Market research as we already know is the primary and one of the most significant elements of the marketing world.
One miss can cost you fortunes of business, clients, and money. This especially holds true for fashion brands. The fashion industry is vast and enormous and gigantic and ever-changing every minute of every day of every year. One brand brings a product into being and one minute it’s a hit and the next minute it’s a fail. That’s how quickly things in the fashion industry run.
Changes happen in the speed of light
Which is why it’s extremely tricky and hard to undertake market research in that arena. But it’s also very very necessary and important because if you launch a product that’s already become out dates then you’re looking at piles and piles of losses and diminished brand value.
Oceans and oceans of data.
A lot of data for both online and offline fashion market research in Brooklyn, New York is available.
It is extremely important for fashion and apparel brands to keep a check on the latest trends every second. It’s important they are all updated with the latest trends and what’s viral right now and which fashion sense is applauded and which is frowned upon. What’s hot now and what’s expected to raise the bar in the coming week. What innovation might work and what is sure to not! Sometimes Seasons change and sometimes they don’t.
What worked in the summer sometimes still trends in the fall months and sometimes falls flat in the peak season too.
Your pants flare get wider or narrower. I can’t really say what works today will work tomorrow. So how can various brands operate in this excessively dynamic and ever-changing market environment?
And more importantly, come on top of their fellow competitors because everyone is aware of the competition that is fiery and intense in the fashion and apparel industry.
The answer here is simple.
The process may be extensive, complex and require a lot of effort but the answer is simple. Constant and vigilant market research and analysis.
Constant collection of extensive comprehensive data and constant real-time analysis of these data. Moreover researching and analyzing customer behavior and buying patterns is also required as a part of comprehensive market research for fashion brands. Understanding what they buy when they buy and what trends they show is imperative to market research for fashion brands. Because ultimately we are doing this for the customers.
Also since this is a digital arena and most of the shopping these days are done via online modalities. So researching and collecting data and real-time information on that arena is also very important. Because the online base is extremely vast and reaches worldwide. So we are in a position to target many customers from across the globe when we are aware of what they buy and what behavior they inhibit.
Conclusion
Adequate real-time and efficient market research is a given when it comes to marketing of the fashion brands. Competition is vast and changes take place at warp speed. It is always important to be on the top of your marketing game even on your bad days. This is why it is important to constantly keep undertaking, updating and upgrading your marketing research and data collection.
Iskra Banović is our seasoned Editor-in-Chief at BlueFashion. She has been steering the website’s content and editorial direction since 2013. With a rich background in fashion design, Iskra’s expertise spans across fashion, interior design, beauty, lifestyle, travel, and culture.
