BOSTON-Hip clothing store Urban Outfitters may have more in common with small CUs than it would seem at first glance.
Kaihan Krippendorff, a bestselling author and blogger for FastCompany.com, offered Urban Outfitters as an example of a company finding success with by targeting niche markets with specific products. Krippendorff gave a keynote address as part of NAFCU's Annual Convention here.
Rather than target consumers of all ages, Urban Outfitters exclusively targets college students. Each store is uniquely designed (those designers come out of art and design schools rather than business schools, according to Krippendorff), and they even sell some used clothing.
That kind of niche, target customer creates opportunities for Urban Outfitters to deliver unique products and a one-of-a-kind experience to its customers, said Krippendorff. Though he didn't specifically mention credit unions, CUs (especially smaller ones) can draw a comparison with the clothing store in the way they target themselves to a specific membership with niche product offerings.