Key Fears of Starting a Fashion Line: Who is my Competition and How will they React to my Line?
Many innovative designers hesitate from launching their fashion line because they fear the competition that will resist them. It can be a stopper. Don’t fear the competition. Know and understand them and launch a line that’s better.
Many years ago, Charles Darwin published his theory of “survival of the fittest”, and it’s never been more relevant than in the world of capitalism and especially the fashion industry. Depending on your niche, the competition can get very intense. You always need to maintain your competitive edge to survive and thrive. Even if it can seem like a foreboding jungle out there, you should not let your fear of the competition stop you from launching your product line.
Competition is a fact of life. Understanding who your competition is, why your fashion line is better, and how to react to them when they make predatory moves is a key secret to the long-term success of your brand. There is no need to fear the competition. Know them, study them, and counter them. In this blog, I am going to give you some strategic tips to identify your competitors and succeed in a market where you have the best fashion line for your target market.
Does my line have Competition?
Even if you pick a very focused and exclusive niche, you are going to have either direct or indirect competition. If you don’t have any direct competition, the minute you are successful the competitors will find their way in. Direct competition are the competitors who sell very similar items to what you are selling for about the same price. If your niche is narrow enough, you may exist without a lot of direct competition at first. You will always have indirect competition. Those are the fashion items that are not exactly like yours; however, a consumer could use them to fulfill the same need.
Competition is a fact of life. You must assume you are going to have competitors and simply take steps to keep your fashion line soaring above them. Here are some important questions to ask.
Who is my Competition?
Simply put, your key competition is any product who takes your customers - even if they do not sell the exact same product or service you sell. Fortunately, it is easier than ever before to identify these competitors and study everything about them.
Social media is probably the best way to pinpoint your competition. I prefer Instagram as my primary source; however, you should also check Twitter, Facebook, and Pinterest. It can be as simple as doing a search of the same hashtags you use to promote your brand and find your audience. For Pinterest, simply drop the hashtag and then do your subject search. You will find other fashion brands who are positioning their line in similar ways to you. Create a spreadsheet as you find these companies, and then go to their website and study what they are selling, how they are talking to your target, what their pricing is, and any other things you might think could impact your sales.
You can also find your competitors on online ecommerce websites. Amazon and Etsy are extremely valuable to find companies that are competing with your product. There are other fashion ecommerce websites that you can scour too. These can help you identify who you are competing against. These include: Ebay, Torrid, Nasty Gal, Urban Outfitters, City Chic, Moda Operandi, and many more. A simple Google search can show you many good sites to search and see who may be targeting your audience with a similar line.
The old way of discovering your competitors was to tour brick and mortar retail stores and fashion boutiques. That is still a very good way; however, it is not the most efficient or time saving. Physically look through department stores and eclectic boutiques in search of a product that fulfills the same needs as your brand does. One of the benefits of going to the brick and mortar stores is you can get an actual feel for the product, its quality, the materials, and other characteristics.
Other solid techniques include going to Fashion Trade shows. These industry events are a great way to find competitors. You can often discover who could be a potential competitor before they even launch. Setting Google alerts for your key words can be a great way to find a new competitor and even study how your competition is talking to your target market.
Finally, take a survey from your customers and followers. Let them tell you the fashion lines they consider and shop from when they need to fulfill the solution that your line provides.
As you collect all of this information make sure you put every potential competitor down on your spreadsheet. Then examine all of the possibilities and identify the ones that could infringe on your sales the most. These will probably be the ones who offer items most similar to yours. You could have 3 primary competitors or 20. You decide who are the biggest threats to your brand, and study each one until you know them better than they know themselves.
You will learn their marketing techniques, the language they use, the media where they talk to their customers, there pricing, and even how they design their websites and structure their content. It is important to know why you are better, different, and more unique than they are. Know why the customer experience will be better and more satisfying with your product versus theirs. All of this is priceless information for you to know and use to protect your line.
How can I react to Competitive Moves?
Just as in any business, competition in the fashion industry is no different. When a newcomer enters the market, which will hopefully soon be you, competitors are going to make moves to neutralize you and eliminate your competitive edge. If you closely monitor your primary competitors, you will see this move coming and prepare to react and defend your brand.
You can improve your value. If they try to beat you on pricing you do not always have to lower your price to match theirs. Strategic moves like dividing payments into smaller amounts over several months, offering a better guarantee, including a free upgrade, or adding something as a free bonus can keep your value high and competitive without dropping your price and entering a race to the bottom.
Create a rewards program that rewards your customers for their continued loyalty. This can keep them dedicated to your brand because they know their loyalty is appreciated and rewarded.
There are some other strategic techniques you can implement to keep your competitive edge. It is always a good idea to improve your customer service so that your brand is more responsive to consumer issues, and giving faster, less expensive shipping or free shipping can be a key selling point that keeps your brand ahead of the pack without lowering your price. You can always improve your marketing campaign and your social media content to address the specific benefits that your competitor claims they deliver better than you do.
Finally, you can make product modifications or improve the quality of your line to clearly be better than your opposition. This allows you to maintain a product advantage and also continue to charge the price you need to grow your fashion business.
Just remember. Competition is a fact of life in the fashion industry. You are going to have it. Fear of the competition and what they can possibly do to react to your fashion line introduction should never block you from moving forward with your launch. If you pick an exclusive niche and do competitive research, you will be able to identify an under-served market and fulfill those customers’ needs in a unique way that other brands do not. By understanding and thoroughly studying your potential competition, you can know exactly who they are and react to their moves before they can damage your sales and steal your customers. That way your fashion brand can grow, expand, and succeed.
Stuck on product Production? At V.Mora we can help you through the entire production process from designing, to sourcing and so on through our Production Development services. If you are in need of the following Development and Production services:
Sourcing
Technical sketches
Pattern Making
Prototype making
Sample Making
Fittings
Digitizing and Grading
Marker Making
Manufacturing
Please contact us at: vmorainquiry@vmora.com
