3 Tips for Scaling Your Fashion Brand
The final month of the final quarter is upon us which means we undoubtedly have our sights set towards the new year and what 2020 will bring for our businesses. But, instead of guessing, we should be implementing strategies for scaling, growing and improving. So what steps can we take for a more secure outcome? Here’s three tips to encourage results:
Review Your Collections
This is inclusive of any trends you notice within sales and popularity across your range. What sizes and styles were most in demand? Which weren’t? Conducting a deep review beyond numbers will enable you to refine and improve future offerings. Take your time to thoroughly understand the factors that contribute to the results.
Consider the balance of colour, have you offered enough commercial bestsellers such as navy, black or grey? Could you release new colours of popular designs? Are there successful styles you can adapt for the changing seasons, e.g. adding sleeves or producing in an alternative but suitable material?
If you’d like further advice or any assistance with collection reviews and development, consider one of my consultation calls where we can discuss your range in depth.
Analyse Your Data
Review the fit of your garments if you’ve had an unusual peak in returns on a particular style. Consistency is key across a collection. Analyse the reasons for returns and note any similarities. Listen to your customer feedback, have there been any recurring requests for a variation in colours? Sizes? Lengths?
Are you tracking your metrics? If not, establish this moving forward. Analyse any patterns between promotions and sales, establish your CPA (cost per acquisition). For example, if you run a Facebook Ad at £100 and sell 10 units, your CPA is £10.
It is also important to assess the ratio of garments sold, if applicable. For instance, how many tops did you sell in comparison to trousers, how many trousers to skirts etc. Reduce the risk of deadstock and increase your investment into areas that are selling well.
Essentially the task is to use your data to your advantage when making decisions moving forward for the benefit of your business and growth.
Assess Your Sales
Familiarise yourself with ATV (average transaction value) and ATU (average transaction units). In both cases, the bigger the better, of course. If a customer is only purchasing one item from you at a time, it is a desirable goal to increase this. Can you offer complimenting garments to create a full look? Would introducing accessories or jewellery be feasible? It is an easier experience to sell more items to the same customer than continually seek new customers. Loyalty pays. Reviewing your customer experience can also aid in this improvement.
If you do not have systems in place to log the information outlined above it may be a worthwhile idea to prioritise getting these set up moving forwards. I will forever be a fan of Excel spreadsheets and anything that makes considerably overwhelming areas of business that little bit easier. This includes assessing your return forms and ensuring they work for both you and the customer.
I hope you found this helpful and a small aid in offering clarity for the development of your brand. If you’d like to receive continued support, advice, tips and guidance free of charge, please be sure to sign up to my newsletter using the form below.