Return to site

Global Billion Dollar Fashion Brand

How do we reverse declining market share?

This is the most nostalgic of inductees to the Rock ‘n’ Roll Science Hall of Fame. For our three founders it meant a lot to work on a fashion brand that we all loved as kids.

Here’s what they wanted:

How do we reverse declining market share?

Here is what they got:

Using The Matrix (our Cognitive Data Science software) we ran some Psychology Data Science based on the key consumer markets of Europe, North America & Asia. We were focused on understanding where the brand has lost its essence of what and who it was, you know, why is it not as cool as it once was?

We then evaluated and assigned a score to every product in their entire catalogue including the future unreleased season of clothing using our Science of Cool algorithm. The Science of Cool is actually over 100 algorithms in one and its purpose is to look at how cool designs are relative to the brand and it’s marketplace cool equity. An example using a different but similar brand:

  • Should Armani be selling jeans in Costco?

  • What is the opportunity vs cost risk ratio?

  • Would you buy an Armani suit seeing their tracksuits in JD Sports?

  • Is this breaking the loyalty of the existing consumers?

  • Is seeking profit destroying purpose?

It all matters and these types of questions are what we’ve spent 6 years figuring out the answers to.

We then took that Science of Cool output and ran some Psychology Data Science over their loyalty program and purchase history alongside some customer surveys. We aren’t a survey fan unless it has deep open text questions. Otherwise it’s just statistical evidence to confirm your bias and becomes bias within bias and helps no one.

This is where we find the truth of how the market sees you and which other brands your consumers associate you with. It was truth that was hard to take for our client but vital, they were tagged more ‘High Street’ than ‘Premium’ and yet, until then they saw themselves as nudging luxury. It was all a little out of kilter.

To compound this, 68% of responders were lapsed buyers by at least 2 years.

We were working globally and wanted to take our findings and split it by regional improvements:

  • Development and implementation of a multi channel campaign (retail store, digital, CRM website).

  • Window display, story layout and relevant product catalogue selection.

  • Loyalty based rewards and omnichannel combinations to destroy silo of retail vs digital.

  • Influence vs Influencers plan (a big psychological difference and the Instagram affect needs positively managed vs just putting clothes on the backs of perceived influencers).

  • Science of Cool data engineering of products to find gaps in profit and production.

  • Data work to re-engineer the customer segmentations for product selection, relevance of CRM and future growth.

As consumers, everything we come into contact with has a meaning to it. Clothing runs incredibly deep in our system and you don’t have to be a fashionista, it’s our identity. The meaning runs deep and it’s emotional. Positive emotional management is money.

That’s what we accomplished, returning a billion dollar fashion brand to it’s emotional essence to reignite the latent affinity the market had for it.

If you would like to learn more about the Rock ‘n’ Roll Science Hall of Fame and how you can join please get in touch to organise an audition.

All Posts
×

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!

OK