Fashion marketing planning
On September 28, 2021 by Emma CollymoreWhat is in a fashion marketing campaign?
This article explores the components of a fashion marketing plan and how fashion brands can improve their marketing strategy. Fashion marketing takes care of meeting the needs, desires and requirements of your target consumer, and these goals are achieved through a marketing mix.
Fashion marketing differs from fashion public relations in that fashion PR deals exclusively with communications and how the brand communicates and resonates with its target consumers.
The fashion marketing plan focuses on four essential concepts: 1) product development, 2) distribution management, 3) communication and 4) cost. To implement an effective marketing campaign, the marketing mix must be consumer-oriented and targeted at niche markets rather than mass markets. This concept simply means that the marketing strategy and its implementation must have in the foreground consumers and their needs, desires and requirements with a very specific market on which it intends to focus.
Niche marketing is more focused and cost effective and allows marketers to focus on a specific market segment. Otherwise a mass marketing company is everywhere and has no specific consumer to promote.
For example, imagine if the luxury brand Louis Vuitton was a mass retailer and did not suit a niche market. In essence, this would mean that Louis Vuitton would sell its products to the masses, when in fact it is unrealistic. Louis Vuittton’s price doesn’t allow the brand to cater to the masses, so the brand directs all of its marketing communications to the luxury market. However, this does not mean that the brand is banned for consumers who do not exactly enter the luxury market; it simply means that the communication strategy and brand identity will be more resonant to consumers in the luxury market. This approach allows businesses to remain competitive and efficient in their strategic approach.
Components of a fashion marketing plan
1) Product development
The most important component of the product development phase is not the product itself. The product is only a by-product of this phase. The most important component of this phase is consumers. Consumers dictate all components of the marketing plan, and hence the product. Keep in mind that today’s competitive global marketplace requires businesses to be consumer-focused and focused on meeting consumer needs. Consumers determine what the pricing strategy will be, the distribution points, the communication strategy and the end result of the product. In the example above regarding Louis Vuitton, target consumers determine what price and value will be for the brand.
There are two orientations at the product development stage. Businesses can be product-oriented and choose to first develop products and then sell it to target markets. In addition, businesses can be more market-oriented and first segment their markets to identify their specific needs, wants, and requirements, and then create a product to meet those desires.
Due to the transitional nature of the fashion industry marketers are in short marketing cycles as product needs are seasonal. With the change of seasons, trends and tastes change. Therefore, marketers need to constantly change their product offering over time.
2) Cost: Cost versus cost
The pricing strategy is strictly based on market segmentation. Taking into account consumer-oriented marketing, the pricing strategy will take into account the associated costs to the consumer and the cost it provides to the consumer. Prices may vary depending on the market segment and the value of the product or brand. The consumer who buys a luxury brand perceives the product as more valuable and, in turn, is willing to pay more for the product compared to the price consumer or a product mass-produced with minimal differentiation.
3) Distribution management
The distribution strategy determines the convenience and availability of the product. Traditional channels of distribution of fashion brands are branded flagship stores, independent sellers, department stores and online distribution. The more distribution channels used, the more impactful the brand is and the greater the accessibility to consumer markets.
4) Promotions and communications
The advertising strategy involves how the brand will attract buyers, and a number of activities used to communicate with target consumers. Activities at this stage include brand development and identity, sales promotion, public relations, product placement, advertising, event marketing and sponsorship.
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