The New York Times’s recent article on the Realreal’s brought home the fact that today’s consumer cares less about owning things than previous generations – and new retailers like you are ready to capitalize on that.
As an emerging brand, how can you adapt to changing consumer behaviors amid the Goliaths of our industry?
I suggest that you start with a focus on customer relations as opposed to making a sale. Peter Drucker’s exhortation that “the purpose of a business is to create a customer” rings clearer than ever in today’s omni-channel market. Meet the customer where she might be. Let the customer try your product before purchase. She might even tell you how you might improve your product.
As a startup, you can afford to focus on acquiring new customers because you have neither legacy channels nor yesterday’s breadwinners to defend. While established brands might view changing consumer behavior as a potential threat, you have the freedom to adapt and buck the consensus. Partner with your fellow startups like Flont, a fine jewelry rental startup, or Guesst, a retail-as-a-service startup, to test new approaches. Established brands rarely have this agility.
Getting the customer’s attention will be more important than brand equity at this stage in your business.
May I help you think through your approach? Please give me a call at 347.420.0048.