Benchmarking is the practice of a business comparing key metrics of their operations to other similar companies (Howthorne, n.d). Benchmarking is an important thing to do in advertising, because to have a new advertisement campaign, the brand or the products need to have improved from their last campaign, so they can affect their market well. For example, the brand BYSI does not really have attractive sales compared to previous sales, so this time, they could try to change the style of their advertising and put their advertisement at every place that can be reached and seen by people, or they could have some discount or sales to clear their previous stocks.
An example of benchmarking is Uniqlo. Uniqlo in Singapore likes to interact with their customers on social media, and looking through their Facebook page, it is noticed that once in a while when they have a special event (e.g. Chinese New Year, Christmas, Valentine's Day), they will invite customers to join the event. They also post some updates for their latest collection and collaboration. Here are some examples:
("Uniqlo Singapore | Facebook", 2017)
("Uniqlo Singapore | Facebook", 2017)
This is really important in advertising as people will get more attracted to the brand. The Editor's Market can get some fresh idea of advertising and also campaign by looking to the other great brands. After all, advertising and campaigns are the only things that The Editor's Market need to improve in their brand's sales, since their customers already like the Editor's Market style and their unique pricing system.
The second benchmarking is Celine's advertisement campaign. Celine's campaign looks very clean, sleek, and effortless. They adopt the style of absolute minimalist and it works, so people will be more attracted to the product that Celine's sells. Their other benchmarking is doing a fashion show or trunk show, and private events for their promotions.
(Teller, 2011)
(Teller, 2011)
(Klingelfuss, 2013)
Strengths:
- Step Pricing
- Up-to-date style and trends
- Many store branches (313 Somerset, Ion Orchard-Wheelock Place, Bugis+, Westgate)
- Versatile
Weakness:
- No advertising campaign & promotions
- Ineffective website layout & information
- No clear brand message
- Poor use of social media
Opportunity:
- Can compete with other local fast fashion brands
- Worldwide shipping (international market)
- Talked-about effect from bloggers & influencers
Threats:
- Blogshop in industry is oversaturated in Singapore, so it will be hard to stand out
- Recurring trends
- Competitors, especially international brands.
Uniqlo Singapore | Facebook. (2017). Facebook.com. Retrieved from https://www.facebook.com/uniqlo.sg/
Howthorne, W. What is Benchmarking? - Definition, Types, Process & Examples - Video & Lesson Transcript | Study.com. Study.com. Retrieved from http://study.com/academy/lesson/what-is-benchmarking-definition-types-process-examples.html
Consumers Behaviours in Singapore. (2016). Prezi. Retrieved from (https://prezi.com/pjpcicf-cu4u/consumer-behaviours-in-singapore/)
Teller, J. (2011). Celine Fall 2011 Campaign | Kirsi Pyrhonen, Monika Sawicka & Emilia Nawarecka by Juergen Teller. Fashion Gone Rogue. Retrieved from http://www.fashiongonerogue.com/celine-fall-2011-campaign-kirsi-pyrhonen-monika-sawicka-emilia-nawarecka-juergen-teller/
Teller, J. (2011). Céline Spring 2011 Campaign | Daria Werbowy & Stella Tennant by Juergen Teller. Fashion Gone Rogue. Retrieved from http://www.fashiongonerogue.com/celine-spring-2011-campaign-daria-werbowy-stella-tennant-juergen-teller/
Klingelfuss, J. (2013). Fashion week S/S 2014 invitations: womenswear collections | Fashion | Wallpaper* Magazine. Wallpaper*. Retrieved from http://www.wallpaper.com/fashion/fashion-week-ss-2014-invitations-womenswear-collections#90057
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