Now to have a product that is in demand, you need to ask yourself – who else is producing a similar product? You need to find out who your competitors are and complete competitor analysis.
A thorough analysis will focus on your competitors in your market, looking at how well or how bad their
- Product is
- Price is ie always marking product down
- Social media engagement is
- Omnichannel presence is – are they just selling as a pure-play etailer
You’re looking for opportunities from their weaknesses as this will present ideas and will help you to niche your product.
Finding a niche product doesn’t always have to focus on the product itself, it can be how and where you sell it. For example, could your niche be your approach to sales ie click and collect, omnichannel partnerships ie Iconic or Warehouse Group?
That’s why analysing your sales market and channel are critical, as this again can present inventive, new and unique ways that you can sell your product beyond just your own DTC website.
Furthermore by completing a competitor and market analysis about your products pricing, could also present new advantageous ways to you in which to sell your product.
Will you be a value etailer, therefore, offering bundles or luxury offering a unique circular fabric and design?
Finally, ask your audience and validate your research!
Ways to do this could be:
Only once you have completed these critical steps will you have a niche product for your fashion brand.
Please feel free to ask further questions by leaving your comment below and I really hope you view this post as a critical way into which you will ensure you launch a profitable product, that sells itself based on its demand and competitive advantage.