Creating a profitable brand in the fashion and lifestyle industry isn't easy. As we step into 2024, the quest for innovation, efficiency and profitability takes on new dimensions.

Enter Vicki Wallis, brand strategy expert and the visionary behind Vicki Wallis Consulting. With a track record of transforming challenges into opportunities, Vicki has penned an exclusive piece for us that is set to change the way you view your brand's potential.

Vicki offers not just insights, but a roadmap to redefining success in an ever-evolving market. Prepare to be inspired, as we dive into a narrative that promises to elevate your brand to unprecedented heights.

Are you ready to take your brand to the next level in 2024? If you've been feeling like you're spinning your wheels, making some sales but not seeing the profits you know you're capable of, then you're in the right place.

In this post I'm here to guide you through three strategies to help you increase your fashion and lifestyle brand's profits in 2024.

1: Start with a Reality Check

Often when people talk about growing and scaling, they mention investing in paid ads. But the reality is, without doing this first step, paid ads can often feel like setting your cash on fire.

Before you start plotting your grand expansion plans for 2024, or investing in any paid marketing, let's pump the brakes and take a good, hard look at where your brand stands right now. It's time to get real, folks.

I've seen it time and time again – brands setting lofty revenue goals without so much as a glance at their current situation. It's all about vibes and feelings, right? Wrong. This approach often sets you up for disappointment.

In my line of work, as a growth consultant, I've noticed a common trend. When I ask business owners what they think the problem is, they often point to visibility – or rather, the lack thereof.

But for many brands, the issue isn’t visibility, it’s conversions. Aka, they’re getting people to their website, but they’re not transitioning them into buyers. I find a lot of people focus on the marketing aspect of running a brand, but often don’t spare a thought for the sales side.

And yes, marketing and sales are different!

Your sales systems and strategies are what ultimately drive revenue. This includes things like optimising your website and priming it for conversions, crafting compelling product descriptions and offering stellar customer service.

So, your first order of business? Conduct a much-needed business audit. Dive into your website analytics, pore over your social media insights, and dissect your sales data. Find out, do you really need more visibility, or actually, are you getting plenty of visitors but not enough sales? Trust me, the answers are in the data!

And here's a pro tip: make business audits a regular part of your routine. I recommend doing a full business audit at least once a quarter, and tracking key KPIs (key performance indicators) weekly. For me, Monday is KPI day – the perfect way to kick off the week with clarity and purpose.

2: Live Selling Events

One little used method I’ve seen working really well lately is live selling events. I started rolling this out with a few clients last year, and not only did it work incredibly well for generating sales during the event, but we also saw that, because of the engagement and the trust built, we saw the sales increase over the following days and weeks as well, directly as a result from those live events.

Trust has always been a huge part of selling online, but even more so in 2024. Live selling events help to humanise your brand and build trust that ultimately increases sales.

Live selling events, as the name suggests, are a dynamic way to connect with your audience in real-time, showcasing your collection while engaging with viewers and answering their questions on the spot. Often, brands will include a bonus for those who purchase live during the event, like a discount or a gift with purchase.

Let's not forget the PR angle too. Live selling events provide a unique opportunity to collaborate with bloggers, influencers, and media outlets, amplifying your brand's message and reach to new audiences.

And the best part? The content you generate during these events becomes a valuable asset for your social media, credibility and even your PR strategy too, allowing you to keep the momentum going long after the broadcast ends.

3: The Power of Re-engaging Your Existing Customer Base

If you're wondering what is the fastest way to grow profits in your brand, it’s actually through your existing customer base.

Here's the scoop: when it comes to fast-tracking your brand's expansion, your past customers hold the key. Trust me on this one.

One of the first strategies I dive into with new clients is re-engaging past customers and subscribers who may have slipped off the radar. And let me tell you, the results can be nothing short of astounding.

And when I say astounding, we’re talking as much as a 320% increase in returning customer sales in under 3 months. {Source}

Why? Because selling to a past customer is like hitting the fast-forward button on the sales process. They already know you, they trust you, and they've experienced firsthand the value of your products. You've already won them over – now it's just a matter of reminding them why they fell in love with your brand in the first place.

Compare that to the uphill battle of acquiring a new customer. It's a whole different ball game. You've got to grab their attention, earn their trust, and convince them that your products are worth their hard-earned cash. It's a lot of work, and the success rate? Let's just say it's tiny compared to selling to an existing customer.

So here's the bottom line: if you want to see real growth in your brand, don't overlook the power of your existing customer base. Shower them with love, nurture those relationships, and watch as they become your brand's biggest advocates and repeat buyers.

If you want to expand your brand, your existing customers are your greatest asset. It's time to give them the attention they deserve.

2024 is such an exciting year with immense potential for your fashion and lifestyle brand, and with the right strategies in place, you can turn that potential into reality. From conducting thorough business audits to hosting engaging live selling events and nurturing your existing customer base, the path to increased profits is oh-so-doable.

If you need support with any of these topics, you can reach out at contact@vickiwallis.com or visit https://www.vickiwallisconsulting.com

Image by Nakedsole via Flaunter

3 Ways to Increase Brand Profits in 2024