What Are the “Crock of Gold” Tips to Create Your Fashion Brand?
‘Crock of gold,’ as the phrase suggests, means a pot full of gold. Hence, if someone is looking for golden ideas to create an original fashion brand, they need to keep many things in mind.
Launched in January 2019, Vogue Business has created quite a big name, just like its parent brand. This online fashion industry publication has provided powerful insights to fashion brands across the globe.
Let’s look at some of the tips and tricks of the trade which will help any fashion brand to thrive in the business world:
1. Create stringent policies
Ensure that the client does not ask for any changes in design or material in between the production process. The units already manufactured will go to waste if changes are made in between.
Strengthen relationships with the suppliers so that the fashion designer receives the raw materials on time, thus helping your fashion brand improve the top line of the balance sheet. Even if the logistics partner always delivers the goods to the end-customer on time, it will ensure repeat business.
2. Build to order products
The planner can proceed with the production of the merchandise if the production is for a renowned brand like Jockey, Zivame, etc. In such a situation, the garments are manufactured for the franchise and corporate stores. However, for a fashion house that depends on bulk orders, the planner needs to have a robust mechanism to churn out bulk orders just in time.
Holding inventory of raw materials or finished goods is a complete waste of revenue. The fashion brand needs to break the supply chain by reducing inventory supply costs. They also need to look for ways to reduce human intervention by automating the assembly line after the garment is made. The packing, boxing, and carrying of the carton boxes to warehouses should be automated. It will add to a one-time cost, but in the long run, it will be profitable.
3. Rationalize and focus on the most profitable products
If the garment manufacturing unit manufactures 100 types of garments, then reducing the number of varieties often increases profitability. If the production planners realize that their maximum profit is coming from one type of product, then focusing on manufacturing those types of garments will be desirable.
The 80-20 Pareto rule is applicable in every walk of life and follows that principle without deviating and scattering the production lines on many types of garments. The Pareto principle explains that 80% of the profit comes from 20% of the kinds of merchandise.
4. Choose the correct manufacturing system
Intelligent data analysis can help reduce production costs. The production planners of the garment manufacturing factory need to analyze the data correctly to achieve that. The factory may employ an external consulting company with a good track in cost reduction and take suggestions to reduce costs in the garment manufacturing unit.
5. Use readily available fabrics
If the fashion designers are using expensive fabric like Taffeta or Tulle, which are not that readily available in the market, then it is better to use other alternatives. Asking them to go for similar variants which are less expensive and readily available is always an excellent way to reduce costs.
Any good fashion brand needs to keep the prices low without compromising the quality of the garment. That can only be done when the fashion designers are mindful of the costs.
6. Limit color variants
Another good way to keep the costs low for any fashion brand will be negotiating well with the client.
If there is a bulk order of 5000 shirts, keeping the color variants of up to 5 will make things easy for the production unit. This way, the production unit can manufacture 1000 shirts of one color variant. The procurement team will not have to go through the procurement process of multiple colors and materials, which will reduce the cost.
It will also save time in procuring multiple types of materials and will reduce the packaging cost. Typically, different colors need different colored packaging materials to eliminate confusion.
7. Use data analytics and artificial intelligence
This can boost sales. Vogue Business analysts often suggest this as a part of their solution providing to the rising fashion brands. Predictive analysis can shed light on the trends which are in vogue, and the business can make more profits through data analytics.
Using AI for forecasting future trends, lead generation, segmented marketing will always add to the top line of the company’s balance sheet.
8. Use social media judiciously
The fashion houses need to use social media platforms like Pinterest, Instagram, Facebook, etc., to promote their trending collections. It is crucial for the brand’s social media team to engage in meaningful conversation with potential customers. If someone has any complaint, that too should be addressed immediately by them.
The social media teams need to analyze the effectiveness of the advertisements on a monthly basis and check which ones have more engagement.
9. Stringent quality control measures
Every garment manufacturing factory needs to be careful about the apparel they manufacture, and the quality control checks should be stringent. A consignment of 100 shirts of size 40 should have the exact measurements for each piece.
If there are sizing issues or inferior quality buttons or zippers, the customer will instantly lose faith in the brand. It takes a lot of time and trust to become a customer favorite. Keeping quality assurance in mind right from the inception will ensure the success of an emerging fashion brand.
10. Follow green initiatives
Fashion houses should be meticulous about the source of their fabrics and practices. They should be procured from factories that follow green initiatives and do not pollute the environment.
The workers in those factories should receive fair wages and other benefits. Any negative publicity associated with the fashion brand will hurt the sales figures.
11. Responsible advertisements
It takes years for a fashion brand to create its niche; however, one wrong move can be damaging. The marketing and advertising teams have to be extremely careful about the message conveyed through their advertisement campaigns.
In 2014, the American lingerie company, Victoria’s Secret, launched the campaign slogan, ‘The Perfect Body.’ This slogan garnered heavy criticism from women’s health organizations and magazines, and over 30,000 people signed a petition against this ad. Finally, Victoria’s Secret had to change the slogan to ‘A Body for Every Body.’ Hence, brands need to be very careful before launching any advertisement campaign.
12. Invite Influencers for Affiliate Marketing Program
A futuristic fashion brand should invite affiliate marketing partners to liaise with the brand, offering them lucrative commissions to promote the brand’s products.
The influencers who generate the maximum sales should even receive bonuses and goodies from the brand. Through the concept of cross-marketing and cross publicity, fashion brands should publicize their brand and new arrivals.
Vogue Business is headquartered at Condé Nast International in London. The fashion journalists there come up with practical solutions for the fashion houses globally. Suppose you are a fashion designer and want to succeed in your field – the ideas mentioned above are your ticket to success.
Are you looking for a reliable partner to source the right kind of fabrics? Look no further. Fashinza will do the necessary work. You can just focus on marketing your apparel business, and we will take care of everything from design to delivery. Turn the holiday season into the cash-flowing season for your fashion brand with Fashinza!