The Limited Brands Company is behind Victoria’s Secret retail brand that consists of women’s lingerie, as well as beauty products. The company’s annual sales are in excess of $ 4 billion (Chi Chang-Lin & Mak, 2004). In the United States, Victoria’s Secrets has opened over 1000 retail stores. One can also get the company’s products via the catalog or even online.
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Victoria’s Secrets is characterized by huge brand recognition, and over the years, the company has endured tough retail conditions to emerge a top retailer in women’s lingerie. However, things have not always been rosy for the company, and it has had to endure reduced profit margins and a decline in market growth (Durbin, 2004). In this case, Victoria’s Secrets has relied on its strong brand and right positioning to remain relevant in the market. It is important to note that the company has enjoyed strong brand loyalty, mainly from consumers who wished to purchase its products for style purposes. In order to reach the target market, who happens to be young and upwardly mobile individuals, the company often relies heavily on top-notch photographers, sexy supermodels, as well as bold advertising.
The ability of Victoria’s Secret’s to run successful advertising strategies has been one of its greatest strengths. Each year, the company spends over $ 66 million on advertising in televised fashions shows, newspaper ads, and catalogs as a way of convincing women that their appeal shall be enhanced and confidence boosted by buying the products of Victoria’s Secrets (Chi Chang et al., 2004). Occasionally, the company participates in special events as a way of enhancing its publicity, especially when launching new lingerie. By using supermodels to advertise its line of lingerie, the company wishes to convince the consumers that its products represent class and beauty.
The use of store interiors is another marketing strategy used by Victoria’s Secrets. For example, the use of soft pink wallpapers enhances a feminine environment. Also, valet parking indicates that the target market for Victoria’s Secrets products is the high-end consumer who appreciates quality sand high fashion (Chi Chang et al., 2004). The company normally prices its product at premium rates. For example, on average, a bra by Victoria’s Secret could be sold at between $ 30 and 40, and this is by far more expensive in comparison with the price of bras at other retailers. However, in spite of the premium price, the company has managed to remain a formidable market leader in the lingerie market mainly through a combination of mass-market access, bold advertising, and the provision of prestige products.
Brand building has always been a key goal of the management at Victoria’s Secrets, and for this reason, the company is always involved in multiple brand-building activities, such as the launching of an annual fashion show in which the company gets to showcase its latest products to prospective customers (Tashi, 2004). In order to ensure a consistent brand image, Victoria’s Secrets always employs the same promotions and photography. This strategy saw the company’s brand loyalty increase from 18 % to 35 % between 1996 and 2000. The company also invests heavily in target marketing and advertising.
Victoria’s Secret can be regarded as a “360-degree” brand in that the company utilizes a detailed marketing strategy to integrate its catalog, retail, and web sales (Durbin, 2004). For this reason, the company stands out as a leading and comprehensive world-class brand. For example, the launching of products occurs simultaneously at the stores, on catalogs, and over the internet. Such products are of a similar quality, are launched in the same way, and using a similar positioning strategy.
Victoria’s Secrets is always looking for an opportunity to expand into new products. Because of Victoria’s Secrets strong brand, it has also become possible for the company to leverage its name in other products as well. For example, a few years back, the company successfully launched a new perfume line. Already, the perfume line has been performing well compared with other fragrances.
Chi Chang, C., Lin, A., & Mak, C. (2004). The Silky Strategy of Victoria’s Secret. Web.
Durbin, T. (2002). Victoria’s Secret. Web.
Tashi, T. (2004). What’s Victoria’s Secret? Web.