A very important fact, within your collection, not all items serve the same purpose. While some pieces help in raising your margins, some are better at attracting traffic. Think strategically when deciding which designs make it into your collection - you need a good balance to attract customers and make money at the same time.
Focus On Your Key Pieces
Remember, it is impossible to create everything for everyone. To start with, focus on products that sell well and present your brand clearly!
This is what your brand is known for, the favorite item of your beloved clients. It can be a product that no one else sells or one that’s far better than what your competitors sell. It usually is this every season or it might be a limited edition item.
Make it Memorable
Very important issue, address your unique selling point (USP) and maintain your identity across seasons. Do not confuse the buyers with who you are! Always keep your collection fresh but recognisable. They should remember you.
What is this? Items that build up your transactions! These are typically additional products that complement each other. Such as a tie that pairs with a shirt, a belt that can go with jeans or a necklace that works with a dress. A strategy to increase your profits is to sell a very cheap item with a little profit margin that is complemented with a more expensive item and a big margin!
The example mentioned on the item before can be considered a Loss Leader. They are products that don’t typically bring in high profit, but they help attracting traffic or enhancing a brand’s image. While multi-brand retailers typically don’t carry loss leader items, they can be helpful to individual brands if used wisely.
You should know that the price must be in a designer’s mind throughout the process, apart from quality and creativity. It affects everything from materials, the design outcome and potential customers. After all, you need money to run your business!
Pay attention, these are your money makers. Products sold at high margins should always be included in the mix of merchandise you sell.
Quality Is Key
Quality is a combination of craftsmanship, materials and even your brand services. In order to be loyal to your own interests and also to your customers, quality must be maintained across all areas that represent your brand, constantly.
Have you ever heard about the ‘wow’ pieces? It helps your brain image through word of mouth advertising. But remember, Image enhancers should only make up 10% of your overall inventory mix because while customers may get excited by these products, they do not necessarily buy them.
We hope this was an helpful blog post for you to think about the planning of your next collections! See you soon ;*
Keywords: fashion business, plan collection, textile manufacturing, made in portugal, price, quality, business planning.