A designer needs to have a firm understanding of his/her customers. It is important for fashion professionals to know about the latest fashion trends and ongoing scenarios in the fashion industry, and to facilitate sourcing this information, fashion market research comes into play.
Market research in fashion helps create a ground for designers to gain insight into how to come up with decisions that are not only informed but also well-guided when it comes to building a business. The number one misunderstanding about market research involved when to carry it out.
A lot of companies in fashion spend a ton of time, money, and energy on building a product and then move on to select target customers by entrusting marketing professionals with the job. But this is the wrong approach. First, the customer at hand needs to be considered and researched about, and then the designer can move on to design something around those requirements.
2020 brought with it added challenges of the pandemic, and hence, now it has become all the more important for a fashion professional to know which projects to invest in and why. This is exactly where the role of market research in fashion comes in. Market research would provide one with a broad overview of the best players in the field, the toughest competition one could face, and the niche of the audience that one particularly wants to target and why.
Market research further helps in ensuring a fixed budget or a fixed investment that one would need to garner from either outside sources or through self-finance. Doing thorough market research then helps in having a concrete idea about the cumulative costs the business could incur in due time.
Market research in fashion is primarily of two kinds: primary and secondary. The two kinds are discussed in detail below.
This kind of research typically consists of data that is retrieved on a first-hand basis within the fashion industry. The process can be quite lengthy and cumbersome but very effective since the variables and stats collected are directly relevant to the kind of business one might be building.
Here are some of the best ways to conduct primary research for the fashion industry:
This kind of research typically involves gathering information about the industry from already published sources. This would include reading up on articles, browsing through fashion magazines or watching pre-conducted interviews. The data one requires is already made available. The only requirement is to select and omit the data that would be relevant to the business and analyze the trends. The stats that one gets after analysis would help in making an informed decision about the business.
Designers normally conduct secondary research through one of the following ways:
With every passing day, the fashion industry is becoming more and more challenging with the latest trends, and it has now become crucial to understand them. Fashion professionals should know about the target market and latest trends, which can be achieved with the help of fashion market research. Fortunately, the demands of the customers are more understandable with the help of social media. Fashion professionals can benefit from social media to engage a wider range of target audiences by deploying regular online surveys and gathering information about their needs and desires now and then. Effective fashion market research provides valuable insights to help fashion professionals make confident decisions for the remarkable growth of their fashion business.