The sportswear industry has grown over the past few years as more and more people become aware of their health and fitness. The global sportswear market is expected to grow from $170.94 billion (in 2021) to $267.61 billion (in 2028). If you want to get into this industry, you might be looking for some tips on how to get started. How can you compete with top sportswear manufacturers like Nike? Here are a few tips.
1. Conduct market research
The sportswear industry is dominated by Nike, Adidas, Under Armor and Puma. Nike is the world’s most recognizable and largest sports brand and owned a 18.3% share of the US market in 2018. If you want to make a name for yourself in an industry that is already full of big brands, you need to do some in-depth market research. Do some 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 good products
Once you have identified the market need, you need to develop products that make your brand stand out in the market. Work with professional designers to develop product sketches and bring your ideas to life. The only way to stand out is to have unique designs that appeal to the target market.
For example, Activewear clothing has become popular because it allows people to enjoy an active life mixed with a relaxed social life. Make sure you source quality materials and find a factory that works ethical manufacturing.
3. Get financing
When building a sportswear brand, you need to have a budget. It will help you know the initial costs and business expenses. If you don’t have enough start-up capital, you need to look for financing. If your personal savings are not enough, you can borrow money from friends and family.
You may not qualify for a bank loan if you are a young entrepreneur. However, there is start-up loans you can get from finance 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 start-up capital you need and is easy to repay. It is also useful when you need to invest in product development, branding or to cover operating costs.
4. Market your brand
To compete with the biggest brands, you need a great marketing strategy. In 2020 there were over 1,000 Nike stores worldwide and more than 2,500 Adidas stores. Your sportswear brand will need a physical store because people like to try on clothes before they buy. You also need to incorporate digital marketing strategies. Use social media platforms and paid ads to attract leads. Customers are increasingly buying online, so your business needs to have a strategy to tap into this market.
Plus, provide excellent customer service. When customers order sportswear clothes for your company, make sure they are delivered on time. Also, handle returns and complaints in a professional manner. If you take good care of your customers, they will be loyal to your business.
Eva is a content writer at Letstechup. She is adept at writing on various technical topics and discusses useful tips that are actually beneficial in improving her lifestyle in many ways.
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