Launching the first collection of a fashion brand is only the first step. It takes more to keep growing over time, which requires discipline and commitment. Junaid Jamshed describes the business aspects that every fashion entrepreneur must follow to make a brand successful.
So you started your fashion brand. You can have your own store, maybe store your collection in some contests, or sell online. You’ve spent the past six months designing and then coordinating every aspect. Your first collection is a huge success, even though you have to negotiate with suppliers and boutiques because you are a new name in the tight space of designers. So how can you make sure you increase your income?
Here are some guidelines to keep in mind if you want to be successful in business. Remember, there are hundreds, if not thousands, of fashion brands ready to make your place if you fail. There is a lot of competition and customer loyalty is known.
So plan and implement these seven steps in a successful fashion company.
Consider the trends
The trends change regularly and what is in vogue today may not be when you launch your collection. As designers, we plan the collections months in advance, so make sure you have a good idea of the trends shaping current fashion brand, and they are likely to stick.
Design for your main audience
Your first collection can be designed to express your creativity to a particular audience. But keep in mind that customers will decide what to sell. So keep a large audience in mind when designing a collection. Maneuvering is a technique used in marketing research that is extremely helpful in figuring out who your target audience is and what they’re looking for.
It’s easy to unleash your creativity, but a customer must be willing to pay for the designs you create. So it’s important to keep costs, materials, manufacturing, and even marketing well under control to ensure you earn. Remember, you can discount part of your collection by the end of the season, so take your calculations into account.
Your collection will be sold when you market it to the right audience in the right way. Invest wisely in your marketing efforts, using a good mix of in-store, social media, and word of mouth through existing customers to ensure a great response while controlling marketing costs.
Disclosure and Sale
Visual merchandising – offline or online – determines whether a customer is tempted to test your designs. If you store your brand alongside others in e-retail or boutiques, do everything you can to make your collection attractive enough to make the customer look better.
Tracking sales, inventory, channels and cash flow
If you have your goods stored in multiple repair points, track the resale and unsold inventory and pay off. For online, tracking sales is easier, and updating inventory is critical to ensure you don’t receive orders you can’t fulfill. The question of return must also be treated carefully.
Keep good relationships with your best suppliers and make them eager to do business with you as their quality and timely delivery will ensure the consistency of your brand. Customers are the lifeblood of your brand, so make sure you contact them and get as much feedback as possible. They also ensure that you keep getting new customers, so it might be a good idea to reward them for their loyalty if possible.