Two postings in one day? Well, this was just too good to pass up. For any brand who thinks that talking to their female customers is too difficult, time-consuming, expensive...you fill in the blank, Coach, one of BusinessWeek's 50 Best Performers (#2 to be exact) offers a terrific example of the opportunities to be missed if you don't. According to the article, each year Coach surveys 60,000 (yes, each year and yes 4 zeros) of it's female customers via online and phone surveys as well as face-to-face encounters at 300 stores to determine upcoming trends and opportunities for brand expansion. No small investment we know, but the results are well worth it. As reported in BW:
After hearing customers complain that they couldn't find decent carry-on luggage for weekend getaways, for example, the company in July, 2006, launched its "Signature Stripe" travel bags--a new line that accounted for a hefty 15% of Coach's sales of full-priced merchandise during the first month out of the gate.
Ready to start listening?