Daffy’s is known for making European designer fashion accessible to consumers: “High Fashion, Low Prices”.
In a recession economy, where consumers are highly sensitive to prices, maintaining a positioning purely based on low prices can be challenging. How do you differentiate yourself as a low price retailer when your competitors offer low prices as well?
Well, price is only one element of your strategy. What matters is how you consistently and concretely execute on your brand idea.
And Daffy’s did it in a brilliant way by providing a luxury apartment in New York City accessible to one lucky customer – a $7,000 rental apartment offered for $700.
With this initiative, Daffy’s manages to reinforce its brand idea of offering luxury at a low price with something different than its core business. A brilliant way to raise awareness about the brand, leveraging the cheap-er real estate in NYC.
Well done.
(Jean-Yves Minet)
