Solved: Marketing Plan for Bespoke Suit Company to Secure Funding

Hi there,

Thanks for reaching out about your bespoke suit company. I'm happy to give you some initial thoughts and guidance on how paid advertising can help you build that pre-launch email list and impress potential investors. Getting funding for a new venture is never easy, so it's important to present the most convincing picture possible.

We'll need to look at realistic customer acquisition costs...

Let's start with the customer acquisition cost (CAC). It's understandable that you don't know where to begin in estimating these costs, it can be tricky pre-launch. The truth is, it's almost impossible to give you an exact figure upfront, as it'll depend on so many factors. The level of competition, the perceived value of your product, the quality of your marketing, and many other variables that can effect the outcome. Don't just pull figures out of thin air.

The key is to start small and test. I’d suggest running some initial small-scale campaigns, testing different ad copy, target audiences, and offers. This will allow you to gather some initial data on cost per click (CPC), click-through rate (CTR), and conversion rates. Even if these numbers are preliminary, they'll give you a much more realistic idea of what you can expect. It's better to have real numbers, even if they're preliminary, than to pull figures out of thin air.

Bear in mind that the goal isn't necessarily to achieve profitability at this stage, but to demonstrate potential and provide investors with realistic projections. Investors will want to see that you've done your homework and have a data-driven approach to customer acquisition. I would run campaigns for at least two weeks before making any changes or conclusions.

Warning: don't pour too much money in to one ad or audience right away. Give everything a chance, and then assess if it's worth scaling.

I'd say you need a compelling lead magnet...

Instead of focusing solely on direct sales pre-launch, think about using paid ads to offer something of value to potential customers. Something that’s related to your core product (bespoke suits) but doesn't require them to make a purchase immediately. This is also known as a lead magnet and it’s really important to make it good.

Here are a few ideas:

-> Free style consultation: This gives people the chance to get expert advice and personalized recommendations, while also providing you with valuable insights into their preferences.
-> A guide to choosing the perfect suit: This could cover everything from fabric types to fit to occasions, positioning you as an authority in the field.
-> Exclusive access to pre-launch offers: This creates a sense of anticipation and encourages people to sign up for your email list in order to be among the first to know about special deals.

I remember one software client we worked with faced a similar challenge. We helped them generate 4,622 registrations at a $2.38 cost per registration for their B2B software using Meta Ads. They then used that email list to demonstrate real demand to investors, which ultimately secured their pre-seed funding. Plus, it’s a great sales tool for later once the funding is sorted and you're ready to scale.

You probably should target the right audiences...

When setting up your paid ad campaigns, targeting is absolutely essential. You need to ensure your ads are being seen by the right people. Here are a few strategies:

-> Location targeting: Focus on areas where your target customer is most likely to live or work.
-> Demographic targeting: Target specific age groups, income levels, and education levels.
-> Interest-based targeting: Target people who are interested in fashion, style, luxury goods, or related topics.
-> Custom audiences: Upload a list of existing customers or email subscribers to create a custom audience that you can target with your ads. This is a great way to reach people who are already familiar with your brand.

We've run campaigns that have worked, and some that haven't. It's all about testing and analysing the data to see which audiences are most responsive to your ads. For the campaigns that did work, the data helped us dial in and deliver even better returns.

You'll need to think about ad platform selection...

With the correct platform, you can find a great audience. The choice of ad platform will depend on your target audience and budget. Here are a few options to consider:

-> Google Ads: This is a great option if you want to reach people who are actively searching for bespoke suits or related services. You can target specific keywords and show your ads to people who are most likely to be interested in what you have to offer.
-> Meta Ads (Facebook/Instagram): These platforms are great for reaching a broad audience and targeting people based on their interests and demographics. They are good for building brand awareness and generating leads.
-> LinkedIn Ads: This platform is ideal for targeting professionals and businesses. If you're targeting high-net-worth individuals or corporate clients, LinkedIn could be a good choice.

Each platform has its strengths and weaknesses, so it's important to test different options and see which ones work best for you. We've seen success with all of these platforms, depending on the specific needs and goals of our clients.

I've detailed my main recommendations for you below:

Building a pre-launch email list and demonstrating interest to investors requires a strategic approach and a willingness to experiment. By following these tips, you can create a marketing plan that helps you achieve your goals and secure the funding you need to launch your bespoke suit company.

Hope this all makes sense. You may want to consider working with someone who has experience with paid advertising, we can review your accounts and strategy together and usually that is really helpful for clients who want to take the next step and get a taste of what it might be like if they decided to work with us. Feel free to book in a free consultation if that sounds of interest. The link is in my bio.

Regards, Team @ Lukas Holschuh