Great Businessmen can see opportunities where no else can and what the future holds. While no one can manage to read other’s mind entrepreneurs such as Adam Goldenberg and Don Ressler have the uncanny ability to see things that other people can’t or are not aware of its existence. It is that keen eye that has helped the two co-founders outdo their competitors within a short period. Advancement made in technology and the increased innovations have changed the way businesses are managed in the world today. With the rise of the internet, the world has become a global village and has changed the way people view businesses. Businesses are evolving at a very fast rate and driving the customer base plus shifting the markets has been a daunting task for most businesses. However, businesses that know what to focus on and what clients needs find it easy maneuvering the market and rake in profits.
Fabletics is one organization that has realized the influence the power of the crowd or crowd-sourced reviews has towards a brand. Reviews have become an important part of a client’s decision-making process. Before a client purchases an item he/she first check on what others are saying about that particular product. Since people who are leaving reviews on a product are those that have had a firsthand experience with the product, clients, for this reason, tend to trust reviews more than anything else. Reviews are like personal recommendations and the more positive reviews a product has, the higher the chances of that product being bought and vice versa.
The use of crowd-sourced reviews has helped Fabletics gain customer confidence, and as a result, the company has maintained its customer’s base, found new ones through referrals all of which results in more revenues. Fabletics has just been in operational for close to four years. Despite being young in the industry, Fabletics has grown to make over 235 million dollars regarding revenue indicating a 200% growth. The company besides has more than a million paying members who pay a monthly subscription fee of 40 dollars. Techstyle Fashion Group CMO attributes Fabletics success to embracing the use of reviews or the crowd.
From research conducted by BrightLocal, it was found out that 84 percent of modern day consumer trust online reviews as much as a personal recommendation from a friend. An upward trend has been continuously observed each time the research is repeated. According to Trustpilot CEO and founder, Peter Holten trust is at an all-time low and consumers are no longer trusting the traditional marketing and advertising methods. Trust, power, and safety are now grounded in the opinion and feedback of the crowds and companies that understand this concept are leveraging on it.
Kate Hudson, an actress, is also a co-founder of Fabletics. Kate plays a very crucial role in marketing Fabletics products especially to women who form the biggest clientele base of the brand. For those wishing to have a customized experience of an athletic wear can sign up at the Fabletics website take a lifestyle quiz and be able to get the type of athleisure brand they desire.