If you have size runs then plan your size runs based on a 1,2,1 model: Small (1), Medium (2), Large (1). I tell clients to have 5 of each color style in the beginning just for inventory to sell. This way you know exactly how many pieces you need.
I suggest outlining your strategy for gifting before going into production on your collection. Gifting is another part of successful launch- editors, press, and influencers. This way you can plan inventory out from the get-go.
If consignment is on your radar pick a couple stores and present to them the assortment you would like to test. Doing consignment can help your brand gain visible distribution, even if you are not actually sold wholesale to the retailer. In essence plan for very little, you are building your presence.Īn excellent distribution platform for brands is to launch in stores and online. Eventually you should be able to have a planned sales turn from each activity. In the first 12 months expect the traffic to be sporadic but building. Related Reading: Growing a Business With Less than $25K As a small brand remarketing ads won’t be as effective since your traffic will be low. How can you take one message to social media, your press, your event, your homepage and your paid advertising? Don’t be fooled by remarketing either. As you plan out the organic traffic and activities think in groups. This means that all of your marketing activities need to be reverberated at least 5 times to close the sale. Keep in mind that studies report a customer needs to have 5-7 touch points of a brand before purchasing.
This includes press, social media, friends outreach, event marketing and anything else you will be doing to drum up businesses. How much organic traffic will I be driving to the site? In essence it’s unpredictable in the beginning.īased on the checkout of 45 customers we can assume at least 45 units will be sold. Your numbers might be better or worse than this depending on your site navigation, strength of advertising budget and graphics, as well as desirability of price and product. To simplify this – if your ad showed to 10,000 people you might end up with 45 customers checking out. That’s of the 100% of the people who see your ad, 5% of them click, 3% add to basket at 30% checkout. If its paid traffic then what conversion benchmarks should I be shooting for? I like to use the conversion breakdown of: 100% > 10% > 15% > 30%. Paid traffic examples are AdWords, Facebook Ads, Instagram Ads, and Paid Influencers. How much paid traffic will I be driving to the site? To assess a marketing and sales strategy for inventory projections you need to ask yourself: The #1 question I get asked when a client is launching online is “how many items will I need to produce to open?” followed by “what if I don’t have enough?” The answer is that it’s a lot less than you think and the number is driven by your marketing and sales strategy. How much inventory do you need to launch your line online? She specializes in sales, marketing and merchandising for wholesale, ecommerce and brick & mortar. Syama Meagher is the CEO of Scaling Retail– the consulting company globally for startup and growth stage fashion business.
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