5 strategies to supercharge the growth of your fashion brand in 2023

For many brand owners, growth and expansion are usually at the top of their New Year wish list. Although there is no secret formula for instant success, there are plenty of useful strategies and best practices that you can implement to achieve brand growth and, therefore, increase sales. Here are 5 efficient strategies to boost the growth of your fashion brand in 2023.

1. Create a visionary business growth plan

As with everything you do in your business, it is always useful to set out a plan for your brand growth. A business growth plan considers the current state of your business (including strengths, weaknesses and opportunities), where you want your business to be in the future and an action plan for how to achieve your vision. It can take time to create a good plan, but the effort can pay off substantially by keeping your growth efforts on track.

Here are the elements you should include in your growth plan:

• Your marketing aims and objectives, for example, how you plan to attract your target customer, your marketing positioning strategy [link to Global Marketing Planning article], and your pricing strategy.
• Operational information such as where your business is based, who your suppliers are, and the premises and equipment needed.
• Financial information, including profit and loss forecasts, sales forecasts and audited accounts.
• Summary of the business objectives, including targets and deadlines.

It is also essential to review your business plan regularly to evaluate performance and restructure your efforts.

2. Understand and focus on your target audience 

If you are aiming to not only retain current customers but gain new ones in 2023, then you need to have a deep understanding of your customer base and their needs. A great way to do this is to create a buyer persona, which is a profile of your ideal customer created using audience research and customer data. Your buyer persona will include demographic details, interests, and behavioral traits. This will allow you to understand your customer’s goals, challenges, buying patterns and how they make purchase decisions.

You can then tailor everything your business does to your ideal customer, from product development to marketing activities.

3. Keep up with market changes

The fashion industry is notoriously fast-paced. There have been many changes in the industry over the past couple of years that have caused brands to transform their practices. These changes include new innovations in technology, pressures to be more sustainable and reduce environmental impact, progress in diversity and inclusion, as well as the development of in-app shopping experiences on social media.

As we head into 2023, it is vital that your brand is up-to-date with these transformations in order to stay ahead of the game.

4. Invest in a digital platform for commercial expansion

In recent years there has been a huge jump in the number of wholesale businesses that have adopted a B2B digital platform such as BLANC. These digital tools offer many benefits, including easier and faster selling, the chance to connect to global buyers, a better customer experience for retailers, visually compelling digital linesheets and faster fulfillment. All in all, these digital platforms can help brands run the wholesale side of their business more efficiently and smoothly. Given that wholesale is a vital revenue channel for many fashion brands, we consider this a worthwhile investment!

5. Improve your digital marketing activities

The importance of a digital marketing strategy for business growth cannot be ignored. Without it, you are sure to fall behind your competitors. Digital marketing allows you to take advantage of some of the most powerful marketing tactics: you get to employ a mixture of content marketing, email marketing, social media, and online advertising. It also allows you to personalise your messaging for your audience, reach anyone in the world with no geographical boundaries, save money and reach customers for less, and drive engagement to create brand loyalty. 

Are you looking to supercharge the growth of your fashion brand in 2023? Get in touch with BLANC and let us show you how our digital wholesale platform can increase your sales and grow your business.