For this episode, I’m going to share what’s becoming a common and devastating problem that I see happening all too often in today’s retail marketplace.
Its effects have lead to huge retailers and brands declaring bankruptcy, closing down, and even fostered the phrase, “retail apocalypse” --- or the end of retail as we know it! Bankruptcies and store closings are being called out for failing sales. The Bon-ton, ShopKo, and Radio Shack all have met their end and it seems like each week there is another store on the chopping block.
So what’s creating all this chaos???
Brands that have lost the pulse on their customer.
You may not even realize that it’s happening at first and are assuming your last few slow sales months are due to an economic downturn, or maybe you aren’t advertising enough, or offering deep enough promotions, it could be a couple bad reviews from customers but you tell yourself it will turn around. Pretty soon you realize you are beginning to lose customers to competitors.
And why? All because you’ve lost focus on your customer’s wants and needs and how to best serve them.
On this episode you’ll hear the three most common warning signs that you have lost touch with your customer, the main reasons it happens (even to the best of brands), and what you can do about it TODAY to get your fashion brand back on track and begin to win back those lost customers.
If you are a new Designer CEO’s that hasn’t clearly defined your customer, just getting started and realizing that you may need to dig a little deeper to get to know your customer better, or perhaps even a bit more established but realize that you need a refresher on keeping your customer top of mind than this is for you.
Have a question for The Designer CEO Podcast?
Is there something you’ve been struggling with as you launch or grow your fashion brand?
I want to hear from you!
Ask your business related questions, about Mod. Merchant, the retail industry, or Sarah and you may just hear the answer on an upcoming episode!