One-to-One Versus Branding
I know what you're thinking. Delivering a one-to-one customer experience shouldn't have to be a choice over branding; it should be an essential part of branding. I agree. But when your brand isn't fully established, can taking a one-to-one approach help a company win over established competitors?
James Hancock is betting it will. I recently met with Hancock, vice president of sales for My.Suit. The company manufactures and sells made-to-measure men's suits. The experience starts with a visit to one of the store's three New York locations to be measured. The next step is selecting the fabric and color. Then it's time to choose from myriad styling options, including two versus three buttons, vents or no vents, lining color, lapel and pockets styles, and more. Two weeks later, the customer has his suit in hand. (Once a customer had purchased his first suit, he can go to the company's website to customize and purchase other suits using its My.Closet application.)
According to Hancock, what sets My.Suit apart from other made-to-measure companies is its ability to quickly deliver a virtually custom suit for $495, whereas the same suit (quality-wise) would start at $800 from competitors. It's compelling. In fact, 58 percent of the company's customers are repeat or referral buyers.
"You won't get a better fit and quality for the price," he says, "so why go anywhere else?" The answer: Armani.
Yes, there is a segment of customers for which My.Suit is perfect. And it's quite likely that that customer group would select My.Suit over other made-to-measure companies. But there is another group of customers who purchase high-end suits who might never purchase from My.Suit. Those customers prefer clothes from well-know designers (for whatever the reason, e.g., cache, fit). These customers might be interested enough to check out My.Suit, but, ultimately, will choose a well-known designer every time.
Taking a one-to-one approach may, in fact, help a company win against some established competitors -- especially when there's also a price advantage. But perhaps it doesn't need to win against all of them. Perhaps that one-to-one approach can help a company establish a profitable niche in its market with a segment of customers who are the best fit for what it offers. In the end, isn't that what one-to-one is about?
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