Well, it has been a very intense autumn - not just because of the business side of my activities, but also because I have had a moderately heavy teaching load at the university. Tomorrow I give my exam and then, aside from the corrections of the latter, I'll be "home free".
On the business end, it has been a very busy time with a lot of lessons. I will need more time to harvest them all, but here is some of the learning. In retrospect, I was rather naive about how the online sales would work out. It has been explained to me that because my product is viewed as "new", that my company operates with the product development cycle typical of high tech companies and products - that is, that a few "innovators" will buy the first generation of the product, following which a larger percentage of "early adopters" will buy, but that the mainstream is only accessible later when the "early majority" buyers see the product enough in and around town that they become interested. So our marketing model needs to be aimed at those who are more adventurous in their purchase decisions.
Secondly, we have found that a typical "trying on" session may take about 30 to 40 minutes. It takes that amount of time for the potential client to really understand what the garment does for them, and typically this involves trying on 4 or 5 combinations (although some people got the combination right the first time and then needed to try on 2 or 3 other combos to double check their choice). Once a person understands the garment, then the use of the web site becomes a powerful tool for ordering, but until the garment is properly understood, the website alone is inadequate. So I am rethinking my marketing strategy towards placing the garment in relatively high end designer boutiques and/or market specific boutiques (such as travel-oriented sales points) which will give the garment the attention it needs to sell, and towards the possibility of organizing direct-to-consumer sales (i.e. independent sales reps, or the "travelling salesperson").
I shall also be looking into the possibility of videotaping a "trying out session" to give online customers a better feel for how the garment is worn. In a lot of ways,
I'm quite pleased about these changes in marketing strategy, because it puts us closer to the client, and I believe that contact is essential to our eventual success with the garment and its sister products. I have some ideas about developing garments which are "designed to be adjusted" so that they may be semi-custom fitted to clients, with the final adjustment carried out by local seamstresses and tailors according to the needs of the individual clients.
However, coming up with a viable and sustainable business strategy that serves these needs is a major challenge for me. Furthermore, money is a bit tight until I can extend our sales, so my ability to manoeuvre is quite limited. I'd like to design and develop several new items, but right now the priority is marketing the existing products so that they can sustain the company and give me some breathing room to develop the next set of products. I have found some additional help to do this - in particular, a micro-financing outfit in Quebec City has agreed to help me with my marketing requirements. What is great about this is that they offer direct business coaching which has already been a huge boon.
Although the challenges in front are huge, the territory covered to date is also huge! Within less than 12 months I have developed a company, a product line (well, two product lines, actually), an online boutique and a network of partners that should see us into the future. I've had to reduce some of our scope in order to keep the funding under control (this has meant letting go of my salaried assistant and the fabulous workshop space I set up), and am now gearing up for a series of marketing initiatives that will take us through to spring 2012. Over the November-December period we have sold fewer products than I had hoped, but we have nonetheless sold several dozen and our ability to sell should increase over the next few months as I work to improve our marketing program. So a pretty good end-of-year bilan, all things considered.
Showing posts with label marketing. Show all posts
Showing posts with label marketing. Show all posts
Thursday, December 8, 2011
Sunday, May 15, 2011
Fashion start-up : The Light at the End of the Tunnel
After five months of intense work to get the g.moda business under way and the g-zip garment line in production, there is a light visible at the end of the tunnel! On Friday (two days ago), I signed a lease for commercial office space for the company - so from June 1st, we will have what the French call "pignon sur rue", that is, a street address and a home base for the company that is different from my house. Although a commitment, this is a huge step forward for setting the company on its feet. Production is finally ramping up after having vetted the patterns by a specialist and producing versions of the pattern for all three targeted sizes - small, medium and large. We have a confirmed date for the company's official launching (August 25, 2011), and the online store is scheduled to go live by July 31st. So all the hard work is coming to fruition. The only major source of uncertainty (I say that with my tongue in my cheek, however!) is how well our products will sell! (And hence whether we shall still be in business this time next year!)
