Learn how to easily create a marketing plan for handbags. If you want to start a successful marketing plan for these fashionable accessories, you must be aware of the impact the market will have on the production and sales of your handbags. That way, you can know how to work toward success. In this blog, we’ll review some excellent tips so you can learn how to make a marketing plan for a bag company.
So, what will be the best marketing strategy for your business? Read on to find out.
Marketing Strategies for Handbags
The first thing you need to do is choose whether you will be a wholesaler or retailer. Then, focus on adding strategies that fit into your line of handbags.
As a wholesaler, you will have the opportunity to sell your handbags to different department stores and even to retailers. Although, you could also be a retailer and sell your products through catalogs or the Internet, which is a very effective way to increase sales.
When you start your handbag business, you’ll be your own design and production manager. If you’d rather not do that, however, you can decide to purchase from a manufacturer or wholesaler business.
Any of these options will be efficient for your handbag business. Applying the best marketing strategies is crucial.
What Marketing Strategies Should You Apply for Your Handbag Business?
This section covers strategies you can use for your marketing plan. They are the following:
Segment the Market
When proceeding with market segmentation, it will be essential that you ask and answer the following questions.
- Who uses more handbags — young women or adults?
- What age range do you want to target?
- What is the average amount of money your target audience can spend on handbags?
- Where are they located?
- What amount of your target audience prefers flashy handbags and what amount prefers classic designs?
- How will you contact them?
These questions will help you find your target market. Additionally, it’s essential that you are aware of what your competitors are doing. Make a plan to follow your competitors’ actions.
Create Your Buyer Persona
To determine what your ideal client will be, you must create your buyer persona. A buyer persona is a great visual of the type of client you want to advertise to — in this case, women who are interested in handbags.
On the internet, you can find a wide variety of blogs that explain the concept of a buyer persona. It may seem complicated at first, but you will get used to how it works. As an example, let’s pretend that Sofía, 22, who is from Mexico is your perfect client. Although this person is imaginary, she is the ideal picture of your target audience.
To illustrate further, let’s create an example of a buyer person:
Sofia, 22 years old:
- Is a college student.
- Works part-time.
- Is a faithful fashion follower.
- Lives in Mexico.
- Prefers to shop online.
- Likes to use different accessories, including handbags.
- Looks for promotions and discounts on social media.
- Compares the prices of the different brands of handbags before buying.
Buyer personas like the pretend Sofia from Meixco help you define your ideal audience. It’s something to remind you what you’re heading toward and who your target audience is. Having a buyer person is very helpful. You’ll always have a clear visual of the type of real person to target in your advertising and marketing strategies. When you are creating one, write down a list of attributes you want your ideal target audience to have.
Analyze the Competition
It is essential for you to know how the other handbag businesses doing. You must figure out what other handbag stores are doing to attract the same target audience.
To do this, you can follow the following elements:
- Look for the words your competition uses on the web and social media.
- Learn what they want to resolve among their clients.
- Observe the attention they give their customers through social media.
- Determine their tone and language type.
- Ascertain their competitive advantage. (For instance, if they have their own applications or if they invest in advertising on Google.)
- Learn about their competitive disadvantage. (Figure out if they don’t use blogs or social media or use a buyer persona.)
- Learn how they serve their customers after their purchase.
- Find out what payment methods they use.
When you use this list, you’ll discover the strategies potential clients prefer and what other tools may be very useful to apply in your business.
Highlight the Competitive Advantage of Your Business
For you to have a competitive advantage, you must show that you’re different from the others. Within your portfolio marketing plan, detail the following factors such as what style your brand handles, or what type of customer service it offers.
Additionally, be aware that your brand must never be an imitation of another. If you create handbags with the same design from another brand, you won’t have anything special to add value to your products. Apart from not attracting customers, it could lead to legal problems. Copying another brand would turn into a major competitive disadvantage.
