Fashion and Retail Hints and Tips
Finding customers
- Decide if you are trying to target a new
customer base, or an existing one, in which case look at your
competitors - who shops with them? Where do they shop? Go to
them – observe, test ideas and even get feedback and advice from
them.
- Create a customer profile – use words and
pictures to create a picture of their lifestyle. Design, build and
communicate your brand/product/service around this customer
profile.
- Visit exhibitions for contacts and
ideas.
- Approach local shops and offer them small displays of your work
- together with an appropriate sales commission. Remember there's
not much you can do to prevent theft from your display if it's on
someone else's premises.
Keeping customers
- Get regular feedback from your customers,
especially your larger ones, about your
products/services.
- Keep an eye on what the competition is doing
and think about how you could do it better.
- Think about how you can customise/bespoke
your product/service to make it more personal for them. Give them
what they want.
Things you must do
- Be something different. Stand out.
- Keep business cards/flyers always on you.
- Network and promote your brand – word of mouth is quick and
free.
- Always ask for a discount for quick payment. Worst thing that
can happen is that they say no.
- Most buyers assume 30% will be winners, 50% steady sellers and
20% stinkers that won’t budge. Follow your winners and buy more
similar styles. Take a loss on the stinkers and don’t kid yourself
they are worth what you paid. Use market stalls and eBay etc to
liquidate them quickly.
Things to be cautious about
- Be realistic about what you can produce and
when – don’t over promise as it’s better to under promise and over
deliver.
- Be careful about getting into sale or return (SOR) agreements. Keep time
periods relatively short as stock loses value, as it ages.
Regularly check that your products are being displayed properly and
looked after. If it’s not working pull the stock. An
alternative to SOR might be to give a larger discount on the
1st order as an incentive for the buyer to ‘test’ the
product.
- Don’t manufacture abroad straight away –
there are plenty of local suppliers in the UK (see websites
below). Think about cut, make and trim (CMT) suppliers as
there are plenty in London especially the East End.
Draper Record often advertises
them in the back of their magazine or Business Link should be able
to help.
- Don’t buy equipment straight away – it is
often cheaper to rent then buy this will help preserve your cash
flow. Take a look in trade press like drapers record or see
websites below like the Federation of Small Business.
- What you like isn’t necessarily what the
customer likes so always keep the customer in mind. Ask
customers for their opinions via questionnaires, focus groups,
showing your products and by using new media like Facebook,
Twitter, Myspace etc. Also keep an eye on the competition and
what their customer, if similar to yours, is asking for or
likes/dislikes.
- Do not buy things in bulk you don’t need to,
eg your own order books, hangers, rails. Check out http://www.morplan.com/, they sell
everything you need for retail and fashion from readymade ‘Sale’
signs, to spare pins for your kimble gun.
Other Tips
- Better to be over-priced then under-priced.
It’s always easier to reduce your prices than increase them if you
have to.
- If you have already received press coverage
keep a well presented portfolio with you that you can take to
meetings with potential suppliers/customers.
- Keep checking you have the right products at
the right price in the right places at the right time.
- Instead of thinking about renting a whole shop which might be
expensive with leases that are difficult to get out of, find out
about concessions in large stores.
Useful Websites
http://acid.eu.com/ - Anti Copying
In Design (ACID): Advice and legal support on intellectual property
issues
www.bl.uk/bipc - British Library:
Intellectual property advice
www.oft.gov.uk/businesses -
Office of Fair Trade: Safe and legal business trading
advice
www.ipo.gov.uk - UK International
Property Office: Intellectual property registration
www.mas.berr.gov.uk - London
Manufacturing Advisory Service: Advice on finding
manufacturing/suppliers
www.arts.ac.uk - London College of
Fashion; Fashion courses
www.smallbizpod.co.uk
- Smallbiz: Networking site
www.fsb.org.uk - Small Business
Federation: Trade association
www.textileinstitute.org -
Textile Institute: Trade association
www.drapersonline.com -
Drapers Record: Industry magazine
www.retail-week.com - Retail
Week: Industry magazine
www.wwd.com - Women’s Wear Daily:
Industry magazine
www.wgsn.com - WGSN: Fashion and Style
Forecasts
www.retailtrust.org.uk -
Retail Trust: Industry association
www.businessoffashion.net -
The Business of Fashion: Industry news and opinion
www.fashioncapital.co.uk -
Fashion Capital: Industry website
www.fashionunited.co.uk -
Fashion United: Useful information, advice and chat board