Great post on hustling, moving fast, and breaking all of the things:
Andy Dunn & Bonobos just launched their 13th Guideshop in Atlanta. The notorious menswear e-commerce company, launched in 2007 by housemates, Andy Dunn & Brian Spaly, while attending Stanford Business School. What started as a just company producing better pants, evolved into a full fledged menswear line including suits, jackets, blazers, By 2013 they had raised over subsequent rounds $130 MILLION dollars. 2 roommates & an idea. And 6 years later? $130 Million dollars invested.
Warby Parker, another e-commerce company specializing in glasses, has also joined the ranks of companies embracing the omni-channel customer experience. So why does a thriving e-commerce company open up 8 stores, and 4 showrooms? Because there’s a large untapped market who will not simply buy their glasses online, and/or who might want the convenience of being able to try on glasses in person and/or the instant gratification of purchasing a new stylish pair of glasses. Of course, they already had a established themselves in the marketplace so it wasn’t like starting a new venture from scratch.
There’s a new trend these days and NEWS FLASH: It’s all about the customer. Customers are no longer buying into your product – they’re buying into the company as a whole. New generations want personalized service, whenever and wherever they want it. Additionally, they’re buying into the brand, customer support, social media presence, innovation, and ultimately the customer experience.
Organizations and processes can get complex at time but if you stay focused on the customer, like these brands have, you will find success. A recent study put out by Watermark Consulting conducted a study to try to better define the ROI that’s associated with customer experience efforts. The study found that the customer experience leaders that “market Leaders outperformed the broader market, generating a total return that was 26 points higher than the S&P 500 Index.”
How are some ways that your brand or organization are innovating around customer experience?