PHIL POND STEP AHEAD OF THE TRENDS
Phil Pond, Consumer Insights Manager, Scarlett Opus Ltd Step Ahead of the Trends
Phil Pond, Consumer Insights Manager at Scarlett Opus Ltd discusses the need for the flooring industry to embrace trend forecasting as a means of saving time, and money while meeting consumer expectation.
Everyone in the Fashion industry knows what trend forecasting is, even if they don’t use it. But mention it to people in the flooring industry and you’ll find that the majority are unsure what it’s about, or believe that it’s something you do by visiting exhibitions. While those who know something about it often believe it to be simply about colour and pattern. But, to use it as simply as this is to almost completely waste the true value a good trend forecaster can add to a company’s work.
Visiting exhibitions, or keeping an eye on all the new product launches does identify ‘trends’, but only those that are happening in the now, and it’s a skill called trend-spotting. There is nothing wrong with this, if you have a very short lead- time for new products.
Trend forecasters inform clients about the future wants, needs and desires of the consumer. The greatest and most valuable resource that this information provides to a manufacturer and retailer is time. The risk element of decision making is reduced because the trend forecaster extends the time in which the whole business cycle has to be completed in. Product buying, merchandising, marketing, selling and knowing what will work in each area all becomes very clear and stress free.
Working becomes a pleasure again because you have time to prepare, plan and do. Engaging with a good trend forecaster will provide you with the detail of what will be in fashion for the world of interiors and inspiration up to two years ahead of any exhibition. In fact, the forecaster will add even more value by providing a back story to use in marketing, guidance on specific material, pattern, shape and colour as well as being able to explain why this will all match with consumer desires.
Imagine knowing what your customers will desire in two years’ time in quite some detail and with certainty. Your staff can focus on writing the best PR, producing targeted marketing support materials and preparing, rehearsing and enacting sales presentations that will demonstrate to customers how well you understand what they as consumers want.
Dr. Robert Passikoff, Brand Strategist and founder of Brand Keys, said: “Consumers expect more. Over the past five years,
14 | Summer 2015 Tomorrow’s Retail Floors
consumer expectations have increased on average by 20%. But brands have kept up only by 5% annually, this is a big gap between what’s desired and what’s delivered. The ability to accurately measure real, unarticulated expectations will provide significant advantages to brands and retailers that can engage and delight.”
This describes beautifully, the gap that trend forecasting can fill between the flooring industry and the consumer. Why then doesn’t the flooring industry in general, engage with trend forecasting? The answer may lie in these two thoughts. Firstly, it requires taking, quite a leap of faith to engage with someone who tells you that they can ‘see your future in detail with certainty’. And secondly, it’s possible that creatives might see trend forecasting agencies as an external design source; instead of an external design resource.
Trend analysts, spotters, reporters and colour and trend consultants all play valuable roles; but only a trend forecaster creates time and will:
• Inspire buying, which provides product offers in materials, patterns and colours that the consumer will want to buy.
• It is crucial to identify trends for interiors that will have longevity giving maximum retail opportunity.
• Guide social media activity to use back stories for each trend and images of complimentary products that will drive wide consumer interest.
• Prepare inspirational PR events locally making you the ‘go to expert’ on interiors.
• Design a retail outlet or showroom layout and product displays to deliver a shopping experience the consumer wants. As I’ve discussed in my blog men and women shop differently, and showrooms that reflect this are more successful.
• Guide website development to better match consumer motivation and encourage higher conversion rates.
A retail business with a ‘fixed’ product offer for whatever reason will still be more successful if it marketed those products within the framework of consumer wants, needs and desires.
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