by martwayne | Apr 2, 2021 | Business of Fashion, Fashion
In as much as choosing a target audience for your business is not always easy, there are times when you will need to re-evaluate your business. The truth is that nothing is really constant, not even your market. The fact that a certain demographic was earning a particular figure 5 years ago, does not mean the money will still have the same value neither does it mean their needs can’t change.
More so, with the advent of the Covid-19 pandemic, consumers are being challenged to evaluate their priorities which has ultimately led to new needs and spending criteria.
Some common reasons why you may need to change your target audience are discussed below :⠀⠀
1. When the target audience is too small -if your target audience is too small, you won’t be profitable, it should be big enough to generate profit.
2. When the target audience is too big – When you’re trying to speak to everyone, you will end up reaching no one. Narrow it down to the relevant people but don’t make it too slim.
3. No buying power: Your customers need to have a buying power that can afford your products. If they don’t have enough money to buy your products, then they’re not the right target for your business.
4. Expansion: Sometimes with new innovations and market needs, you’ll discover other opportunities. Such opportunities might lead to an expansion and massive growth. Hence, the need to evaluate who your customers are.
For instance, some Fashion Brands and Garment production Houses have leveraged the covid-19 pandemic to increase the production and sales of nose masks and medical scrubs. Such opportunities come with expansion and a new marketing strategy. Consequently, the need to change their market.
With the evolution of the market as well as the business environment, changing your product consumers can be very useful.
Peradventure you made some wrong generalizations at the start of your business and you see a need to change your target audience, do not hesitate to do so.⠀If bigger companies have been able to do this successfully, so can you.⠀
Do you think it’s necessary for your business to change its target audience? ⠀
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by martwayne | Mar 30, 2021 | Business of Fashion, Fashion Business
You need to promote your business on Google so your customers can find you with ease.
Business promotion is any communication that attempts to influence people to buy products or services. An entrepreneur’s goal after a target market is identified is how to take the products to them. The way(s) this goal is accomplished is referred to as business promotion.
All businesses need a way to promote their products to create some form of visibility. However, not all businesses need the same kinds or level of promotion. Some businesses might just need word of mouth, a sign-post. For instance, a roadside food vendor. on the other hand, some businesses might need to invest more in a digital presence, billboards, etc.
Having said that, certain business promotions are essential for the growth and development of your business irrespective of your location. Below are five ways to promote your business consistently.
1.Highlight your Benefits and Features
There is a difference between the benefits and the features of your products. You need to clearly state them. The uniqueness of your product could be one of its features and that will set you apart from other business owners. The features of your product are its characteristics, what it is and what it can do. On the other hand, the benefits are the results or the experience your customer will have. The benefits are what will make them buy from you rather than from your competitors.
For example, you can design a dress with a detachable sleeve that can be styled in three ways. The features here will be the design details of the dress while the benefit you offer includes; Multiple styling options and spending less money since one outfit can give different styles.
2. Optimize Your Website
An optimized website is essential for consistent Business promotion. People need to know you exist for them to patronize you. Hence, an effective way to put yourself in their faces is by having an optimized website irrespective of your location. Your business location is not a barrier.
Check out The Best Five ways to Improve Traffic on Your New Website for more details on website optimization.
3. List On Google My Business
With a Google My Business account, you can get your business listed, give your customers more ways to reach you, specify your location on the map, engage with your customers, as a result, promote your business consistently. Google has made it easier for consumers to get results tailored to their location and needs.
4.Start a Blog
People want to read compelling and relevant content on the subject or an industry that interests them. As a result, an optimized blog will enable people to visit your website and in return, makes your business rank more on Google. However, your blog should keep people engaged, have images, links, embedded videos and be mobile responsive. Most importantly, it should have relevant contents.
5.Use Your Social Media Effectively
In simple terms, you can drive traffic to your website via your social media platforms. Through these platforms, you can share your content add links and share to as many people as possible. it can also be reshared by more people. Your social media posts also need to be optimized with relevant keywords to boost your visibility.
In conclusion, to grow a profitable business, you need customers and need to put yourself out there, leverage the free and affordable tools/resources available the and be promote your business consistently.
If you need help figuring out how to set up, grow and run your fashion business, we offer a consulting service and we can help you out.
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by Sophie | Mar 23, 2021 | Business of Fashion
The fashion industry is very vast, with enormous opportunities. As a fashion business owner, you don’t have to earn money only from selling the clothing you produce. Adding other revenue streams is a smart move. Not only will it help you earn more, but it also gives you a sense of stability and financial security.
Even if your business is doing great, you can have more than you already do. Adding other streams of income will give you that something extra you might be seeking. Not only will it still be in the fashion industry, but it can significantly increase your income.
Inspired by the concept of “not putting all your money-making eggs” in one basket, we’ll be discussing 3 ways to add more revenue streams to your fashion business.
1. Special memberships
One thing a lot of people love is access to exclusive perks. With a special membership available to a limited amount of people for a fee, you can create a new revenue stream for your business. Benefits you can offer to members include discounts, freebies, or freestyling.
Depending on how big your fashion brand has grown, it can benefit from having an exclusive membership.
2. Subscription boxes
Another way to earn more with your fashion brand is by offering a subscription box of curated outfits. For the fashion lovers who love to shop for new clothing, you could curate a box of clothing on a recurring basis for a fixed fee.
For example, if you own a corporate wear brand, you could create a subscription box that sends four workwear outfits to your subscribers monthly for a fixed fee.
Starting a wholesale option is an effective revenue-generating stream. You can deliver your products to retailers at a lower price to earn more from selling in bulk.
