How to find a niche product for your fashion brand
Do you know what the no.1 contributing factor is for fashion brands launching and failing within year 1?
They don’t have a niche.
Finding a niche in the market, (especially in this crowded and competitive industry) is critical to your success because you need a point of difference, something to make you stand out from the rest and be heard.
You shouldn’t launch just another black dress but a circular black dress for the plus-size audience for example.
You need to use data to validate your starting point (idea) and your source of data is found using numerous different methods that are fully explained in the below vlog.
Go on click it! …
6 ways to find your product niche
More of a reader?
6 proven methods to finding your niche are:
- What is your starting point?
- Keyword research
- Competitor analysis
- Market and sales channel analysis
- Pricing analysis
- Ask your target audience
Let me now break this down a little further – but trust me the video has the most detail, so go on give it a watch! It’s only 10 minutes long!
Finding your niche starts with a starting point (an idea). Most starting points come from:
- A gap in the market
- A pain point, something that has frustrated you or hurt you before
- A personal experience. For example, you went shopping for X and it wasn’t there
Now you have a starting point this is where the magic starts to happen. You now need to use data and research to validate if it is unique enough.
Use keyword research tools like:
You’re looking for high search demand (volume) and low competition (CPC).
For example, if your starting point is women swim, then no doubt that will have high demand and also high completion therefore you should try:
- Plus-size swimwear
- Plus-size swimsuits
- plus-size swimsuits in Australia
Until you find a niche product that has high demand and low competition.
"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."
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.