The power of the crowd is increasingly stirring consumer purchases in today’s markets. These days, consumers tend to gain trust in crowd-sourced reviews easily. It gets more accessible for a customer to source items when they get recommendations from individuals they know personally. Brands that are enlightened about this strategy have already devised ways of taking advantage of it. Kate Hudson’s Fabletics is one of the brand names that have been on the forefront of exploiting the essence of leveraging the power of the crowd. Fabletics was founded in 2013 and has since grown its revenue significantly. Precisely, the company’s revenue has risen to more than $235 million, which translates to 200%. It is also worth noting that their paying membership has grown to over one million, which is a tremendous move.
Choosing the Right Business Model Influences Your Growth Rate
The business space provides a wide range of business models. The good thing is that they are available in assorted patterns and sizes to meet specific needs for various businesses. Normally, when new models are introduced in the market, every investor tends to embrace it. At the same time, some enterprises are left wondering why they had not designed the model before any other brand. Fabletics came up with strategies that have helped them take the active wear industry by storm. In the last three years, they have experienced tremendous growth, which is a testament to their selfless commitment towards the organization’s growth. Since the inception of Fabletics, things have taken a new line in the active wear market. The enterprise has never cowed to do things uniquely.
Top Secrets Influencing Fabletics’ Ever-growing Success
Focusing on unique products has taken Fabletics a long way. Women love what they get from the enterprise because it suits all their needs. Before getting into the market, the co-founders undertook a thorough feasibility study that helped them identify the gaps in the market. By the time they were engaging in the business, they had defined what the customers had lacked from the existing brands. Initially, it was quite unfortunate for the consumers because they had no option but to buy the poor quality and unappealing active wear at inflated prices. Firms dominating the markets competed on the grounds of prices and not quality, which left most customers unsatisfied.
Fabletics is the Brand Whose Pace You Need to Watch
Recently, the company rebranded and acquired the name, TechStyle Fashion Group. They have gone a step higher and embraced the power of technology. In fact, technology has significantly impacted their ability to leverage the influence of the crowd. Fabletics has provided platforms through which their customers can review their products and services. By so doing, they allow potential consumers to learn about them independently. You realize that as much as you keep advertising, savvy customers go beyond your site to see the record you have kept with your previous clients.