How well do you know your market? This is an important question. Unfortunately some Entrepreneurs aren’t even sure what the market is for their product.
The term “your market” is a group composed of characteristics which are used to identify a specific target group of consumers or of a market segment and can be understood with information composed of the demographic, psychographic, and socio-economic factors of the population.
The internet is a great place to find this data. There are many sites that will give you detailed information on your potential audience. HubSpot posted a helpful article called: “17 Tools & Resources for Conducting Market Research” which as the title says gives you sites you can go to in order to do research, many of which are free.
Throughout the course of starting and developing your business make sure you ask your buyers what they think at every stage. You should be led by what they will buy, not just by what you think they will want.
Additionally “knowing your market” encompasses knowing your products competition. The most successful people I know in the fashion industry are very in-tuned to their market. They are constantly in the stores and speaking with salespeople and consumers, or walking the floor with their buyers. This reinforces their ability to be relevant to their customers and not fall behind.
No matter how high up you are in your companies hierarchy never stop interacting with your market. When I ran businesses I would visit the stores that carried my product and spend hours working with customers one on one. It is amazing what you learn when you sell directly to the end consumer. There is no substitute for hands on exposure.
Never assume you know all there is to know and that your markets wants and needs won’t change. By constantly studying and learning your will assure your brand of continued success.
Maria Pesin knows fashion, especially the business side of the fashion industry. Do you know how Manolo Blahnik got his start in the industry? How he leveraged a paltry 3 grand into one of the world’s most famous luxury brands? While she doesn’t take credit for Manolo’s success, Maria has walked a similar path on numerous occasions. The world of fashion is not silicon valley, and it has nothing to do with Madison Avenue marketing. In this industry there is ALWAYS room for something new and exciting, but you have to have your ducks in a row. If that’s what you need, believe me, Maria is the General Patton of fashion ducks!