Competitive edge for fashion store
Entrepreneurship
It is necessary to develop strategies to create a competitive advantage and win new customers, before having losses.
With the recent ease of setting up your own business, the number of new entrepreneurs in Brazil grows exponentially. In the fashion market, the reality is no different and it has been experiencing strong growth in the country in recent years.
Although already widely consolidated in several countries, especially in Europe, this market has only been gaining the importance it deserves in our lands for a short time. However, this has already aroused the interest of many entrepreneurs in such a way that it is essential to differentiate yourself to be successful in this field.
The emergence of more fashion stores increases competition and it is necessary to develop strategies to create a competitive differential and gain new customers. Stores that do not act intelligently end up losing money and even closing their doors.
But calm down, all is not lost. With some well-planned attitudes it is possible to make your business have everything to present excellent results and good profits. The key to your success may lie in your differential.
In order for your business to stand out in the market, it must offer something that the competition does not have and this will be its competitive advantage. Your business can be highlighted by the prices, the product mix and even the face-to-face service.
Want to find out how to find the competitive edge for your fashion store? Read the following post:
What is a competitive edge?
First, you need to understand the concept of “competitive differential” to be able to develop your own and understand where your business stands out. To do this, answer the following three questions in order to identify yours:
What do customers want?
The fact that consumers choose your business over the competition is because you offer something they want. More important than being a reference or having years of experience in the fashion market is giving the customer what he wants to find.
What is your exclusivity?
Opt for exclusive, unique products, look for something your customers won’t find anywhere or near your commercial point.
Aim for products that will surprise your old and new customers at the same time. Making your shoppers feel exclusive is a definite variable to find your fashion store’s competitive edge.
Is it quantifiable?
When it comes to presenting your differential, language is important. It is not enough to say that the company serves its customers well, it is necessary to demonstrate this with numbers.
It brings more confidence to the consumer to use accurate statistics to quantify their differential.
How to create a competitive edge for a clothing store?
Your store’s competitive edge depends not only on you, but also on what customers are looking for in your business. A few tips will help you establish your differential. Follow:
Apply the long tail
This is an essential concept on how to find the differential for your store, which includes the transformation of the market and the consumer public in recent times. Before dominated by large corporations, today we have a more intimate reality, which is well segmented into niches. And companies need to understand this concept to better serve their audience.
Theory says the focus is shifting from a small number of high selling items, which would be the top of the curve, to a huge number of niches, which would be the tail. In short, the concept says that there are more choices and products for smaller, more specific groups of consumers. How to apply this in your store? Your money should be better targeted, especially in terms of marketing: do what are called “long tail ads”, where money is invested in advertising targeted to your target audience. That way you increase your profits, reduce costs and use the investment to attract exactly who will consume. And the fashion audience, especially in Brazil, is very specific.
Search the competition
To guide your business and help you understand the needs of your consumers, studying the competition is an important step.
List all of your competitors and rate their strengths and weaknesses, what they have to offer, and where they are lacking.
Also try to find out what customers think about these stores.
Do a SWOT analysis
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It is an important method to get to know your company well and then be able to draw up a more accurate strategic plan. Basically it’s collecting essential data both internally (strengths and weaknesses) and externally (opportunities and threats). It is an extremely simple system to verify the company’s position, reinforce strengths and carefully address weaknesses.
Have a good after-sales
Having a good dynamic after-sales service can greatly help your store to differentiate itself in the market. Many shoppers make only one purchase, especially if something about the company doesn’t completely please them. But when you invest in the next moment of acquisition, listening to their opinions, solving problems and strengthening that relationship, that customer will be much more tempted to negotiate with you again. It is much more profitable to keep this individual than trying to always win new ones.
offer something more
When looking for your store, the customer expects to find good service, quality and a good price. To stand out, you need to offer something more: an exclusive gift for your brand, a treat on the client’s birthday or even e-mails and calls on commemorative dates.
You must always think about how to positively surprise the customer and make them feel special.
Always be renewing yourself
When a store presents a very good differential, it gains a great help in publicity: word-of-mouth advertising. However, this also has a downside, as your competition will certainly know about it and will try to match your strengths. Therefore, it is essential to always be renewing and investing in unique features, offering other differentials. That way, even if someone else copies, you’re one step ahead.
These are some ways to find your store’s differential in the market. Fashion is experiencing a positive moment in Brazil, but this only applies to those who really manage to function with precision and fully please their target audience. Be aware and leave the competition behind.
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Check more articles in our categories Fashion & Looks & Luxe et encore 90s Outfits.
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