In an entire collection, each item has a different purpose. A lot of the items don’t serve the same purpose. Some pieces are great at attracting traffic or eyeballs, some pieces are going to help raise your profit margins. There’s a strategy that all the successful fashion brands do to decide which designs get to make in to the collection. There’s a balance involved to attract customers and make money at the same time.
Here are 9 important points to know when planning your collection:
1. EMPHASIS ON KEY PIECES – You simply cannot create everything for everyone. To begin with, focus on your products that you think will sell well and present your brand as clear as possible.
2. MAKE IT A MEMORABLE ONE – Your Unique Selling Point (USP) should be on full display and has to maintain the identity across seasons. Don’t confuse your buyers with what your brand is. Keeping your collection fresh but still recognizable is key.
3. PRICE POINTS MATTERS – Consider what your selling prices are. The price must be in a product designer’s mind during the design process besides the quality and creativity involved. Price points are affected by materials used, design completion and the potential customers who are going to buy. At the end of the day, you need your fair share of money to run your business.
4. QUALITY IS KING – What does quality in fashion mean? It’s a combination of craftsmanship, packaging, presentation, your brand’s services and materials used. You maintain quality across all areas that represent your brand always.
5. THINK OF YOUR “LOSS LEADERS” – A Loss Leader is a product that don’t typically bring in high profit, but they help in attracting traffic or enhance your brand’s image. Loss Leader items are typically not carried by multi-brand retailers. It is helpful for individual brands or underground brands if used wisely. You’ll notice that brands like Louis Vuitton, Gucci, Off-White, and Supreme do an excellent job in highlighting Loss Leader items.
6. KNOW YOUR SIGNATURE ITEMS – What is your brand known for? It could be a product that no one else sells or one that’s far better than what your competitors sell. It usually exists every season or it could be a limited-edition item you add to your collection mix. Ex. Carhartt K87 Pocket Tees, Stone Island’s signature sleeve patches on their sweatshirts or Alpha Industries thick Bomber Jackets.
7. THINK OF TRANSACTION BUILDERS – These are items that build up your transactions. These are additional products that complement each other. Like a zipper jacket that pairs with a shirt, a pair of socks that complements the pants or shorts, or a necklace that partners with a bracelet. Imagine the entire look on your general buyers in mind.
8. WHAT ARE YOUR PROFIT GENERATORS – These are your MONEY MAKERS. Products that are sold at high margins that are always included in the mix of merchandise that you sell. For the Philippines, shirts are always going to be the best money makers, because of our weather, more than jackets or hoodies will.
9. ADD IMAGE ENHANCERS – These are your WOW pieces that help boost your brand’s image through word-of-mouth advertising or viral sensations. Image enhancers make up 10% at most of your overall inventory mix. Why? It’s because while your customers might get excited by these products, they don’t NECESSARILY buy them. Ex. A dog bowl with your brand’s name in a clothing collection or handcuffs for your Valentine collection. You get the idea. These items will make people share your posts for free.
Question of the day: Any unique piece(s) from a brand that you like that you bought even if you didn’t really need them?