Are you considering launching a collection or developing a product? We always recommend starting your endeavor with a consultation to help plan your product development strategy. Michigan Fashion Proto can help! In order to get the most out of your meeting, we recommend that you prepare by answering the following questions:
1. Where and how do you plan on selling your line or product?
Will you be selling retail on a website online? Do you plan to show your line at trade shows and sell on the wholesale market? There are many options for sales that can be considered, and it is essential that you choose your path before you start developing your product or collection. This decision will affect your costing structure, which will affect your design and development decisions.
2. What is your retail price point?
Knowing your price point will determine your costing structure, what materials are within your price point, and where you will target your marketing and sales.
3. What brands would you consider to be your competition?
Knowing what brands are on the market is important for many reasons. There may be brands that inspire you, or that you would think your customer would also purchase from, or that would sit well in a store next to your line. In any case, it is beneficial to help you to do your research in order to fill a market void and offer what no other brand offers, which attracts buyers and customers.
4. What sets your brand apart from the competition?
Your product or collection may simply have a fresh new look or perhaps your product solves a problem in your consumer’s world. It is important to make the decision on what “makes your product(s) special” and sit apart from the rest. This will help with your inspiration, development, marketing and sales plans.
5. When do you want to launch your product?
This is often the first question you will be asked and determines how quickly you need to move through the launch phase. It may have an affect on your costing, sourcing options, line planning options and marketing opportunities.
Prepping yourself with these 5 basic questions will help you and your team understand who and what the collection or products are as well as allow for a focused and efficient planning process.
Know these answers? Book a consultation today!