I'm currently working with a few companies who are utilising my 'Leverage & Build' strategy and to say we are all having an amazing time is somewhat of understatement.
It's a strategy and process I've used for a few years now, and without blowing my own trumpet too loud the reality is that pre-Covid it has delivered a few outstanding 'growth' results.
During this crisis my 'secret sauce' has become like magic 'Unicorn Dust'.
At the start of the pandemic we saw the term 'pivot' occuring in the business world which saw many companies 'leverage' existing assets, resource, and infrastructure in order to 'leverage and grow' new opportunities afforded to them via this crisis.
Far too many companies in my opinion spend too much time trying to 'revive the dead' instead of 'giving birth' to new opportunities.
I think we can all agree that Covid sorted that mindset out once and for all.
I often refer to China as the current leader for innovation in the retail sector. I also keep a particular eye out for what 'luxury' brands are doing in that part of the world as well.
Louis Vuitton set a great example of how to build a smooth consumer journey by utilizing both online and offline tools. As a result, the brand’s largest flagship store in China achieved record-breaking sales in August, which was believed to be a recording-breaking month for the China market.
Everyone knows social media marketing matters in China’s market. But what does it mean when a brand inspires discussions or starts a new trend?
Every social media platform has its own rules, and the preferences of young netizens vary a lot. Therefore, brands must consider using platform-specific marketing strategies. Posting the same commercial clips on all platforms is a waste of resources and a bad look.
Take Gucci, for example. Beginning in early 2020, the Italian luxury brand started launching official accounts on various platforms beyond WeChat and Weibo.
Gucci only won consumers’ hearts back recently, thanks to its Chinese Valentine’s Day campaign. On July 30, Gucci introduced the GG apple print collection, which features a motif made up of two interlocking red letters Gs and was inspired by the phrase “apple of my eye.”
The companies I'm currently working with have identified much bigger growth opportunities than ever before, simply by accepting that waiting for someone else to come to their rescue isn't a viable survival, let alone long term growth strategy.
They see 'social' as the way to draw clients/customers to them by sharing stories, creating engaging messaging campaigns all so they can cost effectively deliver on their new 'leverage and build' strategy.
COVID-19, which put the brakes on international travel retail, seems to have redirected Chinese consumer spending back to China. The effect accelerated the domestic shopping trend that had emerged after the central government slashed the value-added tax (VAT) rate in early 2019, which narrowed the price gaps for many luxury items. And with the recent appreciation of the yuan, a growing number of Chinese shoppers now prefer to purchase their big-ticket items domestically.