Launching your first collection of fashion brand is really just the first step,it takes more to grow the business over time. It requires discipline and commitment. Do you want to know how to make sure you grow profitably?
Here are some guidelines that you should consider if you wish to succeed in the fashion industry, where there are hundreds of thousands of other brands that are selling the same product as you, who are willing to take your place if you fail.
KEEP A CLOSE EYE ON TRENDS.
Trends change like the weather, so what’s in the trending forecast may not still be trending when you launch your collection. As a designer you have to plan months in advance, so being aware of the trends that are shaping the current fashion world and whether they are likely to stay is an essential part of the business.
DESIGN FOR YOUR CORE AUDIENCE
Your first collection most likely will be designed to express your creativity, but bear in mind that customers decide what sells and what doesn’t. Target a core audience when designing your next collection.
Once again it is okay to let your creativity run wild, but remember the client must be willing to pay for your designs. So maintaining a budget for material, manufacturing and even marketing is essential to ensure that you make a profit, also bear in mind of the sales/discount you will have.
Your collection will definitely sell if you market it well to the right audience. Invest wisely in marketing. We live in a world where social media can make or break you, use that as an advantage, word of mouth through loyal customers also works.
PRESENTATION AND SELLING
Visual Merchandising – whether online or offline determines whether a customer will be attracted to try out your designs or not. Make sure it stands out to catch attention.
KEEPING TABS ON SALES, INVENTORY AND CASH FLOW.
If you have more than one store front, keep track of sold and unsold items and receivables due. If it is an online store the tracking of sales is much easier and simpler. Updating your inventory is also important. You do not want to take orders you can’t fulfill.
This is the most important guideline you need to follow. Remember the customer is always right, even if they are not. You must keep them happy in order for them to engage in business with you. They are the lifeline of any business or brand, you need them to keep your brand alive. Keep in touch with your customers and get as much feedback as possible, also rewarding them for their loyalty will take you a long way.
Follow these guidelines with consistency and you will be sure to succeed.