Fashion Brand Can Have More Than 1 Target Market Fashion Marketing Planning

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Fashion Marketing Planning

What’s included in a fashion marketing campaign?

 

This article discusses what constitutes a fashion marketing plan and how fashion brands can enhance their marketing strategy. Fashion marketing is concerned with meeting the needs, wants, and demands of its target consumers, and these goals are achieved using the marketing mix.

Fashion marketing differs from fashion PR in that fashion PR is only about communication and how brands communicate and resonate with their target consumers.

A fashion marketing plan focuses on four key concepts: 1) product development, 2) distribution management, 3) communication, and 4) cost. To run an effective marketing campaign, your marketing mix must be consumer-centric and focused on niche markets rather than catering to the mass market. This concept means that your marketing strategy and execution must put consumers and their needs, wants and demands at the forefront and clearly define your target market.

Niche marketing is more focused, cost-effective, and allows marketers to focus on specific market segments. Otherwise, mass marketing campaigns will be all over the place and the consumers to be marketed to will not be clearly defined.

As an example, let’s say the luxury brand Louis Vuitton was a mass retailer and didn’t serve a niche market. Essentially, this means that Louis Vuitton sells its products to the masses, but in practice this is unrealistic. you can’t. As such, the brand directs all marketing communications towards the luxury market. But that doesn’t mean the brand is off-limits to consumers who don’t exactly fall into the luxury market. That means communication strategies and brand identities resonate with consumers in the luxury market. This approach allows businesses to remain competitive and effective in their strategic approach.

Components of a fashion marketing plan

 

1) Product development

The most important factor in the product development stage is not the product itself. Products are just a by-product of this phase. The most important component of this phase is the consumer. The consumer dictates all the components of the marketing plan and, as a result, what the product is. Keep in mind that in today’s highly competitive global marketplace, businesses are consumer-centric and need to focus on serving their needs. Consumers determine pricing strategies, distribution points, communication strategies, and final product results. In the above example of Louis Vuitton, the target consumer determines the associated costs and brand value.

There are two directions in the product development phase. The business is product oriented and you can choose to develop the product first and then market it to your target market. Alternatively, businesses can become more market oriented, segmenting the market first to determine specific needs, desires, and demands, and creating products to meet those desires.

Because the fashion industry is transient, fashion marketers have shorter marketing cycles as product needs change seasonally. Trends and tastes change with the change of seasons. As a result, marketers must constantly adjust their product offerings over time.

2) Price: cost and value

Pricing strategies are strictly dependent on market segmentation. Pricing strategies focused on consumer-centric marketing consider the costs associated with the consumer and the value provided to the consumer. Prices may vary depending on market segment and perceived value of the product or brand. Consumers who buy luxury brands perceive products to be of higher value and are more willing to pay more than price-sensitive consumers or mass-produced products with minimal differentiation. do not have.

3) Distribution management

Your distribution strategy determines the convenience and availability of your products. Traditional distribution channels for fashion brands include brand flagship stores, independent retailers, department stores, and online distribution. The more distribution channels used, the more intense a brand’s exposure and availability to the consumer market.

Four) Promotion and communication

A promotional strategy includes how a brand attracts buyers and the set of activities used to communicate with the target consumer. Activities in this phase include brand and identity development, promotion, public relations, product placement, advertising, event marketing and sponsorship.

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