All good businesses start with a solid foundation. As we learned the basics of how to start your own clothing brand, one of the most critical steps in building a successful business is to determine the sales channel to venture into. Whether you want to invest in brick-and-mortar stores or online commerce, various businesses have embraced omnichannel retail as an approach to widen their reach and achieve a seamless buying experience.
To help you get started or improve your current distribution channels, here are three things you need to consider in setting up your sales channel:
Research on your competitors
It is essential to understand your competition and understand what method they are using to sell their products. Does it provide a qualitative advantage over other channels, or is it simply how the industry operates? If there is a sales channel that your competitors have overlooked, it might be an opportunity for you to venture into it. For example, if your competitors are mainly selling in physical stores, taking advantage of selling your products online will give you a competitive advantage.
Calculate cost and benefits
Systemically shortlist your channel options by balancing the cost and benefits of each. Doing this, in the beginning, will save you from trouble in the future. Next, consider your target customers and how you can move from being retail-centric to engagement-centric. Personalising their buying experience has a long-term effect on building brand awareness and loyalty. Finally, compare the investment you will make with the benefits you will gain using the matrix below as a quick reference.
“Together with a well-executed business strategy, your sales channel has a crucial role in delivering a delightful customer experience.”
Customer experience is the key
Remember that you are for the long haul. As you continue your journey, a delightful customer experience should be the primary goal in choosing and scaling your sales channel. Mapping out how your customers engage with your brand will give you an idea of where to allocate resources so you can maximise profits.
Ultimately, determining sales channels for your brand requires careful consideration of various factors. Your level of awareness of your target market, your familiarity with your competition and staying on guard with the changes in the entire business landscape will keep you on track towards your goals.