PRODUCT What differentiates you from other designers? What make you and your designs different is what makes you stand out from the crowd, so it important to give your products something that makes them different from another designers work. This can be done through fabrics or different mediums used in making your pieces, colours, textures, what are your designs meant to say – do they make a statement? PRICING KNOWING YOUR EXPENSES Pricing your product beings with you knowing your product, how much did it cost to make? This pricing should include everything that was taken into account in producing the product, this includes: fabric, thread, embellishments, if you have employed staff in helping your designs come to life - you need to consider what this cost you in creating the product. These expenses should include all your fixed and variable expenses PROFIT Your profit is determined by how much you want in return for the product you’re selling. To determine this it is important to consider your brand. As a company that retails cheaper products you may need to drive up your pricing to reach your companies profit goals. Thus the profit varies from retailers and companies depending on your brand and your companies goals. REQUIRED SALES PRICE Now that you know how much the product costs you and the profit that your company needs you simply need to add! Required Sales Price = Total Expenses + Desired Profit Example: Cost of Materials $50 + Cost of labor $75 = Total Expenses$125
+Desired Profit $50 (40% of sales)
Required Sales Price= $175
PROMOTION Knowing how the right marketing tactics depends on your companies marketing brand. For example as a luxury brand you need your customers to feel the prestige in your company and that by purchasing your product will allow them to acquire the luxury that your company’s products provide.
Marketing tactics to consider:
Social Media is a great source for marketing that reaches many people and can be done pretty inexpensively. Setting up a range of social media accounts are important in reaching your target market, but more importantly it is knowing your market. If your target consumer is an older crowd maybe an Instagram account isn’t where you should be focusing your energy in marketing via social media platforms – at least not all of your efforts. However, if you market does use social media then it makes for great exposure for your business. You can also take your social media marketing game to another level by collaborating with other social media influencers to help your brand to get even more exposure! It is essential that your social media content aligns with your brand!
TRADITIONAL FORMS OF MARKETING
These marketing tactics, although may not be as prevalent today maybe the marketing methods you should be focusing on if you’re business is targeting a marketing segment that might appeal to these methods. Older markets of people will be your best audience when use traditional forms of print marketing and advertisements.
Having your product distributed at the right locations is essential to insuring your product sells and to its intended market. But how do you do this?
Once you have established your brand, created your distribution strategy and connected with a few buyers its all about killing that meeting and having materials with you in order to secure your buyers.
Research the store – This step should be done before you have gone ahead to schedule a buying meeting but it very important that you’re product is going to fit with the brand of your buyers store and its market.
Bring Samples – Bringing high quality product samples that are retail ready will help your buyer know what their costumers will be receiving when purchasing your product.
Bring a catalog/ line sheet – Having a catalog or line sheet and your items marked with product numbers will make it a lot easier for your buyer to refer to different products/ styles you are showing
Anticipate common question – By anticipating and being prepared for common questions you will be able to answer all your buyers questions with ease
Some common questions include: Which piece/s are the most popular and which items sell the best? What are your minimum order quantities? What are your payment terms? How is the product packaged? Are these in stock? If not, when can I expect them? How soon can you deliver? If all goes well, how soon can you ship reorders? Can I customize your product to better fit our store? Are you willing to do a wholesale discount or promotion?
Don’t forget: Business Cards, Press lists, and Account lists – business cards are a must! if you have had any press or media exposure bring your press list and if your product has been purchase by any other buyers create an account list, these items will allow your buyer to make a more informed decision on purchasing your product as well as makes you appear as a more reputable and sot after designer!