EP28 - Finding Your Dream Customer with Monica Sharma-Patnekar
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What will it take for me to get my first sale?
Why are my profits not growing?
This strategy worked for their company, why is it not working for me?
Whether you’re thinking about launching your fashion line or have already launched your line, you may be struggling to see sales. You’ve put strategies in place that you’ve seen other influencers use, but they don’t seem to be working for you and you’re not really sure how to approach or collect data on your customers.
In this episode of the FastTrack Your Fashion Brand Podcast, I’m talking to Monica Sharma-Patnekar, a business and brand strategist who has worked with Fortune 500 companies, has corporate experience in brand management and global consulting, who is giving tips to help you take control of your business, and help you be sustainable and profitable.
Monica also provided a free resource, Business 180, that you can use to follow along with this episode of FastTrack Your Fashion Brand Podcast.
IN THIS EPISODE, YOU WILL HEAR ABOUT
- 4 mistakes you may be making that are preventing profit
- 4 essential questions to ask customers
- Tailoring your products for your customers
- What to do once you’ve collected the information
4 Mistakes That Are Preventing Profitable Growth
Monica defines sustainability as creating a business you can live off of. This means it is profitable, can be long-term, and you are seeing consistent monthly sales. If your business doesn’t fit this definition yet, don’t worry, we’ll get it there.
So, four of the biggest mistakes that people make are:
- Being unwilling to overcome their fears and get out of their comfort zones
- Focussing on what you would want instead of what your customers are asking for
- Focusing on your products, instead of your customers
- Not digging deep enough for their why or purpose
Monica and I will dive into each of these mistakes, but I’m not going to spill the tea here...you’ll have to tune into the episode to learn more!
4 Questions to Ask Customers
Monica refers to these 4 essential questions, as the “4 D’s”. Easy to remember, right?
- Demographics - age, gender, income, etc
- Dreams/desires - what makes them happy, what are they looking for in life, how can your product connect to that
- Do - what do they do, what is their behavior, where do they shop, what do they buy, what do they like
- Delight - what are they happy with, and what aren’t they happy with, and why!
Why Should Your Customer Care About Your Why?
Now that you’ve connected with your customers and learned more about them as a whole, how does your product connect to them? What is your why and why should they care?
There are typically three ways to make this connection:
- Functionality
- Emotionally
- Socially
Trying to make a functional connection is advertising “The perfect fit”. It speaks to some sort of functional benefit of your product.
Emotional is just that, connecting with them on an emotional level such as “feel free”.
And socially, is standing for something larger in general like “Helping to rebuild the confidence of women everywhere.”
Engaging with Your Customer
Now that you’ve collected information on your desired customer and figured out how to connect with them, it’s time to create engaging marketing material to turn this knowledge into profit.
On this week’s FastTrack Your Fashion Brand Podcast episode, Monica discusses:
- Funnel ideas
- How it doesn’t always have to be a discount
- Re-aligning yourself with your customer
Tune in and let me know what you found most helpful for increasing your sustainability.
EPISODE BREAKDOWN
08:00-09:00 - Making a Sustainable Business
09:05-13:00 - 4 Mistakes People Make
15:15-21:30 - 4 Questions to Ask Customers
23:15-28:30 - What To Do With Information About Customers
28:50-35:00 - Engaging Customers
Meet the Guest
I am Monica. Your business & brand strategist, enabling creative entrepreneurs like you to take control of your business, grow & fall in love with it all over again. I'm a mom of 2 mischievous girls, love dancing & am all about combining the magic of numbers, creativity, and structure. Top it up with a good dose of intuition!
5 years ago I left behind a corporate career of 10+ years and embarked on my entrepreneurial adventure. I’ve worked with corporates, Fortune500 companies, and entrepreneurs alike, across industries and regions, having had roles in Brand Management, Global Marketing & Strategy consulting.
Since then I also had a webshop, which taught me everything about online businesses and moving beyond failure. YES, I know what it's like when things are just not working out. And I saw many businesses stop, each making the exact same mistakes. Statistics show that 50% of businesses do not make it to 5 years.
Each making mistakes easy to avoid. THIS is the reason I'm so passionate about helping small businesses. I want to help you be in the 50% that make it! Let's start with ditching overwhelm for focus & clarity.
Last year Google hired me to work with its premium partners that earn €1m+ revenue a year. I’ve adapted some of the same methods that I used with these scale-ups, to help small, creative & product business owners like you to build a profitable business that both you & your customers love.
CONNECT WITH ME
INSTAGRAM: @nicole_di_rocco
FACEBOOK: www.facebook.com/nicoledirocco
PODCAST FB GROUP: www.facebook.com/groups/fasttrackyourfashionbrandpodcast
WEBSITE: www.fashionbizmentor.com
SUBMIT YOUR FASHION BIZ QUESTIONS: www.fashionbizmentor.com/breakthrough-coaching
SEE MY DESIGNS: www.mynicolita.com
THE SOLD OUT CHECKLIST FREE DOWNLOAD: https://bit.ly/FASHIONCHECKLIST
CONNECT WITH GUEST
INSTAGRAM: @businesswithmonica
FACEBOOK: https://www.facebook.com/businesswithmonica/
WEBSITE: https://www.businesswithmonica.com/
LOVE OUR PODCAST?
Hey there FastTracker!
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RESOURCES MENTIONED
- Dream to Launch Masterclass
- Business 180
Download this episode on iTunes
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