As we are often approached by Manufacturers we want to highlight a few points of relevance if you have a factory and you want to pivot in the current turbulent times we are facing.
Opportunity 1 - Build your Brand
Often your experience and skills are second to none and you have the creativity (and manufacturing capability) to design and market your collection to international Buyers.
The margins as you know are vey generous.
The market is changing, the Consumer is happy to hear from you directly and you can start building the foundations before you make any substantial investment.
Check this programme which will help you make your Dream a Reality.
If you feel that you are planning to launch the Brand project within the next 6 to 18 months then consider this programme as it will save you time and money.
Book your call here and access the resources from Global Fashion Management and the London Fashion Business Academy.
Opportunity 2 - Pivot with new services
The market has fundamentally changed and you need to pivot and find new products and services.
Rather than waiting for the Client to tell you what they want, study and understand them and suggest creative way to surprise them and their cusotmers.
Work around sustainability, new manufacturing processes or fabrics ... Stand out.
Be unique and do not try to tell them you will be goods in everything.
As you pivot, you may open the door to smaller quantities.
This is an opportunity for smaller Brands to start working with you as the manufacturer's moq becomes reasonable.
Opportunity 3 - Work with competent Sales Agents
Many manufacturers who are looking for sales agents forget to do a SWOT analysis and have full clarity on strengths and weaknesses. They forget to build internal teams to get the most from what alredy exists and the growth opportunities that are hidden to them - yet not so much from us, give us a call and we will show you what we mean.
Does you company have one or several sales agents already and are they working to your satisfaction? Do they meet the results you expect?
If they do not, do you get excuses or real fact based answers?
Do you see that they go the extra mile to innovate and improve sales and marketing processes to get better results?
If your company does not have any agent so far, does your team know how to find agents, select and recruit agents?
Is your Team good at negotiating with Agents to get you the best deal?
After the contract is signed, does the Team know how to motivate the agent and support him/her with all the sales and marketing collateral they need?
Are current clients producing the results you want? If not, why? Do they communicate the true reasons?
Have they asked you to pivot and adapt your business to their new needs?
If they have not said anything, this is suspicious.
Do you know how credit management will be handled as you take on new orders with new clients without taking unnecessary risks? This is also something we have been involved in for many years.
Do all your Clients use a merchandise plan that is 90% accurate in their sales forecasting? If they fail to do it well, they are not growing.
Those skills could be passed by us to them via you or not. This has enabled some manufacturers to increase sales by up to 30% as they were producing pieces in the product categories where the client had strong results yet the Client did not track the right data!
The market has changed and Clients you have and most probably the new ones you want will have different requests today compared to last year.
Is your company knowledgeable about some or all the potential requests they will send your way (directly or via an agent by the way) and how is the business prepared to cope with the new market requirements?
If you rate your Team 7/10 or lower on any tasks they are currenty doing and should be doing, then there are improvements we can discuss.
Those improvements will bring new Clients, old clients being reactivated, current clients buying more and the business having more peace of mind.
Written by GFM and the London Fashion Business Academy.