The term “lifestyle brand” is often used to describe a company or product that is associated with a certain lifestyle or set of values. A lifestyle brand may target a specific demographic, such as millennials, or it may be more broadly appealing.
Some companies embrace the lifestyle brand label while others shy away from it, preferring to focus on their product or service rather than any sort of perceived image.
So, what exactly is a lifestyle brand? And does it make sense for your business? Let’s take a closer look.
What is a lifestyle brand?
A lifestyle brand can be defined as a company or product that is associated with a certain lifestyle or set of values. The key word here is “associated.” A lifestyle brand doesn’t necessarily produce products that are directly related to the lifestyle in question. Rather, the connection is more abstract.
For example, consider the clothing brand Levi’s. Levi’s isn’t explicitly a “lifestyle brand,” but it is often associated with the “casual cool” lifestyle. This is because Levi’s has built its image around being a relaxed, comfortable, and stylish brand. As a result, people who identify with the “casual cool” lifestyle are more likely to be drawn to Levi’s products.
Another example is the outdoor gear company Patagonia. Patagonia isn’t explicitly a “lifestyle brand,” but it is often associated with the “outdoorsy” lifestyle. This is because Patagonia has built its image around being a company that produces high-quality, environmentally-friendly products for people who love the outdoors. As a result, people who identify with the “outdoorsy” lifestyle are more likely to be drawn to Patagonia’s products.
There are pros and cons to both approaches, and ultimately it’s up to each business to decide what makes the most sense for them.
The Pros of Being a Lifestyle Brand
There are several advantages to positioning your company as a lifestyle brand.
It can help you appeal to a specific target market
As we mentioned above, lifestyle brands often target a specific demographic, such as millennials. By positioning your company as a lifestyle brand, you can make it clear that your products are designed for people who identify with that particular lifestyle. This can help you attract customers who are more likely to be interested in your products.
It can help you build a strong emotional connection with your customers
When people identify with a particular lifestyle, they often want to associate themselves with brands that reflect that lifestyle. This is because purchasing products from those brands makes them feel good about their own identities. As a result, customers who have a strong emotional connection with a lifestyle brand are more likely to be loyal to that brand.
It can help you differentiate your products from your competitors’ products
In any given market, there are usually multiple companies selling similar products. Lifestyle branding can help you make your products stand out from the competition by positioning them as being part of a larger lifestyle. This can make your products more attractive to potential customers.
The Cons of Being a Lifestyle Brand
There are also some disadvantages to positioning your company as a lifestyle brand.
It can be difficult to change your image once you’ve established it
Once you’ve built up your company’s image as a particular type of lifestyle brand, it can be difficult to change that image. This is because customers who have associated your brand with a certain lifestyle may feel betrayed if you try to change directions. As a result, it’s important to be sure that you’re comfortable with the image you’re trying to create before you commit to it.
It can be limiting
If you position your company as a lifestyle brand, you may find it difficult to expand into new markets or sell new types of products. This is because your customers may not associate your brand with the new products or markets you’re trying to enter. As a result, you may need to create a new brand or image for your company if you want to expand into new areas.
It can be expensive
Creating and maintaining a lifestyle brand can be expensive, since you’ll need to invest in marketing and advertising that reflects the image you’re trying to create. In addition, you may need to design your products and packaging to fit with the image of your brand. This can all add up to a significant expense for your company.
Ultimately, whether or not you position your company as a lifestyle brand is up to you. There are advantages and disadvantages to both approaches, and you’ll need to decide what makes the most sense for your business. If you do decide to position your company as a lifestyle brand, make sure you’re prepared for the commitment it will require.