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THE SECRET OF REINVENTION – A LOOK AT THE PLAYBOOK OF COACH

Reinvent or die! Harsh as it sounds, it is what it is. No brand wants to enter its decline phase prematurely (inevitable as it is). As promising as the maturity phase is for most brands, if not properly navigated, can quickly head to its decline phase.

The past five years have seen a major comeback of the Coach brand – a popular American fashion brand. A hit since its inception up until the early 2000s when the market for luxury handbags became competitive. By the 2010s, they started to witness a decline in sales, taking its market shares from 35% to 23%.

Coach saw where it was headed and decided to do a reroute and here is how they successfully did:

1.Developing A New Market

Prior to their new found success with Gen Z, Coach bags were perceived as a brand for older women. They developed a new market by targeting the new generation. This they were able to achieve by repositioning and well thought out marketing campaigns. Not stopping there, they also successfully expanded into international markets. The coach brand became all the rave in the Asian markets, and still are.

2.Product Innovation and Design

Equipped with sufficient data, they went ahead to develop new products that flow with current trends, as well as reiterated on their classics, in terms of color, silhouette, size, etc. The current rave is the Coach Tabby bag, which was a design from the 70s, that has been re-adapted to appeal to the younger generation.

    3.Keeping up with the Trends

    Keeping up with the trends is a paramount strategy for maintaining relevance across the ages. The last few years have seen the re-emergence of the Y2K trend and minimalism. Coach took advantage of this and built on what they already had, which is classic mini bags. They further developed a new initiative called Coachtopia, which focused on crafting new material with waste, basically recycling. Sustainable fashion is the new cool and Coach has rightfully positioned itself in that space. Coach has also invested in its social media presence, growing a wider audience especially on tiktok with the “Coachtok” community.

    4.Staying True To Its Core Identity

    Even in Coach’s bid to maintain relevance, they haven’t comprised on their core identity, which is quality, cost leadership, luxury, and timeless pieces. Coach has maintained its reputation for its craftmanship and quality leather. It positions itself as an “affordable luxury” brand.

    5.A New Point of View

    In the words of Brand Strategy Expert, David Brier, “If you don’t give the market the story to talk about, they will define your brand’s story for you. ” The Coach brand once perceived as a brand for older women, have successfully retold their story and given their target audience a new point of view. They have been able to achieve this by changing their brand messaging, storytelling and strategic collaborations. Collaborations with brands like Disney, Marvel, Roblox (gaming brand) and Chinese artist, Guang Yu which further opened their China market. Also partnering with influencers and celebrities like Lil Nas X, Camilla Mendes, Megan The Stallion, etc.

    By employing these strategies, Coach has managed to successfully make a comeback. Currently, coach bags are one of the most coveted bags in the fashion industry. It is in fact the new “cool”.

    You do not have to give up on your brand because it has hit roadblocks, if Coach can, so can you. Here are some tips that you can employ to rejuvenate your brand;

      TIPS FOR REINVENTING YOUR BRAND

      • Innovate : Make this your watchword. It is a lifelong process as long as you plan to keep your brand alive. Continuously seek how to make your offering better to your customer.
      • Do not be a Know-It-All: It is very important to know when to delegate. Coach began its revitalization by bringing in a new creative director, Stuart Vevers, who spearheaded the transformation. When it is out of your expertise, please outsource.
      • Be data driven : You have to know the pulse of the market/ your target audience. Know what your customers want, how they want it, when they want it, and if they even want it. Invest in both primary and secondary research.
      • Redesigning: Sometimes all you really need is a fresh outlook. It could be your logo design, colors, website, etc. If it looks old, it feels old.
      • Revisit your objectives/strategy: You could still be operating based off an out of touch strategy. Create a 5 year brand vision and realign your strategies with your vision.
      • Keep up with the trends: This goes without saying, consumer needs are constantly evolving and you need to evolve with them.
      • Retargeting : Focus on a targeting and penetrating a new market, just like Coach. You could be overlooking a niche that want exactly what you have to offer and don’t even know it yet.

      CONCLUSION

      Rigidity is a fast killer as we can see with all the infamous brands that faded into obscurity like Abercrombie and Fitch, Nokia, etc. Staying flexible, consistent, and relevant are the key ingredients for successful brands.



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