TIPS FOR FASHION DESIGNERS: HOW TO CONDUCT A MARKET STUDY
A new business idea often comes from an existing frustration which needs to be fulfilled. Following the steps of this article will allow fashion designers to evaluate, with real data, whether their business idea has a commercial potential.
DEFINE YOUR BUSINESS PERSONA
Before creating your survey questionnaire, you need to define your business persona. A business persona or a user persona is: “A fictional representation of a business's ideal customer; they are generally based on user research and incorporate the needs, goals, and observed behavior patterns of your target audience. Knowing these personas can help your business relate to your customers as real humans.”
By answering the 5 points below you will be able to define your business persona:
BUSINESS PERSONA DEFINITION
The geographical area in which she/he lives
His/her age range
His/her occupation
His/her status
His/her hobbies
Tip
It is easier to launch a product in the segment of the market you are familiar with. This will allow you to define more precisely the characteristics of your business persona. Identifying as your target customer will allow making strategic decisions to be easier.
CREATE A MARKET SURVEY
Once you have defined that, you need to find at least 5 individuals corresponding to the criteria you just defined. These sample of 5 people should be as diverse in terms of age and location, as possible, within your bracket.
Your market survey, in order to be effective, has to answer at least these questions:
SURVEY QUESTIONS
Does the customer have items such as yours in his/her wardrobe?
How many times a week or month does she or he use this product?
What is the average price of these items?
How many times a year does she/he shop for it?
Where does she/he buys them (on-line or in store)?
Where did she/he discover brands for such products?
How many touch points does she/he needs, before buying such a product?
Of course you will have to add some specific questions regarding your product, for example: if customers use pockets in it, or what kind of material they prefer.
You will have to carefully build your distribution and marketing strategy around the answers of your customers. If she/he shops exclusively online and discovers new products through Instagram, a Direct To Consumer Strategy (DTC) will be right. On the other hand, if she/he shops exclusively in stores you will have to find the right wholesale partners and the right locations for your stores.
FINAL TIP
If you notice that a certain demographic in your survey replies systematically different than the rest of the people, it might be wise to exclude them from your business decisions.
Katja Noschis Delaloye Fashion Brand Strategist