Still, starting a company bears with it the risk of failing, and it is a risk I understand and accept. If it fails, it fails - it won't be because we did anything less than we could have, because we have put months of hard work and effort into getting it ready!
This is interesting, and I think a comment on the nature of the stress I've been dealing with. The stress doesn't come from risk of failure. The stress comes from needing to be sure that if it fails, it doesn't do so as a result of anything I could have done differently. And likewise, if it succeeds, it does so as a result of the effort we've put into it. Anything less, and I would feel disappointed in myself.
So the light at the end of the tunnel is not necessarily the light of success, but the light that indicates when the success or failure of the business is no longer strictly within my own hands. Once the public weighs in, we move forward with a different spirit, or not at all. I am confident we WILL move forward, that our product WILL be a success. Through our current efforts, the product is not only innovative, it is also of high quality manufacturing. I am also confident we have done our best to position the product well in terms of marketing, and recognize that we will continue to need to do this, especially after we launch the product line.
We are already at work on designs for the second, and possibly third, garment lines, as well as extensions to the first, so there will be no difficulty fueling the development of the company and its product sales from the production end. It is the sales that will be the determining factor, and the launch date is fast approaching!
Still, starting a company bears with it the risk of failing, and it is a risk I understand and accept. If it fails, it fails - it won't be because we did anything less than we could have, because we have put months of hard work and effort into getting it ready!
This is interesting, and I think a comment on the nature of the stress I've been dealing with. The stress doesn't come from risk of failure. The stress comes from needing to be sure that if it fails, it doesn't do so as a result of anything I could have done differently. And likewise, if it succeeds, it does so as a result of the effort we've put into it. Anything less, and I would feel disappointed in myself.
So the light at the end of the tunnel is not necessarily the light of success, but the light that indicates when the success or failure of the business is no longer strictly within my own hands. Once the public weighs in, we move forward with a different spirit, or not at all. I am confident we WILL move forward, that our product WILL be a success. Through our current efforts, the product is not only innovative, it is also of high quality manufacturing. I am also confident we have done our best to position the product well in terms of marketing, and recognize that we will continue to need to do this, especially after we launch the product line.
We are already at work on designs for the second, and possibly third, garment lines, as well as extensions to the first, so there will be no difficulty fueling the development of the company and its product sales from the production end. It is the sales that will be the determining factor, and the launch date is fast approaching!
Friday, March 4, 2011
The Joys (and Challenges) of Moving Forward
Time to give an update on how things are progressing!
On my iPhone, I now have a ToDo list that is subdivided into the different categories of what a business needs and does : Management, Administration, Marketing, Sales, Design, and Production. I propose to follow these rough categories to give you an update on how things are going.
Management : By management I mean resources management, of which there are roughly three types currently - staff, finances and inventory. In early February I hired a part-time assistant who's been very productive at getting a whole set of initiatives moving forward while I've been handling design, some marketing issues and also keeping my university career on the ball. I also now have a bank of three going on four or five couturiers/couturières (seamstresses and/or tailors) who I can call on to help with prototype development and the early vetting of production garments. The funding got worked out, although I am still finding dealing with the accounting software to be a major challenge. I think hiring a part-time accountant will be a priority once we start to generate some revenue. Finally, there is no inventory to speak of yet, but we are negociating to rent some office & storage space so that when the inventory does start to arrive we have the space to put it! We shall be acquiring a computer and phone as well for the office in the next few weeks. Also, we obtained a CA # for our clothes, a Canadian legal requirement for the clothing industry.
Administration : By administration, I really mean the top-level meetings, issuing shares and so on. Not a lot going on right now.
Marketing : I have put on a major effort to get an online presence established, and this is going quite well. I have a website with an active blog and a twitter presence that channels back to the blog and website. I've done quite a lot of SEO tweaking and the results are beginning to pay off. Viewership of the website is now above 100 a week and climbing steadily, with a moderate to low bounce rate (40%) and along average viewing time (16 minutes and 12 pages despite the bounce rate) - people are clearly looking at the whole site and not just the blog postings. This bodes well for an online store. I'm also negociating with a company to do the online store after spending some time preparing a website design brief that explains in detail what I want. Locally, I've been promoting the business mostly by word-of-mouth, through my different communities. I am almost finished organizing a Facebook page for the business as well. Also, a newsletter will be issued shortly.
