Building a profitable fashion brand won't happen overnight without putting the right structure into place.



I'd be showing you the most important elements of building a profitable fashion brand.



This element is powerful, yet neglected, and less understood?



PRICING.



Pricing is the cornerstone of your business growth. It can raise or pull your business down.



Here are 5 pricing strategies to consider before you fix or reevaluate the price for your service or products.



Shall we?



� Cost-plus pricing: Simply calculating your costs and adding a profit.



What will form your cost as a bespoke tailor will be different from a ready to wear fashion designer.



To get your service or products selling price, simply calculate the cost and add your own profit to it



Am I making sense or killing sense? �



I guess I'm making sense.



This is just a tip of the iceberg.



What you will be learning should you read to the end will skyrocket your fashion business growth.



And money won't problem anymore after implementing what will be learning from this post.



Let's move to the next pricing strategies.



� Competitive pricing: This method of pricing is setting a price based on what the competition charges. In other words, setting your price based on your competitors' charges.



Know your competitors.



You may patronize them to Know them better.



� Value-based: This is setting a price based on how much the customer believes what you're selling is worth.



Make a research on how much your competitors charge for the service or products within your immediate business environment. Or the market you want to sell your products or services to.



� Price skimming: It's setting a high price and lowering it as the market evolves.



MTN is an example of this pricing strategy. I could remember my dad and my boss bought their MTN Sim card at a bonanza price of N6,000.



Today, how much does MTN sim card cost?



It cost absolutely free. They're now begging people to take it for free.



What happened?



The market evolves.



� Penetration pricing: It's setting a low price to enter a competitive market and raising it later. The essence of this kind of strategy is to gain your market share and increase your price after gaining market trust.



Most times, it's not what we don't know that's preventing us from building a profitable fashion brand; It's what we know that just isn't so that creates roadblocks to our fashion business success.




I see some fashion business coaches prescribe a one-size-fit-all pricing strategy. Without considering its effectiveness in the audience's environment and market.



That's not in my own case as a fashion business coach.



I know pricing strategies work differently in different environments. And the effect on individuals defers.



Choose a strategy that best suits your market.



A one-size-fits-all pricing strategy will send your fashion business to an early grave.



Choose wisely.




I'm a fashion designer and fashion business coach. I help startups and struggling fashion designers to gain financial freedom through fashion.