A little while ago we presented a seminar on Customer profiles, what they are and why they are so important to your new business startup. Every fashion business and new fashion brand should have one because they really are key to your business plans, and if done properly, they will help to make sure you don’t waste time and money-making mistakes.
Unfortunately a Customer Profile can be tricky when you are trying to sift through data and many people get them wrong by making assumptions that would normally make sense, but change when you combine various elements together.
I can’t stress enough to people how much these documents will help you to make the right decisions in your new fashion business. They really will help you to make all the key decisions by understanding the customer you have. Without one I can guarantee that you will waste time and money and in some circumstances, you’ll run out of funds and your dream will be put on hold.
To my disappointment, many people still ignore a Customer Profile document, thinking that they are a boring waste of time. Well I won’t lie. They take a long time to create and yes data can be boring to go through, but without one, you will find that you will make unnecessary mistakes and for the sake of some upfront funds, the rest of your business setup will be much easier, cheaper and faster. Now isn’t that worth it?
So what happens if I don’t bother? well for those who ignore or don’t bother with a Customer Profile, unfortunately they either run out of funds or their business fails because they make the wrong decisions that can’t be put right.
I am really hoping that by reading this you understand how important they are and will put lots of time and effort into your own. They are essential for your business and are definitely a place to invest some initial funds. In the long run they will cut down the need for wasted money by reducing the amount of mistakes you will make and will make sure you are spending whatever startup capital you have in the right places for you.
If you are interested in Customer Profiles and want to find out more about starting your own, Click the link to read the next post for a 7 step plan.
Have a look at our Customer Profile presentation here to get you started the right way and help to make your new fashion brand successful.