Victorias Successful Marketing Campaign Marketing Essay
Currently, Victoria's Secret offers a large assortment of products that are not only lingerie based. In the store part of the organization, there are also beauty and fragrance products that include cosmetics and skin care. In the Victoria's Secret catalogue and Web, the assortment varies even further with lingerie, swimwear, apparel and shoes. Within the Victoria's Secret brand, there are sub-brands or collections. These sub-brands have also built recognition. The sub-brands are Pink, Very Sexy, Body by Victoria and Angels. These sub-brands have their own identity but offer and deliver quality,
Victoria's Secret is one of the most successful businesses in the US today. Their Marketing strategy is hinged upon a well thought of advertising campaign and other special features.
Victoria’s Secret was established by Roy Raymond in the San Francisco area during the 1970s. Raymond saw an opportunity in taking “underwear” of the time and turning it into fashion. Products stood apart from the traditional white cotton pieces, which department stores offered, with colours, patterns and style that gave them more allure and sexiness. They combined European elegance and luxury. Even the name Victoria’s Secret was meant to conjure up images of 19th-century England. The store went so far as to list a fake London address for the company headquarters.
Today, Victoria’s Secret enjoys nearly a monopoly position on the retail of intimate apparel in the US. The typical bra that once sold for $15 at Victoria’s Secret, when the company first opened and was worried about competition, now sells for over $40.
Victoria’s Secret’s Success--維多利亞的秘密的成功
Starting from Raymond’s six stores, Victoria’s Secret has grown into a giant in the lingerie business. As my colleague just explained VS has virtually no competitors in the women’s elegant lingerie market. In the more general category of all underwear, Victoria’s Secret’s sales also tower over the sales of all other underwear brands.
Victoria’s Secret’s success is evident in the numbers. Not only does Victoria’s Secret dominate in its own market, it has also become the fastest growing branch in the Limited family.
To understand the success of Victoria’s Secret, it is necessary to look at the forces in the lingerie industry. First, a range of complements contribute to increasing demand. Complements range from Britney Spears and MTV to perfume, basically anything that is sexually suggestive. The acceptable boundary for sexuality has with these complements been raised higher and higher. Along with this, the media has elevated the position of intimate apparel in our society. Magazines like Cosmo and Glamour advise women to pamper themselves with nice underwear as one of life’s secret survival tips.
Bras and panties are commodities that need to be replaced at a modestly frequent level. Therefore, there is no concern for the intimate apparel industry of a decline in demand.
The industry is not rivalrous either. Bras are priced over a fairly broad range with high markups. Firms in this industry have very high profit margins. Furthermore, neither the buyers who are women shoppers nor their husbands who are buying gifts have much bargaining power. Suppliers for the intimate apparel industry similarly have very little bargaining power because of the large number of manufacturers and few big buyers. Supermodels who can be considered suppliers in the highly-advertised lingerie business certainly do not have bargaining power, especially when it comes to Victoria’s Secret. Most models consider it a prestigious honor to be a Victoria’s Secret model. There is more supply (models) than demand in this case. For such a lucrative industry, there are surprisingly few competitors in the US market. Besides Frederick’s of Hollywood, there are no other lingerie retail chain stores.
Victoria’s Successful Marketing Campaign-維多利亞的秘密的營銷活動
One of Victoria’s Secret’s strengths is its very successful advertising strategy. In a business that sells an image and a lifestyle, advertising is crucial. Victoria’s Secret spends $66 million each year on advertising, essentially defining beauty and packaging it for consumers.
Thousands of newspaper ads, catalogues, and televised fashion shows convince women that buying Victoria’s Secret products will boost their confidence and enhance their appeal. A Victoria’s Secret product represents fun, romance, fantasy, desire and love all in one. As long as they do Victoria’s Secret lingerie, women can be transformed like Cinderella from the ties of domestic life to one of the angels seen on the walkway.
Annual Fashion Show--一年一度的時裝秀
Televised annually, the Victoria’s Secret Fashion Show Extravaganza has an exclusive contract with nationwide broadcasting station CBS. A symbiotic relationship exists between the two firms. Victoria’s Secret obtains one hour of nationwide advertising, while CBS holds the exclusive right to one of the most popular programs on TV. For one full hour, beautiful supermodels parade about in Victoria’s new-line of beautiful lingerie with chic special effects and music that heightens the fashion show to the level of a Broadway production. Women are persuaded that Victoria’s Secret lingerie will win the enthusiasm they see plainly in their male colleagues.
Victoria’s Secret holds one of the most important input supplies in the lingerie industry: supermodels. Victoria’s Secret models are synonymous with beauty. Advertisements capitalize on this association and cement in consumer minds that Victoria’s Secret represents beauty and class.
The fact that Victoria’s Secret has most of the top supermodels working for them is no surprise. Nobody boasts of “Banana Republic models” or “GAP models,” but mention “Victoria’s Secret models” and everybody gushes about how gorgeous they are. Being a Victoria’s Secret supermodel is a sign of prestige. Like the top animators who are honored to work for Disney, talented models are enthusiastic about signing up with Victoria’s Secret because it guarantees them a successful name and chance to be named in an elite group of supermodels, including the likes of Adrianna Lima, Heidi Klum, and Tyra Banks.
In order to keep good business flowing, stores need strong marketing strategies. If they do not have people coming into their stores, they obviously will not have much business. Victoria’s Secret is well aware of this, and they constantly give customers reasons to visit by sending them coupons, special offers, and best of all — free stuff!
1. Freebies: The “Free Panty” coupon is one of the customers’ favourite methods. Victoria’s Secret sends these coupons out every month to all of their customers, and the best thing about this coupon is that there is no purchase necessary. Many times when stores give out coupons to receive free items, it is required that you buy something first. However, people love this particular offer because they can receive a free panty just by walking into the store and handing over the coupon.
How does this help Victoria’s Secret? Giving away a free item gives customers a reason to go into the store. There aren’t too many people who will just go in the store, get their free item, and then walk out. Every time one goes in to claim their prize, they always end up stopping to look around at everything else (and usually end up falling in love with something that they really did not need). One ends up spending money every time, and that’s a nice profit for Victoria’s Secret. They’ve gained more business just by handing out a small panty that most likely costs them very little!