Mastering the Business of Brand in 2024

Redefine the Brand for the Next Generation Every Decade or So

When the generation of customers that loved and shopped your brand gets older – you have to reintroduce the brand to the new customers. Many of the executives on our list are in the midst of doing just that. From French Connection and H&M to Marquee Brands to Banana Republic and even relatively younger brands like Marine Layer are refreshing their positioning for Gen Z and younger. The repositioning may start with the product itself, however it has to seamlessly translate to marketing, digital and store channels. Executives on our list are threading this needle while making sure that brand remains true to its original ethos. 

Get Close to Your Customer in New and Creative Ways

“Niche is the new mass”, according to Kevin Shaprio of Coty. Executives on our Direct 60 list are getting creative with the ways they connect with consumers – they are inserting themselves in cultural trends, hosting events and pop-ups outside of big metropolises, and are engaging micro-influencers in a deeper ways. Some are even hiring influencers to run social media for the brand.  

Realize the Promise of One-to-One Through Tech

There is quite a bit of optimism amongst the Direct 60 regarding the industry’s ability to finally offer true one-to-one experiences though AI. According to Sarah Angelmar of Clarins “For decades, we’ve envisioned a future where brands forge deeply personal connections with customers, akin to the world-class service of a top-tier sales associate. However, execution at scale has proven elusive. Today, we’ve cracked the code. By seamlessly blending advanced data science, AI, and innovative marketing technology with the irreplaceable human element, we’re delivering truly personalized experiences that drive substantial revenue growth.” This type of personalization is taking many forms – for some it’s about understanding the context better and tailoring the message and medium to the time, the need, the occasion and the place and for otters it’s about establishing a genuine relationship through dynamic and predictive experiences. 

According to Fayez Mohamood, Co-Founder & CEO of Bluecore and a member of the Direct 60 selection committee “Brands who value their business based on the dynamics of their customer file are the ones set to perform in any set of market conditions – and the ones who are ahead of the curve when it comes to scaling AI and relevance at scale. In this new era of AI, with so much possibility in the here-and-now and in the soon-to-be-future, leaders like those in the Direct 60 are challenging their teams to operate problem-first versus solution-first, so over-investing without evidence on incremental impact doesn’t become the industry norm. Long-established problems, like orchestration, conversation, and more simplistic personalization are all becoming possible to solve and remain the way retailers and digitally-native brands will impact both revenue and profitability.”  

Break Down Silos and Create Effective Teams

Aligning internally is just as hard as connecting with the external customer. The Direct 60 executives on our list are using data to create a shared understanding of the customer and deploying testing and feedback mechanisms to measure and scale what’s working. They also ensure that their teams have a combination of left brain and right brain skill set in order to be effective together. 

Protect What Makes You Special

Finally, even brands that are ahead know that they need to continuously innovate to stay ahead. However, make sure to protect what works for your brand. According to Chris Lang of Lululemon “When leading transformation you gotta be acutely aware of what is ultimately paying the bills. And what is ultimately paying the bills, especially for us, is a differentiated product, driven and nurtured by innovation. So number one guiding principle is how do I protect that. It’s really important to start with listening to the people who are executing and putting out this phenomenal product on what has been working and what hasn’t been working for them.”