Market Research 101

Market Research 101

Posted by on Jan 9, 2019 in Emerging Designers, Fashion, Industry Know How, Marketing, Mentee | 0 comments

When launching a new label into the current landscape of the fashion industry, you can never do too much research! Knowledge is power, and a thorough understanding of where your brand sits alongside your competitors is something that will help in shaping the personality of your brand.Each month our Fashion Label Launch Pad students participate in a hosted group call to discuss queries and questions they are experiencing in the journey of starting up new fashion labels. Last month we discussed what to consider when carrying out market research and how to implement your findings to better your label as a whole. Here are our top considerations!SWOT AnalysisAnalysing your business’ strengths, weaknesses, opportunities and threats is the first step in helping to determine where your label fits against your competitors in the marketplace you are appealing to, plus the wider fashion marketplace at large.What are your strengths? Is it the team you have behind you? Or is it the technology you have at your fingertips to create your unique garments? What is going to give your business a leg up in this industry and how do you stand out from the crowd?Your weaknesses can be evaluated alongside unexpected threats. Knowing your label’s disadvantages early on will help in staying well prepared for anything that comes your way, therefore being able to problem solve quickly and effectively.Business Plan/ MarketingWhat do you want the next 3-5 years of your business to look like? In the early stages of your label never underestimate the power of goal setting. Set your goals high and don’t stop until you get there!Think of your budget. What costs are going to be involved? How much and how frequently? What about unexpected costs, how are you placed to deal with them?Know your expenses vs your income and use your market research to help in formulating your tailored business plan.Important Considerations and ToolsWhat is the size of the marketplace/ or segment of the marketplace you want to operate in? What are the current trends? Does this segment need another label and how can you position yours to succeed?What is the price point for your product? How does this fit into your desired marketplace?What other labels are selling similar garments at similar price points? You can observe their social activity, marketing and publicity campaigns to help give some direction on how to conduct your own marketing of your label.Useful toolsEcommerce platformsFashion/ trade magazinesPrint and online industry mediaDiscussions with other like minded brands and labels in your marketplaceUse of focus groupsContact Sample Room today to see how we can guide you in formulating your tailored business plan and assist in the success of your new fashion...

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Influencer Marketing

Influencer Marketing

Posted by on Jul 12, 2017 in Emerging Designers, Fashion Design, Follow the Label, Industry Know How, Sample Room Solutions | 0 comments

Influencer marketing. Have you heard of it? It’s huge these days. But what is it, really? Even if you haven’t actually heard of it, or recognised the term, we reckon you’re probably aware of it.Wikipedia defines influencer marketing as a form of marketing where the focus is placed on key individuals, or one in particular, rather than the target market itself 1. It’s really the sway of one individual over others, influencing choices, purchases, and lifestyles. We already know that people buy from others that they know and trust. Influencer marketing builds on that premise and is about people buying from other people who they admire and respect, and importantly, who are seen as authentic.But how does that affect you as a person who’s about to delve into the market? At Sample Room, we think influencer marketing has the potential to impact your business and the ultimate success or failure your brand. There’s a lot of murky waters surrounding influencers, so it’s best to be well-informed. Here are a few tips for you to ponder.• You need to think about your brand, about who you want to represent it. If your brand is luxury bed linen, you need to approach someone who embodies class, all things luxe and lavish.• Do your homework before you get involved with an influencer. There’s a lot of fake influencers out there, those who are in it only for the perks. Some want to be paid for their role in promoting your brand, others are content with discounts off your merchandise. Your homework should include an understanding of the other brands that the influencer works for, to make sure they complement yours, not compete against it.• To use an agent or not to use a PR agent? An agent might provide much-needed assistance to wade through these murky waters, but it comes at a mighty cost. Can you afford the outlay of an agent’s fees for your brand? Can your brand afford not to use an agent? You alone can answer this.Influencers do speak with each other. Despite it being a huge part of the marketing world, it’s still small enough for influencers to know each other. While you’re doing your research behind influencers, before you make your pitch, make sure you tailor your request to the individual influencer. Think about why you want to work with that particular person, and what is specific about them. Don’t simply ‘copy and paste’ your requests, as it will reflect poorly on you and your brand. You can also use various apps such as Tribe and Brandsnob.• Draw up a contract. Clearly outline what you want from the influencer, and what you’ll give them in return, whether that be product or payments. This is a business relationship, not a friendship or a favour. Make sure that the influencer follows through with what they say they will do...

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