Staying Ahead of the Trend: Innovative Digital Media Strategies from Fashion Brands

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Staying Ahead of the Trend: Innovative Digital Media Strategies from Fashion Brands

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When it comes to the fashion industry, Heidi Klum says it best: "In fashion, one day you're in, the next day, you're out." With fashion trends and consumer behavior constantly changing, designers and brands have taken advantage of the power of digital innovations and online video marketing to avoid becoming a fad. Discover the best strategies for engaging with audiences Staying Ahead of the Trend: Innovative Digital Media Strategies from Fashion Brands.

Transcript of Staying Ahead of the Trend: Innovative Digital Media Strategies from Fashion Brands

Page 1: Staying Ahead of the Trend: Innovative Digital Media Strategies from Fashion Brands

Staying Ahead of the Trend:Innovative Digital Media Strategies

from Fashion Brands

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Innovative Digital Media Strategies from Fashion Brands

A Trendsetting Industry Fashion is a hyper-competitive industry. Well-designed, high-quality products are only a starting point for these luxury brands. What truly separates a brand from the rest of the pack is its ability to tell a story that resonates with the consumer.

Each season is a chance for fashion designers and brands to o�er a sneak pre-view of what’s up and coming in fashion. The industry has consistently used this same opportunity to prove why it’s one of the biggest innovators in the market-ing world.

The use of digital, online video and social media by fashion brands is a true showcase of the best—and trendiest—marketing strategies, and signals toward what is on the horizon for the changing fashion and marketing landscape.

Industry Overview The annual global fashion industry revenue is $1.2 trillion. Yes, trillion. Clearly, there’s no shortage of consumers willing to spend money, but reaching these consumers is a major source of competition and ad dollars.

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U.S. DIGITAL AD SPENDING SHARE, BY INDUSTRY, 2013-2018% OF TOTAL

2012

22.3%12.5%11.6%11.7%8.1%8.0%7.7%4.9%4.6%3.0%5.6%

RetailFinancial ServicesAutomotiveTelecomCPG & consumer productsTravelComputing & electronicsMediaEntertainmentHealthcare & PharmaOther

2013

22.3%12.4%12.1%11.4%8.3%8.0%7.6%5.3%4.6%3.0%5.2%

2014

22.1%12.4%12.3%11.2%8.4%8.3%7.6%5.6%4.7%2.8%4.8%

2015

22.0%12.3%12.5%11.1%8.5%8.3%7.6%5.8%4.8%2.8%4.5%

2016

21.9%12.2%12.7%11.0%8.7%8.3%7.6%5.9%4.8%2.7%4.4%

2017

21.9%12.1%12.8%10.9%8.8%8.2%7.6%5.8%4.9%2.8%4.3%

2018

21.9%12.0%13.0%10.8%8.9%8.1%7.6%5.8%5.0%2.8%4.2%

Innovative Digital Media Strategies from Fashion Brands

Note: Includes advertising that appears on desktops and laptops as well as mobile phones and tablets, and includes all the various formats of advertising on those platforms; data through 2012 is derived from IAB/PwC data; numbers may not add up to total due to rounding. Source: eMarketer, March 2014

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U.S. DIGITAL AD SPENDING, BY INDUSTRY, 2013-2018BILLIONS

Innovative Digital Media Strategies from Fashion Brands

2013

$9.54$5.30$5.18$4.88$3.55$3.42$3.25$2.27$1.97$1.29$2.23

$42.87

RetailFinancial ServicesAutomotiveTelecomCPG & consumer productsTravelComputing & electronicsMediaEntertainmentHealthcare & PharmaOther

Total

2014

$11.05$6.20$6.15$5.60$4.20$4.15$3.80$2.80$2.35$1.41$2.41

$50.11

2015

$12.69$7.06$7.18$6.37$4.88$4.77$4.36$3.33$2.76$1.61$2.59

$57.60

2016

$14.27$7.91$8.24$7.13$5.64$5.38$4.93$3.83$3.11$1.76$2.86

$65.06

2017

$15.81$8.77$9.27$7.84$6.33$5.89$5.46$4.17$3.52$2.02$3.10

$72.19

CAGR

12.8%12.5%14.9%11.9%14.7%13.4%13.1%15.1%15.0%11.6%8.4%

13.1%

Note: Includes advertising that appears on desktops and laptops as well as mobile phones and tablets, and includes all the various formats of advertising on those platforms; data through 2012 is derived from IAB/PwC data; numbers may not add up to total due to rounding. Source: eMarketer, March 2014

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A Tailored Marketing OpportunityThe resources that brands are pouring into this week—along with the e�orts of past fashion shows—prove that the marketing opportunity surrounding Fashion Week is no fad.

