being visible and relatable on platforms like Instagram and TikTok is essential in today's brand landscape.
3. Frequent Releases
The brand adopts an aggressive release schedule, continuously offering new products and content. This strategy keeps customers excited and engaged, as there's always something new to anticipate.
4. Celebrity Ambassadors
Partnering with well-known celebrities like Cardi B enhances Skims' reach and appeal. These collaborations generate buzz and create a sense of exclusivity around the brand.
5. Strategic Collaborations
Skims collaborates with organizations that align with its brand values and interests, such as the NBA, WNBA, USA Basketball, and Swarovski. These partnerships expand Skims' reach and credibility.
6. Consistency in Brand Identity
Despite its rapid pace, Skims maintains a consistent brand identity. This consistency helps customers recognize and trust the brand, even as it evolves and grows.
The Key Takeaways
So, what can businesses learn from Skims and the concept of brand velocity?
Balance Speed and Quality: While speed is essential, brands must not compromise on quality. High-quality products and content are the foundation of brand trust.
Optimize Social Media: Social media is a powerful tool for engaging with your audience directly. Optimize your content for shareability and engagement.
Innovate and Collaborate: Foster a culture of innovation and seek strategic collaborations that align with your brand values.
Consistency Matters: Maintaining a consistent brand identity helps build trust and recognition, even as your brand evolves.
Measure and Adapt: Continuously track metrics to evaluate the success of your brand velocity strategies. Be prepared to adapt and iterate as needed.
Ultimately, brand velocity is about being agile, innovative, and customer-centric in a world where change happens at lightning speed. Businesses that prioritize brand velocity in their brand strategy will be better equipped to thrive in the new era of brands. Just like Skims, they can set the standard for success in a fast-paced and ever-evolving marketplace.
