Each day myriads of product lines and business firms are established, but as the investors decide to enter the business world, they are opt to cope with challenges in ensuring the continued existence of their products and business. This scenario is similar when you are choosing an appropriate pair of shoes from a hundreds of choices because it isn’t as easy as it may seem to be, because you would have to consider whether or not it would match your dress. Just like in business there are certain processes that an investor has to undertake for him to be able to win the hearts of the ever discontented and diverse consumers, and with that being said, he has to be able to devise an effective promotion and distribution to appease his possible clients.
How does a firm actually perform that task? There is multitude of steps to follow just to make sure the effectiveness of such strategy. First perhaps would be the determination of the needs and desires of your potential customers or target market, this has to be done to extend the scope of your scheme that would apprise them of the features and benefits that they are eligible to experience with your product or services, then it would eventually lead them into being influenced to purchase your product. Pricing of the product is also included in this procedure which is frequently subject to the demands and competition in a specific market.
Overall this procedure is known as the marketing strategy of a firm. It shouldn’t just be an intangible plan but rather a conceivable notion that would drive your business to an exceptional patronage by your clients. In today’s market, one of the world’s most renowned products perhaps is Victoria’s Secret, known for its retailing business of lingerie. Originally, it caters to the white collar women who are extravagant enough to purchase intimate apparels. Yet at this point in time they owe their success to their effective marketing department which eventually expanded their business into one of the top grosser in their business achieving tremendous growth since its establishment.
You might be puzzled what really is the secret of Victoria’s Secret? The answer to that is no less than caused by its efficient multiple channels of product promotions and their brand marketing. Records have shown that it has roughly 1,500 shops worldwide, a first-rate directory and a most visited website developed in 1998. Due to its thorough expansion, it has now improved its merchandise to include beauty cosmetics, fashion, and even accessories. The business involves three factions: Victoria’s Secret Stores, Victoria’s Secret Direct facilitating the catalogue and internet promotions, and the Victoria’s Secret Beauty which handles the make-up and bath products.
With the growing enthusiasm of women with their (VC) merchandise, the strategy selected by Victoria’s Secret is always to aim for the brand loyalty of their patrons. Brand recognition is everything today, and so they made it a point that their clients would easily evoke that Victoria’s Secret is the most spectacular brand in the market. They have successfully achieved such brand loyalty by abiding to the concept of uniqueness which consumers highly regard nowadays due to the increasing similarity in product offers of different brands.
They managed to exude a poised ambiance in their shops by making a point that it’s furnished in a bedroom style which definitely appeals to be homey for the customers as if alluring them to come back to the store. This comes together with the continuously innovating lingerie flair displayed by attractive models with images captured by only the best photographers in the country.
Victoria’s Secret industry surely generated its own fashion trend as it deviated from the generic styles and fit using new fabrics and laces which not only serves its purpose of comfort but also fashion.
Needless to say, due to its prominence in the fashion world, it has been deemed as a woman’s dream brand, serving as the yardstick of what is palatable for most of the women nowadays. Similarly in the manner how it started, the prestige it has been enduring still hasn’t stopped them for aiming for expansion. This has been materialized as they religiously organize multiple brand-building events such as their annual fashion shows which imbued to their patrons how fashionable their merchandise were eventually increasing the percentage of brand loyalty each year.
Contributed by: Mohinder Pal Singh
Date: March 15, 2010