As someone who has just begun taking on a retail position with a very well-known retailer, I can’t help but wonder what improvements, if any, can be made in their marketing strategies? The best way to find out if your company’s marketing strategies are sufficient, is through the use of the key tool: marketing research. Marketing research is an Incredibly valuable resource for brands in the fast-paced industry of fashion. Brands have the opportunity to make further decisions for the better of the company based on concrete data. These decisions can lead the brand to greater alignment with their customer demographics’ needs and overall brand identity.
How does marketing research bring value to the fashion industry?
Being that I’ve started a position with one of my favorite brands, Anthropologie, let’s use them as an example on how exactly marketing research can bring value to a brand. To start, customer needs and preferences can change on a whim, especially when it comes to fashion. Travel, trends, and seasons can all have an impact on what’s currently desirable to consumers. But with maintaining regular marketing research, it’s much simpler for brands, like Anthropologie, to keep up with the current needs of customers.
Through this deeper level of understanding, brands like Anthropologie have the opportunity to create a more personalized experience for their customers through tailored ad campaigns or personalized shopping experiences, which can increase customer loyalty and retention. And when using marketing research to study consumer shopping habits with the store, Anthropologie can make changes to their strategy to end up with less abandoned carts online or be able to convert aimless shoppers into legitimate customers. With the ever-changing fashion industry and a much faster trend cycle, it can be complicated for brands to maintain relevancy. But to reiterate the most important point, consistent investment into marketing research allows a brand like Anthropologie to remain ahead of the curve and be prepared to suit the needs of customers looking for the latest trends.
Marketing research helps to recognize what’s popular in fashion. Additionally, marketing research can bring value to a brand through helping to better understand target demographics and segmenting the market. One of Anthropologie’s greatest strengths is the ability to reach multiple demographics across different regions. This can become complicated, but marketing research can help Anthropologie to understand which regions and what specific demographics are they reaching the most, and begin to capitalize on that, making for a more concise strategy.
Lastly, maintaining proper marketing research tactics can help brands to create more efficient marketing campaigns by tracking the results of past campaigns, and paying close attention to how products are being promoted, organically and un-organically, based on social media and range of engagement.
What type of marketing research should be done?
If a brand like Anthropologie Is looking to release a new product line or collaboration they’re not sure will perform well, it’s always a possibility to test the products on a focus group and analyze the results before launching to the public. This tactic can help to mitigate the risk of financial loss over an unpopular product or even increase the opportunity of success.
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