5 Business Lessons From Ralph Lauren
/Last week I had the chance to sit down and watch the Ralph Lauren documentary on HBO. My absolute favorite thing to do -besides writing- is watching interviews and watching documentaries. I believe there is so much to be learned and be inspired by from others’ journeys. Especially fellow entrepreneurs.
The Ralph Lauren Corporation is an American fashion company producing products ranging from mid-range to the luxury segments. They are known for the clothing, marketing and distribution of products in four categories: apparel, home, accessories, and fragrances. It is a public company with a share price that hovers around $119 (at the time of this publication).
The corporation’s founder, Ralph Lauren, is a fashion designer and billionaire. He came from humble beginnings without a formal fashion background and grew his empire to a worldwide multibillion-dollar enterprise. When you get the chance, I highly recommend watching his documentary. In the meantime, here are the five business lessons I took from the feature.
Five business lessons from Ralph Lauren
Create a fantasy for your customers. Ralph Lauren does more than design clothes. He invites his customers into a world of fantasy. A world where the American Dream exists for everyone. It is both aspirational and attainable. By designing clothes and ad campaigns from this mindset, he created a customer base who fell in love with the brand and its vision.
Don’t be afraid of contradiction. Ralph Lauren’s clothes, especially in the beginning, were known for juxtaposition. Combining elegant fabrics with a slightly rough cowboy look. This unpredictability keeps customers and the industry on their toes and wanting for more. It also makes it difficult for competitors to mimic you.
Understand your customers deepest desires. Ralph Lauren knew that his customer base deeply yearned for a sense of belonging. They wanted to attain a level of personal, social and cultural success in order to feel accepted. He captured this feeling in his ad campaigns by showcasing his designs in WASP-like environments that were considered the definition of success at the time.
Design your business around your desires and dreams. As much as Ralph Lauren tapped into the yearnings of his customers, he kept his brand true to his own desires. In doing so, he trusted that his customers had a similar taste and similar dreams as himself. This allowed the brand to come across as authentic and meaningful.
Focus on being timeless not trendy. The Ralph Lauren brand has stood the test of time because its founder did not follow trends for the sake of being in the spotlight. He remained true to his style, aesthetic and his definition of classic.
About Money & Mimosas: Money & Mimosas was started as a passion project by Danetha. A former NFL cheerleader turned entrepreneur, she started blogging as a way to combine all of her passions into a career. Money & Mimosas is now enjoyed by readers in over fifty countries with the same dream of achieving financial freedom without living frugally.
