Which pricing strategy should I choose so that my clothing line actually makes money?
This is probably one of the most popular questions I get asked all the time because starting a clothing line does take some upfront investment.
From sampling your ideas, production of inventory, and overhead. There are whole bunch of numbers to crunch to ensure your products are priced correctly to turn a profit.
In this episode of the FastTrack Your Fashion Brand Podcast, Nicole di Rocco and Becky Anderson discuss how to strategically price your products so that you are profitable. Becky also teaches us wholesale techniques that will help you sell more to any type of buyer... even to a department store or to a multi-location retailer.
IN THIS EPISODE, YOU WILL HEAR ABOUT:
- Pricing your products for profitably
- Confidently negotiating your prices, even to a big retailers
- Techniques to calculate cost factors so you won’t sacrifice profits
- Product component adjustments to reach an agreeable price point
- Unique Selling Proposition and their effect on price points
- Keeping an eye on trends and future-proofing your pricing points
- 07:29-08:47 - Different types of pricing strategies. Nicole and Becky jumpstart the discussion with the basics of pricing techniques.
- 09:33-11:47 - Pricing points for beginners. Becky talks about perceived retail value, wholesale, and calculating cost, and understanding cost factors to strategically price your products for better profitability.
- 15:27-16:36 - Know what retailers really care about. Becky and Nicole discuss understanding retailers' bottom line.
- 16:59-21:25 - When retailers ask for a discount. Becky and Nicole talk about their experiences with retailers asking for a discount, common scenarios, chargebacks, and how they handled such situations.
- 21:27-23:45 - Successful pricing approach. Becky shares some subtle techniques to gain an upper hand in pricing her products and creating a win-win situation for her business and her buyers.
- 26:32-27:32 - Knowing your unique selling proposition (USP) and its value. Becky talks about identifying your key USP to make your product stand out and keep your price up.
- 27:33-29:02 - A lot of times, it’s about transparency. Nicole and Becky on pricing flexibility and how to make pricing works for you and your buyer.
- 29:03-30:29 - Staying on trends. Becky on how to keep on top of trends to scale your business, gain referrals, and forecast selling probabilities.
- 31:31-32:04 - Some Photoshop magic! Don’t miss this. Becky shares a clever strategy on how to prep up for a meeting and effectively pitching your products.
- 33:02-34:09 - Don’t just call. Offer something. Becky and Nicole on how to effectively reach out to big retailers the first time and overcoming rejections.
- 36:09-39:16 - Nicole recaps all the best bits of this FastTrack Your Fashion Brand Podcast
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CONNECT WITH GUEST
FACEBOOK: Becky J Anderson, Product-Based Business Coach + Consultant
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