Photo by © Thinglass | Dreamstime.com
In a previous post we asked the question, “Does Your Unique Promise of Value Have An Expiration Date?” We indicated that features such as using drone photography in your luxury real estate marketing basically have a shelf life because it can be imitated, but your core, your uniqueness is inimitable. That is, if you continue to innovate around your core.
We recently were awestruck by an interview with Angela Ahrendts, who is currently the Senior VP of Retail at Apple (previously the highest paid CEO in the UK at Burberry-$26.3M). In 2014 she earned $70M at Apple as the highest paid executive in the company! Basically, she said that every great brand has a core.
Rediscovering, revivifying and reinvigorating Burberry’s core, enabled her to increase the value of Burberry from £2 billion to over £7 during her tenure there. She shifted the company from 75% wholesale to 75% retail by opening Burberry stores worldwide and developing a strong online presence.
The waterproof gabardine trench coat, which was originally created in 1856 for the military, is at the core of the brand. Angela was able to rally the troops (over 10,000 employees) around her vision of making the Burberry trench coat “cool” again. She empowered them to passionately communicate the company’s core values (“to protect, to explore and to inspire”) directly to the consumer instead of relying on resellers to represent them.
What is the core of YOUR brand? What are you doing to continuously innovate around your core?