The reason for this growing trend is the simple fact thatFashion Week isn’t what it used to be.

The bi-annual event held in the fashion capitals of the world—New York, Paris, Milan and London—has transformed from an industry trade show targeted at fashion buyers and publications into a significant spectacle with a global reach.

With Fashion Week representing the culmination of the e�orts of the industry,this event presents the perfect opportunity to take a look at fashion brands as a case study illustrating the benefits of a fully integrated marketing strategy that harnesses the power of visual engagement.

Innovative Digital Media Strategies from Fashion Brands

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Fashion Brands Sell Their Clothesand Themselves with Digital ContentIt’s o�cial: the Fashion Industry has wholeheartedly embraced digital media as its primary marketer.

The industry is becoming much more driven by ROI and hard metrics to inform branding and marketing decisions based on consumer behavior.

Brands that have mastered their online identities and have implemented Big Data into their strategies are reaping the financial rewards.

Brands who haven’t figured out how to express their identities digitally are falling behind.

Innovative Digital Media Strategies from Fashion Brands

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Innovative Digital Media Strategies from Fashion Brands

Mobile

64% of wealthy consumers favor brands that o�er mobile applications over those that don’t

71% of consumers believe that they are better connected to brands after downloading their mobile app

68% of luxury brands are expected to increase their ad spend in mobile

The total unique visitors for the Fashion & Apparel industry cate-gory on desktop computers has declined over the past six months

Data suggest that three out of four mobile searches trigger a follow-up action

Fashion destinations without mobile optimization su�er higher bounce rates at 37% versus brands that do (29%)

According to a U.S. Luxury Institute and Plastic Mobile report…

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Innovative Digital Media Strategies from Fashion Brands

Example:

Shop brand salesReceive style tipsCustomize their own news feeds to suit their fashion styleEngage and interact with their favorite brands (IN REAL TIME)

Build brand loyaltyCapitalize on word-of-mouth sharing While only 12.9% of mobile shoppers actually make a purchase on their phone – mobile applications allow brands to focus on telling the human side of the story instead of merely facilitating online shopping

Heading into 2013, Gucci launched its new mobile site. Within a month, the brand experienced a fourfold increase in mobile revenues – traced to a 150% increase in site tra�c and a 70% bump in conversation rates.

••••

•••

Mobile apps allow brandS to:

Mobile apps allow users to:

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E-CommerceWith an increase in time spent online by consumers,brands have to di�erentiate the devices they use for engagement, while o�ering similar options across the in-store and online shopping experiences…

Nearly 85% of fashion brands support e-commerce in the U.S.

In the U.S., nearly 18% of luxury consumers shop online – overall sales of luxury goods are evenly distributed across the globe but the Americas drive 60% of online luxury sales

Martini Media reported that among a�uent shoppers,the average spending on luxury sites was up 20% year-over-year in 2013, with 48% of those shoppers reporting that online shopping is the way they discover new luxury products

Innovative Digital Media Strategies from Fashion Brands

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WAYS THAT U.S. AFFLUENT* CONSUMERS DISCOVER NEW LUXURY PRODUCTS, Q1 2013

Innovative Digital Media Strategies from Fashion Brands

Currently, e-commerce sales account for 8% of all retail sales in the United States,

and it’s expected to outpace similar growth at brick-and-mortar stores in the next five years

Note: “very often” or “often”; among those who seek out new luxury or find new luxury by chance; *have a discretionary household income of $100,000+

% OF RESPONDENTS

In-store shopping/browsing

Online shopping/browsing/looking at e-mail subscriptions

People see while shopping, traveling, or being with friends

Catalogs

Seeing people at business/social/invitation-only events

50%

48%

45%

31%

29%

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Branded Online VideoModels and magazine covers no longer su�ce;today, online video is the king of luxury…

Luxury brand marketers reported posting product imagery (81%) and using videos to engage fans and followers (75%)

Agency executives estimate that 43% of participants are planning to shift some luxury advertising dollars from TV advertising to video advertising

77% of luxury advertisers expected growth in their digital spending and 18% of luxury advertisers anticipate a boost of 20% or more

85% of marketers believe that online video is more e�ective than TV for driving online sales

55% of luxury marketers believe that sound, sight and motion are key success factors for digital ads for luxury products

Innovative Digital Media Strategies from Fashion Brands

ADDED TO CART

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Yuli Ziv, CEO of Style Coalition, makes a convincing case for online video…

“Online video is one area fashion is adopting—because of its ability to capture the visual aspects of the industry but also as a way to engage with shoppers on a deeper level.