Wholesale can be tedious, especially if you can’t keep up with the challenges of production. However, with my ebook on how to start a clothing production factory, you’ll be able to get started with little or no money.
4. Brand collaboration
Brand collaborations are an effective way to diversify your revenue channels. You can collaborate with other brands and come up with unique products or packages. Look out for other businesses that are complementary to yours, contact them and propose opportunities for working together. It could be annually, bi-annually, or monthly, it depends on the type of partnership. You will be surprised at how effective it can be.⠀
Can you think of more unique and interesting revenue streams for business owners? Let us know in the comments…
Would you like to start a fashion business but have no idea where to start? We have online courses that cover all aspects of building a successful fashion business.
by martwayne | Feb 19, 2021 | Business Side of Fashion, Facebook, Fashion Business Growth Tip, Fashion Business Tip
In the very competitive fashion industry, a good Marketing Strategy is what sets you apart from the pack especially with the advent of numerous marketing means.
It is very easy to get caught up in what other brands are doing but the truth is one cannot do it all. As a business owner, you can’t explore all the marketing strategies at once, you need to decide which one works best for you, as result, channel your effort into it.
We have found that one of the fastest and easiest ways to make your mark is with Facebook & Instagram Ads. ⠀
# Brand Awareness⠀
When done correctly, it gets your product in front of your ideal audience so they become aware of your brand. They purchase your products and ultimately turn into brand ambassadors.⠀Hence it increases Brand Awareness.
# Increase Sales
Not only can it improve brand presence, but it can also increase sales, easily tracked, and more importantly, can help you determine if you are using the appropriate strategy.
# Active Users
As of the fourth quarter of 2020, Facebook has about 2.8 billion monthly active users. The bottom line, your potential customers are already active and engaged on both platforms. You just need the right strategy to reach them
Lastly, you can choose your advertising budget, choose your audiences, add shoppable links/call to action and track the performance of your ads.⠀
In a nutshell, Facebook & Instagram Ads have the power to transform your business into a powerhouse. Both can generate a lot more than you can imagine if done correctly.⠀You can delve into the endless opportunities of Facebook and Instagram Ads and have a successful result.
Have you been able to Develop your Unique Selling Proposition? Found your marketing strategy? Do you utilize Facebook & Instagram Ads for your business? What have your results been like? Let’s discuss….⠀
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by martwayne | Dec 25, 2019 | Fashion Business Growth Tip
The best way to sell products is to let them sell themselves. How do you do that? With great photos!
The Importance of Product Photography
Photography can make or break your business. Regardless of if you are selling a physical product or a service, the pictures you use to communicate both are extremely important. Now while we understand that great photography or visuals may be expensive, you also need to understand that poor photography will hurt your business and sales in the short and long run. With the advent of smartphone cameras which can take amazing photos, an entrepreneur has to make out the time to create stunning visual images of their products in order to attract customers.
First it communicates what the brand is to the customer or even promoter of your business. Be it an e-banner or a physical shoot, your pictures tells us the mind behind the brand and if customers want to relate with the brand or not.
Image from stock.adobe.com
For example, I see a lot of pictures of items, such as fabrics, taken on the floor. I personally will not buy fabrics taken on the floor no matter how amazing the fabric or print is. I have written about this before on Instagram. Because for me, the following questions immediately spring to mind:
- was the floor cleaned before taking the picture;
- how many people have walked on that floor;
- will they wash the fabric afterwards - even though I know that is a no;
- will I react to the dirt on the floor;
- how can this person even put this on the floor;
- how hygienic is the person selling this to me; and the questions go on and on.
The other day, I saw a caterer who with a large food order posting a video with the food order lined on the floor. That to me is a no no. You simply cannot put food on the floor and if I was the client, the health and hygiene of my staff comes first. I will reject the order and probably never do business with you again.
Personal photography can be excused but definitely not pictures for business. Taking pictures of fabrics on the floor (with the tiles or carpet showing in the background), shots in bad lighting, poor looking flyers and e-banners should not be used to promote your brand.
“A brand is a person’s gut feeling about a product, service or organization.”
- Marty Neumeier, Branding Expert
Ashley Friedlein, CEO and co-founder of Econsultancy, has a similar take:
“Brand is the sum total of how someone perceives a particular organization.”
Ignyte explains it further:
"A brand is the way in which a company, organization, or individual is perceived by those who experience it. Because it’s intangible, a brand isn’t as easily defined as, say, a fish. But how they’re defined is very similar indeed. You’ll probably agree that the most basic defining characteristic of a fish is where it lives. Fish live in water. That’s what makes a fish a fish. The same fundamental criterion applies to brands.
The answer to the question “what is a brand?” starts with where a brand lives. So where do brands live?
Brands live in the mind. They live in the minds of everyone who experiences them: employees, investors, the media, and, perhaps most importantly, consumers. Simply put, brands are perceptions.
Product Photography & Sales
Humans are very visual people. It is easier to sell an item when people SEE what it looks like than hear you explaining it through words and text. It is that simple. These days, Smartphone cameras can take amazing photos.
'Most Customers Use Mobile Devices To Shop For Products. ...showcasing good photography to prospective customers who are the go is essential. Online shoppers who use mobile phones want quick and straightforward content and do not have the time to read lengthy content, so you need to allow the product photography to do the talking.⠀ ⠀
If you want to boost your sales and increase your income, then you should take your product photos and presentation seriously. Showcasing your products with high-quality images can be the difference between a conversion and no sale at all.⠀
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