So you started your fashion brand. You could have your own store, maybe keep your collection in a number of stores or sell it online. In the past six months you have worked hard to design and coordinate all aspects. Your first collection was a success even if you had to negotiate with suppliers and stores because you are a new name in the messy designer space. So how do you ensure that you grow profitably?
Here are some tips to consider if you want to succeed in business. Remember that there are hundreds or even thousands of fashion brands ready to take the place of bankruptcy. Competition is intense and customer loyalty is notoriously unstable. Plan and perform these seven steps well for a successful fashion company.
Keep an eye on trends:
Trends change regularly and what is popular nowadays may not be the case when you launch your collection. As a designer, we plan collections months in advance. So make sure you have a good idea of the trends that shape the current fashion and whether they are likely to remain.
Design for your main public:
Your first collection could be designed to express your creativity for a specific audience. But remember that customers decide what is sold. So keep an audience in mind when designing a collection. People mapping is a technique used in marketing studies that is extremely useful for understanding who your target audience is and what they are looking for.
Cost control
It is easy to let your creativity run free, but a customer must be willing to pay for the projects you have created. That is why it is essential to strictly control costs (material, production, even marketing) to guarantee profit. Keep in mind that you may have served part of your collection by the end of the season, so take it into account in your calculations.
sales:
Your collection will be sold if you sell it to the right audience. Invest wisely in your marketing efforts by using a good mix of in-store social media and word-of-mouth advertising with existing customers to ensure a good response while controlling marketing costs.
Presentation and sales:
Visual merchandising - offline or online - determines whether a customer is attracted to experiment with your projects. If you store your brand with other brands in e-commerce or in stores, try to make your collection attractive enough for the customer to have a closer look.
Monitor sales, inventory, channels and cash flows
If you store goods in multiple points of sale, keep track of the stocks sold and unsold and the credits owed. For online sales, tracking is much easier and inventory updating is essential to ensure that you do not receive orders that cannot be executed. In addition, the issue of proceeds must be carefully managed.
Maintenance relationships:
Maintain good relationships with your best suppliers and make sure they are happy to do business with you, because their quality and timely delivery guarantee consistent branding. Customers are the cornerstone of surviving your brand. They ensure that you stay in contact with them and receive your responses as much as possible. They are also the ones who ensure that you keep getting new customers. It may be wise to reward them for their loyalty, if possible.
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