On Dipping Your Toe Into A New Market

Entering a new market as a fashion brand is like entering a new relationship. You shouldn't go in blindly. It's an absolute MUST to ask all the right questions and to do some introspection before diving into the deep end.

If you already follow me, you know that? my go-to recommendation for market entry is typically pop-up shops since they’re a less risky alternative for brands that want to dip their toe in new waters. I have also shared before that I typically recommend doing such events in partnerships, especially if you are new to the market.

However today I want to back up a bit and talk about how to choose the right opportunity, be it a pop-up or other event. The last thing you want is to go down the path of choosing any and every opportunity just because you can. Some events will kill your business along with all your hopes and dreams of entering into a new market if you jump in head first.

So here are 5 things to consider:

1. Before you even pick that new country or town or city for market entry ask yourself, where’s my proof of interest? Is your data showing you that your buyers tend to come from that location? For instance, don’t just organise a pop-up shop in London just because you’ve seen others going there in the summer. Everyone’s brand, niche and customers are different and so find out what YOUR data is saying.
2. If you’re planning to participate in a fair or event organised by someone else, find out if they have done this event before or if they are new to it. If it has happened before, look for feedback on how the previous events went. What type of vendors signed up? Were there a lot of buyers? Which type of buyers showed up and what types of products were they interested in? Ask the questions that will position you to make the most informed decision.
3. Were there other brands in your category? For instance if you’re a footwear brand, how many others in your category were at previous events? How many have signed up for this current event? How does it impact your brand to be sold next to these brands? Will the presence of the competitors add to, or takeaway from your brand image?
4. How best can you leverage this event to ensure consistency in that location? Figure out if this is an event you can partake in multiple times so that the new market has enough time and interaction with you to fall in love with your brand over time. Even if you don’t participate in that particular event again, can you use your time there to scout new locations that you could potentially use for another private showcase? Can you spend time networking in the region and making new contacts? The more the locals see your brand and know your name the more likely they are to shop over time. People usually need multiple interactions with your brand before they make a purchase decision and so don’t make a one-time appearance and disappear.
5. What is your capacity and logistics plan? If your brand was to gain popularity in this new territory would you be able to meet the demand? Do you have a back-up team of workers that you can bring in during high-demand periods? If not, have you identified a trustworthy factory you can partner with to produce the quantities needed? And even if capacity isn't a problem, how do you plan on consistently delivering your products to this new location in a way that is cost-effective?

Treat new market entry like a new relationship. Gather all the necessary information first and then be intentional about nurturing it with your time, effort and money so you can watch it bloom into a beautiful and stable new stream of income.

You've got this!