Updated SWOT analysis::
*SWOT analysis based on updated TFoF business model.
01. S T R E N G T H S –
- The Future of Fashion is a contemporary, innovative trend forecasting platform.
- TFoF provides holistic coverage on trend relations.
- The contemporary platform boasts a strong multi-platform strategy [online, social media, blog, newsletter, monthly agenda and bi-annual trend book].
- The Future of Fashion adopts an in-depth mixed method approach to trend forecasting and future planning.
- The service-based business model consists of knowledgable staff, trained in the appropriate areas.
- The start-up platform obtains a unique and easily identifiable brand identity.
- The platform provides forecasts across five central categories: Fashion, Beauty, Community & Culture, Individual & Lifestyle, and Faculty 20≥.
- Additional information is provided through: Holistic Insights, Reports and Analysis.
- TFoF is frequently updated, providing the go-to hub for professional brands and organisations.
- Launching in 2020 the in-touch platform fulfils a market whitespace, offering a trend forecasting platform that is accessible.
- In aspiring to be an accessible platform, TFoF adopts a competitive pricing strategy – aspiring to offer trend forecasts’ to those underserved in the existing market.
- In order to appeal to the outlined target demographic of Gen-Z and Millennials, TFoF aspires to appeal to students, graduates, young professionals, SME’s and brands. Explicitly targeting a market that are unable to afford the premium fees of agencies such as: WGSN and LS:N Global.
- The Future of Fashion offers printed trend books, e-Books, online trend insights: macro and micro trends, addressing shifting attitudes, behaviours and motivations, market segments, and retail performance, presentations and consultancy.
- TFoF provides subscribers with a printed, monthly agenda- outlining the trends that lie ahead, a personalised newsletter, blog and frequently updated online content.
- Faculty 20≥ is a distinctive and unique subsection; the hub of all thing sustainable. A feature that pre-existing platforms do not offer.
- The trend forecasting agency is extremely responsive to the current socio-cultural agenda. Reflecting the interests of its target demographic and capturing the zeitgeist of the time.
- The Future of Fashion offers a four-tier pricing strategy that simultaneously acts as an incentive for customers to pay for what they can afford, but are more inclined to upgrade when they have the chance. The tiered pricing packages lower the point of entry; further appeal to the outlined target demographic.
- TFoF explores promotional incentives, offering a % discount on annual payments and 10% deduction on monthly payments for students.
02. W E A K N E S S E S –
- As a small-scale, start-up brand it will be challenging to gain the desired amount of attention and media coverage.
- Failure to reach the outlined target audience will be detrimental to TFoF’s ability to take off; hinder potential for company growth.
- Well-established, large-scale trend forecasting platforms such as WGSN and LS:N Global have an extensive team. With access to all areas, they are predisposed to more data and analytics, and thus are able to offer consumers more coverage and content.
- As an unknown start-up business, TFoF has restricted access to content- until well-established, it may not be possible to attend exclusive fashion events such as global fashion weeks.
- The four core sectors of TFoF are already areas covered by pre-existing platforms- providing unique content will be challenging.
- A multiplatform strategy requires constant attention and seamless communication. This is demanding of both time and money; will prove to be even more complicated if the service model is understaffed.
- Trend forecasting requires an appropriately sized team- if an adequate team is not curated, the platform will not be able to maintain the workload.
- Lower budget and access to first-hand material and experience will be challenging, whilst other platforms already obtain this.
- Large-scale trend forecasting platforms have a well-established, sought after reputation- desired by brands and retailers.
- As a start-up, there are no customer reviews- consumers may turn to other platforms for a guaranteed level of service.
03. O P P O R T U N I T I E S –
- Underserved market for in-touch, accessible and affordable trend forecasting platform.
- The Future of Fashion fulfils a market whitespace.
- Trend forecasting is a 21st century concept, the relatively new sector and service-based model has become increasingly prevalent within the modern landscape-offering brands security in uncertain times.
- There is the potential for TFoF to expand in size.
- Small-sized business structure provides the premise to explore with innovative ideas, and lead the way- ability to take risks that large-scale platforms are not willing to take.
- Smaller client basis paves the way for intricate, personalised, and appropriately tailored consultancy and presentations- in addition to tailored newsletters.
- Scope to form strong communications and relationships with professionals and brands.
- Opportunities to advertise online and at desirable, and relevant events.
- There is scope to collaborate with industry insiders across the online blog.
- There is the potential for “Faculty 20≥” to gain mass credibility, the innovative space; hub of all-things sustainable is unique and accommodates the current socio-cultural agenda.
- Potential to collaborate with creatives across the multi-platform strategy.
- Ability to utilise specialism across promotional strategies.
- Capacity to tap into emerging markets.
- Ability to create strong relationships with subscribers, building b2c loyalty.
- Scope to launch workshops, talks, and presentations- ranging from arts university campuses, to fashion trade shows, and fashion shows.
- In establishing a strong network, TFoF will be able to create a community- bridging together students, professionals, brands and organisations.
04. T H R E A T S –
- New competitors may emerge with a larger team and greater funding.
- An inability to advertise and promote efficiently would hinger ability to be successful.
- If TFoF does not gain access to industry leading events, such as the big four fashion weeks- then the service-based model will lack in desired content, and fall short of its competitors.
- If the team employed is too small, staff will be stretched. Resulting in content not being as in-depth as required, or content scope will face limitations.
- If existing platforms were to recognise unique business offering, they could adopt similar ideas and offer it to a larger demographic.
- Trend forecasting is a time consuming and complex process, requiring time and money. If team size is not adequate, forecasting for TFoF will become a challenging process.
- Existing platforms such as magazine websites are increasingly offering more trend-related information for free, meaning TFoF needs to stay in-front and ensure content is worthy of purchasing.