HOW TO START USING PRICE AS YOUR COMPETITIVE EDGE!
We all want to have the upper hand over our competitors and finding the perfect formula can be easier than you think.Using Lux and Love is key to this success. Creating a lower price point in your store that still yields a large profit margin is the secret.
PRETTY SIMPLE BUY LOW AND SELL HIGH!
You have an edge over your competition, the gowns are beautiful and well crafted with the ability to advertise them as your in-store label.
AFFORDABLE LUXURY is your new business goal. Let's break down how to achieve it.Adjust your pricing strategy to attract more customers.
HOW TO ACHIEVE AFFORDABLE LUXURY:
AFFORDABLE: able to be afforded : having a cost that is not too high.
+
LUXURY: a condition of abundance or great ease and comfort : sumptuous environment.
= The perfect combination!
AFFORDABLE
Adjust your pricing strategy to attract more customers. Giving brides the same quality at the same price as a designer label will ultimately lean toward the bride purchasing the designer gown. Give them the same quality at a lower price they are more likely to purchase.
LUXURY
Provide excellent customer service to build loyalty and brand recognition, we may not be a repeat customer business but word of mouth is everything. Create a beautiful environment with multiple social media photo opportunities.
ADJUSTING PRICING:
Provide tiered pricing options that cater to different budgets. This can include basic collection with essential features at a lower price, and higher end collections with a "luxury" collection at a higher price. Set pricing just under the designer costs but still high enough to yield a higher profit margin. Create tiers from Lux and Love to target different brides.
While your prices may be lower than luxury collection focus on providing good value for the price. Emphasize the quality of your products or services to assure brides that they are making a wise investment.
Craft a compelling brand story that resonates with higher-end brides. Share the story of your brand's commitment to luxury. Select gowns to put in a higher 4x-5x markup. Creating a "luxury" collection in your store. Appealing to the brides with higher end budgets.
Research your competitors' pricing and the designer's pricing. Pricing gowns just under these and staying mindful not to undervalue your products or services is key. Going to low might be perceived as lower quality.
WANT TO SET UP A ONE ON ONE CALL?
email cs@luxandlovedesigns.com
A FEW EXTRA TIPS:
Continuously monitor your pricing and overall business performance. Be willing to adjust your strategies based on market trends and customer feedback. Monitoring Competitors to understand their pricing strategies. If you can offer similar products at a more competitive price, it can give you a significant advantage.
Incentivize your staff to sell Lux and Love. Creating a bonus of $50 per dress can be added into the price of the dress. This is a wash for you but a great incentive for your stylists.
Evaluate the brands you invest in lower seasonal minimums and prices to create a great profit margin. Give them more square footage and presence in your boutique.
Focus on Cost Efficiency, continuously look for ways to optimize your operations and reduce costs without sacrificing quality. Passing on some of these savings to customers in the form of competitive pricing can give you an edge.
Instead of competing solely on the lowest price, focus on the value your product or service provides to customers. Clearly communicate the benefits and unique selling points that differentiate you from competitors. Customers are often willing to pay for something they perceive as valuable.
We can't wait to watch your success!
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