Market Research 101
When launching a new label into the current landscape of the fashion industry, you can never do too much research! Knowledge is power, and a thorough understanding of where your brand sits alongside your competitors is something that will help in shaping the personality of your brand.
Each month our Fashion Label Launch Pad students participate in a hosted group call to discuss queries and questions they are experiencing in the journey of starting up new fashion labels. Last month we discussed what to consider when carrying out market research and how to implement your findings to better your label as a whole. Here are our top considerations!
- SWOT Analysis
Analysing your business’ strengths, weaknesses, opportunities and threats is the first step in helping to determine where your label fits against your competitors in the marketplace you are appealing to, plus the wider fashion marketplace at large.
What are your strengths? Is it the team you have behind you? Or is it the technology you have at your fingertips to create your unique garments? What is going to give your business a leg up in this industry and how do you stand out from the crowd?
Your weaknesses can be evaluated alongside unexpected threats. Knowing your label’s disadvantages early on will help in staying well prepared for anything that comes your way, therefore being able to problem solve quickly and effectively.
- Business Plan/ Marketing
What do you want the next 3-5 years of your business to look like? In the early stages of your label never underestimate the power of goal setting. Set your goals high and don’t stop until you get there!
Think of your budget. What costs are going to be involved? How much and how frequently? What about unexpected costs, how are you placed to deal with them?
Know your expenses vs your income and use your market research to help in formulating your tailored business plan.
- Important Considerations and Tools
What is the size of the marketplace/ or segment of the marketplace you want to operate in? What are the current trends? Does this segment need another label and how can you position yours to succeed?
What is the price point for your product? How does this fit into your desired marketplace?
What other labels are selling similar garments at similar price points? You can observe their social activity, marketing and publicity campaigns to help give some direction on how to conduct your own marketing of your label.
Useful tools
Ecommerce platforms
Fashion/ trade magazines
Print and online industry media
Discussions with other like minded brands and labels in your marketplace
Use of focus groups
Contact Sample Room today to see how we can guide you in formulating your tailored business plan and assist in the success of your new fashion label!