How can Michael Kors change their brand positioning? Any ideas?
I’m doing research on Michael Kors brand and need to come up with a new positioning statement for Michael Kors. Please give me some ideas. Thank you!
As a nearly two-decade serial entrepreneur and owner of a PR and marketing agency, I'm glad someone has brought up this question. I do like the Michael Kors brand, however, it is outdated and aimed more at the previously dominant demographical markets. Enter stage left: The Millennials. They're actually frugal to some degree, but will pay for something they deem is worth the value of the price tag.
That said, the demographical markets for fashion, accessories and the like, are actually the Boomers and Millennials. Seemingly two vastly different groups, so how do you brand in order to appease both?
Well, fortunately, the Boomer generation is in the midst of a total foundational restructuring. It's a global phenomenon. Instead of retiring (in droves, putting a strain on the economic systems), as once expected, they've charted a much more unexpected, yet highly agreeable pathway. Many of these 50+ group (roughly), are instead saying, "I've worked this job all my life, but now I want to do "this." The "this", is vastly different than one would expect because it's not about finding another career "working for the man", it's entrepreneurial in nature.
For the past 2.5 years, I've had pretty much every client come to me, within that age group, and say the exact same thing. The Boomers grew up with the mindset that "My dad was a dentist, so I'll be a dentist." At least it may have been expected of them. Perhaps they might have been expected to continue the family business or some other pre-laid out endeavor. They didn't realize they had the freedom to be whatever they desired and at that time, due to many societal factors, didn't have or didn't feel they had a say in who they would be when they "grew up."
Fast-forward 50+ years later and the Boomer crowd, thanks to science, medicine, and consumer knowledge, they're living longer, have better health, and the "money, power, greed" era, went out with the 20th Century (totally not the Millennial's MO). Mind you, we have to give thanks for that century because we will likely never see another century like the 1900's. We literally started out in horse and buggy and ended with all the modern luxuries of civilization we enjoy now: electricity, cars, radios, tv's, computers, cellphones, major medical advancements and more - all in just 100 years.
Now, the vibe has totally changed. We're already not one, but almost TWO decades into the 21st century and haven't had any big, new advancements - just more tweaks on the old. The Millennial crowd isn't big on "changing" the world, but focused more on "enjoying life" or just "being." Hence why they've been dubbed the "lazy" generation, with no ambition and/or goals, etc. This, of course, is NOT the case (society loves to label what it doesn't understand).
With all that said, what will these newly shifted Boomers and frugal/practical Millennials who care less about materialism want in brands such as fashion? Of course, classy will never go out of style and what woman doesn't like to feel classy, still? However, it wasn't just the class factor previously, it was also the "status" of owning a particular "brand" driven by the "money, power, greed" model. You were judged based on how high up the corporate ladder you were and if you had 2.3 kids, a dog, the big white-picket-fenced mansion, the cars, the bank account, the bling.
Thankfully, Michael Kors is already a classy and simplistic brand, but it does have that "status" factor associated with it. Yet, the name brand-chasing days are coming to an end and being replaced with the desire for class (we still want to look great), practicality, versatility, and the ability to use it with multiple outfits in multiple situations. Think of those fashion makeover shows where they reduce their wardrobe to a staple of practical, yet stylish pieces, that can be intermixed with each other? That's the new tone of fashion-trending.
Millennials are also keen on catchy names and acronyms, etc. Michael Kors (and many other brands) would do well to create more products that are multi-use (convertible from a sideways over the shoulder purse, to a clutch, for example) and even give the pieces "trendy" names, to encompass their meaning and functionality, yet in fun and interesting terms/words. Somewhat like a subtitle, under the Michael Kors name/label.
As the author of the bestseller, The Energy of Words: Use the Vibration of Language to Manifest the Life You Desire", I know a thing or two about how the right verbiage can mean all the difference, depending on the people you're aiming to please. "Speak" their language and you've got them, hook, line, and sinker.
Feel free to contact me directly, any time, as I also work with larger brands like Chanel, for instance. Also, many household name celebs and professionals. Chanel has actually done a great job with their new line rollout, hitting boutiques everywhere, this year and next. Their pieces are fun and interesting, yet still classy and versatile.
#1 Celebrity Numerologist Michelle Arbeau