Macy’s recent purchase of Rachel Shechtman’s concept store, Story, has led to speculation regarding the retail behemoth’s intent. What could a national department store chain renowned for its sheer size see in a single concept store that “has the point of view of a magazine, changes like a gallery and sells things like a store”?
The answer lies in Ms Shechtman’s unparalleled ability to generate content from her merchandise and to place story-telling in its rightful place – at the heart of retail.
Between the limitless variety of products available online and the widespread availability of nationally-marketed brands, consumers are at once overwhelmed by choice and starved of meaning. There is a clear hunger for compelling stories, which no amount of discounts and free returns can fulfill.
As an emerging brand in a hyper-competitive market, your product needs a compelling story. Spend as much time on the message as you do perfecting your craft. For example, Genusee, a startup manufacturing eyewear from recycled plastic bottles, situates itself in Flint, Migichan and its founding story is inextricably woven with the city’s water crisis. Cashmere upstart Nadaam’s entire story is built around its founders’ idiosyncratic journey across Mongolia and their subsequent disruption of the cashmere value chain.
What story does your product tell?
Consider also the medium in which you tell your stories. Rachel Shechtman’s Story might have the “point of view of a magazine” but she chose to use a store to tell her story. A brick-and-mortar space in a high-rent city like New York might be a luxury for a startup who might instead consider a pop-up store or participate in a co-operative like Dreams on Air or Flying Solo. With the appropriate investment in time and a process for consistently generating content, digital channels like Instagram empower small business owners and allow them to reach a wider audience in an intimate manner.
As artisans and craftspeople, it can be easy to concentrate on product development and hope that customers fully appreciate the fruit of your labor. You can help them do so by telling them a compelling story. You can speak for your product.
What is the story behind your product? Have you had successes sharing it with your customers? Write to me at wei@thisisthewei.com. I’d love to hear from you.