The importance of branding
After beginning life as a supplements company before moving into clothing, Gymshark has reached a £1billion+ valuation following a 21% stake acquisition.
Founder Ben Francis, aged 28, has entered into a strategic collaboration with General Atlantic to move more effectively into international markets.
There can be unexpected value in strategic pivoting.
Gymshark began as a supplements firm but, upon seeing the market opportunities within the gym clothing sector, pivoted away from the highly competitive market they previously operated within.
Company owners and directors should guard against complacency at all costs. Even if profits are good, opportunities are likely to be within reach that could propel an organisation to new heights.
There is opportunity in chaos
Clearly, the current pandemic situation is unprecedented and no business could have planned their response. What we can do is adapt quickly through a process of opportunity analysis, brand realignment and maintaining a keen eye on the behaviours of our target market.
For example, a proactive IT company would thrive by shifting their primary attention to cloud based technologies and home working technologies during the current time.
The value of effective targeted brand communications
Gymshark aim everything they do at a clearly defined 18-30 year-old fitness enthusiast market.
Establishing your target market and creating a strategy around this is essential; from price point through to social media content.
Fail to grasp what your audience desires and you should expect revenues to suffer.
Staying true to your ethos
The motto #stayhumble has been a staple of Gymshark brand communications, with Francis stating that you should always surround yourself with people ‘better than you’.
There has clearly been an ethos upon which the whole business has been established.
Those foundations are important. Many things about a business can evolve and shift; but never lose who you were at the start – clients and customers will notice.
Let's begin the journey