2days class: Fashion Biz vs. Social Media
30 July, 2009 by Imran Amed, Editor The Business of Fashion (excerpts)
On why fashion companies are beginning to use social media, such as blogs, Twitter and Facebook:
Part of it is that advertising budgets have been slashed so much they’re looking for ways to communicate more cheaply. This is a moment of turning, a shift in the way people think about mass communications and communicating with the customer. It’s not just one way anymore, it’s a many-to-many conversation.
On the two-way nature of social media:
...Lots of people think it’s about broadcasting because that’s the way media used to work. In the previous incarnation of media, it was one-way communication. It’s not enough to tweet once a day about what you’re selling or to put up a Facebook page.
On how the Internet has affected the fashion cycle:
The fashion cycle is a little bit of an anachronism. We still show clothes in february and they’re not available until July or august or september. by that point, images of the collection have been seen all over the internet and discussed ad nauseum on blogs and social networks and on Style.com, and by the time it reaches the store, people are already [tired of it], it’s done. The fashion cycle does not fit with the speed of communication. Instead of showing things on the runway [that won’t be in stores for several months] we should be showing things that can be bought right away.
On the connection between social media and revenue:
If you have an engaged group of fans on a web site coming regularly to talk to each other, it will probably end up driving further dedication and loyalty to the brand. you’re probably going to create an impact on revenue and sales. People say it’s hard to make a connection between social media and sales. I think that’s true, but it misses the point. It’s not only about the impact on sales. it’s also about engagement.
For full article visit - TheBusinessofFashion.com | via @mediaprince