Business success used to be defined by the quality of your product but now a brand's power lies in its Purpose which is rapidly changing how businesses should plan for growth.

So what is a Lifestyle Brand? They've got 4 key traits.

1. Their Purpose is the key driver of awareness. Consumers recognize what a lifestyle brand stands for before really understanding the nuances of its product offerings.

2. They put most of their energy into building relationships with their customers, emphasizing advocacy and community importance.

3. Bigger product-oriented brands seek them out as key partners. Because lifestyle brands represent specific beliefs & philosophies, they can highly influence their customers. Bigger brands want to align themselves in order to communicate that they also stand for the same things and have the same belief system.

4. Merch fuels growth alongside product sales. When customers' beliefs are aligned, wearing the logo is a badge of honor and transcends the use of their products.

Probably the biggest hesitation to lean into a lifestyle brand strategy is the concern about alienating potential customers by so loudly standing for certain beliefs. But consumers WANT brands to take a stand and showcase that there's an impact behind the products that contribute to living the ideal lifestyle.

So if you want to join the ranks of Yeti and Patagonia going from a product-led company to a lifestyle brand, here's a great place to start. 

Jimmy Buffet's Margaritaville

How did he do it? Let's take a closer look at the three things that happened to create one of the most successful lifestyle brands ever to exist.

The most notable: he rejected the traditional product roadmap of breaking into adjacent categories and instead built products and ventures that aligned with his customer's ideal lifestyle. He built communities around the island escapism that his music portrayed and then created products that brought this to life.

Another step was developing content that helped his audience facilitate this lifestyle that he created. Avenues include a SiriusXM radio station that transports you to paradise, a YouTube channel with more than 80k subscribers, and his Barefoot Bulletin newsletter all of which promote the brand and bring his group of fans together.

Finally, he made retail a key revenue driver for the brand. When you think about it, there isn't one aspect of the beach lifestyle that can't be curated in your own home by a Margaritaville-branded product.

The company brings in between $1.5-$2 billion annually in revenue. The brand knows exactly what it stands for and builds products and services that invite Buffet's audience to participate in the lifestyle it represents.

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