Video is a great medium for fashion brands because it allows them to bring their creations to life. It’s an entertain-ing format that could include many di�erent lifestyle ele-ments, and provide a fuller picture of the brand message.

Online video started more along the lines of commercials, but now we’re noticing that brands are actually producing videos specifically for the Web with the notions of virality and social sharing in mind.”

Innovative Digital Media Strategies from Fashion Brands

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Innovative Digital Media Strategies from Fashion Brands

Brands Rocking the RunwayThe Fashion 2.0 Awards are the first industry-recognized distinction honoring the

most innovative fashion brands for their outstanding achievements and communication strategies across a variety of digital media channels.

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Innovative Digital Media Strategies from Fashion Brands

BESTTWITTER

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Innovative Digital Media Strategies from Fashion Brands

BESTFACEBOOK

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Innovative Digital Media Strategies from Fashion Brands

BESTINSTAGRAM

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Innovative Digital Media Strategies from Fashion Brands

BESTPINTEREST

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Innovative Digital Media Strategies from Fashion Brands

BESTE-COMMERCEEXPERIENCE

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Innovative Digital Media Strategies from Fashion Brands

BESTONLINEVIDEO

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Innovative Digital Media Strategies from Fashion Brands

BESTONLINE

CAMPAIGN

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“We like having as close engagement with our customers as possible. We have a highly engaged digital audi-ence…social media is a good way to keep people energized. Each platform has its own voice and consumers and we try not to alienate them.

We love pioneering things and exploring new ways to engage with our customers and I think of the big philosophies of the brand is to be as engaged and as transparent as possible.”

KeekThe designer used the social sharing platform to take social media followers behind the scenes of the Fashion Week jour-ney, using videos to show audiences the preparations that go into a runway show.

CameoUsing the video-editing app to quickly cut together promotion-al footage, and “Unleash Your Inner Director,” Minko� engaged with her followers through up-close and personal videos with a true user-generated feel.

Innovative Digital Media Strategies from Fashion Brands

1.

2.

3.

SnapchatThe brand used the center of Millennial obsession to debut its collection in real time with pictures and videos before they hit the runway.

BESTUSE OFAPPS

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More than 4 million viewers tunedinto the brand’s live stream fashion show

The brand revolutionized the use of a basiclive stream by introducing interactive features…

The ability to shop directly from the live stream

The ability to view different color options on stylesas they come down the runway

“Shoot the Show” tool allows viewers to capture and sharescreenshots of the live stream (200,000 social shares!)

BEST USE OFLIVE-STREAM

Innovative Digital Media Strategies from Fashion Brands

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Innovative Digital Media Strategies from Fashion Brands

Burberry captured its Spring/Summer 2014 collection with not-yet-released iPhone 5 devices and then proceeded to post these photos and videos onto social media. This was a great marriage of a fashion designer and technology company to propel the brand stories of BOTH Burberry and Apple into the public eye.

ANDBEST

PARTNERSHIP

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TakeawaysThe Need for Actionable Media

The Fashion Industry is a prime example of the transition from text-based to visual-based media. Fashion may be about looking pretty, but marketing isn’t. It’s about attaching engagement metrics and

calls-to-action to actionable media. That’s what will create sales and brand loyalty.

Message > Budget Fashion brands aren’t exempt from the same budget restrictions that every brand in every industry faces. Brands don’t need to invest thousands into professionally-made commercials. Investing small amounts in

online video will earn brands high returns. A high-end, polished feel isn’t the most important communication tactic—it’s all about the message.

Innovative Digital Media Strategies from Fashion Brands

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First, the entire Boston team pulled o� the unthinkable: a surprise party celebrating the birth-days (and constant hard work and dedication) of

two of our fearless leaders, Kate and Dan.

Then, the team decided to test the video production waters and make a video of our own in order to

thank Blue Jeans for teaching ViralGains a thing or two about video conferencing etiquette.

Innovative Digital Media Strategies from Fashion Brands

August was a month of appreciation at ViralGains.