admin
FING YOUR PROFITABLE PRODUCT NICHE IN 6 EASY STEPS
STEP 1: Brainstorm
When trying to choose a niche or product category for children’s wear, keep in mind there are also non-apparel options within the sewn product category such as accessories, toys, blankets, bedding, socks, travel, outdoor gear, nursery decor etc. Your interests and talents may lay outside of the apparel category and that’s okay.
As you begin to formulate your ideas, they may fall into three areas; someone with no idea what to focus on, someone who wants to make one product or someone who wants to make everything. That decision should be made based on your initial budget; each version comes with a different investment of time, money, scaleability and longevity. You can certainly sketch out all of your ideas and then fine tune the ones that work for you with more accurate technical illustrations further on in the development process.
Whether you are a beginner, an existing business or somewhere in-between, you will have to consider your knowledge base, skill sets, network and talents that will be needed to achieve your goals. If you have an unlimited budget, you can easily develop a team to handle the business or if your budget is limited, you may have to contract out some services or acquire new skills and knowledge to do some of the work yourself.
STEP 2: Target Market
One of the most important steps in this process is to clearly define your “target customer.” Ask a series of prompting questions and use the guide below.
- What is my target customer searching for online?
- Is my product solving a problem or filling a need?
- Does my product offer a unique feature?
- Is my product already out there in another form?
- Is my product physical or digital?
- What are my customers willing to pay?
- Who are my competitors? What is there price structure?
- Imagine yourself as the customer and critique your own product.
During your target market research, you will soon discover a “gap” in the market that is underserved, undiscovered or unique to the industry. This is your special place!
This is your niche market.
This “special place or gap” will have its own demographic, a specific demand, typically a low supply, unique features and price point. This becomes your target market, from which all future decisions are made. It’s your mission to bring them what they need, want and desire.
Some entrepreneurs actually stumble upon their great idea out of their own needs when they are unable to find the product for their own children. Then within their own group of family and friends, they can develop and test product samples to refine their idea. Research follows until they feel confident that they have explored and validated their product idea.
STEP 3: Google Search
Your next step to discovering your niche market should be “online research” at various sites. First, start your search on Google and enter possible names or keywords of your product. Some other sites to search are Instagram, Facebook and YouTube using the same search criteria.
Are there books about your product or category? Who are the authors and are they selling products? Are there influencers or leaders in your industry and what are they posting or talking about?
Then go deeper and look at sites like Linda.com, Coursera.org and Skillshare.com. Are there products, courses, workshops or tutorials on your subject or closely related subjects? What does their product look like, how is it presented and how much does it cost?
Look for forums discussing your product or groups sharing that product on social media. Don’t forget to check out sites related to industry statistics; what is the market segment yearly dollar/sales volume? Are they reporting market growth and future projections? Are they focusing on market trends for the next ten years? What valuable information can you gather from these sites?
STEP 4: Trade Shows, Retail Stores and Industry Statistics
A great way to research your target market and initially validate your product idea is to attend a trade show. There you will see hundreds of brands, both start-ups and established companies, displaying their products all under one roof. If your product was featured at a trade show, how would you get noticed? What is your USP or unique selling proposition? What would make a buyer come to your booth and buy?
First hand information at a trade show is priceless and an excellent way to speak with buyers directly; ask them what they want, network and form new business relationships, gain insights on your market segment, explore material sources and suppliers and observe fashion trends. You will find many other benefits from attending trade shows to move forward and launch your idea into the market.
If you like shopping, perusing a department store or boutique can be great fun. This hands-on market research process gives you the opportunity to see and touch products and connect with sales people who can give you insights on what is selling and what the trends are in your area. You can easily access your competitors price points, color stories, size offerings and seasonal themes all in one place.
STEP 5: Collect and Document Your Research
After spending some time understanding your target market, research in Google and Social Media sites, attending Trade Shows and visiting retail stores, write down all your ideas using a MindMap; an online tool to document all your ideas.
A similar creative process with “hands-on” would be to create a “vision board” which is a great way to arrange swatches, color stories, photos, graphics and garment illustrations. Refer to an earlier blog post “How to Create Your Vision Board” here on my site for more fun facts.
For “Mind Mapping” you can find a few examples (and links) here to use for this step like LucidChart, MindMeister or MindMup to create a visual map of all your ideas. You can add links and images or anything that may relate to your original idea. This will come in handy later too when you can locate all of your ideas in one place and use them for future presentations.
This step can become an eye-opening process when you begin to see “gaps of opportunity” appear. You will be so far ahead and on your way to choosing your profitable product!
STEP 6: Create Your Unique Products
In conclusion….during 2020, the US children’s apparel industry was a 34 billion USD industry and projected to reach 40 billion USD by 2021. That means there are massive opportunities for new brands to enter the industry and plenty of room for existing businesses to scale and expand. Start-ups should place themselves in a small niche to get noticed with a healthy amount of competition; less competition means your new business concept and product is needed.
You now have the answers and direction you were looking for. If you’re ready to move forward, with your idea it’s time to start making patterns, samples, tech packs, conduct surveys, brand your product, create your website and engage with social media to further validate your new product. This where we can help you through the process to build and launch your product.
All of these steps, when combined together, can become an exciting journey as you will be so far ahead and on your way to choosing your profitable product! The possibilities may surprise you!.
The world is waiting for your great idea!
If you’d like to learn more about our Create Your Sewn Product Workshop, click HERE.
