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If you are reading this for tips on building rock-hard 6-pack abs, this isn’t the article for you. Now, if you are looking to develop an apparel program that is rock solid and provides an excellent revenue stream for your business, this is the place for you.
Whether or not clothing is a main vertical for your business, apparel can be an excellent generator for building brand awareness, fostering loyalty, and developing your fan club, and ultimately driving profitability. Even businesses where clothing has been secondary to what the brand is known for (such as a motorcycle brand), a well thought out apparel strategy can become a profit leader for the organization.
The place to start is core product. By nature, core doesn’t fall prey to trends in fashion (in one day, and out the next), therefore reducing risk of housing tired inventory that only moves out through massive mark downs. Core should be dependable, constant and become the fan favorites. Likewise, it should represent the brand and be an easy decision for the customer.
So, what are the key exercises to building a strong core?
Establish the Baseline to Build On
To develop your plan, it is smart to establish the baseline to build your dream on. Just as one would with any business, understanding your audience is a great place to start. Customer demographics, geography, lifestyle will help to inform aesthetics and price point. Also having a pulse on the size of the existing customer base, and average growth trajectory will help calculate the inventory need and project revenue opportunity.
Lean In to Better
Stretching from basic to better will position your apparel for better customer adoption. The world is full of average or even less than when it comes to apparel. Landfills are full of it. The last thing people want is another piece of humdrum clothing taking up space in their closet. People want their investments to mean something, and that includes their clothes. Elevating product with thoughtful signature details, unique washes that improve the hand feel, fabrics that feel good and are easy to care for, and dye techniques that provide a noticeable compliment to your brand DNA will give your audience something to desire.
Consistency is Key
Just as with many endeavors, establishing consistency creates good habits which ultimately yield positive results. In this case, rather than meeting weight loss goals or gaining muscle mass, you will earn favor in consumer habits.
In developing your core collection, consistency in design, fit, and fabrication will foster repeat business. Once your audience falls in love with the new favorite tee or hoodie, they will come back. Whether they are eager to sport the new color, or have simply worn out their daily staple, by staying consistent with your product, customers will deem you reliable and therefore return over and over again. Now that’s business you can depend on.
Go Deep (not wide)
Although going deep may feel painful from an investment standpoint, with core product more inventory just means more weeks of supply (if you’re lucky). The worst thing you can do is run out of inventory or be broken by sizes. Sure, it sounds good to sell out, but this is an industry that requires planning and lead times. Once you’re out, it can take time to replenish which means lost dollars on the table. You don’t need copious amounts of styles; you just need enough of the better basics to stay in business.
Stay True
Don’t get distracted by trends. Of course, it is great to sprinkle in some fashion for eye candy. Fashion is where you go small in quantities as it attracts attention and creates demand! Whether it is the seasonal style, or an expansion to your core, it is essential to stay true to your DNA and to the needs of your customer. If you specialize in golf, don’t bring a snow bunny suit into your collection, for example. Explore other outwear styles that harness the vibe you are looking for, while complimenting your brand story and the function your customer expects.
Run with Numbers
Daily, weekly, and monthly, running the numbers is the cardio of business. Reviewing the sales with such frequency will provide valuable insight on what is selling, and what isn’t, from styles, sizes and colors. Although it takes diligence and endurance, it is always important to review the good, bad and ugly of the sales to inform future decisions
If you need help learning how to calculate your inventory needs based on sales, we have developed a tool. Informed by years of retail science and financial expertise, contact us for Stars Inventory Management Calculator.
Don’t Fall Behind – Establish a Flow
When success starts to take hold, you don’t want to fall behind. One of the common early mistakes in establishing a solid core program is underbuying. Being a business that typically has longer lead times, replenishment isn’t a quick recovery. As the business matures there are ways to speed up delivery and create an ongoing flow that refills inventory on a consistent basis. With an understanding of ongoing demand, having fabric already woven or knitted in the greige, and production lines blocked will not only make your production partners happy but also ensure you maintain your momentum.
Membership has Rewards
People love to be a part of a club. Membership programs in apparel are proving to be successful subscription models in growing customer base while providing consistent, predictable income. With monthly drops, customers can enjoy delivery of the latest color, pattern or style adopted by the core collection, while rewarding you with recurring revenue.
With Commitment Results Will Come
Step forward with intention and commit to your goals. With consistency, dedication to doing it right, and following tried and true methods, your core will rock in no time.
Emily Lane is a serial entrepreneur with 25 years of experience, Emily’s expertise in business development, brand strategy, and marketing, propels businesses to viability, profitability, and market leadership. At Stars Design Group, she is delighted to pair her passion for fashion and design, with her specialty of helping businesses next level, pivot, and thrive.