Lifestyle brands are all around us nowadays. From Nike (NYSE: NKE) to Apple (NASDAQ: AAPL), these companies promise to profoundly change consumer's lives for the better by purchasing from them. Lifestyle brands convince their customers that they can enjoy better standards of living, can achieve an "ideal version" of themselves, and can create a sense of community and belonging through the company. When a company defines itself a "lifestyle brand," it really tries to show that it doesn't just sell clothes or makeup, it provides an experience.
Some lifestyle brands are of course more successful than others. They choose a specific kind of person and consistently appeal to only them, like Nike. Once upon a time, Nike was strictly focused on producing running shoes. Now, however, Nike has become associated with an athletic subculture, allowing it to branch out into new areas like sports apparel and equipment. Nike's marketing strategy does not just target professional athletes; it targets anyone looking to lead a healthy and active lifestyle. To this end, through its marketing campaigns, Nike strives to show that anyone can be an athlete. The company hopes that when people buy Nike products, they believe they are investing in more than that purchase: they are investing in the values, or lifestyle, associated with Nike. Nike believes this allows them to build a deeper connection with its consumer base and cultivate loyalty. To this end, Nike launched an app called Nike+, which allows people to share their workout goals and achievements with their friends. This also creates an opportunity for word-of-mouth marketing, while also ensuring that customers are continually integrated into the brand and identify themselves with the lifestyle that Nike provides.
Food companies are also doing this as well. According to Chipotle executive Christopher Brandt, "Our ultimate marketing mission is to make Chipotle not just a food brand but a purpose-driven lifestyle brand. Chipotle will become a brand that people want to know about, want to be a part of and want to wear as a badge." Brands have always tried to persuade people that they represent something much larger than simply the goods that they sell; the social media, apps, and customized experiences that constitute the "lifestyle brand" platform gives them the opportunity to do just that.
Other famous "lifestyle brands" include yoga outfitter Lululemon (NASDAQ: LULU), which targets affluent, sophisticated, and educated women who want an active, mindful lifestyle, and Amazon's (NASDAQ: AMZN) Whole Foods, which goes for upper-middle-class families.
Companies are now using emotion and "shared values" as a prime strategy to build stronger relationships with clients and in this way sell them more products. However, not all people see the lifestyle brand platform as a sure winner. According to David B. Srere, chief strategy officer at Siegel+Gale, a brand consultancy, "Any good brand should do all of those things," referring to "lifestyle brands," "societal brands," "purpose-driven brands," or any other spin on the current marketing trend. And it's true that "lifestyle brands" are not exactly new - clothing company Abercrombie & Fitch (NYSE: ANF), for example, used "lifestyle" tactics in the 90s, and other companies like hiking outfitter Patagonia have long promoted environmentalism, a value that is not directly translatable into one single product. But Srere also says that if this new title or focus forces the company to think differently about their brand and their positioning to the public, then it actually serves a purpose and has a meaningful role, and isn't just marketing jargon.