10 minute read
Fashion is one of the past decade’s rare economic success stories. Over that period, the industry has grown at 5.5 percent annually, according to the McKinsey Global Fashion Index, to now be worth an estimated $2.4 trillion. In fact, not only does it touch everyone, but it would be the world’s seventh-largest economy if ranked alongside individual countries’ GDP.
The best part about the fashion industry is that even though it’s so huge and competitive it continues to evolve and create many opportunities to serve customers all over the world.
Growth in any industry, for the most part, means there’s always an opportunity for money to be made across the board, so today we are going to take a look at how you can maximize your boutique potential growth during this great time of opportunity in the fashion industry.
First thing first before you head on any conquest, you must decide what exactly do you want to achieve, is it more sales, freedom, brand expansion or community connections. Regardless of what your goal is this one tactic is worth implementing in your business this upcoming year.
Have you heard the phrase there’s “Riches in the Niches?”
If yes you are right on the money if not you might want to get in on this gravy train. So let’s cover the what, when, why and how’s.
- What is Niche or Niche Marketing as we will discuss it today.
- Why is it important to me?
- When should I try it?
- How do I implement it in my fashion boutique business now?
According to Google Niche marketing is an advertising strategy that focuses on a unique target market. Instead of marketing to everyone who could benefit from a product or service, this strategy focuses exclusively on one group—a niche market—or demographic of potential customers who would most benefit from the offerings.
2.A niche is important to you because creating a niche marketing strategy can benefit your business in several ways:
- A niche serves very specific, unmet needs of a customer market.
- A niche offers well-defined solutions (services or products) that match customers’ needs.
- A niche provides a targeted and comfortable environment for customers.
- And a niche allows you (the business owner) to feel excited and satisfied.
- When should you implement the idea, You should implement it as soon as your done reading this article there’s no time like the present to grab hold of an opportunity that could potentially take your business to the next level of influence in your field.
Let’s take a look at some of the most profitable niches in the salon industry that you could show you how you can use this tactic to your advantage in your business right now.
- The Childrenswear market has reached beyond $186 billion, marking a 15 percent increase in five years.
- The world’s menswear industry has exceeded $402 billion pay attention to the fashion trends of men this market is experiencing super growth.
- The world womenswear industry is the largest passing $621 billion years ago this is an industry that has many faces such as clubwear, lingerie, business casual and many more markets that you could maximize in your boutique business right now.
- Resale is on the move, people! From big retailers to small retailers, seed stage investors to large buyout firms, and from the New York Times to Netflix. The resale customer is no longer somebody else’s customer, they are everybody’s customer. Mass market or luxury, if people can find a high-quality product for much less, they’ll choose used. This one addition to your boutique business could definitely give you an income boost
- Plus size for a long time has been looked over for a long time. However, some of the world’s top brands such as Nike have added a plus-size line in several stores. Plus sizes, generally referred to as sizes 14-34, aren’t as readily available as straight sizes (0-12). And yet, the average American woman wears a size 16-18 with a 37.5-inch waist.
A full 67% of adult American women wear a size 14 or larger. Yet plus-sized apparel makes up just a tiny sliver of the clothing on the market. Plus-sized shoppers represent $20 billion worth of buying power. In fact, the buying power of the plus-sized market is growing at a faster pace than that of the rest of the apparel industry.
All of these are profitable niche markets that you could implement to maximize your sales and community reach. Click here to give your Boutique an unfair advantage in 2020