The 5 P's of Marketing: Product, Price, Place, Promotion.... and Purses?

In all industries, the key to the successful launch lies in two factors: a good product and and even better marketing. The more competitive the industry, the more willing you have to be to think outside the box, make your products stand out and push the envelope to succeed. If you follow the rule of the "4 P's" of marketing, you often find you can be the most successful. Product, price, place and promotion are key factors needed to market and sell any project, service or idea.

Fashion may be one of the most disposable and difficult industries to have successful products and marketing. Because of the large quantity of successful companies, you need more than a good design and high end products. Those realistically are only the qualifications to even enter the competition. New comers Neely and Chloe Burch have clearly brushed up on the 4 P's before launching their new handbag line. With fresh ideas, timeless designs and budget friendly prices it seems their going to give the handbag industry (including their well know aunt Tory Burch) a run for their money.

There is no doubt that this design team is a true force to be reckoned with. From design to marketing skills it seems they have it all. Neely and Chloe are a perfect example of why the 4 P's of marketing work so well. Let me take you through this.

Product:

In the high intensity, competitive industry of high fashion retailing your product needs to be fantastic in order to succeed. Let me reassure you that these gals new line doesn't fall short. Opting for timeless silhouettes, its clear that these girls have created timeless pieces with the look and feel of even the most expensive bags. The mantra they carry is, "Everything we made is meant to be fixed. It should last you forever." So really this is not an impulse purchase you will use once and banish to the farthest corners of your closet. Rather the quality and timelessness of each piece makes it an investment that you can feel good about. Consumers are constantly looking for timeless pieces that can keep up with the rapidly changing trends as well as our own rapidly changing styles. These bags do a fantastic job in giving the consumer everything they could want out of a handbag.

Price: Don't let the high quality look and feel of Neely and Chloe bags scare you aware. Compared to the market they are competing with these girls have done an impressive job of keeping their prices low and affordable. This gives them an obvious advantage over the competition. Not only does it give them a larger customer base, but these lower priced high quality items will without a doubt produce  customer loyalty. Why pay more when you don't have to? Even customer with the tightest of budgets will be able to budget a purchase from Neely and Chloe's line and not dry out their savings. 

Place: The main channel that Neely and Chloe provides their products to consumers is through their own website. On the website you have access to the full line of handbags, wallets, footwear and accessories. As well as the website they are also looking to add store locations in various major cities. 

Promotion: These millennials have a clear understanding of the need for good promotion. They have been featured in Vogue and have social media accounts to cover all the needed ground. They are promoting exactly where their target market will be looking. They understand the value of print, the honor it is to be featured in Vogue. They also grasp how essential it is to be present on social media sites like Instagram, where many of their fans and customers will constantly be looks for deals, store locations, new releases and looks to showcase their new bags.  

Links:
http://www.vogue.com/13472730/neely-chloe-burch-leather-handbag-line-launch/
https://neelyandchloe.com
https://www.instagram.com/neelyandchloe/

(all images credited to vogue and neelyandchloe.com)