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The apparel business sector is an active, growing one in today’s marketplace, which indicates growing competition is also on the way. It is time to develop creative strategies for your apparel business, designed to scale your business for profitability and long-term growth. Let’s discuss in detail the ways to explore marketing strategies that will effectively and efficiently impact your bottom line.
In This Post:
The Importance of a Business Plan
In all of the suggestions that follow, a business plan sits as the foundation for a structured, well-composed business. Use this free business plan template to kickstart your journey in creating your own business plan. Why is this important? Your business plan serves as a roadmap of your business for the first five years.
It includes the major segments of your business, along with marketing strategies, financial forecasts and other crucial information to project the future of the business. Investors and lenders who want to fund may do so after receiving your business plan, as it completes the document by folding each segment of it into a cohesively-created business forecast. Let’s get started!
The Growth of the Apparel Industry in the U.S.
Just how active is the apparel industry in the U.S.? While specific numbers are difficult to record, there are statistics that indicate a general and growing level of interest by consumers who are purchasing more apparel than ever in retail clothing stores. In the apparel industry, which includes more than 95,000 establishments (www.firstresearch.com) with a combined annual revenue of about $190 billion, there are a considerable number of businesses that are competing for the same demographic customers, such as teens, and about 15% of those businesses fail within the first year or two of business.
How can an apparel business scale to the next level using marketing strategies and what does it take to build an apparel business that will continue to generate long-term growth for many years? Let’s discuss what it takes:
Evaluating Former Marketing Strategies
The first step in determining new, vibrant marketing strategies is found in examining the former strategies. Use metrics to measure the responses and either continue using certain strategies or discard them in favor of new ones. Strategies that don’t bring in customers are not considered to be a success, no matter how cool, cute or fun the message. The goal of every marketing strategy is to entice the buyer to complete a purchase.
Consideration of Marketing Strategy Costs
You’ll want to consider the cost of marketing strategies, including one to two promotions that splash the cash to bring a high degree of attention to the apparel brand. Use the balance of these two methods to create your marketing strategy. In addition, evaluate the following:
- Create marketing strategies based on your customer demographic; use short, humorous videos to get your clothing message to the right customers.
- Calculate the individual cost of each item of clothing; from design to completion of the garment and its arrival at the retail location.
- Calculate ways to reduce the cost of marketing campaigns and increase profitability.
- Ensure your marketing strategies are using budgeted funds as efficiently as possible.
- Employ metrics to measure performance and eliminate any strategies that aren’t performing well.
- Increased efficiencies will contribute to your growth potential. Capture the most efficiencies you can in the apparel process to maximize the opportunities for everyone to garner additional income.
- Determine whether your apparel business should grow into a high-volume manufacturer or remain on the small, exclusive side. Both options have merits; this is a personal decision. If you opt for high-volume business, there is a greater chance of failure, with a commensurate risk factor. Creating such a scenario may depend on your personal resistance to risk.
- Position your apparel business over your competitors in strategic marketing efforts on social media at least once or twice a week. Use videos, clips and other digital creative to entice fashion lovers to your website fashion show.
- A key marketing strategy is found in building your website to attractively offer high-quality images of models demonstrating your apparel. There is no better way to incentivize sales than to demonstrate apparel that looks exceptionally well on another person.
Examine the marketing strategies that win and those that need improvement. Continually reveal new apparel and apparel lines. Continued profits will inform when the time is right to take your apparel business to the next level. Depend on your business plan and business expertise to know when the time is right to scale the business and grow your business into a long-term success.