I have seen a lot of business startups that have had consistent success and growth over many years. The trends change and they find their businesses stagnating, or worse, shrinking. Even some of the best brands out their have lost their luster. Companies like DKNY, Guess, and Juicy Couture, which at times were the hottest, are struggling. So it is not surprising when small and mid-sized companies reach a wall.
Many people blame it on the economy. “People are buying,” they say. They blame it on the Internet stealing people from the stores, or it’s all this cheap fast fashion that customers are buying instead of their product. But the real truth is somehow these brands have lost their way.
Sometimes it is just complacency. Brand owners believe the ride will never end. Most times, it seems to me, it is because their products have become stale. The market is always changing, and your merchandise has to change with it. If you are lucky, the changes are slow and subtle; sometimes, they are profound.
I believe one of the key ways to deal with change in trends is to always be testing new ideas. Marketing people, test ads, copy, and promotions all the time to see what works the best. The same should be true of fashion. Trying new fabrics, new categories, and new styling aids in keeping you fresh.
Sometimes you do really need an overhaul. I’m not necessarily talking about a revolution. But rather, reviewing your products, company structure, marketing and all aspects of your company with the goal of improving your collection and business.
Tony Robbins once said, “If you are not growing, you are dying.” Business should always be growing. If not, they run the risk of losing their place in the market. Is your business in a slump?