It’s never been more competitive for fashion retail brands than it is right now and it can be really challenging to make a name for yourself in the industry. The trends move at lightning speed, with tastes, ideas, and styles changing month by month, season by season. It almost blinks and you’ll miss it!
Fast fashion brands around the world produce 52 mini-collections a year, which can be an especially tricky landscape to navigate when trying to solicit interest from potential buyers. How do you ensure that your work is seen as a possible investment over someone else’s?
If you’ve been looking for an answer to this very question for quite some time, it might well be that what you’ve been missing is a properly structured range plan, a document providing a solid overview of your entire product range and lines.
Of course, this is amazing in itself from a business perspective, because it helps teams operate more productively and more holistically, but for buyers, it’s an invaluable resource to have… and one that could well see them decide in your favour when viewing your latest collections as a potential investment opportunity.
Typical range plans include the likes of a number of garments, specific styles, illustrations of every item, the proportion of items, different fabrics and colours, cost and selling price, sizes, order quantities by style, and the details of the manufacturers.
This is a lot of information to keep track of without having some kind of official document in place and, if you don’t have a plan of this kind or similar, it will be very difficult for buyers to really get a clear vision of what your collection is about and what you, as a brand, ultimately represent.
But by developing a range plan, you are far more likely to prove appealing to buyers and far more likely to reap the rewards.
Not sure whether PLM management and structured range plans would be beneficial for your brand? Here are just a couple of benefits that could give you food for thought.
Greater material control
Your range plan will provide you with an overview of all your products – and the materials you’ve used in the manufacturing. You’ll see at a glance which products are using what materials and how they’re using them, so you can enjoy greater control over where they feature.
Greater cost control
It’s vital that you have a clear pricing strategy in place, collection by collection, so you know exactly how much money has been invested in each one and how much will be made. This level of detail, which can be delivered through the use of a range plan, will give you even more control over your entire product development arm of the business.
When you have an overview of your entire collection right out in front of you, you’ll be able to see immediately where you’ve been focusing too much of your efforts, allowing you to then turn your attention to other potential product markets.
This will, in turn, prove attractive to buyers because they’ll be able to see that the collection works symbiotically and the different products complement each other well, which is sure to prove attractive to consumers in the end.
When faced with so much competition, efficiency is key and range planning can facilitate this with ease, by aligning all the different processes, everything from design and merchandising to buying and manufacturing. You’ll likely find you’re a lot more productive and everything runs a bit smoother when you can easily see what direction you’re heading in.