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Fashionmarketing
- 2. © 2011 SAP AG. All rights reserved. 2
Agenda
Overview of the Fashion Industry
Slides 3-5
Challenges for Fashion Marketers
Slides 6-7
Solutions
Slides 8-9
Useful Reporting Tools
Slides 10-12
Sources
Slides 13-14
- 4. © 2011 SAP AG. All rights reserved. 4
Overview of the Fashion Industry
In 2010, American
households spent,
on average, $1,700
on apparel,
footwear, and
related products and
services
The world clothing
and textile industry
(clothing, textiles, fo
otwear and luxury
goods) reached
almost $2,560
trillion in 2010
The world
womenswear
industry is expected
to pass $621 billion
in 2014
$250 billion is spent
on fashion (including
accessories) in the
U.S. each year
1 out of 4 Fashion
Designers are self-
employed
Online shoppers in
the United States will
spend $327 billion in
2016, up 45% from
$226 billion this year
and 62% from $202
billion in 2011
- 5. © 2011 SAP AG. All rights reserved. 5
Overview of the Fashion Industry cont.
70% of people would
rather prefer to hear
about a new product
from a friend on
Facebook, than from
advertising
69% of people would
share their
purchased products
on social media
6.9 million women in
the US shop for
apparel online
64% of people said
that more Facebook
“likes” on a product
will increase their
chance of buying
that product
57% of people have
asked friends on
social media for
advice on buying a
product
The average number
of total likes for the
top 50 fashion pages
is 1.74 million
- 7. © 2011 SAP AG. All rights reserved. 7
Challenges for Fashion Marketers
Globalization
Obtaining meaningful consumer
insights
Managing the service businesses
associated with the fashion
industry (advertising, P.R., event
planning, fashion publishing, and
styling)
Cause Marketing
Identifying trends and remaining
relevant
Customer loyalty during the internet
age (emergence of e tailers)
- 9. © 2011 SAP AG. All rights reserved. 9
Solutions
Globalization
– Appeal to diverse markets (industrialized, developing, underdeveloped)
– Understand centralization vs. localization
Obtaining meaningful consumer insights
– Examine decision-making processes
– Seek meaningful insights about the “hearts” and “minds” of consumers
Managing the service businesses associated with the fashion industry
– Utilize only what you need, effectively and efficiently
– Develop strong customer relationships through service quality
Cause Marketing
– Supporting a good cause can increase product sales and consumer engagement
– Recent examples: TOMS Shoes, H&M Global Garment Recycling Program
Identifying trends and remaining relevant
– Research, research, research!
– Pay attention to changes in demographics and psychographics
Customer loyalty during the internet age
– Better value proposition is a must to attract and retain the loyal customers
- 11. © 2011 SAP AG. All rights reserved. 11
Useful Reporting Tools
Google Analytics:
– (Free) | Google Analytics lets you measure your advertising ROI as well as track your Flash, video,
and social networking sites and applications.
Alterian/SDL:
– ($) | An integrated platform that blends the marketing analytics, campaign management, and social
media capabilities.
Sprout Social:
– ($) | Web app that monitors Twitter, Facebook Pages, LinkedIn, FourSquare, Gowalla, and other
networks where consumers are engaging with businesses and brands. Also offers contact
management, competitive insight, lead generation, and analytics.
Bitly:
– (Free) | Bitly allows users to shorten, share, and track links (URLs).
Hootsuite:
– (Free and $) | A social media management system that enables teams to collaboratively execute
campaigns across multiple social networks from one dashboard. Includes audience identification tools,
the ability to streamline workflow, and custom reports. I use HootSuite to manage my company’s
Twitter account.
- 12. © 2011 SAP AG. All rights reserved. 12
Useful Reporting Tools cont.
Brandwatch:
– ($) |This service reads through and summarizes what’s being said on the Web about brands, people,
and products. Define keywords to track (brands, topics, people names, products) and get access to
mentions, trend and campaign analysis, and competitive info.
Mention:
– (Free to $) | An iPhone and Android app that lets you create alerts for your company, its keywords,
your brand, and your competitors. Updates in real time.
Klout:
– Klout (Free) | A tool that finds the influencers in your audience so you can target and empower them to
become advocates for your brand.
Twitalyzer:
– Twitalyzer ($) | One-click access to Twitter metrics that analyze followers, mentions, retweets, and
influencers and their locations. It can also be used to compare your Twitter account to those of your
competitors.
Facebook Insights:
– (Free) | Facebook’s built-in tool provides Facebook Page owners with metrics around their content.
Helps you understand and analyze trends within user growth and demographics.
- 14. © 2011 SAP AG. All rights reserved. 14
Sources
Overview of the Fashion Industry:
– http://www.grabstats.com/statcategorymain.aspx?StatCatID=12
– http://www.treehugger.com/sustainable-fashion/25-shocking-fashion-indsutry-statistics.html
– http://www.businessvibes.com/blog/12-facts-fashion-industry-united-states#sthash.lisskciz.dpuf
– http://www.businessvibes.com/blog/fashion-industry-and-social-media-embrace
– http://mashable.com/2013/02/15/fashion-social-media/
– http://www.internetretailer.com/2012/02/27/e-retail-spending-increase-45-2016
Challenges for Marketers:
– http://emeraldinsight.com/journals.htm?issn=1361-2026
– http://www.prschool.ge/img/every_day/Fashion%20Marketing.pdf
– http://www.just-style.com/management-briefing/apparel-industry-challenges_id116806.aspx
Solutions:
– http://cdn.intechopen.com/pdfs/12111/InTech-
Globalization_of_markets_marketing_ethics_and_social_responsibility.pdf
– http://flipfash.wordpress.com/2013/01/09/7-real-time-challenges-for-retailers-in-fashion-apparel-industry/
– http://www.fairchildbooks.com/ext/resources/instructor-resources/PDF-previews/0782-Sample.pdf
– http://www.slideshare.net/JliaHernandez/fashion-marketing-16120442