Now that you’re 100% sure that a socks business is your best option for 2020. Let’s move to the next question, how are you going to do it?
You’re totally into the socks industry and starting your own socks business and you’re trying to figure out your way into the promising socks market in Egypt. And now you need to know what are the most basic yet important questions that come after the serious intention to start, and it would be great to know the answer, wouldn’t it?
Congrats! You have reached the prerequisite to achieving the first milestone of your socks business that will lead to success by finding our blog article, why? Because while every step of the way matters, defining and being aware of the path is vital and that’s exactly what we make sure you achieve by the end of this article.
Who would better answer your questions than a market leading company in the industry of socks? One that has been in the market since 1982! We interviewed the expert minds standing behind the magnificent success story of Moody Socks Factory and they shed light on top 5 practical tips that you can’t afford to miss!
1.What’s your edge?
We once read a precious quote by Grand Cardone, mentioned in his book: “Sell or Be Sold” that says:
“Become so sold, so convinced, so committed to your company, product, and service that you believe it would be a terrible thing for the buyer to do business anywhere else with any other product.”
and it works!
In order to reach such a level, you need to focus on your socks business’ unique selling proposition. Take your time in the brainstorming phase. Study the market thoroughly, get to know what’s trendy now and what features people constantly search for. Study your competitors closely, find out which areas you can stand out in, and decide what your unique proposition will be. Positioning your socks business does not necessarily mean bringing something new to the market, it’s more about finding a specific selling point that you brilliantly portray, market for it, and make sure it fully emphasizes that you’re the master when it comes to it.
2.Whom are you targeting?
You need to fully understand that defining your target audience is not about which segment would be more profitable, it’s more about stepping in your potential customers’ shoes and understanding their needs, wants, and expectations. Building a clear consumer profile will facilitate the targeting process and the creation of a strong retention strategy later on.
Lucky enough, the Internet is stuffed with online communities that have many potential customers to observe. The best way to deeply know your audience is to get involved in their online communities, notice the type of content they share, what they engage with the most, and what is their writing style in commenting and sharing.
Such observations will give you insights about the persona of your target audiences, and through these insights, you can decide the best way to communicate your unique selling proposition to them.
3.Let quality always be your TOP priority!
Imagine your socks with their unique selling proposition as crowns. Now, who should wear crowns? KINGS & QUEENS! That’s how you need to treat your customers, they are your kings and queens who deserve your best retreats ever! Even if it seems cliché, it is true and effective!
For that reason, never compromise quality! Cutting your costs without compromising the quality of your socks or your promotion efforts is ESSENTIAL! Especially for a startup business. Perhaps the manufacturing costs are on the top of the list, taking into account the weight of determining who would be your manufacturer. If your top priority is quality and you can’t obtain it at a reasonable price, we are here to support! Moody Socks Factory’s 38 years of experience in delivering the highest quality products for the most competitive prices are ready to help you get started with the quality your brand needs!
4. Cutting costs:
Planning to have an offline socks store is way too costly. The good news is, you don’t need to stress yourself out with a store at the beginning of your socks business. Drop-shipping is actually your best option as a start! You wouldn’t need an offline store or a stock house, only a website and social media marketing are needed. Drop-shipping is a three-party online business model, where orders are shipped directly from the manufacturer to the customer. In other words, you will have enough money, time, and effort to focus on building your brand and selling your socks while all the storing, packaging and shipping overhead costs are saved.
5. Social Media is a MUST:
Using the powers of social media, especially when you depend on drop-shipping, must be the highest priority for your business launching. The best platforms to market socks on are those who depend mainly on visuals. If you choose to go for funky trendy socks designs, Instagram is your best choice. If you will be marketing for a more formal, elite or professional audience, Pinterest is the one. However, remember that: “no one-size-fits-all” when it comes to social media! So the best piece of advice is to apply your own AB testing. Build a strategy for each platform, customize each according to your target, and go for trials. In the early months, you will figure out which platforms suit your business the most.
Content: Whether it’s written or visual content, BE AWARE. It’s a total switch off to make your first moves look like ads or commercial stuff. Study your audience closely, get to know their interests and favorite styles, and address them with what they need to see. Don’t think of driving sales at first! Instead, start with content that aims to spread awareness about your socks, a content that allows your target audience to engage and love what you are offering.
Photos Matter: Selling socks is not that hard, but it needs CREATIVITY! People nowadays perceive socks as fashion statements, not just commodities. Take advantage of that and start portraying your socks in the most unique, appealing ways to the eyes and souls of your targeted ones.
You have made it! Now you successfully have established your socks business first and MAIN milestones. Breathe in but keep going. Setting your eyes on your business is not enough; you need to keep monitoring the socks business, new trends, the designs, and the manufacturing techniques that will keep your business alive.
And remember that your startup is promising and can totally make it! Stay authentic, create a unique legend socks brand, and always get back to us for support.
Already considering the manufacturing of your first line of socks? CLICK HERE and let us help!