In today’s fast-paced world, fashion trends are changing at lightning speed. Market Research to Stay on Top of Fashion Trends trends used to evolve slowly over the course of months or even years, today’s consumer can embrace a new trend as soon as it appears on social media or on the runway in New York or Paris.
In order to stay relevant and competitive in today’s global marketplace, businesses need to keep their finger on the pulse of what customers want and that starts with good market research and data analysis strategies.
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Observe other brands
You can learn a lot about your own company and how to improve it by looking at other companies.
Simply keep an eye out for what they’re doing and see how you could apply that to your own business.
Pay attention to details like their advertising, packaging, product design, and more.
The next time you have an idea for something new or want to try something different with your brand, think about how another company might do it differently from you and then think about why.
If there are reasons why their way is better than yours, change course, or if there are reasons why yours is better than theirs, go with that instead.
Do your homework before buying trends
The first step in staying up-to-date with fashion trends is knowing what’s out there. With more and more retailers, bloggers, brands and other organizations using social media as a platform for their message there’s never been a better time for market research.
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If you’re not actively involved in fashion, it might sound intimidating; however, there are lots of ways you can stay up-to-date without losing your own personal style or wasting money on trends that won’t work for you.
Talk with customers
It’s very easy in fashion to get caught up in design details, trends and textures. But if you don’t stay close to your customers by listening to what they want, then you could miss out on a business opportunity. How often do you pick up the phone and call some of your best customers? Do you talk with them face-to-face? It sounds obvious, but sometimes it’s better to ask how they use your product than why they like it. Always be sure that you know what they think is working (and not working) about your products or service so that you can improve them or expand their usefulness.
Study competitors
Before you can design a killer fashion line, you need to know what’s out there and what’s working. Look at competitors’ clothes, and consider how your products compare in terms of pricing, size, look and feel, quality and so forth.
If there are major holes in your competitors’ offerings that can be filled with a new product idea or if one brand is clearly more successful than others, it may make sense for you to dive deeper into market research methods.
Take risks
Don’t be afraid to take risks when it comes to fashion. When you fall in love with an item, buy it in multiple colors or prints if you think you’ll wear them often. Although wearing designer items may seem out of reach for someone just starting out, don’t write them off entirely—you can find affordable brands and still look fashionable.
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Wrap Up
Although there are several methods for obtaining market research, online surveys remain one of the most convenient and affordable.
The right software can help you run an effective survey and receive comprehensive results within a short amount of time. Ready to start your own fashion business? Take advantage of what you’ve learned today by reviewing my list of recommended market research tools. You’ll have all your marketing bases covered in no time.