5 Steps to Creating Successful Sub-Brand Guidelines
As companies grow, they typically evolve into needing sub-brands. A sub-brand is simply a division or subsidiary of an existing brand.
According to the National Association of Realtors, 2016 was the strongest year for the housing market since the beginning of the financial crisis. A healthy housing market is a positive thing for all businesses, but it's especially beneficial for the two big home improvement stores in the U.S., The Home Depot and Lowe's.
During times of strong housing growth, contractors and building professionals typically drive a majority of the sales, and this was the case in 2016. The same Realtor report forecasted the beginning of a housing market slowdown for 2017.
So the question is: what are these home improvement retailers doing in order to ensure continued growth as the market slows?
The Home Depot and Lowe's have been steadily shifting their focus towards improving the customer experience to engage more consumers.
And while these retailers are popular destinations for DIYers in search of materials and advice, Mintel research shows that 66% of adults have either basic or no DIY skills at all. Furthermore, 48% "rarely or never do" DIY projects.
This lack of DIY confidence often results in consumers delaying projects or deciding to hire a professional contractor instead. To counteract this, The Home Depot has made significant changes to its website, which now combines mobile and desktop properties to provide an improved digital and in-store experience for consumers. This move wasn't an accident, as The Home Depot most likely knows that 20% of DIYers use a website for help on home improvement and maintenance projects.
In addition to their website, The Home Depot has expanded its offerings of online how-to videos for DIY projects, which will aid the 33% of DIYers who claim to find instructional videos useful when tackling their home improvement and maintenance projects. The key to these videos is to offer a quick overview of the project from start to finish and highlight important details such as the suggested DIY skill level, project completion time, and project materials.
Not to be outdone, Lowe's has installed in-store displays, which offer shoppers helpful resources on Smart home technologies. These displays promote Smart home products as 'whole house' projects for DIY installation vs. individual projects.
As the home centers become more consumer-centric, so should brands that rely on Home Depot and Lowe's for distribution. Here are three areas to focus:
As companies grow, they typically evolve into needing sub-brands. A sub-brand is simply a division or subsidiary of an existing brand.
As leaves start their annual fashion show and the air turns crisp like a perfectly baked apple crumble, businesses have a once-in-a-year chance to...
As the world becomes increasingly more digitally reliant, significant shifts in the banking industry are occurring.