CONTENTS: 1. Executive Summary 2. Introduction 3. Macro Economic Analysis 4. Brand market position 5. Competitors 6. Consumer Demographic 7. Product Selection 8. Social Media and Influencer Marketing 9. Marketing Mix 10. Proposed Strategy 11. Bibliography 12. Appendices
1 EXECUTIVE SUMMARY
The purpose of the work is to create a successful brand report on Topshop and to analyse the brand to see the issues and problems that are affecting the brand. A variety of research and analysis methods were undertook to see the brands current market position and proposed methods for the brand. A survey was conducted to gather an understanding of what people thought about the brand. The survey was made on survey monkey, following that a link was made so it was accessible to everyone on different social media platforms. The reason behind the survey was to see whether people considered Topshop an ethical brand. Information from the survey suggests that to help investigate the brand further, macro and micro analysis were done to gather a deeper understanding of the brand.
This included SWOT and PESTLE analysis’s. These were to gather research on the brands economic performance and current brand market position and how the brand is perceived by the consumer. The main findings from the research were that Topshop is currently struggling to gather customer loyalty and stay current and on trend with other competitors such as Zara and Prettylittlething. Due to the mass influx of online sales, a possible recommendation could be that the brand needs to improve their social media engagement to help attract customers online and In store. Another recommendation for Topshop in the future could be making the brand more accessible for all demographics such as the plus size and to improve their social media platforms.
2 INTRODUCTION The principle of the brand report on Topshop is to see where the brand is currently sat in the market, by demonstrating methodologies and skills this will hopefully create a report that investigates and researches into the brands problems and how they could overcome them through various recommendations. As a past consumer of the brand, it has been noticed that Topshop are falling behind other competitors. Through the consideration of external and internal factors of the brand such as finding the strengths, weaknesses, threats and opportunities of the brand, this will help in gathering an insight into the brand more deeply. Topshop is part of the global retail empire ‘Arcadiaâ€?, the sales have dropped over ÂŁ2 billion during 2017 this is due to the surge of online sales (Jahshan, 2019) (Craft.co, 2019). This is due to other competitors such as Prettylittlething and boohoo who have a strong online presence, with a constant string of new campaigns, cheap delivery and student discount, possibly attracting more customers. Consequently the brand is struggling to gather support online and in store, the problem to overcome is how they can achieve a larger following on social media whilst engaging with customers in store by new campaigns, reduced prices and staying in touch with the consumer and the correct demographic. A starting point for the report is to research into the brand by creating surveys and undertaking primary research, this is to help gather a wider range of knowledge on the brand (see appendice A/B).An example of this is by going into local Topshop stores to see the stores layout, range of products and overall customer service. In terms of secondary research, through the use of the internet and articles online, information was retrieved on the brands performance. To help consolidate the research, information was collected on the brands revenue over the years, previous collaborations, successes and the current brand position in the market (see appendice C).
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3 MACRO ECONOMIC ANALYSIS
There are many factors contributing to the brands current position in the market, especially the brands finances and economic performance. Throughout the years Topshop has struggled to generate sales due to heavy competition, such as Zara and Prettylittlething. In their last financial year Topshop lost over £10.9 million due to the tough conditions on the highstreet (Christie, 2019). This could be due to shopping online becoming more of a personal experience as you can filter and search for what you desire. Also it is easy for consumers that don’t have time to go in store to purchase items. Through a variety of research including group surveys and discussions, a conclusion made was that Topshop are struggling to keep customer loyalty especially in store. To help consolidate the financial and economical findings we created a PESTLE analysis, see below.
P -Due to Brexit, the cost of importing garments around the world could result in factories opening in Britain as they can’t afford to ship the garment outside the country (Tobin, 2019).
E -The exchange rate for the pound has decreased as £1 is currently worth €1.13. Therefore international exports become more expensive therefore people will stop buying which might affect the company profit.
S -The living standards are developing everyday therefore people have a higher demand.
- The millennial generation is the main target of the fashion marketers. Due to the current demographics of Topshop’s customers, they rely on attract- The consumer price index (CPI) has ing and engaging with discounts and decreased from 2.7 offers. To a consumer percent in 2017 to this might appear a an estimated 2.1 desperate move by percent, the change in percentage could the organisation and suggest that consum- tarnish the brand. ers aren’t investing as much as before (Statista,2019).
