Local Brand is constantly exhausted
It can be said that 2024 is a volatile year for Vietnamese Local Brand.Besides some brands "eat should make", increase coverage on all platforms, there are still many names encountering difficult and struggling situation throughout this year.Domestic brands are constantly facing pressure from many subjective and objective factors related to the domestic and foreign commodity markets.
Besides, the strong transformation of countless e -commerce exchanges as well as Mega Live Silver Billions sessions opened the most fierce competition.By the end of 2024, many Local Brand, big and small, felt exhausted and simultaneously said goodbye even though it had been firmly over decades.This situation also makes the online community raise concerns whether the Vietnamese brand can overcome difficulties and find solutions in the near future?
A series of cult Local Brand officially said goodbye to many people surprised.In particular, LEP 'is probably the most regretful name because Brand's products are suitable for many women to pursue feminine style.
What to do to continue to exist?
Recently, an account on Threads named Lyly_Truong318 (Phuong Nam) has attracted attention when sharing about the 12 -year journey of starting a business, creating a Local Brand for his own difficult and challenging.With the inherent experience in both retail (retail) and Wholesale (wholesale), Phuong Nam expressed his views and made many "survival" secrets, maintaining the business after all the waves in the past..
Phuong Nam (32 years old) is the Co-Founder of Local Brand Lana Official (specializing in casual style, elegant and comfortable) with nearly 250k followers and Say Happy T-shirt factory.Since her first college, she has dreamed of starting a business despite starting with 2 empty hands in 2012. To date, Phuong Nam has spent 3 years of starting a business, 4 years of struggling to find the direction of Phat PhatDevelopment, 2 years of struggling in the pandemic "storm" and 3 years stable.
In terms of Vietnam and international markets, Phuong Nam has sold more than 1 million T -shirts each year.She also cooperated with more than 1,000 store owners, 200 Local Brands and 5 international brands.
Although quite young, Phuong Nam has 12 years of experience in the fashion industry.
1. Cut out unnecessary costs
In order to adapt to Covid-19 pandemic as well as improve the post-pandemic brand, sitting back to balance and cut the costs does not bring practical value is the most essential factor for which brand is facing.Revenue problem.In addition, the optimization and concentration of money to invest also help tighten the capital leaked and maintain the cash flow more effectively.According to Phuong Nam, focusing on converting business models to online is one of the effective solutions to help brands catch the trend of the times, optimize the money for expenses such as: cash, multiplication, Booking Kol, Model ....
2. Closing the branches inefficiently, considering switch to online business model
Before the translation, Phuong Nam had 3 retail stores and 1 central warehouse office, but when the epidemic broke out, she decided to close the entire branch inefficient to save costs.This allows her to re -allocate resources and focus on potential arrays.Despite the fact that the contract before the contract will lose the piles after calculating the financial cash flow, Phuong Nam accepts to follow the online development orientation.
Next, Phuong Nam took the initiative to "all hands" for the rotation and shooting of products to promote and approach potential objects through online form.
The 12 -year journey is hard but achieved many successes of young business women.
"The disease has completely changed the shopping behavior of customers.Instead of bewilderment, I quickly moved the entire model to online.From video recording, taking pictures of products very well, to investing in post -code policy, website development.All help me retain old customers and reach more new customers. ”- Phuong Nam shared.
3. Go to competitive price strategy & focus on product quality
Phuong Nam said her brand was also affected by the price battle on any platform.This factor makes her create a product that is both quality, keeping the form, and the price is suitable for the tastes of the majority."I always believe that the product is a decisive factor up to 80% of the brand's success." - Phuong Nam emphasized.
To optimize costs, especially to minimize marketing costs, she will focus on maintaining a product in large quantities, long -term sold instead of many small models.This price policy not only helps Phuong Nam sell more goods but also build trust in customers.
Looking back on the 12 -year journey, Phuong Nam realized that learning, flexibility and always exploring new directions is the only way to survive and develop in this competitive fashion industry.Not only that, she also enjoyed the formula "5 enough" and hope they will somewhat inspire those who are creating fashion brands:
- Enough to create value
- Being kind enough to have social capital
- Enough enough to cooperate
- Ambitious enough to break through
- Be patient enough to achieve