Style Marketing Planning
What's in a fashion marketing campaign?
This article explores the components of a fashion marketing plan and how fashion brands can enhance their marketing strategy. Style marketing is concerned with meeting the needs, would like, and demands of your targeted consumer, and these goals are accomplished using the marketing mix.
Trend marketing is distinct from fashion public relations in this fashion PR is solely concerned with communications and how the rand name communicates with and resonates with it can targeted consumers.
A fashion marketing plan targets four essential concepts:
1. product development
2. distribution management
3. communications
4. cost.
In order to implement an efficient advertising campaign, the marketing mix must be consumer centric and focused on niche markets rather than catering to mass marketplaces. This concept simply means that the marketing strategy and implementation should have consumers and their needs, wants, and demands in the forefront and with an extremely defined market that it intends to targeted.
Niche marketing is more focused and cost-effective and allows the marketer to give attention to a particular market segment. Otherwise, a mass marketing campaign is all over the place and is lacking in a defined consumer to market to.
As an example, imagine if the luxurious brand Louis Vuitton was a mass retailer and did not focus on a niche market. Essentially, this could mean that Louis Vuitton would market its products to the masses, when in fact this is unrealistic. Louis Vuitton's price does not allow the brand to cater to the masses, this is why the brand channels all of its marketing communications to the luxury market. However, that does not suggest that the rand name is off limits to consumers who do not exactly fall into the luxury market; it just means that the communications strategy and the brand identity would speak out loud more with consumers in the luxury market. This approach allows the business to remain competitive and effective in its strategic method.
Components of a Fashion Marketing Plan
1. Product Development
The most important component of the product development stage is not the product itself. The product is merely the byproduct of this phase. The most important component of this phase are the consumers. Consumers dictate all the components of the marketing plan, and consequently, dictates what the method. Keep in mind that today's highly competitive global marketplace requires that businesses are consumer centric and concentrate on serving consumer's needs. Consumers dictate what the pricing strategy will be, the points of distribution, the communications strategy, and the final product outcome. In the example given above regarding Louis Vuitton, the targeted consumers dictate the actual associated cost and value will be for the rand name.
There are two orientations of the product development phase. The business enterprise can be product-oriented and choose to develop products first then market it to its targeted markets. Additionally, the company can be more market-oriented and segment the markets first to determine their specific needs, wants, and demands then create the product to meet those wants.
Due to the transient nature of the fashion industry, fashion marketers are under short marketing cycles since product needs are seasonal. As the seasons change so do trends and tastes. Consequently, marketers are required to constantly modify their product offerings with time.
2. Price: Cost vs Benefit
The pricing strategy purely relies on the market segmentation. Having a consumer centric marketing focus, the prices strategy would take into account the associated costs to the consumer and the value afforded to the consumer. Pricing may vary based on the market segment and the perceived value of the product or brand. A consumer buying extra brand perceives the product to be more valuable and in change is willing to pay more for the product in contrast to a price-sensitive consumer or a product that is produced in higher quantities with little differentiation.
3. Distribution Administration
The distribution strategy establishes the convenience and availability of the product. Standard distribution channels for fashion marketing agency Los Angeles brands include branded flagship stores, independent retailers, division stores, and online distribution. The more distribution programs used the more extreme the brand's exposure and the greater the supply to consumer markets.
4. Promotions & Communications
The particular promotional strategy entails how the brand will attract their buyers and the series of activities used to communicate to the aimed consumers. The activities in this phase include establishing the brand and its identity, sales promotions, public relationships, product placement, advertising, event marketing, and sponsorship's.