As we enter 2021, it is clear that the ramifications of COVID will have a sustained impact on businesses in the fashion, luxury, and beauty industries. The acceleration of digital transformation as a direct result has meant that brands have been faster to adopt new technologies in order to operate more efficiently whilst working with budget scalebacks. In this new episode of #TheStrategySide, we talk to Alison Bringé, Chief Marketing Officer at Launchmetrics. Today, Alison talks about how to use the right metrics and KPIs to benchmark against your competitors - whether in the fashion, luxury, or beauty industry - in order to adjust your marketing plan by anticipating trends in the market. In this episode of #TheStrategySide you will learn:
- How brands and agencies can demonstrate marketing ROI in order to showcase their contributions.
- How brands can effectively benchmark against their competitors within their niche.
- What metrics brands should be paying attention to when benchmarking their own, and their peers' performance.
- How to extract meaningful insights out of data to build a holistic strategy.
Take a Deeper Dive
In a recent article, BOF touched upon how Covid has impacted the luxury fashion sector, highlighting the trends that would arise in 2021. Exploring the marketing strategies that really worked for brands is one of the most efficient ways to replicate success, without losing out from a monetary perspective. Not only is benchmarking an essential part of this but benchmarking in a diversified way is even more valuable. Using a localized strategy to understand what consumers are looking for in different regions of Europe, Asia, and other key stakeholders allows brands to take a more considered, intimate approach when it comes to their overall marketing strategy: "brands must also look to cultivate local relationships in regions that have recently been more reliant on tourism to drive growth." In 2021, the pressure to demonstrate ROI is going to be at the forefront of decision-making and goal-setting, so marketing teams in fashion, luxury, and beauty need to start the year off on the right foot.
Using software technology such as Insights can help with this, as the app applies one unified metric (MIV®) in order to compare the value of campaigns across print, online, and social media with your selected competitors. You can read more about how MIV® works in this article if you are interested.
Do you want to know more about our solution that can help industry professionals in fashion, luxury, and beauty benchmark against their chosen competitors? Click on the banner below. And don’t miss the next episode of #TheStrategySide by following our channel on Spotify or our blog.