Fashion & Data. Goes Together Like A Horse & Carriage?
Say the word ‘fashion’ to anyone and their thoughts will go to Chanel, Kate Moss, Kendall Jenner, catwalks and extravagant after parties.
Now think ‘data’. Hardly the same glamorous associations. In fact, it strikes up images that are, at best, geeky.
With that in mind, you might be forgiven for thinking that data and fashion don’t mix and are completely separate. Well, you couldn’t be more wrong.
Fashion retailers are now increasingly turning to data analytics to help inform them about the latest trends coming out of fashion weeks, and just as importantly, consumer reactions to them. By utilising this data, retailers are provided with valuable information that can help increase their revenue and profits and when the global fashion industry is valued at $2.4 trillion, you can understand why retailers are so keen to get any advantage that they can in pursuit of higher profits.
And at London Fashion Week – and countless others – the rise of social media has meant an instant dissemination of trends to the wider public with people sharing their opinions during, and immediately after, the show.
However, it’s worth noting that using data isn’t a wholly new exercise for the industry. There have always been spreadsheets detailing trends, sales etc. But now there’s a whole new source of data – specifically from social media sites – which gives insight into consumers and their thinking on a level unseen in previous years.
Look at any show and you’ll see the vast majority of the audience on their phones ‘graming and tweeting about what’s been sent down the catwalk. With over 300,000 mentions of #LFW on Twitter alone in 2015, that information can be used by a brand to inform their Marketing strategies, key season items and more.
Not only can social media insights be used as a source of data for future business decisions, the ‘live’ element of social media means it can be used immediately by any business, especially a sponsor of an event like London Fashion Week.
And back at LFW 2015, Media Measurement helped a leading hair brand use live social media insights to maximise their return on investment in sponsorship and ensure high levels of visibility, brand awareness and customer growth.
We set up a live Social Media Command Center and by setting up searches of keywords in a specially designed environment, generated real-time data driven insights into the ever changing trends surrounding LFW.
By having such valuable data at their fingertips, the hair brand was able to produce relevant and engaging content on the trends, designers, news and influencers that were grabbing the headlines.
With this Command Center technology and a team of experienced consultants who could interpret the data rapidly, the brand could improve their visibility and hit their event KPIs – whilst saving £££ on costly pre-event market research that could become obsolete very quickly.
Take a look at our brief video from LFW where Tim (a key member of the team at LFW) talks Daisy Lowe through how social media, data and fashion all connect together.
Helping companies get to know their customers has always been at the core of our business. Using social to power that relationship has become a key part of most customer facing businesses and Media Measurement are here to help our customers identify, understand and connect with their customers.