Do you ever speculate how trends appear? For example, a broad range of designers may all include red in their collections one season, and velvet the next. Or several accessories brands all decide to begin using 3D printed technology, or various technology companies suddenly all invest in the creation of VR headsets and drones. Chances are many of these companies and brands have forecasting sectors to their workforce, a team of individuals who predict the future ‘wants and needs’ of their consumer, so the company in turn can respond to this, thus guaranteeing a profit.
One example of how many brands predict what their consumers want, and discover what their competitors are doing, are through various digital resources, which compile analytics to help provide brands with a high level of insight into their customers. I decided to create a short post on four of these incredible resources, that fashion promotion professionals are bound to use!
Fashion Monitor is an excellent online resource which provides insight into the industry, through variables such as PR, influencers, brand contacts and events.
One of the most useful functions however, is the huge amount of intelligence the service can provide on specific brands. For example, below shows the information the website has for NARS cosmetics’ consumer, information that is highly valuable to those who may see the brand as a competitor, or for those like me who are creating a marketing report for the brand. As you can see it outlines the age of the customer, the gender, the nationality, the occupation e.t.c, so that professionals can really understand the type of consumer who shops at specific brands.
I have personally found Edited, one of the most detailed of the resources I am mentioning in this post. Specifically due to the comparison graphs, charts and tables that the software creates, allowing you to directly compare companies, to determine how each brand correlates and differs to it’s competitors. Below you can see an example of how the resource compares brands, using different determining factors such as region, currency and segment.
Mintel provides infographics, reports, news and analyst insight for anything from ‘clothing and footwear’ to ‘automotive’. The resource claims that through market research, market analysis, product and competitive intelligence, they can provide clients with ‘market intelligence’, which means that they are able to provide a crucial competitive edge over their patron’s rivals.
This incredible resource also provides the latest news in various industries, with detailed articles, often analysing any changes or events that are ongoing in specific sectors.
WGSN, also known as the ‘trend library’, boasts a 22 million volume image library, and forecasts two years ahead to ensure their retailers are ahead of the game! Their specialists certify that their ‘big data’ is accurate, informing new product lines and saving companies time and productivity. This is definitely a resource to check out, with 93% of executives agreeing that ‘WGSN Fashion has yielded a direct improvement to their business’.
Do you use any of theses resources? Let me know in the comments below!