BUILDING A RETAIL STRATEGY

Good morning everyone, a while ago, we established that, just like every other craft, fashion is a business that requires a plethora of things to be successful, one of which is an effective retail strategy.

In order to grow your brand and be successful, it is imperative to have a strategy. A strategy is your plan of action. If developed right, your strategy will improve customer retention, and help you save time and money and make your team cohesive.

They are various ways to build a retail strategy,

One is to take into account the type of consumers you want to cater to.

First are the Patricians: These are significantly Elite people with a low need for status, very quiet signals and specific details appeal to them. These types of people will purchase luxury because they have an understanding of luxury and are fascinated by the process.

Another set of consumers are the Parvenus, these set of people are social climbers who rise to a higher social class through the acquisition of wealth. They will purchase luxury simply because they want to associate with the elite and show off the fact that they too can afford the luxury.

We also have the Posers, literally, people who pretend to be what they are not, they try to afford luxury for the single sake of status.

Finally, we have the proletarians who also have a low need for status, they are not bothered if an item is a luxury, they just want to be comfortable.

The logic behind this strategy is to produce for the elites, and have an entry price point that lets others buy into a brand or aspire to buy into the brand.

I will uncover more strategies in subsequent posts.

Fo has a lovely weekend.

Written by John Isaac Ojonugwa