Lessons from Savile Row.
Recently Ingrid Cliff of Heart Harmony posted in her newsletter wrote about niche businesses and the success possible from pursuing a niche. Following on from this then saw an article in Business Week which detailed a conversation with a Savile Row Tailor.
Savile Row is famous for its independent tailors. These tailors provide a specialist product (bespoke suit) with precise customer service. Tailoring is a business which has had significant competition from a wide range of companies selling suits from off the rack companies, major brands eg Armani, to online businesses but Savile Row has survived and thrived. In the article Richard Anderson said how this conversation from the ready to wear market keeps them on their toes. They have to keep doing it better than them. The other aspect of this conversation was that they have a deep relationship with their customers. Also they are willing to travel the world to their customers.
The lessons from this article was that a very successful way to compete is to find a specific niche and deliver a fantastic product with extreme customer service. (Simple) But really small businesses can’t be everything to everybody. But if you have a niche product or service you must deliver a great product / service. It can not be just a little better than what the general competition is. The bespokes suits tailored on Savile Row are exquisite. But the other important aspect is to have a deep relationship with your customers. In this way you will be more than just a provider of a product or service, you will be a valued friend of your customer.
Savile Row tailors are never going to have the mass market but their product is unparalleled and there is a sufficient market available for these tailors to have a great business.
So in summary find a niche, deliver a great product / service and have a deep relationship with your customers.
Flickr Photo – Mike_fleming
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