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SUCCESSFUL RANGE PLANNING

In this article, I will guide you through the process of successful range planning and outline some key strategies to ensure that your seasonal collection features the right products, offered at the right time and the right price point.

INCORPORATING THE SEASONAL THEME

As discussed in my previous blog post, range planning stands as one of the pivotal tasks for a product manager. Depending on the brand you work for, your first step should involve incorporating the seasonal theme, typically provided by the brand's creative director. It's crucial to translate the brand's theme into diverse product groups, brought to life through elements like colors, prints, materials, detailing, and design silhouettes. This approach weaves a meaningful narrative through the collection, ready to be embraced by marketing and sales teams. This storytelling can be conveyed through lookbook photoshoots, showroom setups, runway presentations, and product copy.

THE PYRAMID OF THE PRODUCT RANGE

The range plan encompasses the entire collection and can be visualized as a product pyramid. The pinnacle of the pyramid showcases entirely new styles. These demand the most resources in development due to new pattern making, extensive fittings, required quality tests, and usually constitute about 10% to a maximum of 20% of the collection.

Adjacent to these new silhouettes, which often carry the collection's thematic essence, we find the core products. These form the foundational layer of the pyramid and transport the brand's DNA at its best. Often comprising bestsellers, core products may also contribute to the "Never Out Of Stock" (NOS) business in larger companies. NOS items remain available throughout the year and receive annual updates. These core products typically constitute 40% to 50% of the collection. As they transition from one season to the next, they are referred to as carry-over (CO) products.

Within the midpoint of the collection pyramid reside semi-carry-over (SCO) products. These are products extracted from the core lineup and enhanced through new materials, colors, or slight changes in silhouette, such as incorporating trend colors. SCO products have demonstrated success in previous seasons and are refreshed to excite existing customers while also captivating new ones. Moreover, investing in the development of SCO products is often more justified financially compared to entirely new silhouettes. This category accounts for around 30% to 40% of the collection.

ESSENTIALS OF COLLECTION SIZE AND VARIETY

For fashion entrepreneurs, a minimum of 10 styles and 20 articles should constitute your collection. A style pertains to a distinct pattern, while an article refers to a specific color repetition of that style. For instance, a hoodie represents a style, and offering the same hoodie in two colors constitutes two articles. To present a comprehensive collection and create an impactful brand image in various retail stores, a bare minimum of 20 articles is recommended. However, it's vital to understand that not every developed item will be adopted by retailers based on their target audience. Therefore, I advise offering no fewer than 20 articles for a seasonal collection.

STRATEGIC ARTICLE CATEGORIZATION

Determining whether articles are categorized as CO, SCO, or NEW requires a retrospective mirror-season analysis. This analysis involves assessing the performance of product groups, styles, and articles in terms of sales and profitability. Often, bestsellers align with the most profitable items, though occasionally, high-margin styles with lower sales volumes can yield substantial profit. Post-sales analysis, translate insights into actions, such as expanding specific product groups or reducing articles that haven't covered their development costs through sales.

ANTICIPATING FUTURE TRENDS AND CUSTOMER PREFERENCES

In addition to evaluating past sales, a forward-looking approach becomes essential, especially in the absence of a creative director. This involves trend research and competitor analysis to anticipate customer preferences for the upcoming season. Consider the kinds of products, colors, or materials that might intrigue customers and the time required for their development. Collaboration with the design team is crucial here, as they look into the future while conceiving design concepts.

STRATEGIC PRICING FOR MARKET POSITIONING

Finally, let's address pricing. The product manager bears the responsibility of price management and must establish a clear pricing strategy. The collection should span three price tiers (low, mid, high) and strike a well-balanced distribution across these levels. Early on, define the market position you want for your brand—whether it's positioned as budget-friendly and trendy, mid-range with quality focus, premium and image-conscious, or even a luxury approach.

CONCLUSION: THE BLUEPRINT FOR SUCCESS

In conclusion, the range plan emerges as the pivotal document and source of truth for your entire product collection. It undergoes continual updates throughout development, covering all product details and associated costs. This comprehensive file is shared across various teams and functions as the primary tool for a product manager.

If you're interested in seeing a range plan example, feel free to reach out, and I'll be happy to share one with you. Stay tuned for the next article, where I'll delve into further key aspects of successful product management.