T -The increase of social media and e-commerce helps the brand connect to the consumer. This can create a personal experience the customer as they can filter their search online.
L E -Labels on clothing have certain legal requirements including handling and the after-care of the garment. - Government policies and legislations directly impact in the performance of Topshop such as taxes and acts of legislation.
- Results from statista show that in 2017 e-commerce sale - Importing taxes are revenue in the united expensive kingdom totalled at 586.3 billion pounds (Statista,2019). Due to the majority of Topshop consumers being generation Z, there is an influx in online sales.
-Child labour is becoming an increasing problem in the fashion industry due top companies wanting cheap production. - Topshop has banned the use of Angora and fur in their products, however they still do use leather and wool in their products. - More Fashion houses and designers are creating capsule and resort collections, this increases the demand of materials such as cotton.
4 BRAND MARKET POSITION
This section refers to how the brand is perceived by the consumer. To gain a better understanding of the brand, as part of primary research, visits were made to one of their stores in the Trafford Centre Manchester. Due to the Trafford centre’s annual footfall of 31 million, the average time and individual spends there is 2 hours and 6 minutes (Intugroup,2019). Therefore the stores have to make sure the visual displays are always on trend to draw a variety of consumers in store. The first section presents SWOT analysis in a table and the latter section are discussions. Topshop demographic is mainly women in their early 20’s to 30’s. Elements of the brand that help attract their customers is that they sell other brands in their stores such as Champion, Adidas and Doll Beauty. These elements are a significant factor to help draw in the customer, due to other competitors not selling other brands products. This helps increase customer flow in store and online and attract not just regular customers but even customers that purposely shop for the particular brand they cant get elsewhere on the highstreet. From the strengths and weaknesses the store contains, a possible recommendation would be to increase the use of sustainable fabrics. For example creating an eco-friendly collection using secondhand products of sustainable fabrics.
Strengths
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The displays at the front of the store are clear and well thought through showcasing their latest trends. The store features a nail/brow bar, personal shopping suite and beauty lounge. These amities of the store help attract customers as it is different to most high street stores. In terms of individuality, the store differs from many of their competitors due to other popular brands sold there, for example Adidas, House of CB, Calvin Klein and Champion. This allows the brand to attract a wider target market audience.
Weaknesses
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The sale section of the store felt compact and cramped making customers loose interest and less accessible. Accessibility takes away the exclusivity and uniqueness of styles. The stores can be overwhelming, their size makes it hard for a customer to see all the products leading to less sales.
Opportunities Topshop could create a vintage or second hand section of the store which is at a cheaper price, more customers are likely to invest in their garments. Through the use of e-commerce, they could have an influx in sales online.
O
Threats They have cheaper competitors such as H&M, Prettylittlething and Misguided. Some customers are more likely to find the same products for cheaper elsewhere. There is little customer loyalty attached to the brand. The use of technology and online shopping has created an influx of online sales, this means that the high street stores are suffering.
T
5 COMPETITORS From research it is clear that Topshop have massive competitors, such as Asos, Prettylittlething, House of Fraser and H&M. These brands are big competition for the brand as they have similar target markets. Their competitors attract a variety of demographics for example Prettylittlething’s demographic are aimed between 18 to 24 whereas Asos have a wider demographic of 18 to 34. Topshop are currently sat in between these. To help understand where the brand currently sits in the market, primary research was conducted, this involved going into multiple stores to gather information on customer service, product selection, visual graphics and more (see appendix B). To compare and contrast stores, in focus groups each member went to a different store to gather a variety of findings. From this research we found that Topshop aren’t inclusive enough due to a lack of diversity in models and mannequins in their stores. Their petite and tall sections are also very limited, whereas a competitor such as River Island use cultural mannequins and Prettylittlething have a campaign dedicated to plus size. Another method to help gather information was to analyse their social media and engagement with consumers, this method was compared with competitor Prettylittlething. The observation latest over four days. Throughout the period Topshop posted six times, this consisted of reposts from influencers, a video advertising their new campaign and student discount offers. It was evident that the majority of the content posted were reposted from influencers or featured recent imagery from their latest campaigns. There was no flow with the similarity of images on their Instagram ie. no colour scheme therefore making the page look boring. This was compared with Prettylittlething who posted up to six times per day showcasing their latest campaigns, teasers of upcoming collections and influencer reposts. Due to the majority of both socials using posts from influencers in their clothes, this suggest to me that a way to market a brand is by using influencers. This information helped to create a brand positioning map, helping to identify where the brand currently sits.
