Great example of how proper market research can unlock the needs of your audience and how you can make sure you meet them - by listening to their current audience, Abercrombie & Fitch grew their stock price by 400% over the course of the last year.
Most companies have an idea of who their ICP is, and it's always worth asking these people what they are looking for from a brand like yours... and if you are delivering what they want (whether if its from formal surveys or less formal, digital audience research via reviews, reddit threads, and social listening). Then you can work to bridge the gap between what you are offering and what your customers want to spend money on.
Of course, its always worth considering if your ICP needs to be reevaluated. For example, Stanley Thermos were originally sold to construction workers and was marketed as the cup for the "man's man." However, one social media woman discovered the cup, fell in love, and started sharing it with her followers. The marketing team at Stanley took notice. They then made lots of pastels and pink and started marketing them to women... and now women all over the US show off their Stanley water bottles (well, until the lead debacle).
TLDR: Listen to your audience and consider if there's additional audiences who could benefit from your product... and test, test, test.
#Marketing
Our Chief Marketing Officer, Carey Collins Krug (she/her), recently sat down with Katie Deighton at the The Wall Street Journal to discuss how our marketing has shifted as a result of our research, and why teaming up with our product teams is so essential.
“It was that focus and really understanding the lifestyle of that 20-something that has given us the growth that we’re seeing today, and unlocked a lot of opportunities not only from a brand and marketing perspective, but also from an assortment perspective."
Read more below. 🔗
Abercrombie & Fitch Is Reaping the Rewards of Taking Adult Women Seriously
wsj.com
Absolutely crushing it!