With such big hopes you launched your own private label apparel business. Few months forward, you now realize things aren’t working out as planned. You’re struggling to make decent return—let alone million dollars you always dreamed of.
‘Rushing to Make Poor Choices’
Clothing industry is going through a different phase today, with more and more sellers deciding to sell under their own brand names. With customers looking for fresh varieties in their apparels and low market competition, this trend is surging high by every passing day.
To bank on this opportunity, thousands are rushing on the scene with no adequate strategy and business plan. Result: while this game has a lot of potential, many players are struggling to survive.
Are you one of these players?
Here are 5 sure signs that your private apparel brand is going to fail—and what you can do to save it:
You’re not Investing in Marketing
This is one of the biggest mistakes that rookies make—not really investing in the marketing of their brand. Just because you exist doesn’t mean customers are going to buy from you. You need to make an outreach attempt and communicate with your target audience. You must invest energy and money into building your brand recognition and goodwill that potential customers trust and love to buy.
Solution: Leverage social media platforms and ace your Search Engine Optimization game. Take a personalized approach where you’re not trying to sell your clothing but build a lasting relationship with your audience.
You don’t have a Decent Pricing Strategy
There’s much more to pricing than what is evident on the front. If you’re selling your products at a fixed price after undertaking just your profit margin, you have no idea the number of potential customers you’re sighing away from who would have bought from you if only your pricing was a bit flexible and have a psychological impact.
Solution: Segment your target audience, estimate their purchasing power and offer them your apparels at different prices. Offer “limited time period discounts”; it gives customers a sense of urgency to buy your products. Offer additional discounts to your repeated buyers.
You’re (blindly) Following your Competitors
Learning from your competitors is the simplest and cost-effective ways to improve yourself. However, the pitfall here is that what they do might not necessarily be suited to your individual needs and goals. It’s fatal that you’re following each of them strategies, step by step, with no second thought.
Solution: Identify few SUCCESSFUL competitors who share the same vision, mantra and goals as you. Take time to understand what they are doing, why they are doing and how they are doing. Then tweak their planning and strategies with your own personal touch. Know exactly, whatever you’re doing, how it’s going to help your sale.
You don’t have a Right Manufacturer by your Side
Market as much as you want but if you don’t have a good, high-quality collection in your stock, you’re going to stay right where you started. There are too many private label manufacturers Los Angeles based. A mistake that many make is doing business with any manufacturer without thinking it through—without considering their collection type and other important details. The cost of this carelessness is big.
Solution: You must take time in screening different private label manufacturers before finalizing on any one. Check and see if you’re stuck with the wrong wholesale dealer—factor the quality of their collection, do they offer you additional assistance, and more. If things don’t feel right, look for another manufacturer.
You are not Personalizing your Wholesale Stock Properly
In the name of following latest fashion or fitness trends, some business owners stock and sell basically the same varieties of private apparels that everyone is selling. They don’t really make use of customization option their manufacturers offer. Theirs is a same variety of apparel collection with just a different brand name—no exclusivity. Why would customers buy from them if they can get it from others?
Solution: Take time to personalize your wholesale collection. Understand the market trends and what your target audience. And then add to it flair of your own personal touch that differs your collection in the crowd with grand fashion.
These are 5 warning signs that your private label apparel brand is about to fail and how you can save it. Now you know, go ahead and fix loopholes. Be smart and strategic in your approach and enjoy seamless success in a promising market.