Two days ago, at the NRF 100th Annual Convention in NYC, Claudio Del Vecchio has been asked whether he agreed with statements by Micheal Porter that consumers have become more savvy, demanding, and difficult to satisfy. Del Vecchio disagreed, stating firmly that customers are not more difficult to satisfy. In his role as Chairman and CEO of Brooks Brothers, Del Vecchio observed that consumers are simply much more aware. They are no longer looking for a fast buy. They take their time, look for quality and see their purchases as investments. Consumers are just more focused on what the real value is.
The next step to better understanding their consumers, Del Vecchio explained, is integration between customer data and social media. He even went so far as to say that social media is becoming more important than having information about your customer. When your business is being discussed on social networks, Del Vecchio said, it’s the friend of a friend that is going to grow your business. The key though, is giving your customers the tools they need to be able to sell your brand to their friends. He advised retailers to become better publishers so that their customers have what they need to become your sales force. (Courtesy of NRF blog)