Step 6: Scale Your Business
Your Mission: Diversify your offerings
Now that everything is set up and your social media marketing efforts are on autopilot, you can focus on growing your business
There are a few ways to scale your clothing line (or any business for that matter). They are upselling/cross selling, penetration, and diversification
1. Up-selling/Cross-selling: Sell more to existing customers
Cross-selling means recommending a product relevant to the one that’s already in their basket. An example would be recommending a matching wallet to a purse that the shopper is buying. Upselling, on the other hand, means offering a pricier version of the item. Think of it as asking the shopper if they want to upgrade their purchase.
So if your supporter buys a shirt in a particular color-way, ask them via email or a popup if they would like to buy a purse or wallet in the same color-way. That means a customer that would have only purchased one item from you now buys two or more items.
2. Penetration: Find new customers
Market penetration is how much of a particular market you can sell to. So if there are 42 million African Americans in the United States and you have 4,200,000 customers, then you have penetrated 10 percent of the market.
You can increase your market penetration by lowering your prices to draw customers away from competitors, going into new areas to sell your products, getting more media coverage, or by doubling up your promotion methods.
3. Diversification: Create new products
This is the first strategy that I want you to focus on for this project. Diversification means offering more products on top of your original offerings. You might consider expanding your Black owned clothing line to include accessories, outerwear, or custom cut and sew pieces.
If you go back to Printful, you will see they offer a wide variety of items that they will print and ship for you.
Once you are making money with your core offerings, you can go back to Fiverr and get new designs for some new Printful pieces.
Over time, you can expand your line as much as you like for as long as you like. But if you are a serial entrepreneur like me, you may be ready to try something new once your project is successful. Instead of letting your clothing line die, you can use your success to achieve even more by either selling your company or bailing out. That brings us to the final step of the entire endeavor: sale or bail.
Click Next Below To See The Next Step!