It has become increasingly more clear over the last few years that the core of the fashion industry has undergone significant changes affecting every aspect of our business…WHAT sells, HOW it sells, WHO it sells to and WHY it sells. With this changing marketplace and the challenges we face to remain creative and profitable, following are some thoughts about the evolution of the business of fashion and what it takes to be successful.
KEYS TO SUCCESS:
I. Create Value & Emotional Connectivity
- Brands MUST grab the consumer from development to distribution.
- The Price-Value relationship is critical: Expensive does not mean better anymore. Promotional activity in the marketplace allows consumers more options at all price points. Every retailer that I work with from mid-tier to premium says its customers absolutely look for a high perceived value in each item before deciding to purchase. Whether through novelty or embellishment, beautiful fabrication and construction or a trusted brand name, the customer has to feel good about the purchase.
- Connect to all senses: Consumers are looking for superior shopping experiences, whether online or in-store, that trigger positive feelings and inspire brand loyalty. Brands like JCrew, Alternative Apparel, Ralph Lauren, Apple and Starbucks are doing this better than the competition in their retail stores.
- Social Media: We all know the buzz around social media, but the apparel industry has been slower than other industries to utilize the latest and most effective social media tools. The key is developing new customers, not just servicing the already-converted. Focus marketing efforts outside of conventional brand websites to include Facebook, Twitter, blogs, and/or partnering with other out-of-the-box thinkers in the industry to associate your brand with innovation and relevance.
II. KNOW YOUR CUSTOMER
- To be able to establish an emotional bond and be relevant to your customer, you must know everything you can about him/her.
- What is her lifestyle? Age? Median Income? Is she a trend-setter or follower? Is brand association important to her? Is she career-focused or more casual? What kind of music does she like? Does she read? Surf the internet? Like art or food? What social media outlets does she trust and use? You get the picture….
- From this knowledge, you know how to reach her – where to do a pop-up store, whether blogs work better than email blasts, what other partnerships to enter into that could align your brand with other key industries, product categories or lifestyle associations, etc…
III. BE FLEXIBLE
- Whether a retailer or wholesaler, you must be able to react…and be proactive IN-SEASON.
- Build room in your line plan or seasonal open-to-buy to be able to react to trends and shifting directions in the market.
- For brands that believe in a trend….really believe in it! Don’t offer one SKU…offer an assortment that best represents what you feel strongly about. Partner with your retailers to get them to support you.
IV. EDUCATION
The people in the fashion industry that most inspire me and who are the most successful take time out of their very busy schedules to educate themselves on what is going on around them. You cannot stay ahead of your competition if you don’t know what the competition is doing!
- Subscribe to trade publications such as WWD
- Subscribe to trend or predictive services if in the budget. If not there are many, many new trend-focused blog sites and online resources that are much more affordable and very informative
- Shop stores weekly
- Go to vintage stores and flea markets
- Attend industry conferences
- Stay up on social media trends and business opportunities
- Network in and out of the industry…business comes from some unexpected places!
