Running an apparel business isn’t easy. And when you’re limited in your budget, the task becomes even more difficult. This is exactly so the reason why so many retailers and wholesalers stay right where they started from, even after years, still tussling with marginal profit. And sadly, the path to the upper echelons, for higher sales and revenue, is tricky.
Are you in the same tough spot?
Take some immediate steps to fuel your business to fly high and slow. Here are 5 growth hacking tips for small clothing business owners who are capped in their finances-
1. Do business with startup wholesale clothing distributors
Startups are great to do business with. Comparing to established market players, they are much more motivated and creative—and they are driven to grow and leave a mark in their industry. This means, they don’t sigh away from going out of their way in treating and delivering their customers with better products and services.
If you manage to hunt down some of the best new clothing distributors, expect not just fairly priced wholesale but an overall outstanding experience, which would include easy customization of your order and regular assistance.
2. Take up digital marketing seriously
Get on the social channels and engage your target audience the right way. If done the efficiently with a personalized approach, you can easily manage to attract prospects and drive direct sales. Leverage Facebook, Twitter, WordPress, and other platforms using unique strategies and turn cold prospects into long-term customers.
3. Keep making small changes and track their effectiveness
You can’t match your growth expectations with a swish of few steps in small span. Also, you must give up that mindset that says big changes need bigger steps. Instead, on the back of consistency, keep making small changes here and there—in selling, marking, wholesaling, following-up customers, and more. Look to change slowly but surely; also keep measuring the improvements. Because there aren’t any “big step” per se; and one year from now, still in the same spot, you would wish you started today with small changes.
4. Offer your collection at cheap
There can’t be a better recipe than this to drive higher sales. Customers want low-price products. So offer them that. Dip your apparel collections’ price a slight lower than your competitors’. The boosted sales will make up for your compromise on the profit end.
5. Focus on customer retention more than acquisition of new ones
Did you know that acquiring new customers is anywhere from 5 to 25 times more expensive than retaining the old ones? Another study found that increasing customer retention even by just 5 percent can boost profits by 25 to 95 percent. So instead of incessantly trying to purse new buyers, focus on the old ones. They are where the most profit lies.
These are 5 simple growth hacking tips for small apparel business owners who have limited budget. Get on to act now. Analyze where you are and where you want to go—and then start implementing the mentioned steps for more sales and revenue.