Despite having a royal fanbase, LK Bennett is on the brink of collapse. Another high street casualty is following in the footsteps of HMV, Toys R Us, Patisserie Valerie, Monsoon and so many others. As an ex LK customer, the brand sadly failed to resonate with its high street base and dug its heels in a premium offer that priced itself out of the market.
Today’s retail landscape offers more options than ever before. Through the power of the internet, retailers have handed over the keys to their outlets 24/7, which has given rise to a new breed of shoppers searching for resonance. Brands that will understand their needs, align on their values and deliver on their terms.
It may seem obvious but understanding the target customer and the barrier & triggers on the path to purchase are key to generating sales revenue – for brands and retailers alike. So why do so many ignore these critical steps?
Start with a few simple questions:
- Who is my target customer?
- What are they looking for & currently buying?
- How often?
Then ask yourself if your business is set up to cater to this new breed of shopper?