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CURRENT BRAND POSITIONING MAP
6 CONSUMER DEMOGRAPHIC The demographic for Topshop is between early 18’s to 30’s (Cameron, Cameron and profile, 2019). The typical woman who co insides with their demographic would be a women who likes to shop regularly at the store or online and spend freely. The lifestyle a typical customer would have would be a student or woman in her mid to late 20’s with a job. Topshop is known for having student discount, this helps entice students in to shop at the store. Some of their demographic would also shop at Topshop due to the Petite and Tall section. This helps to keep the brand inclusive, by having similar styles in these sections to cater for all consumers. The brand currently targets an audience with a flexible lifestyle and potentially lives within an urban landscape. Through the impact of social media, young women nowadays aspire to look like influencers and follow their style more than celebrities. However some consumers still have independent styles and aim for a unique look.
7 PRODUCT SELECTION
Topshop sell a variety of products from different brands. Some of the brands products range from athleisure garments, accessories such as sunglasses and handbags to beauty products. Some of the main brands are Calvin Klein, Tommy Hilfiger and Doll beauty. By selling these brands in their stores this creates a wider target audience for Topshop consumers. On their website Topshop have created a ‘best seller’ category, this helps the consumer find the most popular products. As a past consumer of Topshop, jeans are one of the most popular products. Globally Topshop sell a pair of jeans every second, and in their flagship store in London, they sell a pair of jeans every minute. This suggests that jeans are one of their most popular products (Velasquez, A 2019). In 2017, Topshop brought out a new selection of Jeans and introduced half sizes in their jeans for the first time. Their current selection of jeans currently consist of 11 styles. When researching on their website there is a ‘Jeans fit Guide” dedicated to getting the right fit and style of jeans. It is clear on the website and in-store what jeans are the correct fit for different body shapes. The prices of Jeans range from £15 for ‘extreme crop black jeans’ to £85 for ‘Black buckle mom jeans’. Overall the price for jeans could be more expensive than their competitors, as a pair of skinny jeans on Prettylittlething retail for £25. However due to Topshop’s wide range of jeans consumers are more likely to find a better fit than in other stores and online. Apart from clothing they also sell accessories and beauty products, one of the main beauty brands they stock in store is Doll beauty. The brand sells eyelashes, palettes and highlighters, the brand is sold in store with exclusive student discount and bundles to attract customers. Due to some of the brands not stocked online and only in store this can make the products more exclusive as customers are less likely to shop online, however it can be more convenient for some as they can shop locally on the highstreet rather than travelling far to buy a certain product.
8 SOCIAL MEDIA AND INFLUENCER MARKETING Social media is one of the main platforms for brands to connect with their consumer. Through vigorous research into the brand and their engagement with consumers, it has been noticed that Topshop are struggling to have a dominant presence on social media. To consolidate this research an analysis was undertaken to see how often Topshop post content on their social media. Instagram was the main focus of the analysis and was compared with fast fashion competitor Prettylittlething. Topshop posted 9 times over a four day period, whereas Prettylittlething posted 22 times. The posts varied from influencer reposts, competitions, student discount offers and latest campaigns. However the majority of Topshop’s posts were reposts from other accounts especially from influencers. This could suggest that Topshop are relying on the use of influencer marketing as their main content on Instagram. Another factor that might suggest that they are loosing engagement with their consumer is that their Instagram isn’t as aesthetically pleasing compared with other competitors. There is no clear theme throughout their page and the brand is lost in the content posted. It is clear that one of Topshop’s strategies with their social media is to use influencer marketing. This from of marketing is effective as the focus is based on the influential individual rather than the whole target market, this makes the consumer feel a more personal experience when purchasing the product. Topshop use a variety of influencers instead of the same group of people, this helps the brand appeal to a wide target market. Another strategy that Topshop uses is to advertise student discount and competitions. In order to be in a chance of winning the customer has to follow the brand on their page, this suggests that Topshop need more followers to get the brand noticed. In order for these strategies to work, they need to post more content of their imagery from campaigns and products to create a relevant theme throughout the page, this makes their social media become more appealing.
