Textile and apparel industry is continuously evolving, and technology is evolving even faster. Brands and retailers are using all the possible technology to reach the right market to maximize their profit. Technology trends are changing and so the customer behavior. Apparel companies are finding it difficult to compete with changing markets.
Today’s textile technology can do incredible things, but the latest industry innovations can be complex, confusing, and costly. To meet the market, apparel and fashion industry players need to implement more technology to boost their business. Small and mid-size players need to strengthen their market research to compete with the market players with the right strategy.
According to a PointSource survey, two-third of the organization is still in the discovery phase or considering vendors to usher in the use of these emerging tech market tools.
Are you still confused with the right business and marketing strategy?
These simple steps will help you to identify the right market and the right strategy to enter into your targeted markets.
Apparel brands and retailers seek the right market to speak about their products, services, and values. Market research helps these apparel and fashion brands to identify their customer’s mindsets to offer them exactly what they look for.
Brands and retailers need to know the fastest-growing market segments in the industry. And how they can add more value to their business in a specific market.
There are basically two types of market research – Primary market research and Secondary market research.
Primary Market Research relies on first-hand data. Brands and retailers can do this research through, focus groups, customer surveys, face-to-face customer interviews, and social media insights.
Secondary Market Research data comes from the external source (third parties). Information is collected from the reports, case studies, white papers, blogs and articles of other publications, newspapers and research groups.
Analyze the Market
After gathering all the meaningful information from authentic sources, use statistics and data to know how the market looks and where you want to place yourself.
In-depth knowledge of apparel and fashion products or services is highly important to know your strength. Discover your unique points and tell the globe how you are different from other players in the market.
The better you analyze the market, the better you can explore!
Apparel and fashion businesses should know who they are competing with and how. Make an honest competitive analysis of your competitor and your organization. Know what they are doing different from your business and how can you serve the market in a better way.
Also, analyze the growing need of the market you are planning to tap. And fulfill the market need to stand out of your competitors.
Plan a Strategy
Apparel and fashion players need to build a market-specific strategy to meet their potential customers. The organization needs to have a big plan distributed in numerous strategies. Build your strategy based on the following segments:
Marketing Strategy – Product, Place, Pricing, and Promotion
- Sales and Distribution strategy – Department Stores, Apparel Specialty Stores, and Internet Stores.
Today consumers are shopping from a variety of retail outlets. That’s why it’s vital for brands and retailers to use multiple retail distribution channels depends on their targeted market.
To make a sure-fire strategy, market players need to build a different strategy for different markets. Keep your marketing strategy completely different from your sales strategy.
And one of the most important factors is communication. Speak for your brand – tell your audience what you do, how you do, and why you do. Build an inspiring story around your product to communicate effectively with the targeted market.
Monitor the Strategy
All size of players needs to keep a check on how their business is performing in the dynamic industry. The apparel and fashion industry is one of the most dynamic and thriving industries in the world.
If your brand is not up-to-date, it’s definitely outdated – there’s no in-between.
Even for big industry players, keeping an update on the latest industry trends in quite a difficult task.
Monitor your business strategy to figure out what is working for your business and what’s not. Know your fall points and evaluate your strategy timely, before it’s too late.
Evaluate the strategy based on the following:
- Market Size
- Customer Response
- Distribution Channel
- Latest Innovations
Make sure the new strategy is strong enough to overcome the previous pitfalls while creating a new set of challenges for your business.
To build a better and stronger strategy every time – Implement, Track, and Adjust.
For any textile, apparel and fashion players – uncovering the opportunities and tapping into the right market has always been a great challenge. Technology is making it way easier.
TexPro is aiding apparel and fashion businesses to reach their niche market and connect with their potential customers. The data intelligent tool can do it all to boost your business:
- Market Research
- Market Analysis
- Build a sure-fire strategy
- Track your business performance
And can also help you to build a better strategy considering your targeted market.
The market intelligence tool – TexPro is booming in the apparel and fashion industry by assisting market players with high-authentic data and research.
To know more – Book a Free DEMO!