MPS in Branding, Thesis
Team: Taylor Yoon - Reema Mehta - Prachi Mevada - Minghang Du - Irina Limaico - Dayu Ouyang
(Timeline: 05/20/22- 7/15/22)
Challenge Summary
The truth is, most brands are not infinite or eternal. However, some brands sustain their position in the marketplace despite shifts in social, economic, and cultural conditions.
For this year’s thesis, each group chose a brand within the Dow 30 that needed to be revived and that was in danger of falling out of step with the culture.
Phases
We conducted robust marketplace audits and research, including a historical investigation, industry analysis, and visited physical stores
[used instructor Scott Lerman’s Building Better Brand framework]
We conducted one-on-one interviews with various subjects that had home improvement projects; we also interviewed Home Depot employees
We developed and expanded upon insights and hypotheses to plan for further research for creative/brand executions
Case Study: Sears
We identified Sears, a brand at one point that was successful but in today’s marketplace failed. We decided to compare and contrast it with Home Depot.
We discovered the conditions that led to Sears’ demise:
One.
With the growing digitization of retail, Sears shifted its focus to e-commerce and ignored investing in its physical stores. Eventually, both sides of the business suffered.
Two.
Constantly diversifying their portfolio without understanding the economic and cultural change.
Three.
When the popularity of malls began to decline in the 2000s, Sears failed to pivot its business model to invest in smaller format stores.
The retail market is continuously evolving and a retail giant such as Home Depot must lead the way in adopting newer retailing formats to cater to consumer needs.
Consumer segments as share of Home Depot’s revenue in 2021: 55% Consumers (DIY & DIFM) and 45 % Professionals
Primary Insights
Insight One. Home Depot has three audiences that vary by their skill levels (Casual Creatives,Committed Makers,Skilled Doers )
Insight Two. It’s important to destigmatize ideas around the trade profession
Insight Three.
Millennials and Gen Z will be the leading consumers that Home Depot must highly consider for its future. Key characteristics of these two groups are: leading a sustainable lifestyle and overtly displaying various forms of self-expression
Insight Four.
Retail stores are expected to provide more than better prices, products, and services; they must also consider providing inspiration, encouragement, and guidance to bring consumers’ ideas and projects to life
Our New Positioning
We are collaborative experts.
Here to guide, inspire, educate, support,
and celebrate builders and makers,
enabling them to create whatever they imagine.
Build Your Imagination
We are evolving our identity to embody our commitment to enabling people from novices to experts—to build whatever they can imagine.
This modern logo is inspired by the concept of Tangrams, an old but intriguing puzzle that tests your imagination to create and build new shapes from a limited set of pieces.
An identity that is active and creative—that signals our evolution from a one-stop shop to a place of creativity and accomplishment.
Brand/Creative Expression
We crafted different consumer journeys to fully understand their styles, characteristics, needs, and pain points to develop Home Depot for its future.
With many refinements, rounds of storyboards, and revisions, we decided to redesign Home Depot’s brand identity, followed by campaigns, activations, as well as a brand extension for example, regarding sustainability for those practicing consumers.
We proposed using various mediums such as advertisement, campaign, social media, retail space, and more for new positioning, “Build Your Imagination.”
Strategy Detail for Space, Home Depot’s Three Audiences
It’s essential for Home Depot and its brand to invest in its space. Home Depot’s future consumers represent an array of skill sets and interests. In addition to DIYers, it should continue to support pro consumers in mind.
It must start with inclusion and easy navigation to include every group. Each group should experience a journey when they visit Home Depot.
Therefore, we created the Starter DIY space for the new consumers to quickly get inspired. Pros can also stop by to explore and understand the new trends and market. Pros should continuously have efficient services and have their spaces brought to the forefront.
Our goal is to inspire Home Depot’s consumers to create. We are proposing that Home Depot help consumers to dream big by utilizing its expansive space to celebrate the building and produce in the Imagination Lab. Where all three types of consumers can come together and use the space to safely explore their ideas and transform the project into their real lives. It is a multifunctional space for private classes, workshops, and events.
For more details about the SVA Thesis 2022- Home Depot project, please feel free to reach out to me.
The full presentation will be available to watch in September! Stay tuned for more information!
This project was successfully completed with the guidance of Debbie Millman, Scott Lerman, Emily Weiland, Pablo Ulpiano, Melanie Wiesenthal, Sam Reichman, and Kelsy Postlethlwait.