Mission, Vision and Values

Fashion Consort News Bytes

As the world becomes more connected, consumers have more options than ever. In fact, they are saturated with products and services. According to retail expert Robin Lewis, there is 46 square feet of dedicated retail space for every American. And with constant deliveries of new merchandise to stores, sometimes every day, this adds up to a lot of products that will never be sold or worn, often ending up in landfill. So how do fashion brands capture a customer’s attention in all of the clutter? It starts quite simply with a having a focused brand mission, vision and value statement, providing a brand with a strong foundation from which to make business decisions, develop employee talent and engage customers. Done correctly, these relatively simple statements can galvanize a company around a unique selling proposition and provide crucial market differentiation in a sea of competitors. Most importantly, a mission statement defines a company’s core service and product offering, including points of differentiation and/or expertise. Additionally, it defines a brand’s core customer, particularly from a psychographic or lifestyle perspective. A vision statement builds on the mission and is more forward thinking. It provides a brand an opportunity to consider short- and long-term objectives, especially as they relate to planned growth and scalability. It’s also an opportunity for brands to consider how they want to be perceived by customers. Finally, a value statement highlights the key principles and standards by which an organization should operate. These values should provide organizations perspective on leadership style, hiring practices and employee relations, as well as collaborations and partnerships. Each of these statements will likely overlap in content, ultimately leading to a succinct and cohesive brand identity. If brands can truly align to this core identity, a sense of authenticity will emerge. And authenticity leads to trust and loyalty. Organizations should evaluate their mission, vision and value statements annually, as an opportunity to reassess the marketplace, and to address new internal and external challenges and opportunities. After all, the market is continually shifting, and brands cannot remain stagnant or rest on their laurels. Otherwise, they become the very clutter they are trying to avoid. www.fashionconsort.com

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