A friend called to pick my brain on how to increase sales. She recently launched a new collection and her marketing objective was to double her sales . As an MBA candidate I had to educate her on the 4 P’s of marketing and how she can use it to achieve her objective.
So Today, I will like to also share some of the key point we discussed. I know this will benefit my readers.
As a Fashion Designer, the new designs have to fill a need for the audience. Hence ,it is important to first understand the audience and their need for the product. The business targets young female adults between the ages of 18-35, which suggests that the designs have to be trendy and stylish. For designs that can be re-rocked and appealing to the audience, the emphasis will be on the experience gotten from the product rather than functionality. A conscious effort has to be put into developing the designs and creating an experience.
To achieve the set objective, it is important to understand the average cost of similar products in the market; it should be relatively affordable for the target audience and robust enough to meet the business goals. A high price will automatically reduce purchasing capacity of the target market, while a low price gives off a questionable perception of inferiority. This affects the capacity of the audience to purchase therefore a setback to the objective.
Thorough research should be done to ensure the pricing for the new designs is competitive highlighting: Competitors price and the purchasing power of the target market.
Considering the target market, where the new products are sold and the channels of distribution
to get to the customer is key. In order to Reach the target market,t is important to have your product available at the right place.
Social media is a high-attraction platform and channel for the target market. The target audience
enjoys convenience hence online store with live videos and photos for display ensures the
products are easily seen and can also be conveniently purchased. For offline marketing, establishing a partnership with retail stores at accessible locations will increase assess to the products and in turn increase sales.
Getting the word out about the new products requires a campaign that aligns with the target
market. For this marketing objective, a hybrid of methods will be used
a. Traditional methods involving word of mouth- 1:1 marketing for the new products will be
the first approach. This has a lower reach but a more targeted approach.
b. Digital Method:
Other channels will be deployed like email marketing, constantly pushing the new product
details and specs to existing mailing lists collected over time. Social media marketing involves
running sponsored ads targeted at the demographics of the target market.
It is important to always use the 4’s of marketing as a tool to create a marketing strategy