This story is the first of a two-part series by My Private Brand Contributing Editor David Orgel.
It’s a company founded when Private Brand was in its formative years.
Daymon early on recognized the potential for this industry and has played a major leadership role in making it happen.
Now, at 50, the company is more agile than ever and charting new growth paths at a time when Private Brand is entering unchartered territory.
“Innovation is more important than ever in Private Brands,” said Michael Taylor, president. “It’s no longer just about me-too products, it’s about differentiation. The sky is the limit for Private Brand growth and we’re committed to leading this effort.”
Eyeing New Consumer Behaviors
Daymon is a global operator with more than 20,000 full- and part-time associates. It became a separate entity of Advantage Solutions in 2017 and is headquartered in Stamford, Connecticut.
Daymon is known for helping the industry — from manufacturers to retailers — see around the corner and make smart strategic moves. At the heart of the company’s effort is extensive research and thought leadership based on consumer insights.
The company’s 2020 research found that almost 90% of consumers say they trust Private Brands as much or more than national brands.
“I firmly believe that consumers have forever changed,” Taylor said. “Changes were already underway prior to the pandemic, and they are accelerating now. Consumers are buying differently across retail channels, and the best ways of reaching them through marketing are shifting as well. It’s important to focus on innovation and personalization.”
Adapting to New Industry Needs
Daymon is focused on helping its manufacturer clients and retail customers evolve strategies and meet consumer needs in Private Brand.
Taylor said the company’s latest strategies and initiatives include the following:
- Technology: Leveraging technology to advance Private Brands, including through Daymon’s end-to-end product development tool called BluePrint.
- Assortments: Helping the industry streamline manufacturer assortments and drive innovation, including with emerging niche brands and products.
- Supply Chain: Ensuring the industry not only has ample sources of supply but also has backup safety measures just in case.
- Sustainability: Embracing sustainability — including eco-friendly packaging — in response to consumer demands and environmental imperatives.
- Omnichannel: Supporting online shopping success in eCommerce at a time when the Private Brands industry has new opportunities to enhance its presence in this channel.
On the eCommerce front, Daymon has made strides to boost the industry’s capabilities, including through its digital asset tools.
“We’re helping to elevate the presence of Private Brands online and how this connects to brick and mortar,” Taylor said. “Retailers need to leverage digital assets across their enterprises. This is extremely important because Private Brand is behind in online marketing and we need to help manufacturers and retailers accelerate.”
Look for part two tomorrow.