Superior Group of Companies, Inc. (SGC): Marketing Mix Analysis [11-2024 Updated]

In 2024, the Superior Group of Companies, Inc. (SGC) is making waves in the market with its strategic marketing mix. Discover how SGC's diverse product offerings, expansive place distribution, innovative promotion tactics, and competitive pricing strategies come together to create a compelling business model. Dive deeper into the details of SGC's approach and learn what sets them apart in the competitive landscape.

Superior Group of Companies, Inc. (SGC) - Marketing Mix: Product

Offers branded products through BAMKO® and HPI®

The Branded Products segment, primarily through the brands BAMKO® and HPI®, achieved net sales of $260.9 million for the nine months ended September 30, 2024, representing a 6.5% increase compared to the previous year. This segment focuses on customized merchandising solutions and promotional products across various industries.

Provides customized merchandising solutions

SGC offers tailored merchandising solutions that include promotional items and branded uniform programs. The gross margin for the Branded Products segment was 36.2% for the three months ended September 30, 2024, up from 34.6% in the same period the previous year. The increase is primarily due to a favorable sourcing mix and pricing adjustments.

Sells healthcare apparel via Fashion Seal Healthcare®, Wink®, and CID Resources

The Healthcare Apparel segment, which includes brands such as Fashion Seal Healthcare®, Wink®, and CID Resources, generated net sales of $88.9 million for the nine months ended September 30, 2024, a 3.5% increase from the prior year. The gross margin for this segment was 41.8% for the three months ended September 30, 2024, compared to 38.7% in the prior year.

Delivers contact center support services through The Office Gurus®

The Contact Centers segment, operating under The Office Gurus®, reported net sales of $73.4 million for the nine months ended September 30, 2024, marking a 6.5% increase from the previous year. The gross margin for this segment was 54.9% for the three months ended September 30, 2024.

Focuses on a wide range of industries, including retail and healthcare

SGC operates across various industries, including retail, healthcare, food service, technology, and transportation. The company has established strong relationships with clients in these sectors, contributing to a diverse portfolio of products and services.

Products include uniforms, promotional items, and protective apparel

SGC’s product offerings include:

• Uniforms for healthcare and service industries
• Promotional items for marketing purposes
• Protective apparel designed for safety across various sectors

The consolidated net sales for SGC reached $420.3 million for the nine months ended September 30, 2024, reflecting a 6.1% increase over the previous year.

Superior Group of Companies, Inc. (SGC) - Marketing Mix: Place

Operates sales offices in the U.S., Canada, and Brazil

Superior Group of Companies, Inc. has established a presence in North America and South America with sales offices located in:

• United States
• Canada
• Brazil

Utilizes support services in China and India

To enhance operational efficiency, SGC utilizes support services located in:

• China
• India

Products primarily sold in the U.S. market

The majority of SGC's products are distributed primarily within the United States, catering to various industries, including healthcare, retail, and food service.

Healthcare apparel distributed to laundries, retailers, and consumers

SGC's healthcare apparel, including scrubs and lab coats, is sold through multiple distribution channels:

• Healthcare laundries
• Retailers
• Direct-to-consumer sales

As of September 30, 2024, net sales for the Healthcare Apparel segment stood at $88.854 million, a 3.5% increase from $85.875 million in the same period the previous year.

Contact center services provided to North American clients

SGC's contact center services are offered through its subsidiaries in several locations, including:

• United States
• El Salvador
• Belize
• Jamaica
• Dominican Republic

For the nine months ended September 30, 2024, net sales from the Contact Centers segment were $73.422 million, representing a 6.5% increase compared to $68.935 million for the same period in 2023.

Superior Group of Companies, Inc. (SGC) - Marketing Mix: Promotion

Engages in targeted marketing campaigns

Superior Group of Companies, Inc. (SGC) has seen a significant increase in net sales, which rose by 10.0% or $13.6 million for the three months ended September 30, 2024, compared to the same period in 2023, reaching a total of $149.69 million. The Branded Products segment specifically saw an increase of 10.8% or $9.0 million, attributed to targeted marketing efforts and new client acquisitions.

