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From my time in Menswear so far, I have gleaned2 major learnings:
1. First, roughly two-third of the yearly spend should be on product development. The product development & marketing spend split should be65/35. Primarily because of the tremendous customer evolution that has taken place over the last decade or so. With the advent of social media, the modern day customer has become a lot more demanding because it is so much easier to stay on top trends & share. This shift demands that a fashion brand constantly keeps on coming new product offering to remain competitive.
2. Secondly, in terms of fashion industry I believe the bulk of marketing spend (ATL, BTL, OOH, Campaign Executions) should come around key seasonal collections such as Spring/Summer and/or Fall/Winter. Rest of the year the focus should be on social media & occasionally print, to stay on top of mind.
It depends on the nature of business. If you have less competition, prefer on product and product development. But if you are facing stiff competition in the market then you have to spend more marketing than on product and its development.