If there’s one thing certain, it’s that the fashion industry is very volatile. New trends pop up all the time while old ones become obsolete and forgotten. The fashion industry is a winner-takes-all industry, and, to be a winner, you need to stay at the top of your game all the time and always be a step ahead of your competitors.
But, how does one do this? How does a fashion business keep ahead of not only their competitors but their customers as well? Well, if you’d like those questions answered, stick around and you’ll soon find out the secrets behind every big fashion brand’s success.
Social Media and Social Listening
The first thing you must know when you're in the fashion industry is that social media and fashion are closely intermingled. Social media platforms have become the number one place for brands to market their products and the first place to look for exposure. Social media allows a brand to form a community around their product, get in touch with their customers, utilise influencers and create the ideal environment for word-of-mouth marketing.
With that being said, social listening is a must-have skill for every individual looking to make it in the world of fashion. Social listening lets you hear your customers’ takes on your brand, which, then, allows you to tailor your products more toward them. It also lets you reach out to your followers on a personal level, something most customers greatly appreciate. Finally, it lets you keep tabs on your competition, as you can view their new releases and move to intercept them.
Data Analysis
In the modern fashion industry, numbers are king. The more data you have, the more information you’ve gathered, the more accurate your future projections are. One of the biggest trade secrets behind the success of the most influential brands is their ability to collect and analyze data, then make an educated move based on the information derived from that data.
Luckily, gathering data is easier than ever in this internet age. Social listening is the first step toward gathering accurate and consistent data, but there are plenty of tools you can use to keep track of how your brand and products are doing when they hit the market.
Fast Fashion
“Fast fashion” is the phrase on everybody’s lips in the fashion industry today. It’s the latest craze and the most successful business model in our fast-paced world. But what is fast fashion anyway?
Fast fashion is a business model that focuses on prediction and the speed of delivery. It's a somewhat risky model, but it's also one that's the most cost-effective, allowing the top brands to stay on top with consistency. The core of this business model is staying up to date with the latest trends, which allows the brands to act quickly and get their designs out to their suppliers in a hurry, which, in turn, allows the product to be made and ready to hit the shelves in just a few days.
This, however, somewhat compromises the quality and the fit of the product, but numerous surveys suggest these products sell the best and the fastest because they’re so fresh and trendy.
Finally, the key to a successful fast fashion campaign is having the right supplier. Whether you’re looking to buy clothes in bulk from a wholesale retailer or you've got a factory at the ready, it is of utmost importance that your supplier shares your vision and makes timely deliveries.
Skill Diversification
One of the key elements of success in the modern fashion industry is learning new skills and diversifying. Gone are the days where you would have separate departments that focus only on the product or on data analysis. Nowadays, fashion brands look for people that can do both, individuals that have a diverse and adaptable set of skills. This enables the brands to move information faster between their employees and departments, which, in turn, speeds up the process between analysing and projecting the new trends, designing and making a product.
So, if you’re looking to succeed in today’s fashion industry, always be ready to learn new things. You’re not just a designer; you’re a whole department in one person. Self-improvement is paramount if you’re looking to move up in any industry, but it is nowhere more pronounced than in the world of fashion.
The world of fashion is volatile and ever-shifting, and, to stay afloat, you have to adapt quickly or close your doors. It's a fairly cutthroat business where the victor gets to hog all the spoils while the losers ship out. If you're looking to go into this line of business, be ready for fierce competition and stay a step ahead of your opponents, and you’re surely come out on top.
