The right metrics to track for fashion & beauty and WHY?

Measuring psychographic insights: In order to keep a business relevant and fresh in this digitized world driven

by social media, metrics on consumer behavior and information from social media stands crucial. But is it really possible to measure psychographic insights of consumers like love or dissent?

Building a loyal customer base and establishing a long-term relationship between the brand and consumer requires a deep-dive in psychodynamics of thecustomer or it's just a fling. With the ascendency of the brand’s presence on social media, it is means to understand the consumer; not via quoting what they say but to get insight on aspects like what brands and influencers they follow to get a profound knowledge on what they like. A WGSN report surveyed 15,000 individuals from 16 to 39 year olds on their opinions on a range of brands, where one brand came out on top in terms of love for it, whereas others when it comes to purchases. This only proves that there is hardly any correlation between love for the brand with actual retail interaction. This is where behavioural data extracted from social media comes into play. The same report suggests factors like range of products, availability, delivery timeline, newness and accessibility are more relevant in today’s fast paced environment setting high expectations and bars.

That being said, retaining a customer base, once achieved, is reportedly easier than targeting new customers. Customer procurement is known to cost seven times more than retainment. To know what works best for a brand’s niche, a perfect amalgamation; boiled down to three factors are: mea-suring an average order value (AOV), retention rates and average rate of reviews- to gain a clearer perspective of the targeting consumers’ behaviour.

In conclusion, metrics that play fundamental roles for on-site campaigns are measuring psycho-graphic insights, re-targeting customer base; and brand temperature with the help of metrics like Lyst index, where they rank populace driven by aspects like consumer behaviour towards the brand online and how they communicate in relevance to it.

(p. Lyst Index), (Tkatchuk, 2017), (THOMSON, 2018), (WGSN, n.d.)