Lowe's has a new slogan - and it shows how the battle for a key home-improvement market is heating up
- Lowe's will adopt a new marketing tagline in February: "Do it right for less. Start at Lowe's."
- The new slogan bears a striking resemblance to Home Depot's tagline: "More saving, more doing."
- The change may signal that Lowe's is particularly interested in attracting do-it-yourself shoppers.
Lowe's wants to help customers "do it right for less."
At least, that's the thrust of their new slogan. The home-improvement retailer's new tagline -"Do it right for less. Start with Lowe's" - will roll out in early February, according to a Lowe's spokesperson.In a December 11, 2018 presentation, Chief Marketing Officer Jocelyn Wong stressed that the new motto encouraged consumers to "start with Lowe's" and provided a "clear value message and call to action." Wong also included a slide on how the company would be delivering more "personalized, targeted messaging" to customers.
A Lowe's spokesperson told Business Insider that the new tagline is a part of "evolving" the brand's marketing campaign. This tagline is at the center of a campaign that will replace the home-improvement retailer's previous "Moments" campaign."
Forbes and Bloomberg have observed that the new motto signals a move to appeal more to the do-it-yourself market, especially shoppers hoping to take on extensive - and expensive - projects. DIY consumers, who tackle renovation projects on their own, are a major consumer base for Lowe's and Home Depot. Home-improvement professionals make up the other significant slice of the pie for both companies.
Speaking of Home Depot, Lowe's new motto might ring a bell for observers of the home-improvement business. It's quite similar to Home Depot's tagline: "More saving. More doing."
But the slogans' similar vibe shouldn't come as much of a surprise. Before he became CEO of Lowe's, Marvin Ellison served as a Home Depot executive for years. He later moved on to become the CEO of JCPenney.Business Insider previously spoke to Seth Basham, the managing director of equity research at Wedbush Securities, who said that Ellison had embarked on a deliberate crusade to "Home Depot-ize" the company by divesting from non-core businesses and focusing on the company's US stores.
And, from the looks of it, switching about the company's slogan is just the start. During the home-improvement retailer's investor day on December 12, 2018, Ellison spoke about "implementing process and technology improvements that are ... designed to position Lowe's to win in today's complex retail environment."
"These transformational changes will take time but will enable Lowe's associates to better focus on serving customers and capture significant market opportunities," Ellison said.