How to make a valuable Million dollar brand in less than a year

How to make a valuable Million dollar brand in less than a year

Since companies are committed to the respected attention of digital-savvy consumers, this is increasingly difficult for new brands. Many up and coming brands are following the steps of Warbi Parker, the online glasses retailer has achieved breakout success with its direct consumer business model. By reducing the layers of wholesalers and resellers, these brands are able to distribute the same quality at a very low cost.

The luxury goods market, which reached $ 1.2 trillion globally in 2017, is particularly mature with the opportunity of new brands. However, the industry is also notorious for its competitiveness, struggling to break the long-term powerhouse and new brands that dominate this area. Our founders are ready to define luxury with handbags startup Senrev while hoping to empower women to empower them without closing the business. Our strategy included three important elements that enabled Serev to become a valuable dollar brand in less than a year.

1 - Latest quality and design

To strike for the fashion industry, the balance between design, quality, functionality and affordability has been a challenge. Consumers are often forced to choose among beautiful, handmade designer bags and economical, functional people.

In Senerev, we want our customers to find all this. This is the reason that all of our products are made efficiently in full grain Italian leather using a complex interiors technique, which only a few factories can do in the world. Our bags also include high quality micro-side lining which is very expensive to use most other brands.

We chose to control our distribution channels directly, limiting the number of bulk distribution partners. In the first year of launch, Senrev selected only two top retailers, Nordstrom and Shopbox to carry our products. Otherwise, we sold our customers directly, which reduced the cost, helping us sell our products in half of the price of traditional luxury brands. Incompatible quality, thoughtful design and low cost have helped us win loyal customer base.

2 - Taking advantage of data and analysis in design

In the world of Big Data, Artificial Intelligence and other buzz-worthy technology trends, companies are increasingly aware that the data is money. Companies such as Facebook, Google, and Amazon generate tremendous power because they have valuable customer data. Considering the needs and behaviors of consumers, it is important to create products that consumers want to buy.
With background in finance, consulting and technology, Serev co-founder Coral Chung and Wendy Wayne are comfortable in the world of data and innovation and are ready to bring these elements into an industry where most brands fully introspect their production process Based on some designer
The content we selected for our handbags is equally important, we believe to make the feedback as functional as possible to customers. We approached the design process from a customer-focused perspective, to understand what modern women need in handbags to conduct Focus group interviews with hundreds of women. We demonstrated our prototype to produce a carefully designed handbag with unique prototype and versatility and tested user identical to a technical start-up.
Take Instagram-favorite mini Maestra archives for example. Rather than offering one or two colors to reduce the cost, we have 14 variations that are vibrant and rich, giving statements from any organization. The style is at least yet versatile - whether on a motorbike as a backpack, as a shoulder bag, or as a crossbod for a beautiful walk. When you open the bag, the micro-side interior is underlined with pockets of different sizes and it has a key feature.

3 - An Innovative Marketing Strategy

With the remarkable growth in the digital channels, there’s an increasing need for brands to get creative on how they engage customers in a genuine dialogue.

By viewing their marketing efforts as a conversation with likely customers, some brands have found success through a grassroot approach. Take Dove’s “Real Beauty Sketches” video, for example, which used a trained FBI sketch artist to draw women as they saw themselves and then contrasted with the way strangers saw them. This campaign echoed Dove’s ongoing effort to address “real” women and their insecurities, rather than upholding the supermodel ideal. As a result, the short film became one of the most viral video ads ever.

In the first year of launch, Senreve focused on gaining traction among female leaders in New York City, Los Angeles and the Silicon Valley, digital influencers and celebrities. The marketing strategy paid off tremendously, with feminine southern belle Julia Engel and global icon Priyanka Chopra featuring our products. Our foundational work in digital marketing helped us build an Instagram following of 50,000 and reach 36 million followers through influencer partnerships.

By carving an unconventional path, we were able to break through the competitive luxury market. But we couldn’t have done it without following the voices of our customers and upholding quality above all else.