Success Strategies from Rent The Runway Founders

Rent the Runway founders,Jennifer Hyman and Jennifer Fleiss, offer business advice.

Rent the runway is “access to that dream Carey Bradshaw closet.” (Sex and The City reference for those who don’t know)  Their goal is to “take the mystery out of designer fashion.”  Entrepreneur Magazine sat down with duo to discuss how they got to where they are and what key marketing/business methods they used to get their startup to where it is now.

For those that don’t want to go through the video, here are the 5 tips these Harvard Business School grads offered:

  1. Target Today’s Sophisticated Customers
  2. Research Your Customers :: I think this is the most important because without knowing WHO (personal, emotionally, etc.) your audience is, you won’t get the most out of the relationship which can lead to the failure of a GREAT idea.
  3. Blend Social Media with Other Marketing :: If you’re not keeping ahead with what’s going on as far as marketing trends go let me be the first to tell you: SOCIAL MEDIA is Social Marketing. 
  4. Get a Handle on Technology :: I myself do not know how to code or basically do anything other than what my liberal arts education has taught me. But I’m learning on my own (lynda.com, w3schools.com)
  5. Learn to Raise Money :: Without the funds, there is no reality to your dream. 

If you want to know more about Rent The Runway and how you can purchase a designer dress for 10% of the price, watch THIS interview with the co-founders.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s