Sales : None yet, of course, but interest is running quite high. We are just in the process of finishing up the first production prototypes, and these will help us garner interest among small boutiques in the region. I've developed a coding system for the garments - the first production run is quite complex and the codes will be needed to make sense of the production and to keep track of where things are at.
Design : Design has been the bottleneck in moving forward, but I've found to my chagrine that it can't be rushed. I can put in at most about three hours a day on design. Then my brain cells start complaining about the intensity of the work! But the first line of garments is (almost) finished, while the first two models of the second line of garment are also more or less completed and ready for production.
Production : While the whole production process was quite mysterious to begin with, we've more or less worked out most of the kinks and know how and where to go to do this, how much time it takes, and more or less how much it costs. We know what labels need to be made and where to make these, and are in the process of working out packaging requirements. We expect to be in production for the first batch of the first garment line by the end of March.
Our local (Quebec City) launch event won't be in April, but we believe we can meet a deadline in mid to late May now. Our online launch date will be several weeks after the local event as the online store will take a bit of time to develop and, hence, we will be able to use the photos and video footage from the launch event on our online site.
The stress levels have come back down to a more or less reasonable level, while the excitement factor remains high. The adventure continues!
On my iPhone, I now have a ToDo list that is subdivided into the different categories of what a business needs and does : Management, Administration, Marketing, Sales, Design, and Production. I propose to follow these rough categories to give you an update on how things are going.
Management : By management I mean resources management, of which there are roughly three types currently - staff, finances and inventory. In early February I hired a part-time assistant who's been very productive at getting a whole set of initiatives moving forward while I've been handling design, some marketing issues and also keeping my university career on the ball. I also now have a bank of three going on four or five couturiers/couturières (seamstresses and/or tailors) who I can call on to help with prototype development and the early vetting of production garments. The funding got worked out, although I am still finding dealing with the accounting software to be a major challenge. I think hiring a part-time accountant will be a priority once we start to generate some revenue. Finally, there is no inventory to speak of yet, but we are negociating to rent some office & storage space so that when the inventory does start to arrive we have the space to put it! We shall be acquiring a computer and phone as well for the office in the next few weeks. Also, we obtained a CA # for our clothes, a Canadian legal requirement for the clothing industry.
Administration : By administration, I really mean the top-level meetings, issuing shares and so on. Not a lot going on right now.
Marketing : I have put on a major effort to get an online presence established, and this is going quite well. I have a website with an active blog and a twitter presence that channels back to the blog and website. I've done quite a lot of SEO tweaking and the results are beginning to pay off. Viewership of the website is now above 100 a week and climbing steadily, with a moderate to low bounce rate (40%) and along average viewing time (16 minutes and 12 pages despite the bounce rate) - people are clearly looking at the whole site and not just the blog postings. This bodes well for an online store. I'm also negociating with a company to do the online store after spending some time preparing a website design brief that explains in detail what I want. Locally, I've been promoting the business mostly by word-of-mouth, through my different communities. I am almost finished organizing a Facebook page for the business as well. Also, a newsletter will be issued shortly.
Sales : None yet, of course, but interest is running quite high. We are just in the process of finishing up the first production prototypes, and these will help us garner interest among small boutiques in the region. I've developed a coding system for the garments - the first production run is quite complex and the codes will be needed to make sense of the production and to keep track of where things are at.
Design : Design has been the bottleneck in moving forward, but I've found to my chagrine that it can't be rushed. I can put in at most about three hours a day on design. Then my brain cells start complaining about the intensity of the work! But the first line of garments is (almost) finished, while the first two models of the second line of garment are also more or less completed and ready for production.
