#96: Over The Top
How to create a strategy and is there a solution to the issues in the fashion industry?
CULTURE THING:
“Outrageous prices are not good for anyone. They are not good for many brands, as evidenced by the actions we saw last week. When you price your wares too high, they simply don't sell. According to The Economist, even the most desirable luxury brands move barely over half of their clothes at full price. According to Bain, last year €37 billion worth of designer goods ended up in outlets, an 85 percent increase over five years.”
Want to Fix the Fashion System? Lower Prices.
MARKETING THING:
I do a lot of assuming when I write this newsletter. I post all these marketing tools and resources with the assumption that the people that need them most will take them and run. It occurred to me that it might be a good idea to outline some broader marketing concepts from time-to-time. That way, if you aren’t that savvy at marketing, you can learn without feeling judged and if you do know a lot, you can still brush up on the basics.
With all of that said, do you know what a strategy is?
Like, seriously.
I discovered this Anna Shipman piece through Josh Spector’s FTI Newsletter, and believe it’s a great overview on how to create a strategy.
If you don’t read anything else, read this line:
“The most important role of a strategy is to tell us what we are not going to do.”
MUSIC THING:
(George Lois for Esquire, 1969)
PLAYLIST: Ernest Goes To The 60s
A collection of some of the best music from a decade that changed a lot about the world we live in today.
Recommended for:
Doing dishes/laundry
Cooking
Background house music
BULLETIN BOARD:
Bonus Content!
A reminder that starting with Office Hours #100, this newsletter will shift to a tiered system.
Free subscribers will still get access to the podcast and the daily link newsletter.
Paid subscribers will receive the podcast, the daily link newsletter and will now receive exclusive articles like the Brands to Watch report, a monthly deepish-dive on a challenger brand that I think does really cool/innovative stuff.
In anticipation, I’m lifting the paywall on some of my most-read newsletters:
#7: WTF is the Yee-haw Agenda? (Paid subscribers, expect more deep dives like this!)
#9: Meet the woman who will tell you what you're going to wear next year.
#31: How $60 Changed My Life Forever
#34: 5 Books That Will Change How You See The World
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Until tomorrow…
WASH YOUR HANDS! STAY IN THE HOUSE! CHECK ON YOUR LOVED ONES!
Office Hours is written by Ernest Wilkins. Follow me on Twitter/IG @ErnestWilkins or send me an e-mail.