9 MARKETING MIX
The current position of Topshop’s products in particular their jeans are at the rise position in the fashion cycle. This is because of the growth in consumer interest of the product. Topshop have recently created more styles and expanded their Jean selection. Promotional efforts have also increased to raise awareness of the product. The struggle with Topshop and their pricing is that they struggle to gain customer loyalty as other competitors sell similar products but for a cheaper price. However if Topshop price their products at too high of a price point, the customer will value their money over a product. Through the use of social media, print media and internet advertisements, Topshop have started to promote their products more effectively. However it is clear that they are still struggling as the brand doesn’t connect with the consumer as much as other brands. The place of their products is important as it helps develop a brands place in the market. Topshop have traditional brick and mortal stores as well as online, due to millennials now shopping online there has been an influx in online sales due to this their highstreet stores are struggling (Wood, 2018). The products are easily accessible as there are over 510 stores including 300 shops that are franchised, this makes consumers able to shop locally (En.wikipedia.org, 2019).
10 PROPOSED STRATEGY 10.1 IMPROVE SOCIAL MEDIA
A strategy to recommend for Topshop would be to improve their social media. Social media is a massive platform that can help a brand promote their products, with the correct marketing this can increase the brands sales. An analysis was taken to consolidate the research done. From the analysis, Topshop are currently struggling to gain followers and have significant engagement on their socials. The research was done on Instagram and compared with a huge competitors of theirs, Prettylittlething. The analysis proved that Topshop are not engaging enough with their consumer however Prettylittlething are, this is because they are consistent with posts and have a theme running throughout. This suggests that they need to change their strategies.
In order for Topshop to improve their platforms, they need to identity themselves with a theme that helps promote the brand. This could be with a certain colour theme. From research on their website, Topshop use neutral colours throughout their campaigns so a pastel theme would be appropriate . Another strategy to improve their social media would be using influencer marketing. Influencer marketing Is an effective way to target the correct consumer, as millennials now are influenced by a certain fashion individual rather than a celebrity or actor (Influencermarketinghub,2019). It is clear that Topshop do not use the same influencers, however a recommendation would be to have a small amount of influencers that would represent the brand and their content would connect with Topshop’s demographic. If their content is aimed at the correct target market, this strategy could improve their sales and overall social media following.
10.2 WIDEN DEMOGRAPHIC AND DIVERSITY
Topshop have always had the same demographic of mainly women from 18 to late 20’s. By promoting student discount this has enabled them to draw in students and consumers in their early 20’s. However a recommendation would be to expand their student demographic more by creating a section of clothing, accessories and beauty products for students, for example a University section. Within the section, brands such as Calvin Klein and Adidas would also be discounted. The student section would have an exclusive 20 percent discount off lines rather than their usual 10 percent with a student card, making the price cheaper for the consumer. In order to be legible for the discount, the consumer would have to sign up for the discount with their email and download the Topshop App. This increases engagement with consumers, Topshop’s following and interactivity on their App. This recommendation would only be in-store , by making the collection only available in store this makes the collection feel more exclusive due to a variety of brands included. It also creates more interest in store rather than online. By utilising the student market, this could increase in store footfall in stores and overall sales and widen their demographic. Another recommendation for Topshop would be to make the range of clothing more diverse for their audience. This includes expanding their petite and tall sections as well as creating a plus size section. Currently in their stores there aren’t any plus size sections nor any on their website. Topshop sizes range from size 4 to size 18 (topshop.com,2019). Plus size is considered between sizes 18 to 24, therefore by expanding this section it could create more interest in the brand as it is seen as inclusive and diverse. In order to make the brand more Inclusive and appealing to the consumer, Topshop need to push their diversity with creating campaigns dedicated to plus size or a campaign for all body types. A competitive brand such as Prettylitlething and Boohoo have plus size campaigns dedicated to different body shapes (Prettylittlething,2019), therefore people are more likely to shop on their website as they can find a suitable fit for themselves. To help market this campaign, the use of social media is important as their target audience use this platform daily to gather inspiration and buy garments online.