Production : While the whole production process was quite mysterious to begin with, we've more or less worked out most of the kinks and know how and where to go to do this, how much time it takes, and more or less how much it costs. We know what labels need to be made and where to make these, and are in the process of working out packaging requirements. We expect to be in production for the first batch of the first garment line by the end of March.
Our local (Quebec City) launch event won't be in April, but we believe we can meet a deadline in mid to late May now. Our online launch date will be several weeks after the local event as the online store will take a bit of time to develop and, hence, we will be able to use the photos and video footage from the launch event on our online site.
The stress levels have come back down to a more or less reasonable level, while the excitement factor remains high. The adventure continues!
Thursday, October 28, 2010
Next step - Start my own business!
Well, the late summer and early fall have led to big things, even though things seemed to be moving along incredibly slowly! I found that the sewing course I did in London left me with a huge boost in confidence with regard to my sewing ability, and that this boost translated into a much surer hand when I sew! Where I used to struggle a lot to get a straight seam, now it seems more or less automatic. I've also done dozens of zippers lately, and so zippers no longer present themselves as a kind of nightmare part of the project - I know exactly what I'm doing.
Between a massive amount of work preparing my fall courses, I managed to steal about one day a week for my designing efforts. Since the summer I've come up with designs for more than a dozen garments. I've mapped out two garment lines, each with a common flavor to them, and I've constructed the pattern, cut and sewn up the first prototypes for each of the two lines. Somewhat to my surprise, the results are... well, in my opinion, stunning. I've checked this perception out with some savvy (and critical) friends, and I don't think I'm mistaken.
So I started to plan a fashion show to launch the garment lines, what I call my Collection 2011 show. However, when I sat down to work out production and event costs, I realized that I couldn't do a decent event, even under a scaled down framework for a group of friends and colleagues, for less than, say, 5000$ - and that doesn't take into account much in the way of production costs. So if I actually want to turn my garments into something I can sell, even in a small way, I am looking at a significant outlay of funds.
This led me to rethink my strategy... Because, in my humble opinion, the garments I am developing deserve more than a "minimal effort" with a lot of corner cutting to show something for the effort I've put into them.
Hence, I decided to rethink my strategy - what would it take to launch a business to do this properly? Well, it turns out it will take some real financing, so I will need to go to the bank, and for that I will need a decent business plan among other things. So I have decided to go forward with this adventure. I am working on a name and a logo right now, I have a draft business plan developed, and at the same time I am continuing to develop my garments (while also working on my lessons at the university, sigh!). Busy times!
I will be reporting more here as the whole adventure moves forward.
Between a massive amount of work preparing my fall courses, I managed to steal about one day a week for my designing efforts. Since the summer I've come up with designs for more than a dozen garments. I've mapped out two garment lines, each with a common flavor to them, and I've constructed the pattern, cut and sewn up the first prototypes for each of the two lines. Somewhat to my surprise, the results are... well, in my opinion, stunning. I've checked this perception out with some savvy (and critical) friends, and I don't think I'm mistaken.
So I started to plan a fashion show to launch the garment lines, what I call my Collection 2011 show. However, when I sat down to work out production and event costs, I realized that I couldn't do a decent event, even under a scaled down framework for a group of friends and colleagues, for less than, say, 5000$ - and that doesn't take into account much in the way of production costs. So if I actually want to turn my garments into something I can sell, even in a small way, I am looking at a significant outlay of funds.
This led me to rethink my strategy... Because, in my humble opinion, the garments I am developing deserve more than a "minimal effort" with a lot of corner cutting to show something for the effort I've put into them.
Hence, I decided to rethink my strategy - what would it take to launch a business to do this properly? Well, it turns out it will take some real financing, so I will need to go to the bank, and for that I will need a decent business plan among other things. So I have decided to go forward with this adventure. I am working on a name and a logo right now, I have a draft business plan developed, and at the same time I am continuing to develop my garments (while also working on my lessons at the university, sigh!). Busy times!
I will be reporting more here as the whole adventure moves forward.
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