Utilizes online platforms for direct-to-consumer sales

The Healthcare Apparel segment reported a net sales increase of 11.4% or $3.4 million for the three months ending September 30, 2024, primarily driven by higher online sales from both wholesale customers and the direct-to-consumer website. This strategic online focus has become a crucial part of SGC's promotion strategy, enhancing customer accessibility and engagement.

Participates in trade shows and industry events

SGC actively participates in various trade shows, which are pivotal for showcasing their products and services. The company has leveraged these platforms to enhance brand visibility and connect with potential clients. Specific financial impacts from these events are not detailed, but participation typically results in increased awareness and subsequent sales growth.

Leverages social media for brand promotion

Social media engagement has become an integral part of SGC's promotional strategies. The company utilizes platforms such as LinkedIn, Instagram, and Facebook to reach a broader audience. The effectiveness of these campaigns is reflected in the overall increase in brand engagement and customer inquiries, contributing to a 34.9% increase in selling and administrative expenses, which encompasses marketing and advertising activities.

Implements customer loyalty programs

SGC has initiated customer loyalty programs aimed at retaining existing customers and enhancing repeat business. The effectiveness of these programs is evident from the increased customer retention rates, though specific statistical data regarding the impact on sales is not provided. These programs are part of a broader strategy to strengthen customer relationships and drive long-term profitability.

Superior Group of Companies, Inc. (SGC) - Marketing Mix: Price

Competitive pricing strategy for branded products

For the three months ended September 30, 2024, net sales for the Branded Products segment were $92.5 million, representing a 10.8% increase from $83.5 million in the same period of 2023. The gross margin rate for this segment improved to 36.2% in 2024 from 34.6% in 2023, driven by lower product costs and pricing increases to existing customers.

Pricing adjustments based on market demand and costs

The Healthcare Apparel segment reported net sales of $33.0 million for the three months ended September 30, 2024, a rise of 11.4% from $29.6 million in 2023. The gross margin rate for this segment increased to 41.8% in 2024 from 38.7% in 2023, primarily due to favorable costs of goods associated with the company's manufacturing facilities.

Offers discounts and promotions to drive sales

During the nine months ended September 30, 2024, SGC's consolidated net sales reached $420.3 million, up 6.1% from $396.1 million in the previous year. The company strategically implements discounts and promotional offers to enhance sales, particularly in the Healthcare Apparel segment, which saw a net sales increase of 3.5% for the same period.

Maintains pricing transparency for healthcare apparel

SGC emphasizes pricing transparency in its Healthcare Apparel segment, which accounted for $88.9 million in net sales for the nine months ended September 30, 2024. The gross margin for this segment was 40.0%, reflecting the company's commitment to providing clear pricing structures to its customers.

Focuses on value perception in contact center services

The Contact Centers segment generated net sales of $25.0 million for the three months ended September 30, 2024, a 3.8% increase compared to $24.1 million in 2023. The gross margin rate was 54.9%, with the company focusing on value perception to attract and retain clients.

In summary, the marketing mix of Superior Group of Companies, Inc. (SGC) is strategically crafted to enhance its competitive edge in the marketplace. With a diverse product range that includes branded items and customized solutions, SGC effectively addresses the needs of various industries. Its place strategy ensures accessibility through operations in key markets like the U.S., Canada, and Brazil, while maintaining a robust distribution network. The company's promotion efforts, which leverage targeted campaigns and social media, bolster brand visibility and customer engagement. Lastly, SGC's pricing strategy focuses on competitiveness and value, making it a formidable player in both the healthcare and merchandising sectors.

Updated on 16 Nov 2024

Resources:

1. Superior Group of Companies, Inc. (SGC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Superior Group of Companies, Inc. (SGC)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Superior Group of Companies, Inc. (SGC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.