10.3 SUSTAINABILITY
Another recommendation for Topshop would be to improve their role in sustainability. In 2012 Topshop created the ‘reclaim to wear collection’, however from a group survey the responses suggested that consumers are not aware of the collection. Sustainability is becoming an increasing problem due to many fast fashion brands creating more collections and trends. With the high demand of clothes in the fashion industry, Topshop need to be aware of the dangers of using cheap fabrics and labour in the workplace. As more fashion brands are becoming aware of the problem with fast fashion, brands are creating sustainable collections such as competitor H&M. They have created a service where you can recycle your old garments from any brand in any condition in store. This helps to reduce the amount of textile waste in landfill. This service can help tackle the problems with fast fashion, a suggestion would be for Topshop to introduce this service in highstreet store’s. This will help raise awareness of sustainability. Another recommendation would be to create a fashion conscious collection. The collection needs to appeal to Topshop’s demographic of early 20’s to late 20’s at an affordable price. This could be by using fabrics from previous collections, vintage clothing from other brands and off cuts from recent trends, this keeps the collection appealing and on trend. As vintage clothing can be expensive, a recommendation would be to sell second hand clothing at a cheap price point compared to other vintage clothing stores, this would therefore attract the consumer in store and increase competition for other stores.
10.4 REDUCE HIGHSTREET STORES AND IMPROVE ONLINE WEBSITE
Topshop is a global store with currently over 510 shops with 300 franchised. Their stores are spread throughout the United Kingdom with some stores on every highstreet. Due to the mass amount of stores and competitors on the highstreet, the struggle for engagement in store is apparent. Due to millenials now shopping online this has had an effect on highstreet stores. As shopping online is quick and convenient for consumers, less people are travelling to their local store as it is easier to shop online. As Topshop have been on the highstreet since 1964, keeping some of their stores is important. A recommendation for the brand would be to shut their smaller stores and only keep stores in the larger cities such as Manchester and London. This would attract consumers to cities and or shop online instead. To keep the exclusivity of the current stores, a recommendation would be to improve the stores by adding personal shopping experiences, niche cafĂŠs, photo booths, nail and brow salons. Also to make the store look more appealing, adding appropriate lighting and improving the stores graphics and images throughout the store, this would create a modern look for the stores. This is compared to their flagship store in Oxford Circus, London. By shutting half of their stores, this should attract more consumers to shopping online. Through various research it is evident that Topshop are struggling to gain followers on their social media platforms and create an appealing website. To improve their website Topshop need to create a theme throughout the site and link it with their social media, by creating campaigns on latest trends and fashion this should improve the interactivity on their website. These recommendations would improve the footfall in stores on the highstreet stores but also attract more consumers online.
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PROPOSED BRAND POSITIONING MAP
11 BIBLIOGRAPHY (Cameron, Cameron and profile, 2019) Cameron, E., Cameron, E. and profile, V. (2019). Topshop - Customer Profile - Demographics. [online] Elliedigitalpublishing.blogspot. com. Available at: http://elliedigitalpublishing.blogspot.com/2016/02/topshop-customer-profile.html [Accessed 14 Feb. 2019]. (Christie, 2019) Christie, S. (2019). Topshop posts £10.9m loss as it grapples with tough retail environment. [online] The Telegraph. Available at: https:// www.telegraph.co.uk/business/2018/05/23/topshop-posts109m-loss-grapples-tough-retail-environment/ [Accessed 5 Dec. 2018]. (Craft.co, 2019) Craft.co. (2019). Topshop Topman stock price, revenue, funding rounds, financials and metrics. [online] Available at: https://craft.co/ topshop-topman/metrics [Accessed 14 Feb. 2019]. (En.wikipedia.org, 2019) En.wikipedia.org. (2019). Topshop. [online] Available at: https://en.wikipedia.org/wiki/Topshop [Accessed 8 Feb. 2019]. (Influencer marketing hub, 2019) Influencer Marketing Hub. (2019). What is Influencer Marketing? An in Depth Look at Marketing’s Next Big Thing. [online] Available at: https://influencermarketinghub.com/what-is-influencer-marketing/ [Accessed 17 Feb. 2019]. (intugroup.co.uk,2019) Intugroup.co.uk. (2019). intu Trafford Centre, Manchester. [online] Available at: https://www.intugroup.co.uk/en/our-centres/uk-overview/intu-trafford-centre-manchester/ [Accessed 17 Feb. 2019]. (Jahshan, 2019) Jahshan, E. (2019). Zara profits & sales surge in the UK - Retail Gazette. [online] Retail Gazette. Available at: https://www.retailgazette. co.uk/blog/2018/10/zara-profits-sales-surge-uk/ [Accessed 7 Dec. 2018]. (Prettylittlething,2019) Prettylittlething.com. (2019). Plus Size Clothing | Women’s Clothing & Fashion | PrettyLittleThing. [online] Available at: https://www. prettylittlething.com/shop-by/plus-size-clothing.html [Accessed 22 Feb. 2019]. (Statista, 2019) Statista. (2019). Clothing and footwear CPI trends 2015-2018 | UK Statistic. [online] Available at: https://www.statista.com/statistics/284974/clothing-and-footwear-consumer-price-index-cpi-monthly-in-the-united-kingdom-uk/ [Accessed 8 Jan. 2019]. (Statista, 2019) UK inflation rate forecast 2018-19 | Statista. [online] Statista. Available at: https://www.statista.com/statistics/306720/inflation-rate-forecast-consumer-price-index-cpi-united-kingdom-uk/ [Accessed 8 Feb. 2019]. (Static.topshop.com, 2019) Static.topshop.com. (2019). [online] Available at: https://static.topshop.com/v1/static/static-0000159155_ WK24_THE_SPRING_EDIT_DESKTOP_UK_2jpg [Accessed 21 Feb. 2019]. (all images found from Topshop website). (Tobin,2019) Tobin, L. (2019). How will Brexit impact the UK fashion industry?. [online] Evening Standard. Available at: https://www.standard.co.uk/ lifestyle/esmagazine/how-will-brexit-impact-the-uk-fashion-industry-a3931611.html [Accessed 9 Feb. 2019]. (topshop.com,2019) Topshop.com. (2019). Joni Jeans | Jeans | Topshop. [online] Available at: http://www.topshop.com/en/tsuk/category/jeans-6877054/joni-jeans-6906608 [Accessed 21 Feb. 2019]. (Velasquez, A 2019) Velasquez, A. (2019). Topshop Sells a Pair of Jeans Every 10 Seconds. [online] Sourcing Journal. Available at: https://sourcingjournal. com/denim/denim-brands/topshop-sells-pair-jeans-every-10-seconds-96395/ [Accessed 15 Feb. 2019]. (Wood, 2018) Wood, Z. (2018). Topshop owner Arcadia’s turnover falls as web hits shop sales. [online] the Guardian. Available at: https://www.theguardian.com/business/2018/may/15/arcadia-turnover-falls-sir-philip-green [Accessed 24 Dec. 2018].
12 APPENDICES APPENDIX A
These responses were collected from a group survey on survey monkey. The purpose of the survey was to gather information what consumer’s perceived of the brand. The survey helped to identify what consumer’s think about Topshop in general. From the 100 responses 74 people said that they were not aware of Topshop’s ‘reclaim to wear’ collection. It is clear that Topshop are not advertising effectively as the ‘reclaim to wear collection’ is not well known. With 97 people suggesting they should take a more ethical approach to fashion. This information helped to identify different aspects of the brand in my report and further research.
APPENDIX B
An aspect of primary research was visiting their flagship store in Oxford Circus, London. The Topshop store is the biggest in the world with 3 floors and around 90,000 square foot. When visiting the store it had a ‘one of a kind’ shopping experience, with a blow dry bar, nail bar, piercing salon and personal shopping experience. There were also food and drink services such as Benugo, Lola’s cupcakes and Bubbleology. The store was neat and tidy, modern and eye-catching. Throughout the store billboards and interactive graphics made the store look visually pleasing. The research created an interest into looking at their other highstreet stores and recommending more interactive stores throughout Britain.
APPENDIX C
The graph shows the e-commerce sales revenue in the United Kingdom from 2014 to 2017. The e-commerce sales totalled at 586.3 billion British pounds, this is a huge increase from 2016. This information suggests that there has been an influx in online sales as consumers are shopping online more. The information also suggests that fashion brands are now focusing on their online presence and social media rather than highstreet stores.
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