The Fashion Week Playbook: Business Lessons From The Runway

By Sumi Krishnan
culled from:.forbes.com
To the untrained eye, the only lesson an entrepreneur might glean from New York Fashion Week is how to dress for the next big investor meeting. But fashion is a wildly successful industry, with its top players wielding money, influence, and fame.
NYFW is one of the industry’s premier events, known for attracting top designers, editors, buyers, and other prominent insiders. Since its launch in 1943, the event has revolutionized the American fashion industry and its place in the global market. Although it’s changed locations and clientele in recent years, the event still holds many lessons entrepreneurs can take to heart:
1. Emphasize experience. Some feathers were ruffled when organizers moved NYFW from its original Bryant Park location to the Lincoln Center, but the change paid off. The new venue accommodates more people, allows for a larger, more creative production, and offers Wi-Fi and other digital perks that connect industry insiders, press, attendees, and consumers for a whole new experience.
Consumers are looking for experiences to remember more than anything else. Any time you can position your product or service to enhance the customer experience, you’ll create loyal fans and a true following. But don’t go nuts on the technology. Applying it strategically to enhance the customer experience can skyrocket your brand.
2. Protect your core values. Despite all the perks, there was a downside to NYFW’s modernization: Some insiders feel like the event lost one of its core values in terms of its elite status and air of exclusivity. It’s still one of the most prominent fashion events in the world, but some big-name designers and publicists have shunned the new location in favor of trendier neighborhoods and boutique events.

In an attempt to appeal to new designers, brands, and publications, NYFW lost some of what initially made it great. Frankly, it’s a balancing act. You must protect your core values while adopting new technologies and adapting to new audiences.

3. Build a network of influencers. A single celebrity endorsement can be more powerful than all the carefully plotted marketing strategies in the world. Fashion designers know this — it’s why many Hollywood stars get to sit front and center at NYFW shows. But fashion blogs and websites have created a whole new breed of trendsetters that the fashion world caters to.

Brands in all industries rely on their network of influencers (e.g., bloggers, socialites, and local personalities) to vouch for their products. Who are you forging partnerships with to establish credibility among your target demographic, and how can you increase the value you provide for them?
4. Use social media for good. Say what you will about the Kardashians, but that family knows about self-promotion. Kendall Jenner has used that family trait to launch a successful modeling career, leveraging her massive social media following to gain influence and land a gig at this year’s NYFW. She’s trailblazing a new era for the high-fashion model, where social media influence is almost as important as supermodel looks.
We all know that social media can be a distraction, but if you’re passionate about the positive impact of your product, then feel no shame in using it for good by promoting yourself and your product. Funny, touching, and personalized posts will build your following, establish your authority, and secure brand awareness.
5. Know your customers. Designer Kenneth Cole is a master of social media and customer connection. He engages with consumers on popular platforms and understands that Facebook and Twitter aren’t just vehicles to hawk this season’s collection; rather, they’re places where he can talk to consumers and match his designs to their lifestyles. After a long hiatus, the designer returned to NYFW last year, and his loyal fans followed.
Gaining influence on social media doesn’t mean telling customers how great your product is. It’s a process of learning what’s important to them, what needs your product or service can fill, and the types of messaging they respond to. Ten years ago, brands could get away with announcing their own virtues, but today, customers are more discerning. Provide a more personalized experience that’s catered to them, and you’ll build long-term fans.

Above all, be bold. Nothing great will be done by shrinking or catering to the whims of your customers. Coco Chanel went from designing hats to revolutionizing the way women approached fashion, introducing the Chanel suit and the little black dress. She always had a hand on the pulse of public demand but filtered customer tastes through the lens of her own unique style. Ultimately, she became one of the most iconic figures in fashion history.

No matter your industry, what can be learned from NYFW is that building a successful brand and business is all about balancing risk, vision, and customer desires.

Sumi Krishnan is the President and Founder of K4 Solutions, Inc. a $20 million dollar consulting firm located in Greater Washington DC.