FINDING YOUR FASHION BRAND NICHE — IN 7 EASY STEPS (2021)
The fashion industry is a 3 trillion dollar industry. This means huge opportunities for both existing brands and newcomers. To get off the ground properly, startups need to place themselves in a fairly small niche, where their target customers are, and where there is a healthy amount of competition. By doing this, startups increase their chances of growth.
What is a niche market and why should you find yours?
A niche market is a small subset of the market for a specific demographic, product type, a particular price point, and a certain quality.
The advantage of finding your own “pocket” is less competition. With less competition, you have higher chances to sell your product to the exact right people, that actually want and need your product. You can potentially even charge more because of the lack of competition. This also increases brand loyalty and gives the brand a bit higher buying rates. Since your target customer is right there, you will not have to spend as much money on marketing. As long as you talk to the customers in their language, authentically, and by telling valuable stories, they will not have to be “sold to”. They will get your brand from the get-go.
