From what we’ve seen going on in the private brand industry, there is no doubt that own brands are no longer considered any different than national brands. Finally, veterans in this business can proudly say – design matters for all brands.
The right design strategy allows retailers to give consumers what they want today – a view into the retailer’s values, and their stories. And it provides retailers with an opportunity to elevate their voice and their unique position in the marketplace.
So what’s holding some retailers back from advancing?
MBD recently discussed this topic openly with a group of retailers during Velocity Global, a virtual private brand design conference. We asked questions like- What makes some invest while others are holding back? What barriers get in the way?
In this day and age, retailers can learn from each other and see what others are doing easily – we can see what’s working and what’s not based on how long a look stays on shelf. Retailers are also becoming more transparent and vocalizing their strategies, like Target who exposed early on their plan for Good & Gather to phase out its Archer Farms and Simply Balanced brands, and reduce its Market Pantry line. We revel in the way retailers like Target, CVS, Wakefern and many others are doing an excellent job innovating with design.
At the Velocity event, some explained that there’s hesitation to redesign because there’s not the internal culture to support change. Others said that their teams don’t necessarily understand how important design is to the overall business.
But when we asked the question- How much do we think design matters in this space? It was unanimous, design matters and everyone knows it.
5 reasons retailers have nothing to lose:
1. Brand refreshes spark increase in sales.
Of course we must look closely at the current brand equity and be mindful of each retailer’s goals and strategies. However, we know huge gains can be made with moderate investments.
2. Consumers want to know who you are.
What better way to express yourself than through your brand’s design?
3. Suppliers are willing to invest.
Suppliers realize the uptick in sales and what they can glean from it.
4. With the upcoming bioengineering updates, all SKUs must be updated anyway.
And in addition, we should touch everything from a packaging sustainability perspective. It’s possible to align these into a brand refresh and tell a great story.
5. Omnichannel is begging for a story to tell.
Let’s give our advertising and social media teams something to talk about! The innovation behind new designs can be captivating and provide enormous content opportunities.
And I can come up with 5 more in the blink of an eye!
By the end of the Velocity discussion, there was a core group who boldly said that they’re ready to go all in and not hold anything back. In this upcoming season, we at MBD are excited to continue helping brands push the limits, and boldly innovate with design. What do you have to lose?