How Does a Pricing Strategy Affect Brand Equity?
How Does a Pricing Strategy Affect Brand Equity?
Tracey Sandilands has written professionally since 1990, covering business, home ownership and pets. She holds a professional business management qualification, a bachelor’s degree in communications and a diploma in public relations and journalism. Sandilands is the former editor of an international property news portal and an experienced dog breeder and trainer.
Cost-per-wear informs clothing choices
NEW YORK — For Jake Welch, getting dressed is one big math problem.
The 36-year-old brand director for an advertising firm calculates the cost-per-wear of his wardrobe by highlighting 200 items in a spreadsheet — excluding underwear and socks — and meticulously listing the price he paid for each of them as well as how many times he has worn it. He updates the spreadsheet every night on his computer to determine whether his purchases were worth it — or not.
Lots of people thought Welch was weird when he started doing this 12 years ago, opting to ditch the cheapest items on the sales rack in favor of maximizing the value of his purchases over the span of their life cycles. But with inflation still a nagging problem, more shoppers are coming around to his way of thinking.
“I was actually onto something versus being a little looney,” said Welch of Erda, Utah, who presented his findings last month at a company meeting.
Retailers are taking note of this mindset and shifting their marketing strategy in some cases. Gap’s Old Navy is offering shoppers a full refund for uniforms bought during the back-to-school season if the clothes don’t hold up for a year.
Retailers like Kohl’s and online shirt retailer Untuckit have recently revamped their marketing campaigns — particularly for the fall — to focus on durability and versatility. American Eagle is touting the “longevity of your most-loved jeans” made of recycled cotton and polyester in an email campaigns to customers.
That means a $200 classic sweater could end up being a better deal if you plan to wear it every week in comparison to a hot pink dress picked up for $40 that might be worn only once a month.
“Cost-per-wear is another way that they think about how to combat some of the inflation,” said Christie Raymond, Kohl’s chief marketing officer. “Is this item going to last? Is it going to really be versatile? For back to school, for example, can my child wear it in a number of different ways?”
Some shoppers are also looking to be more eco-friendly by buying clothes that don’t end up in a landfill after being worn a few times.
Still, the cost-per-wear calculation would only make sense for those consumers who can afford to prioritize quality and versatility over price. Neil Saunders, managing director of GlobalData Retail, notes that shoppers with tighter budgets will look at price and may not care whether something will last just as long as it looks good for now.
STILL FARING WELL
12 Quality Clothing Subscription Boxes That’ll Help Stock up Your Closet
12 Quality Clothing Subscription Boxes for MenCourtesy of Retailer
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