Balmain is a haute couture fashion house that was founded by Pierre Balmain in 1946. The brand devote itself to satisfy consumer’s aspiration of fashion and luxury. Around 2008 and 2009, the clothing line became extremely popular both among fashion magazines, runways and celebrities.
In order to reach this achievement, the designer, style and quality are very important, but catch the consumer’s behavior, attitudes, beliefs and values is the key point to make success in highly competitive fashion market.
If we understand anything about human behavior, we know that it can be predict, known and guided. Especially in consumer behavior.
Consumer behavior consists of three steps which are prepurchase, purchase and postpurchase. Consumers’ feeling will be influenced by each step. So if you have bought Balmain product, it is likely you have make research among lots of luxury brands and selected Balmain to be your choice. In the meanwhile, it also mean that you overcome the high price and have a highly expectation of the product.
After receive the product, it will provide consumers three kinds of feeling, under expectation, reach expectation and over expectation. It is obviously that last two options will make consumer continue buying behavior and may become loyal customer. However, the first feeling may make you try some different brand and maybe, just maybe, generate negative word-of-mouth.
According to Maslow’s Hierarchy of Needs theory. The product of Balmain belongs to ESTEEM NEEDS. The customer may generate confidence, self-esteem and get respect by others when they use Balmain products. Meanwhile, the positive word-of-mouth will spread between man and man. Consequently, regular clients will repeat purchase the product and recommend it to others. Potential costumer will put their purchase aspiration in real.
On the other hand, due to Balmain its high price, many people can’t afford it. In order to attract more clients, Balmain decide to collaborate with low price and cheaper brand like H&M.
Firstly, the Balmain and H&M both can obtain profits through this collaboration. They can provide consumers with information such as the collaboration between them. The marketing profits is measured by the media impressions which over one billion level. This is very important for any brand, it not only motives consumers’ purchase aspiration, but also promote the brand awareness.
Consumer satisfaction is the key point in guide and predict consumer behavior.
- The core (hygiene factors) and peripheral components (motivating factors) of a product both contribute to satisfaction
- If the core is good, it doesn’t enhance satisfaction much because it is expected to be good
- If the core is bad, it can affect dissatisfaction
- Peripheral services can affect both
But how to measure the satisfaction of consumers? The easiest and most difficult method is survey. Balmain adds comment column in its official on-line store, it allows consumer leave their comments about their purchase experience. So the company can adjust sale strategy through predict consumers comment behavior. However, the question is whether the consumer wish to leave the comment or not.
The other method is to compare the results to previous prediction. If the current result as good as prediction, so improve or keep the sales level on the basis of this result in next period. Otherwise, adjust the sales and improve consumer research.
What if consumers have bad purchase experience? The best way is to let your frontline employee give consumer a call immediately and solve the problem. Try to meet the requirements raised by consumers as much as possible.
Here is the video of Balmain and H&M collaboration advertisement.
By kennyfang (214267189)
YouTube 2015, BALMAIN X H&M, YouTube, retrieved 27 March 2016, <https://www.youtube.com/watch?v=L9o96N0AowM>
H&M Life 2015, BALMAIN X H&M, H&M, retrieved 27 March 2016, <http://www.hm.com/au/life/culture/h-m-inside/2015/05/hmxbalmain>
Saul, M 2014, Maslow’s Hierarchy of Needs, Simply Psychology, retrieved 26 March 2016, <http://www.simplypsychology.org/maslow.html>