As your brand scales up and away from being a start-up, there are different aspects of business that you want to keep an eye on. Keep your business on track by being strategic in your growth and focusing on:
Repeat Customers
Most people have heard the saying that it is cheaper to keep a customer than it is to gain a new one, and it’s true! You are twelve times more likely to get a sale from someone who has already purchased from you than you are to sell to a first-time customer. Word of mouth is priceless and important, so turn those repeat customers into brand evangelists and word will spread about your brand naturally.
Behind the scenes, note how long it takes until customers return, and notice whether or not any marketing strategies were used to make this return client. Incentives are often a good way to attract repeat purchases, whether that is a loyalty program, email marketing, or really great customer service. Good customer service is sometimes thought of as an afterthought when merchandise has already been bought, so think of different strategies before interacting with customers in order to create regulars who always buy from your brand.
Additional Revenue Streams
If business is doing good and becomes steady, think about other strategies that will generate more revenue. Keeping track of your direct-to-consumer (DTC) analytics can teach you a lot about where your customers are based. Using DTC can create key indicators on your next moves because you can narrow down on specific geographic locations that buy from your brand and you can create pop-up shops or a solid brick and mortar store, increasing brand loyalty. This will really anchor down your brand in that region and word of mouth will once again work its charm.
Working with other influencers through promotions and collaborations is another good way of creating new revenue. Collaborations are a great way of getting your brand in front of a new audience and gives you a place to test new products with more feedback.
Product Category Expansion
Look through your inventory and determine which products are not selling as great as some others. Could they be improved upon? Reinforce your core product features while expanding and offering more of what consumers want to buy. The products that sell quickly are working, so see what you can create that will turn your business into a lifestyle brand used daily. Do your research and talk to your customers to find out what they want to see from you.
Going Global
A good rule of thumb when it comes to expanding internationally is to always build a presence and expand in your domestic market before expanding globally. You need a secure customer base that will continue a steady flow of income while you learn about the international market and international shipping.
Operations become very different with international shipping, so you need to research customs and your 3PL supply chain. Have all shipping information ready and in place before offering international checkout, but once you do, it can be a great way to quickly reach 7 figures. If you are uncomfortable with doing this on your own, think about different marketplace distributions, which can also help offload extra inventory.
Varying Social Media Visibility (across various channels)
Starting small on social media is usually the best way to go. Double down with what you can do well on one or two sites, then expand your online presence to others and grow. Mastering one social media platform before expanding can help your online confidence and you will have an easier time posting once you make the leap onto others.
At Scaling Retail, we’ve launched brick-and-mortar and e-commerce businesses all over the world. Questions about building, launching, or growing your fashion business? Send an email to hello@scalingretail.com for a complimentary consultation.