The sportswear industry has grown over the past years as more people become conscious about health and fitness. The global sportswear market is expected to go up from $170.94 billion (in 2021) to $267.61 billion (in 2028). If you want to get into this industry, you may be looking for tips on how to get started. How can you compete with top sportswear manufacturers like Nike? Here are some tips.
1. Carry Out Market Research
The sports apparel industry is dominated by Nike, Adidas, Under Armour, and Puma. Nike is the most recognizable–and largest–sports brand globally and held an 18.3% share of the U.S. market in 2018. If you want to make a name for yourself in an industry that’s already filled with great brands, you have to do thorough market research. Research online and find out what’s missing in the market. Armed with this information, you can develop a unique product that appeals to your target audience.
2. Design Great Products
Once you’ve identified the market need, you need to develop products that make your brand stand out in the marketplace. Work with professional designers to develop product sketches and bring your ideas to life. The only way you can stand out is by having unique designs that appeal to the target market.
For example, Activewear clothes became popular because they allow people to enjoy an active life mixed with a casual social life. Ensure you source quality materials and find a factory that practices ethical manufacturing.
3. Get Financing
When creating a sportswear brand, you must have a budget. It will help you to know the initial costs and the business expenses. If you don’t have enough startup capital, you must look for financing. If your personal savings are not enough, you can borrow money from your friends and family.
You might not qualify for a bank loan if you are a young entrepreneur. However, there are startup loans you can get from financing companies. You can also use your car as collateral and get a title loan online. Simply search for “best title loans” or “car title loans near me." A short-term loan can provide the startup capital you need and is easy to pay off. It also comes in handy when you need to invest in product development, branding, or to cover operating costs.
4. Market Your Brand
To compete with the top brands, you need a great marketing strategy. In 2020, there were more than 1,000 Nike stores globally and over 2,500 Adidas stores. Your sportswear brand will need a physical store as people like to try out clothing before buying. You also have to incorporate digital marketing strategies. Use social media platforms and paid ads to attract prospects. Customers are increasingly shopping online, so your company should have a strategy to tap into this market.
Also, provide stellar customer service. When customers order sportswear apparel from your company, ensure it gets delivered on time. In addition, handle returns and complaints professionally. If you take good care of your customers, they will be loyal to your business.
About The Author:
Eva is a content writer at Letstechup. She is well adept in writing on various Tech topics and discuss helpful tips that are actually beneficial to improve one's lifestyle in multiple ways.