Finding your niche when starting a fashion brand is the only way you can survive when you’re a small fish in a big pond. That’s because you’ll be wiped out by the big business competitors if you target broad or generalized markets.
It is also important to remember that, as an entrepreneur, the way customers recognize your products and services plays an important role in determining how successful your fashion business will be. At Raffles Design International Mumbai, one of the best design schools in Mumbai, we reckon the fact that it’s the niche you take that should decide your company strategy to target clients. Never be like some fashion brands who do not take time out to define their niche, for they only end up wasting money on targeting the wrong audience.
Remember, when you enter new in the fashion industry, you would already have many established players to compete with you in the market. In such a scenario, how you can make a mark in the field of fashion via niche marketing is what we will help you with via this article today.
Niche Markets in Fashion: What are they and how they can help?
The best way to capitalize on the potential that the fashion industry offers is by filling the various untapped niches. As far as fashion goes, a niche market can be described as a small subset of the market of a particular group of people having similar fashion tastes and budgets. By and large, it’s a space where people desire certain types of clothing, and there aren’t many manufacturers.
There are many reasons why opting for a niche market makes sense in the fashion industry. Among the most important reasons to do so is your inability to compete with mammoth brands. Thus, a good approach is to tap a particular demographic having specific fashion demands; keep supply on the lower side also. By doing so, you’re more likely to push your products through.
A niche market is also beneficial because it involves low marketing costs and lesser efforts. By offering rare apparel and being easily available, you can be sure to have more and more customers vying for your offerings – all without you having to spend a lot to make your brand popular.
As a fashion provider looking to find his/her niche, you may need tips and ideas to establish your fashion brand. However, the most essential thing for you to do is to always remain updated on what the big brands are doing via their websites and retail stores. You should also stay tuned to current trends and changing buyer patterns. Study what they’re demanding and how much they are willing to spend.
Think – What are you passionate about?
The initial step to finding your niche is to explore your passions. Remember, you’ll be working all through the day and night, and the only driving force will be your passion.
Whether you’re passionate about sports, history, or different cultures, you can assimilate all of them to create something unique for fashion enthusiasts. You can even have your brand conveying your set of values. Perhaps it’s gender equality or sustainable fashion or eco-friendly products or affordable rates – all can help to add value to your brand.
The key is to be sincere when you’re targeting a niche market. That’s because they can discern whether you’ve put enough thought behind your offerings or not.
Remember – Satisfying everybody’s needs is not possible!
If you’re attempting to push infant wear, street clothes, and sportswear all together, your chances of success are bleak. Rather, the best way to find your niche and create a successful brand is to work with a particular set of clothes that already has some demand and not many brands provide.
Your market research should be thorough
When catering to a niche market, it always helps to know your customer better. That means you have to learn more about their marital status, work profile, daily problems, and preferences, among others. If you step into the market without knowing your market, you can be sure that nothing will work for you.
At Raffles Design International Mumbai, we always advise our students of fashion studies to know where they stand among their peers. That’s so because only when you learn to keep track of what your peers are offering, will you be in a position to truly understand your competition and the gaps in the market, and this will help smoothen out the further process for you.
On a concluding note, you must know that marketing fashion brands to a niche audience require preparation. You have to ensure to always say the right thing during your ad campaigns for them to be a success. Look for creative ways of defining your target audience and how to test the waters before launching your designs. This and a lot more is taught at our institute to all those who opt for our fashion marketing and management program. As one of the best design schools in Mumbai, we, at Raffles Design International have a deep-rooted understanding of what works the best in the fashion industry. It is this experience and know-how that we transfer to our pupils and accordingly groom them to make it big in their careers ahead.