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How to monetise on The colour of the year.
Based on this video:
https://www.youtube.com/watch?v=y4HfxwzdCNg&t=143s&ab_channel=TheWallStreetJournal
Unleashing Creativity: Monetising Weird Ideas Inspired by Pantone Colours
As the year comes to a close, I've been delving into discussions during recent weeks about the concept behind a company that spearheads the marketing campaign known as 'the color of the year.' I am intrigued by the source of revenue for Pantone and eager to explore how we can leverage the buzz generated by this campaign within our own companies. Join me as we explore the potential impact and strategies for incorporating this trend into our business endeavors.
In the dynamic world of business, thinking outside the box often leads to innovative strategies that can set a company apart. One such example comes from Pantone, the colour authority that annually selects a Colour of the Year. While Pantone itself doesn't monetise the colour directly, the concept of leveraging unique and unconventional ideas can be a valuable lesson for businesses seeking new revenue streams.
1. Culinary Adventures:
Imagine a restaurant creating a limited-time menu inspired by Pantone's Colour of the Year. From vibrant cocktails to visually stunning desserts, this unconventional approach not only attracts customers but also generates buzz around the restaurant's creativity.
2. Fashion Forward:
Collaborations with fashion designers or beauty brands can capitalise on the Colour of the Year. Limited-edition clothing lines, makeup collections, or accessories can turn heads and create a sense of exclusivity, driving sales and brand recognition.
3. Artistic Installations:
Hosting art exhibitions or interactive installations inspired by Pantone's colour choices can be a unique way for businesses to attract attention. Selling prints, merchandise, or offering sponsored art events can create an immersive brand experience.
4. Tech Gadgets and Beyond:
Imagine limited-edition tech gadgets, phone accessories, or even smart home devices featuring the Colour of the Year. Collaborating with tech companies for co-branded products can appeal to a tech-savvy audience.
5. Educational Workshops:
Offering workshops or online courses on incorporating the Colour of the Year into various aspects of life can attract a niche audience. This could include home decor, fashion styling, or even digital design classes.
6. Scented Sensations:
Partnering with perfumeries to create scented products like candles or diffusers inspired by the Colour of the Year offers a multi-sensory experience that can be marketed as a unique lifestyle product.
Remember, the key is to connect the Colour of the Year with your brand's identity and values. Whether it's through culinary delights, fashion statements, or immersive experiences, the unconventional can be surprisingly effective. Pantone's approach to consistency and creativity has paved the way for companies to think beyond traditional revenue streams and embrace the power of unique, weird, and wonderfully colourful ideas. As the saying goes, "Why fit in when you were born to stand out?"
Download sample of the lesson (presentation in pdf) here:
