11 Reasons Why Nigerian Fashion Businesses Will Fail(Part 1)

11 Reasons Why Nigerian Fashion Businesses Will Fail

"Before you produce a collection you need to have a theme, brainstorm, research, get out of your comfort zone... "

This fashion business!!! I have a love / not so love relationship with it. When it’s good, it’s very very good and when it’s bad it’s horrid. So what are the things that make it good and how can we do more of it? And what are the business killers we need to steer clear of? I know there are a lot of things we find challenging - production and funding to highlight two- those are more complex and are deserving of their own posts. However, what are the other reasons most fashion businesses will fail and how can you mitigate them? They are: No Unique Selling Point: There are hundreds of brands with the exact same USP, I call them the pure water brands. They replicate each other’s styles, designs, models, shoot locations and creative direction. They look like clones!! There is neither anything distinct nor special about them. With the myriad of fashion brands in Nigeria, it is important, no it is unequivocally essential that you are unique and distinct in order to succeed in this business. So, find your unique selling point (soul search, review the market, identify gaps and spaces you can play in) and OWN IT!! No Brand Identity: I know I harp on and on about brand identity but please oblige me. It’s that important. So you have your USP now, you know your customers, you’ve found your why - Great!! Now let your brand identity be the visual representation of all of that. And I’m not talking just about the logo, I'm also referring to your mood, tone, colors and fonts and how they need to be consistent. You want your customers to have a great encounter with you each time, it makes you familiar and it instills trust! No Knowledge Of Their Target Audience: In order to close a sale, there is some level of psychology required. It’s easier to convince people you know, because you know the right words to use to conjure the right emotions that will lead them to purchase. So how can you sell to someone you don't know? It’s not impossible but it’s not efficient. The easiest and most efficient way to close that sale is to understand who your customers are, what they like, who influences them to buy and where they are. I always do this exercise with everyone I coach where we create a detailed customer archetype. This way you have an image of them overtime you design for or communicate with them.

Ineffective Communication: This goes beyond knowing your customer and how to speak to them but addresses knowing your brand as well! I had a VERY interesting conversation at the Assembly Creative class where I spoke about how to communicate your brand. We reviewed a case study comparing 2 Nigerian brands - one Luxury and another Ready to wear. The class, being very honest and objective uncovered that both brands didn’t communicate the perception they want their buyers to have. The luxury brands’ messaging targeted a younger demographic (who cannot afford their price points) and the ready to wear brands’ messaging targeted a more mature audience, however they design for a much younger demographic. Basically, brands need to marry their vision and their comms for the target market accurately. Take a step back, review objectively, then get a focus group to tell you what they really see. At the end of the day, you are designing for the buyer and not yourself. No Creative Process: How do you arrive at your designs? Did you only (because this is not a bad idea when you don't do it in isolation) scour through Net - A - Porter and Zara looking for design inspiration? You run the risk of copying and pasting! Before you produce a collection you need to first have a theme, brainstorm, research, find connections, read, explore, travel, go for walks and get out of your comfort zone! This information will form the basis of your mood board, which you will then use to create your final sketches. More Reasons Why Nigerian Fashion Businesses Will Fail would be revealed next week... The startupstar is still available on Bambooks and Lulu and also available to pre-order at www.startupstar.ng. Wonuola Okoye Principal Coach Big Startup Sign up HERE for one of our tailored services, designed to meet the needs of new and existing fashion entrepreneurs and you’ll be on your way to building your fashion brand and becoming a Startup Star.