What's in a fashion marketing campaign?
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This clause explores the components of a fashion marketing plan and how fashion brands can enhance their marketing scheme. Fashion marketing is concerned with meeting the inevitably, wants, and demands of your targeted consumer, and these goals are accomplished exploitation the marketing mix.
Fashion marketing is distinct from fashion PR in this fashion PR is alone concerned with communication hypothesis and how the brand communicates with and resonates with it's targeted consumers.
A fashion marketing plan focuses on four essential constructs: 1) product development, 2) distribution management, 3) communication hypothesis, and 4) cost. In order to implement an effective marketing campaign, the marketing mix must be consumer central and focused on niche markets rather than catering to mass markets. This construct simply means that the marketing scheme and implementation should have consumers and their inevitably, wants, and demands in the forefront and with a very defined market that it intends to target.
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Niche marketing is more focused and cost-effective and allows the marketer to revolve around a particular market segment. Otherwise, a mass marketing campaign is all over the place and lacks a defined consumer to market to.
As an example, imagine if the luxury brand Louis Vuitton was a mass retail merchandiser and did not cater to a niche market. Essentially, this would mean that Louis Vuitton would market its products to the masses, when as a matter of fact this is unrealistic. Louis Vuittton's price point does not allow the brand to cater to the masses, which is why the brand channels all of its marketing communication hypothesis to the luxury market. However, that does not mean that the brand is off limits to consumers who do not exactly fall into the luxury market; it just means that the communication hypothesis scheme and the brand identity would resonate more with consumers in the luxury market. This approach allows the business to remain competitive and effective in its strategic approach.
Components of a Fashion Marketing Plan
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1)Â Product Development
The most important component of the product development phase is not the product itself. The product is just 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 product is. Keep in mind that today's extremely competitive global marketplace requires that businesses are consumer central and revolve around serving consumer's inevitably. Consumers dictate what the pricing scheme will be, the points of distribution, the communication hypothesis scheme, and the final product outcome. In the example given above regarding Louis Vuitton, the targeted consumers dictate what the associated cost and value will be for the brand.
There are two orientations of the product development phase. The business can be product-oriented and choose to develop products first then market it to its targeted markets. Alternatively, the business can be more market-oriented and segment its markets first to determine their specific inevitably, 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 inevitably are seasonal. As the seasons change so do trends and tastes. Consequently, marketers are required to constantly adjust their product offerings with time.
2) Price: Cost vs Value
The pricing scheme strictly relies on the market segmentation. With a consumer central marketing focus, the pricing scheme would allow the associated costs to the consumer and the value afforded to the consumer. Pricing may vary supported the market segment and their perceived value of the product or brand. A consumer buying a luxury brand perceives the product to be more valuable and in turn is willing to pay more for the product compared to a price-sensitive consumer or a product that is mass produced with minimum differentiation.
3) Distribution Management
The distribution scheme determines the convenience and availability of the product. Traditional distribution channels for fashion brands let in proprietary flagship stores, independent retail merchandisers, department stores, and online distribution. The more distribution channels used the more intense the brand's exposure and the greater the availability to consumer markets.
4) Promotions & Communications
The promotional scheme entails how the brand will attract its buyers and the series of activities accustomed communicate to the targeted consumers. The activities in this phase let in developing the brand and its identity, gross revenue promotions, PR, product placement, advertising, event marketing, and sponsorships.
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