The Basics of Marketing in the High Fashion Industry

Illustration via Neha Marina

As a fundamental principle in a successful business, marketing strategies must be carefully thought out and implemented. To prosper as a company, the basic components of marketing are coupled with strategy and technique to generate customer interest and effectively make a profit. Although there are multiple types of marketing, the high fashion industry is one example of how strategic tactics such as high pricing, limited stock, and visual merchandising can greatly impact a business’ profit and create successful brands such as Dior and Chanel.

 For any business to succeed, the needs of the targeted audience must be defined. In addition, the basic components of marketing need to work cohesively: product, price, promotion, and place. The product is what is being sold towards customers; information on consumers’ wanted features and desires are gathered (ie certain styles, leather goods, monogram print) and are expressed towards those who are involved in making the product/delivering the service (a design team, tailors). Price takes into consideration the product’s demand and market quality value. Because customers generally associate higher pricing with higher quality, high fashion marketers may price their goods at an increased price point to assure their target audience that their products are luxuries and well-made. Promotion involves influencing and communicating with customers, usually in the form of advertising— such as when fashion labels use high profile celebrities and commercial television campaigns to influence their customers in buying their goods. Finally, the place is where a product is purchased, and includes a channel of distribution that issues goods to multiple locations. In high fashion, a channel of distribution for a new makeup line could be from an influencer event to its website to a chain of cosmetic stores.   

Along with the basic four elements of marketing, the type of marketing and applied strategy contribute to the success and entity of each company. The marketing type is the method used to appeal to the targeted audience; types include niche, which targets a very specific group of customers, and online, which uses the internet to market products. Additionally, strategy plays a large role in a business profit— this is the long-term goal based on the ideal of a strong customer understanding and sustainable competitive advantage. To achieve this, tactics must be put in place, such as those commonly used in high fashion marketing: high pricing, limited stock, and visual merchandising. By creatively combining these three techniques in the form of expensive custom pieces, themed runway shows, and visually appealing commercial ads, companies such as Prada can create a profiting business that ultimately leads to popular demand and exceptional reputation.

Outside of high fashion, marketing can be implemented and take shape in multiple different ways. Although it is most prevalent in businesses, its techniques and ideals can be utilized in everyday life for means of persuasion, event planning, and advocacy. Marketing is not limited to its present methods; its ideas are constantly evolving and can greatly impact the world seen today.