While doing business in fashion is not tricky, scaling it up in different geographies and markets may be a bit of a task. As a fashion business, you are expected to know all about the latest designs, the changing trends, the fashion cycle, and how the trends may move in different markets. This does not mean that you have to be an expert in all these things. You may have someone working on these aspects.
With the current trend of globalization, it becomes important to understand the culture, customs, and norms of other places. It helps to mold your products and services as per their demands. But how do you manage to do that? You need to understand them and also learn from their cultures. If you are thinking of scaling up your small fashion business, then you might find this blog useful.
The easiest and most efficient way to scale up your business is to find similar brands, enter their markets, and learn as much as you can from them. Compete on different parameters and do not compete on price. Price differentiation works very well before the market saturates. The key is to develop your fashion brand and business model continuously.
Since you are already in the business, you already understand the market. Develop your products, learn about the market, and try to get your business to a certain level of success. Once you have a few working products, re-launch them in other markets. In addition, try to open your business in other countries. Most fashion brands start in one country and then expand to other markets. Research your industry and also some of your competitors.
Does it sound confusing?
Don’t worry, here is a simple 7 step process to help you scale your small fashion business:
The best way to serve your customers is to know who they are. It helps you streamline your offerings and give a personalized experience to your customers. But how do you do that?
You will get a good view of your target market after going through all these points.
Capital is a key player in the expansion of your fashion business.
Here are some points to help you do better with your financial management:
The best way to reach people of different geographies is through local channels of communication. You need to understand their culture, lifestyle, where they hang out, and things related to their daily life. It will help you target the audience in the local area.
So, localise your brand experience and optimise it to fit the needs of your target audience.
You can localise your marketing approach through these strategies:
Getting to know your customers personally will help you understand their needs better. Interact with your customers through social media channels, emails, and newsletters.
Visit these places personally if you can. Interact with local people, click good pictures, and share your experiences on social media channels. It will help your customers connect with you and trust you.
Create local groups or communities for your customers, so that you can interact with them. It will also help them know about you and your business. Interact with your target customers as often as possible.
One of the best ways to reach your customers is through local influencers. Influencer marketing has created a boom in the fashion industry. So, make the best use of it to scale your fashion business.
You can hire a local marketing team that will help you collaborate with the influencers. Build a network of like-minded influencers. Share your content ideas with them, help them understand your brand values, and source marketing ideas with them. Influencer marketing is a less expensive yet high-on-return strategy.
Invest in effective techniques to save your time and money, so that you can scale your small business faster. Gone are the days when you had to rely on many employees to perform different tasks. Technology has created creative destruction in a good way.
A lot of tools are available in the market that will help you track your marketing efforts, understand your customer behaviour, save time on accounting, manage sales, and a lot more.
Some of the tools that will help you scale small fashion business include:
Most of the tools are affordable and often come in packages. Investing in these tools will help save a lot of time.
Scaling your efforts means knowing what attracts your customers. And using that knowledge to grow your business.
Your marketing efforts will become zero if you don’t measure them. Track your performances, analyse your sales, and marketing campaigns. It will help you optimize your fashion brand for your customers.
One of the best ways to scale your efforts is to ask your customers. Take short surveys or ask them for feedback on the website.
Your lead generation methods also need to be revised from time to time.
The bottom line is that when you start with a fashion business, you can’t be sure if you’re going to be successful or not. However, you can certainly give yourself a better chance of success if you think about your target market carefully.
This blog post will give you some ideas on how to scale up your small fashion business in different geographies. If you have any other questions or concerns about scaling up your fashion business, contact Fashinza.
Fashinza helps fashion brands connect with efficient suppliers and manufacturers. Contact here with your requirements related to sourcing clothes.