Have you ever been given a present that you didn’t really like? Chances are, that the person who gave it to you, didn’t know you very well. They chose something they thought you would like, from their own perspective, without bothering to find out if you would actually enjoy it.
The result, is that you don’t like the gift and when you receive it, feel a bit disappointed. The person who bought it, wasted their money…..
Any business, regardless of what they sell, will only be successful if it makes a profit by selling its products or services. To get a sale, you need a happy customer, who loves what they see so much, that they are willing to part with their hard earned money.
Sounds simple. Just make a great product and people will love it…..
Well you may have guessed, it’s a little more complicated than that. Are you offering your products to the right people? Are you offering the ‘best’ product in your opinion, or in your customer’s opinion? Is the product perfect, but you’re pricing it too high? Maybe too low for your market? What about the social media pages you have picked. Are they the right ones for your customer? ….. There are many questions and options, when thinking about the relationship between your customers and products
Just like the person who gave you an unwanted gift, if you don’t know what your customers like, want or need, then you’ll waste your time and money, offering something they don’t want. You might even try to sell to the wrong people because you have made assumptions about them that aren’t right. Ultimately, your customers will be the disappointed people, never wanting your items.
It’s not about selling lots of products, it’s about selling the…..
Customer Profiling, or Market Research and Segmentation, is such a vital part of building your product line, brand or business, but is so often overlooked or not done thoroughly enough to be effective.
Companies underestimate just how effective it can be and how much power it has over the success of your business. Your customer profile document is one of the most important documents you will ever have and should help you make every important decision for your business. It will help you to know how to improve customer satisfaction, improve your marketing strategy, where to base your marketing, how to promote, what pricing structure to use, and even the styles and design you should focus on, among other things. The profile basically gives you an analysis of who your customer is and what they like, helping you to improve your conversion rate and give your customers with what they need, want or desire, which also increases sales of your high end products because of the value you provide.
They focus on the human behavior and attitudes of your particular customer, targeting information on what they like, dislike, where and how they shop.
Because you will understand your customer so well, they’ll feel like friends and you’ll give them the presents that they love.
A customer profile is about putting good quality, suitable goods in front of customers who will benefit, enjoy or need them. It’s about connecting people with a product that will serve them, in the easiest way possible, at a time and place that is convenient for them and at a price they can afford. Your customers ARE your business, and they deserve the extra time and effort to give them a product they will love.
When you are at the beginning of your journey, you have a lot to think about and pay for. Customers and their needs may not necessarily be at the front of your mind, but they should be. When you have so much to think about and organise, something that would make your decisions easier and more effective, will help with cash flow when you launch and cut your brand set up time in half. With a little investment upfront, to build really strong brand foundations, your journey will be easier to manage, your business will be more successful and your customers will be loyal brand fans.
If you’ve already started your fashion brand, you might be looking for ways to improve efficiency, increase your revenue through more sales or even expand what you offer your customers. If your customers are happy, then they will market your brand message for you. Sell the benefits and image to their friends and come back to you for more products, over and over. You want them to be returning, happy customers and to think of you before anyone else. To achieve this, you need to make sure that you are out performing your competition and making sure that your customer’s needs are met, by knowing what they are.
If you’ve been in business for a while, then you already know how to build a business. You have customers that are loyal and maybe you’re thinking about improving the service you offer them by expanding. You want to find out how to improve your relationships with your customers, so that they come back to you time and time again and even turn more first time or casual visitors, into loyal brand followers. All you need, is to listen to your fans. Take notice of what they are asking for and build better relationships with more people. It will create higher revenues for you and expand your brand name to more people.
A Customer Profile is essential for good sales, happy customers and a strong business foundation. It can increase your customer base by over 20%, but more importantly, it can increase the image that your customers have of your brand, creating fans who will be more loyal and shop with you more often.
This document is recommended for brands who are looking to really focus their efforts and develop their existing sales revenue, or those looking to give their fashion brand the best start.
BENCHMARKING – COMPETITIVE ANALYSIS
A Benchmarking Competitive Analysis, focuses on your business first. Looking at your strengths and weaknesses as a company. It then does the same for your competitors. Lastly, it compares your brand to your direct competitors and allows you to see where your brand excels in various situations and where improvements need to be made, to stay competitive. It allows you to focus on where you excel over your competition, which in turn creates happier customers and improves sales revenue.
This document is recommended for brands who are up and running already, so that they can stay competitive. This is also an essential document if you are looking for investors.