Market News
BAILOUT!!! The U.S. President Elect Barak Obama is expected to provide additional $500 billion economic package, through job creations, tax cuts and another stimulus plan, as reported by the Associated Press. While many talk about this issue, very few actually explain what this will do to the Small Businesses.
Regardless of whether or not we agree with these actions, their effects on taxpayers and the future of our economy, this will be good for our business short term. The extra $300 to $600 each person received between June and September of this year, led to a small boost before the large downfall of the stock market. As similar stimulus plans are in the near future, consumers will receive a lot of money to boost the economy. Thus, our brides will have some more cash, and as we saw from Tulipia’s previous article, they are not looking to cut their budget on one of the most important days of their lives. So now that we are not panicking, the question is how do you catch the bride’s attention?
Your Business
Looking at many bridal sites and stores, what we often notice is one thing in particular… resemblance. Everyone promises to be the best, everyone promises to be the cheapest and everyone promises extraordinary customer service. Well, if we are all the same, how do we attract the bride?
As promised, we will talk about marketing in this issue. The real question is how do you differentiate yourself and play to your advantages?
The first thing we must understand is: What are our strengths? Consider the following aspects (The 4 Ps of Marketing):
Is it your product? Are you offering a product that is unique and creative? Or is it one of the few traditional and classic gowns that are out there?
Is it your placement? Are you the only distributor in a certain area? Do you have connections in retail chains that no one else has?
Is it your price? Are your expenses so low that you can offer the best prices on the market? Is your service so good that people will pay more for you?
Is it your promotion? Have you built your brand name, or store name, to the point that when people hear it they think reliability or exceptional service?
Next step is to decide what you would like to be known for. What your goals and aspirations? For example, at Tulipia Bridal, our goals are to build a brand.
Now that you evaluated your strengths and have a goal, you must build upon your strengths to reach your goal(s). When you know where you are heading, it will be very easy to establish who you are looking to target. Why spend money to reach the price sensitive customers, if your wedding dresses are expensive? Why reach out to modern and artistic brides, if your wedding dresses are classic?
As you begin to understand your value offering, you are now able to separate yourself from mass competition, and are more focused and effective in attracting your ideal customer.
One thing we do want to point out, be careful of separating yourself by price.
Remember this: There will always be someone who will be willing to make less profit then you.
Tulipia and You
Now here is where Tulipia comes into the picture. Tulipia gives you the edge to be who you would like to be. We offer unique and exclusive wedding gowns, with styles inspired by European designers, using European fabrics, manufactured by high quality European craftsmen. We realize that the U.S. often follows fashions from Europe, and the wedding industry is not far behind. Tulipia allow brides to be unique trendsetters on their special day. Tulipia’s strategic distribution allows for exclusive partnerships within numerous areas and locations. Our suggested retail prices not only give a great value to the customer, but also provide a great gross margin for the retailers. And last but not least, while Tulipia’s brand name is young, there is none like it.
Understanding who we are lets us know who to target, which business decisions are right for us, and where we are going. So now try to understand who you are, and play to your strengths. Tulipia is there to help.
Release 2 - Value Prop.pdf (1.52 mb)
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