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Market Research in Fashion: Meaning & Methods
Business owners and entrepreneurs can make confident, well-informed decisions to direct the development or evolution of their fashion businesses with the help of fashion market research, which offers them invaluable information. Market research may ensure efficient use of your marketing budget and raise the likelihood of business success, whether you are the owner of an established clothing company or are thinking about entering the fashion industry.
Participating in a market research campaign project may provide you with the assurance you require to succeed in a highly competitive sector of the economy. The ultimate purpose of fashion market research is to gather enough data to allow you to make judgements about your company that will help it succeed.
What is Fashion Market Research?
Understanding what your target market wants and will want in the future is the focus of fashion market research. Fashion market research includes everything to help you find business prospects for the upcoming season—and many more after—from their buying habits to the success of campaigns. Fashion market research has a variety of objectives. A company getting ready to launch its first collection may wish to consider how large the potential for their future market share is before deciding whether or not to go live.
Nevertheless, even major firms like Inditex and Chanel regularly monitor their target markets. They do market research to learn more about how various customer categories respond to market trends and certain marketing tactics. Additionally, they seek to understand customer spending patterns in order to spot potential development areas and untapped markets. While they’re doing it, they might even find a new customer group to target. In the fashion industry, long-term market research is all about gathering information that will enable a company to outperform the competition by simply strengthening relationships with their customers and developing new things they can’t resist buying.
Objectives of Market Research
The objectives of fashion market research are −
Recognize how consumers feel about your brand or that of a rival.
Find new markets, client segments, and growth opportunities.
Recognize the preferences of your current clientele as your brand develops.
Gain knowledge about consumer spending on wants and needs for fashion.
Assemble data on customer perceptions of and interactions with different fashion segments (e.g., fast fashion vs. luxury brands).
Recognize the ways in which consumer opinions and behaviour are influenced by fashion marketing initiatives.
Methods of Market Research in Fashion
Primary and secondary research are the two information methods that make up fashion market research. You may learn a lot about your target market and its many segments by studying both primary and secondary sources of information. These consist of:
Annual fashion spending in your sector
A comparison of the frequency of in-store versus online shopping for specific brands and/or clothing categories
How your brand is discovered by your target market and where
Shopping evokes
Predictions for spending
Advertising avenues
Product range
How popular your brand or products are
Planning to use both primary and secondary sources can help your fashion market research be successful and yield the greatest insights.
Primary Method
Primary market research is the process of gathering original information from first-hand sources. Primary data collection is more time-consuming, but it pays off with information that is highly pertinent to your particular industry and clientele. Additionally, it gives you control over the data you gather and use later. For fashion market research, the following primary information sources are the most beneficial:
Online survey tools for current or potential customers, or individuals in your target market who have not yet purchased from you,
Interviews conducted over the phone, in person, and in malls
Focus groups, as opposed to individual interviews, allow for regulated conversation among participants. This gives the group a chance to discuss a subject or trend and exchange ideas, which is very helpful when conducting fashion market research.
This provides marketers with a chance to see and comprehend how clients act in a natural environment. When it comes to fashion market research, fieldwork offers useful details on how consumers browse and shop both in-person and online (through casual observation and session replay tools).
User testing, which determines consumer interest and response, is frequently used to test new design concepts. Additionally, it is used to test out improvements to fashion websites and in-store shopping procedures.
Secondary Method
Secondary research is done by gathering information from already-existing, published sources; you don’t need to gather this information yourself because it has already been done. The secondary data should next be sorted through and organised to make it ready for analysis. Comparisons between the secondary sources and their primary source counterparts are essential to a thorough analysis. Secondary sources that are reliable for the fashion industry include:
Reports and white papers on market and industry research
Websites for the fashion industry
Government statistics, keyword research, and trend analysis
Websites, apps, mobile sites, advertisements, and other digital assets of your rivals.
Conclusion
To conclude, it has become increasingly important to comprehend the latest trends as the fashion industry becomes more and more difficult with each passing day. Fashion industry experts need to be aware of the target market and current trends, which can be done with the aid of fashion market research. Fortunately, the use of social media has made customer expectations easier to comprehend.
By regularly conducting online surveys and occasionally acquiring information about their wants and preferences, fashion industry professionals can use social media to reach a wider spectrum of target consumers. A thorough study of the fashion market offers insightful data that fashion industry executives may use to make decisions that will propel their companies’ outstanding growth.
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