As I flipped through a recent issue of the Wall Street Journal yesterday morning, a certain article pertaining to fashion caught my interest. It read “Retailers Highlight Accessories: With wardrobes a Tough Sell, Chains Try Belts, Bangles and Bags.” The article discussed how retailers were concentrating their focus on selling their accessories rather than their high-dollar ensembles.
Through personal experience, I reasoned that this trend was due to two key elements: ease of purchase and the timelessness of the item. While certainly these elements are applicable in the retail setting, I’m convinced that the Banana Republic isn’t the only business that needs to accessorize.
Have you ever noticed how easy it is to throw an inexpensive item into a pile of more expensive items before coming to a purchasing decision? This is a heuristic that researchers call framing. In this scenario, people are allowing the distant comparison in price to actually justify spending more money. Hence, buying a ten dollar bracelet after purchasing a one hundred dollar outfit is painless.
In your own business, why not focus on items that are smaller, add-on items that are easy to sell to customers? After all, Apple is not the only company making millions off the iPod. The guy who decided to make an easy-to-grip cover is enjoying a hefty reward also and without the enormous R&D costs.
Secondly, people are enjoying accessories because these items are timeless. For example, wearing the same shirt more than once a week is exhausting to you and even more tiresome those you see frequently. However, an accessory, such a bag or shoes, can be worn frequently without eating away at your perceived sense of style or your pay check. Simply put, it’s easier to rationalize purchasing something you can use a lot than buying something that fades with the trends of fashion.
So, here is my challenge to you today. Consider ease of purchase and timelessness at your own business to help create accessories to your already existing products or services that will add value to your customers. Can you give your product that “timeless” quality that keeps on giving to your clients?
SRJ Marketing Communications is here to help you add that little something to complete your business’ fashion statement. Contact us today for a free consultation and perhaps a few suggestions on how you can “accessorize” your business.