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Blog
21.Sep.2022

How to start your brand business in compression socks

The COVID-19 pandemic has made a drastic impact on our daily lives. To contain the virus, most countries have taken some measures. For example, people are being told to follow the social-distancing rule and the non-essential shops, such as restaurants, clothing stores, etc., are forced to shut down businesses. A ‘new normal’ has therefore come out to the fore.
     Online retailing has ever since become crucial for consumers amid the coronavirus situation. In the past few months, the statistics have shown that online selling has made a huge standout compared to offline selling. As one of the leading compression socks manufacturers in the world, SUNPOLAR wants to share our opinions. 

If you are planning to develop compression products to sell online, you’d better not miss out on the following marketing guidance.


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1.Target Market:

     Before settling down for a new brand or product development, have you thought about who would buy your product? Is it for the youngsters or the elders? Is it for daily use or special occasions? Is it made from recycled materials? Once you have targeted at a specific customer group, you are then able to set a retailing price according to their buying preferences and characteristics. In doing so, it will make you easier to create a marketing plan that is consistent with your brand identity.
 

2.Product:

     After you have decided who your target customer group is, the next step is to think about how to make your product stand out in a competitive market. If you are to sell functional sports socks, you have to consider which sport you want to target on. Take cycling socks, for example, if the cycling socks feature in the graduated compression, breathability, moisture-wicking, anti-odor, arch support, cushion padding and seamless toe, etc., it is much more likely to become a great hit in the market.
     If you are to sell graduated medical socks, getting to know the local medical regulations is a go-to starting point. Normally, you will need to apply for a medical license in order to sell medical products legally; in some occasions, you may be requested to have your products inspected by an official inspection authority before being able to sell in the market.

 

3.Place:    

     If you intend to do online business globally, you will have to do comprehensive research to get grasps of cultures, languages, and business activities in different countries. It is always better that you can get yourself immersed in the place that you are interested in doing business to understand what online shopping websites they are browsing and how the local cultures influence their buying behaviors so that you can hit the target consumers effectively and efficiently.

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4.Price:    

     Cost price will vary based on the product quality and where the product is made as different country has different labor costs. If you are struggling with setting prices, why not visit/browse the competitors’ selling prices to get a rough idea. Once you have built a price-setting knowledge, you will have to consider every cost that may incur along the way, such as advertising costs, labor costs and transport costs. In general, the wholesale prices of high-end compression socks and functional socks will be 5-8 times the retailing prices.
 

5.Promotion:    

     In the beginning phase of the product promotion, you can utilize E-Commerce platforms, such as Amazon and Walmart, to sell your products, as well as establish your brand identity. In addition, you can create an official page via social media platforms (YouTube, Facebook, Twitter, Instagram, and TikTok, etc.) to communicate with your targeted and potential consumers directly.
 

6.Customer Experience:    

     Have you ever thought about what you would like your consumers to experience throughout the entire buying process? In order to build brand awareness and consumer preference, it is crucial to engage with consumers from the moment they discover your brand. The engagements can include the interactions on social media platforms, advertising and after-sales service, etc. Therefore, it is important that your brand ethos is all aligned along the way so that your consumers will be loyal to your brand and product. For example, if your brand makes a 7-day return and refund guarantee, only to find that it is not the case; it will greatly affect other potential consumers’ perceptions towards your brand.

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     SUNPOLAR has more than 20 years of experience in manufacturing graduated compression products. We are dedicated to working with various brands across the globe to develop products that would become great hits in the market. From yarn material to product structure and content, we are capable of providing the most professional advice to help you develop a product catering to consumer needs. With our persistence in quality and innovation, we have partnered with various brands from around the world. If you have any inquiries about medical or athletic compression products, please feel free to send us an email or follow us on LinkedIn and Twitter for the latest news.
 

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