Michael Kors is a fashion designer mogul who commands massive worldwide retail sales for his brand. This award-winning style icon increased retail sales by altering his marketing and branding methods to harness a vast consumer base. You can use similar strategies to obtain higher retail sales.
Using a Unique Brand Strategy
Developing a unique brand strategy is essential if you want to obtain high sales momentum and popularity like Michael Kors. People feel trendy when they mention the Michael Kors name among peers, and this converts into greater value for the brand. Kors is known for his upscale, must-have products, but he is gaining appeal among a growing consumer audience. Many famous rappers, singers and other celebrities wear Michael Kors merchandise or mention his name in magazines and other publications.
If you are a retail store owner who offers luxury items, consider making a product line of affordable luxury fashions to expand your pool of customers. You can bring greater awareness to your brand by advertising in local hot spots. Asking trusted businesses in other industries to refer customers to your retail store helps your store to develop a good reputation as well. You can make your customers feel special by offering time-sensitive deals and superb discounts to faithful shoppers to get higher retail sales.
Attracting Fame with Social Media
Kors’ execution of a multi-brand marketing strategy has garnered his company a steady stream of customers who seek to purchase from an easily identifiable brand. The ability to make customers feel like part of an exclusive club is something that Michael Kors does well. His company is known for making special product lines to drive retail sales through social media sites. This strategy makes users want to follow the company online and share with friends who may also become customers.
Starting a social campaign for your retail store is an excellent choice for attracting more retail sales. You can increase your retail sales by targeting select demographics through popular social media sites, and then pitch crowd-worthy products to each audience. Offering contests for social media members only attracts more consumer attention.
Adding New Store Locations and Products
While some retailers may open only one or two stores, Michael Kors’ move to open dozens of retail stores ultimately opened multiple profit channels for his fashion line. He responded to consumer demand and gave them additional outlets to buy products of superior quality. In addition, he expanded his product line to include various fashion accessories.
If you own a retail store, consider adding another location in your city or state to expand your potential for higher profits. Online shopping is surging in the digital age, so using a website to maximize your potential for online retail sales is a must. Find out what items retail shoppers are looking for in your store through consumer surveys, and expand your product line with quality merchandise for consumers.
Implementing a combination of marketing and sales techniques has helped the Michael Kors brand to soar to amazing heights. Both major and small retail store chains can learn from Kors' clever strategies for attracting and serving customers well. Using the appropriate methods to increase brand awareness and cater to customers prepares your business for higher retail sales success.
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