A Fashion company that is geared up to deliver at short notice changes in demand from the market would always find itself being perceived as a company that is in tune with the latest trends. Most fashion companies that fade away into oblivion have been found wanting on this aspect alone. If a company can incorporate current fashion trends and introduce two new products a week to their retail chains they are in no doubt a company that is standing on a very strong wicket.
Know your customer and know the competition even better
Understanding customer profile is very important. As a first step the why, where, what and for whom your labels are meant for, needs to be thoroughly understood and analyzed. Once this is done the next step is to identify who the other current players are and the steps they take to stand out from the competition. This is the evaluation stage. The internet can be the best place to start this process of research.
Create Visibility Intelligently
Fashion companies often spend huge amounts of money on their advertising and marketing campaigns that affect the profit margins on the balance sheet substantially. Global retail giant Zara for example does not spend money on advertising at all. That by itself is strategic thinking. Social media platforms are here and are here to stay and mercifully they cost nothing. A business can send out its message instantly to its target audience in real time. If the message is attractively put out then it would have an instant cascading effect as the receivers would look after your job of passing the message around.
A fashion company that has a user friendly website that is highly interactive and informative with solid emphasis on communication via social media platforms in real time on an everyday basis is an invaluable tool especially in this line of business.
Customer Relationship Management
The fashion industry in general is acutely aware of how important referrals are to their business. It took just one walk by Mrs. Kennedy into small time retail outlet Chloe to make it an international success. The reason being that it was a place referred to her. Intimate knowledge of customers, their likes and dislikes, spending patterns, personally important days such as their birthdays, anniversaries etc need to be maintained in a database so as to serve them and inform them with a service that is perceived to be exclusive and personal.
The list can go on and on as there is no end to creative processes that can be used as effective tools to stand out from the competition. Unfortunately the writer has been given a brief of five hundred words that he has already overshot with over enthusiasm. “Happy Brand Positioning and all the best.”