Shoppers Have The Answers, But Brands Need To Ask The Questions
In an age of unlimited choice, immediate access and shifting trends, many retailers are asking themselves the same question — how do we make more products that our customers love with greater speed and accuracy? Turns out our customers have the answers, but we have to ask the questions. Brands can no longer assume they can dictate trends. The customer has the ultimate access to products when, where and at the price they want to pay. Because of these factors, it has become increasingly important for retailers to shift from a “Push Model” — where the retailer assumes they know what the customer wants — to a “Pull Model” — where the customer tells us what they want. Like many brands, the top 10% of Lucky Brand customers comprise a meaningful percentage of our revenue. We owe our business and brand success to these customers and because of this, it’s incredibly important that we listen to their needs and continue to provide them with relevant products that they love. As it turns out, customers want to engage with their favorite brands as long as the experience is meaningful, relevant, fast and fun. According to research from Media Post, more than 80% of millennials want to co-create products with brands they love. Brands should leverage their own creative vision in combination with this willingness from customers to participate in the process. They can listen to what customers want, gain more insights and incorporate their feedback into a variety of everyday decisions. Read more at Retail Dive.
