Business Of Fashion How To Write A Business Plan A Retail Clothing Store Business Plan – Customer Analysis

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A Retail Clothing Store Business Plan – Customer Analysis

Your retail clothing store business plan requires a well-thought-out customer analysis that describes the type of customers that will make your store successful.

Not too wide, not too narrow

When choosing your customer target markets, make sure they are neither too broad nor too narrow. The wider a target market, the more expensive and difficult it is to reach and sell to it. For example, if the target market is simply “Residents of the Tri-state Area,” this will tell you and the readers a little about the most effective means of reaching them.

Think about who the most profitable customers within these broader markets will be and whether there are different groups of profitable customers worth mentioning. Profitable here refers to the total revenue that a particular customer will generate through clothing purchases over a specified period, the probability of the customer remaining loyal and continuing to purchase after that period, and the cost of acquiring that customer through marketing and sales efforts.

If the customer groups are too small, readers will be concerned that there is not enough potential revenue from the target markets for the store to show a profit. Remember, readers won’t believe you can ever achieve 100% of a market. You need to show that you will be able to break even with much less market share, especially in the early days of your store.

Three or four segments are good enough

To prove the excellence of your store’s potential, you may be tempted to write a list of target market segments to target. Resist this temptation and clearly show your focus on no more than three or four short-term segments. If the amount of revenue that you can achieve from these groups seems limited over time, then you can go on to describe some future target markets, labeled as such, to detail the next steps the company can take when the initial targets is utilized.

Customer values

For customers in each segment you describe, write about their specific reasons for buying from your store based on their values. Show the difference between each segment, because if two segments have the same values ​​and needs, they can probably be combined as one. Don’t repeat details of your promotion methods and product line here as a way of explaining them – they are covered elsewhere in your plan. Be clear about why each group on the list is a good target for your clothing store.

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