If you’ve managed to establish a foothold in retail with your fashion accessories startup, there are several ways to diversify and expand. But with so many trends to keep track of, and the presence of social media giving everybody a voice, it can feel like there’s too much information, and no way of knowing for sure if something is a fad or here to stay.
Sometimes, the effective use of modern information technology is just what you need to gain an edge in the competitive world of fashion. Here are some ways to use computing power to elevate your business and start targeting the upscale world of luxury consumers.
Revisit your initial brand strategy and reassess where you stand. Sometimes, breaking into the industry means you start small and offer affordable goods, or maybe rode the right trends at the right time. Going upscale will require a shift in direction. Your goal is to get consumers to pay more in return for increased value all around.
If you focus on premium quality, then you need to communicate the same across all platforms. Hire a graphic designer with an impressive portfolio to work on your website or brochures, and don’t hesitate to bring in more than one specialist as the skill set demands. Consistent attention to detail in your product displays and online or print ads is important – photo retouching for fashion jewelry and other accessories communicates this sort of care and refinement.
Data analysis might not be the first thing that comes to mind when you think of fashion accessories, but in today’s overall business scene, it’s increasingly important to understand your target audience with data-driven methods. You should still profile your customers by income, demographics, lifestyle, and so on; being able to sort your customers into defined groups will help you narrow down your focus and cater to the needs of a select few.
It’s in the research and follow-up that data analysis comes in. Harvesting information from your website traffic and social media engagement is a source of vital information to supplement the traditional methods of surveys and focus group discussions. In particular, it can key you into the habits and preferences of millennials and younger demographics, and lets you differentiate which products are generating interest among the consumers with the most purchasing power.
Now that you’ve fine-tuned your ads and analyzed data to figure out which consumer group to focus on, and which products they are most interested in, the digital influence doesn’t stop. You can gain an edge by taking advantage of online ad strategies that aren’t fully exploited by competitors who rely only on traditional marketing methods.
Actively managing your ads on search engines like Google or Bing will increase your page rank and result in higher placement on search results for relevant keywords. You can also exclude keywords such as ‘discount’ or ‘sale,’ which helps you filter out bargain-seekers and appear more relevant to the high-end consumer. There’s also the option to use location and even average household income data, to ensure that your ads are targeted effectively.
Predicting and riding trends in fashion can take too much luck and effort to be sustainable. Leveraging big data and other digital technologies is a reliable way to enhance your efforts to step up and increasingly bring your fashion accessories to the luxury market.