Owning a fashion brand can be complicated, especially since the industry has many huge businesses. Whether you’re solely running your fashion brand online, or you also have a physical store, celebrating your brand is a great way to show gratitude for your customers.
One way to do this is to offer sales and discounts. Of course, you want to show gratitude to your loyal customers. To do that, you should know who are they. So, instead of offering sales and discounts in your physical store, it’s best to do it online to track who are those customers who already bought a few times from your store.
In this article, we’ll give you a list of things you should consider before having a sale or giving away discounts on your online store.
1. Set Clear Objectives
What’s the sale for? It’s not ideal for fashion businesses to just give discounts. It needs to be planned thoroughly, starting by identifying clear objectives. Besides, if you don’t have the right reason for offering discounts, you might end up losing your capital.
Meanwhile, some of the most common reasons why businesses offer sales and discounts are to attract loyal customers, clear old inventory, and increase sales.
2. Know Your Audience
Knowing and understanding your audience is essential to achieving the success of giving sales and discounts. So, who do you want to offer these great purchasing opportunities? Usually, the decision here goes hand-in-hand with the objectives. If you just want to clear your inventory, you can offer the sale to everyone. On the other hand, if you want to gain loyal customers, you can offer discounts for those who’ve already bought something from your store.
3. Choose the Right Timing
Timing is everything if you’re planning to achieve a successful sale. If the clothes or other fashion items you want to sell at a discounted price off-season, you should wait for the season to end before offering sales and discounts.
In addition, you may also want to offer discounts at the same time as other businesses. Although there’s more competition, you’re sure that people have the money, considering the market trends and timing. Of course, don’t forget about planning on how long the sale will last.
4. Set a Budget
Although the goal of offering sales and discounts is to gain profit, you should still set a budget for other necessary costs. For instance, if you’re going to rebrand or improve your online appearance, you may hire or outsource a fashion creative agency. They can help you with creating a better way to navigate your website.
Meanwhile, going back to the discounts, you should also plan the lowest price you can offer per item that won’t affect your business operation.
5. Craft a Strong Marketing Plan
A strong marketing plan can significantly impact your days of sale. If you already have a marketing team, and they’re doing a great job, then they should continue doing what they do. If you don’t hire a fashion creative agency can be a great idea to elevate the experience of your customers. Besides, they can do campaigns that will work on various platforms, like social media, your website, and emails.
6. Manage Inventory
Isn’t it frustrating to look forward to the day of the sale, just to find out that it’s already out of stock? It’s frustrating, and a waste of time and energy to get your hope up for nothing. So, as a reliable fashion brand, don’t do this to your customers. Besides, nothing will come out of it but hatred, and the potential to lose many loyal customers.
So before the big day comes, make sure to manage the inventory well. You can indicate the number of available stocks beforehand, so they know whether it’s limited or not.
7. Consider the Customer Experience
Even if it’s a sale, ensure that customers have the best experience. Your website should be able to handle a significant amount of visitors, returns, and enquiries. Additionally, if they have specific requests that your store allows, don’t forget to include them in their orders. The goal here isn’t just to sell, but also to gain repeat orders in the long run.
8. Create Pricing Strategies
How do you identify the pricing of the discounted items? Although it can be exciting to offer as much discount as possible, you should still consider your profit margin. Consider offering bundles or a buy one and get the next one at a lower price.
9. Monitor and Adjust Real-time
Planning and execution are just as important as monitoring the actual sale. Tracking and real-time data and adjusting accordingly should be implemented to achieve success. For instance, even if you have planned the duration of the sale, you can always extend it if you notice that people are asking for it or if the sale isn’t going as well as planned.
10. Analyse Performance
Of course, the most important part of all is the evaluation part. This allows you to analyse whether you’ve done the right thing, and if you should do this again. And if you do, what are the changes and improvements you should implement?
We hope this guide helps you get started with the planning and execution of giving out sales and discounts from your fashion brand. If you want to share your thoughts or experience, don’t hesitate to comment below!
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