What do J Crew, White House Black Market, Ann Taylor, Vera Wang know that you don’t?
They know how to capitalize on the current trends. They have seen the handwriting on the wall and are making adjustments. Business is all about giving the customer what they want, not what you want and these companies are doing just that. They are offering bridal gowns that are more affordable to the majority of brides.
What does that tell you? For one thing, these companies aren’t going to sit on the sidelines and hope that the bridal market rebounds. They are re-inventing and targeting todays more fiscally conservative brides.
I dare say that the companies above have spent the time and money to deeply analyze the market and current trends. Seriously, if Vera Wang thought that in a few more months the couture bridal gown market would come roaring back to life would she have sold her soul to David’s? That’s pretty doubtful.
Here is something else, Ann Taylor’s wedding line is exclusively online. Hmmm, do you think they have done any research on that? You can bet your bottom dollar on it. The marketing team behind Ann Taylor after all are the ones that have done such a remarkable job of getting Ann Taylor Loft so much traction in social media. In terms of fashion, they have mastered Facebook. This gang knows where the market is and knows how to target it. Good quality, fairly priced and easily accessible. Wow, what a concept.
What about JCrew? Yes they have some up market gowns hitting close to $3k but also a lot of gowns under $800. Again, this line is online and in the catalog. JCrew is a trusted brand to our target market, so they would have no problem ordering online. What’s more, they are sized like the rest of their clothes. Not the freakishly odd sizing that most bridal gown manufacturer use. You wear a size 8 in JCrew street clothes, you will most likely wear a size 8 JCrew wedding gown. Gee, that just makes too much sense.
So what do you have to learn from all this?
Well for one thing, if this wasn’t a smart play, I can bet they wouldn’t all be doing it. Companies of this size make the occassional mis-step but I can’t imagine that this many would be doing it if the reasearch wasn’t there to back it up. Afterall, I don’t care who you are, launching a bridal line is no cheap thing. Heck, the research we have is saying the same thing. (Hat tip to Shane and the Wedding Report.)
How do you translate this to your business.
First what you don’t do:
You don’t start dropping your prices. Look, you don’t see Vera Wang doing a slash and burn on the price tags on her Flagship line, do ya? Heck no.
What you do is create an entire new line that hits the price point and delivery system that your new brides want. No on wants you to lose money.
Just like Wang, your flagship line carries the cache of your brand but the new line puts it in reach of the fat, juicy middle of the market. The flip side of this is that as the market does start to uptick again, you’ll be among the first to know because your flagship will start pulling the weight again. Is it just me that thinks this is a no-brainer?
It’s October, the wedding season for 2010 is just about over. You are going to have some down time coming up to get your house in order.
Here is my challenge to you. By the time the January push rolls around, I want you to have a new budget friendly line in place. The January Bridal shows will be the perfect place to roll it out. (You have bought the book, right)
I really don’t care what category you are in, from stationery to floral to catering, there is a way to do this. You just have to put on your thinking cap.
If you have put in the time and really tried to think this through and aren’t getting anywhere. Give me a shout. From now to the end of December I will be offering my one on one consulting in one hour only blocks just to help get your juices flowing. Just put the word Re-invent in the subject line of your email.










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