If you’re responsible for the production of the handbags yourself, you must define your own style. A key tip is to focus on custom bag projects so that you can satisfy your customers. After all, you will be offering advantages that other brands don’t have.
Improve Your Brand Positioning
All brands of handbags have their own purpose. They are characterized by what differentiates them from one another. That’s why, to improve the positioning of your brand, you must consider the elements needed to create the business plan of a portfolio company. They are the following:
- Influencer or celebrity support
- Product category
Define the Objectives of Your Marketing Plan
Throughout this blog post, we’ve reiterated how important it is to define goals for your handbag brand. To elaborate on this, the goals of your marketing plan can be short-term or long-term.
If you’re planning on long-term goals, they should be proportional to the objectives you have concerning your business. Short-term marketing goals, on the other hand — while they might be difficult to see — are more efficient and direct.
Follow the SMART formula to advance your marketing goals. SMART is an acronym that stands for the following:
To put the SMART formula in the context of your marketing strategies, it might look something like the following:
- S for SPECIFIC. Be specific about the details, as well as the overall goal, of your marketing strategy. Specificity will help you achieve all of your goals — because the more specific the goals are, the easier they’ll be to pursue.
- M for MEASURABLE. Define the Key Performance Indicators (KPI) of your business. Then, determine if they’ve been achieved.
- A for ACHIEVABLE: Make sure your plan — whether it’s long-term or short-term — is achievable. If it isn’t, your motivation will deteriorate.
- R FOR REALISTIC: Goals need to be realistic. In order to achieve your business goals, ensure they are reasonable ones you know you’re capable of doing.
- T for TIMELY: Goals must have deadlines. Ask yourself when you want to achieve them by — next week? A month from now? Setting up deadlines and keeping them will help your goals remain clear.
Now that you know about the SMART strategy, plan how to implement it for your business. Your team must be aware of your marketing objectives to achieve them, and the SMART strategy can help with that. Additionally, these objects can help you determine market position and customer satisfaction.
Consider Your Marketing Mix
A marketing mix consists of a set of helpful actions for the positioning of a brand. The mix consists of four main parts, which are the following:
- The product that it offers to the market, in this case, the bag business.
- The cost of the product for its customers and the profit margin for the company.
- The channels used for the distribution of your products.
- How to get the attention of the consumer.
Define the Budget for Your Marketing Plan
The less budget you have for your handbag business, the more creativity you need when launching your marketing strategy. This way, you can make it as effective as the strategies launched by recognized brands.
Therefore, within your marketing plan, detail tools and methods you can use to ensure people see and remember your brand. Some of the best channels are social media, Google, websites, blogs, radio, billboards, etc.
When you do this, it’s essential to define your budget. Depending on what advertising tool or platform you use, the costs are going to be different. Compare the benefits and costs of several channels before you decide, and remember to always budget accordingly.
Create Sales Promotions
Sales promotions are essential. Some of the most-used promotions by clothing and fashion accessory brands are 2×1, giveaway contests, loyalty programs, digital discount coupons, combos and much more.
So, ask yourself, “What sales promotion will my business carry out?” Here are some key points you can use to attract your first customers.
- Segment your promotion to the public that needs your product.
- Ensure your slogan is easy to understand and reflects your brand.
- Make a specific objective to launch your promotion with.
- Determine a specific time to check if the promotion has been successful or not.
- Ensure the conditions of the promotion are clear and concise.
Implementing these key points into your marketing strategy will be extremely beneficial. When you use them, you’ll be able to create excellent sales promotions for your brand.
Analyze the Results of Your Marketing Plan Through a CRM
CRMs have become very important for fashion brands. They use them to manage information related to sales, employees, customers and marketing strategies. By using a CRM, you can discover what increases — or decreases — your income. You won’t have to waste time filling out tedious Excel charts. CRMs can provide you with vital visibility so you can see every objective and result of your marketing strategy and analyze which is the most efficient.
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