As influencer marketing and social media keep driving the fashion segment forward, being able to identify microtrends before their rivals become aware of these is important for fashion brands. Microtrends can last anywhere between 3 and 5 years and can come about virtually overnight.
If you are quick to spot microtrends, then you can monetize on these for a longer period of time, and exit at the appropriate time, before the market becomes too cluttered. However, how does a brand do this?
Know the Difference between a Trend and a Fad
The difference between the two is longevity. Usually, fads are extremely short-lived. Fads gain popularity very fast, but soon fade out. Conversely, a trend would be something similar to athleisure. A trend will have its place in the fashion world, at least until such time that these can be predicted.
How can these trends be differentiated?
Continuous Customer Feedback is Important
To weed out fads and to monetize on microtrends, one has to be alert and attentive to feedback from customers collected on a day-to-day basis. The fashion world is extremely fickle, and collecting and analyzing customer responses quickly is the best way to know what is working and what is not working. Leverage data analytics in order to draw insights out of your customers with behavioral information at your disposal. When the volume of behavioral data and amount of sources generating it grows, you can implement tools such as AI to get the information required to be ahead of the competition. One more trick that fashion brands prefer is using their brand ambassadors to rapidly test forthcoming campaigns.
Have a Multi-Channel Strategy
The communication presence of your fashion brand should span many channels so that you reach more customers. This pertains to setting up a two-way communication channel which will let you collect real-time data. Feedback and insights should not be collected just from social media and e-mail blasts. It is possible to draw this out of online stores, in-store experiences, influencer campaigns, etc. Noting the difference between those using different channels is also important. What may not work for one may work for another, so monitoring all channels and leveraging those to connect with and understanding different audiences are all important.
Using Customer Intelligence
As a fashion brand, you harness customer intelligence to understand who you cater to and serve those people in a better way. Some brands do this exceedingly well, and they leverage all kinds of innovative methods including technology to get more close to customers.
Analyzing real-time data is the key to identifying microtrends. Consumer habits and behavior are constantly evolving things, which is why it is vital to gain continuous feedback. While gathering feedback is easier today, what will give you a competitive edge is doing this more efficiently by leveraging technology.