How Bonds changed its audience to reach a worth of $500m
Bonds have shifted its target audience but how exactly has that worked in their favour?
What's the key learning?
- Getting an ambassador who fits a brands image and relates to its target audience has been effective
- Often brands get their ambassadors wrong which can have an adverse effect on their sales
- Brands need to pray that their ambassadors don't get any bad press as negative associations could hurt their reputation (Think Nike and Lance Armstrong
HOW DID BONDS BECOME WORTH $500M
The owner of Australian brand Bonds says that the company is now worth $500m.
But let's backtrack and speak a bit about the Aussie brand. Bonds is as true blue as they come. It dates all the way back to 1915. But in recent years, Bonds has shifted its focus from plain white singlets to becoming a star in the youth fashion industry.
Bonds enlisted Richmond legend Dustin Martin to help the brand make the successful leap into the youth market. Supposedly Dusty Martin's rugged good looks and 7,456 tattoos has helped them transform the business.
So, what's the key learning?
The key ingredient to winning young consumers’ hearts and minds is getting the right brand ambassador. And as we've seen with Chrissy Teigen and Bloomingdales recently, it doesn't always go to plan.
You need an ambassador with X-factor (which Dusty has in spades) - and pray like hell they avoid a brand-ruining scandal. Dusty is known for his risque behaviour so Bonds will be hoping he remains scandal-less.
The owner of Bonds is taking lessons from its success in Australia and wants to replicate that strategy around the world to turn its other legacy brands into trendy ones.