Brand Focus: Our Pre-orders Model for The Specter Bifold Wallet with Cardholder
When Joe and I conceptualised Faire Leather Co., we knew we had to offer something different; not just because of the unique design of our leather tech organizers, but also because of the fact that we own the factory - lesser costs and no sample making fees which allowed a flexibility and luxury that most brands do not have.
That’s why we started with the crowdfunding platform, Kickstarter - we sold the idea of offering functional luxury at a fair price with our leather tech organizers (or luxury travel bags) and we were encouraged by the results as it showed a proof of concept.
We managed to do so because we spoke to you, did our research and did our data analytics to an optimum. Faire is a brand that is feedback aware - we’re all about making what you want and need.
That’s why we’ve come up with our current pre-orders model.
We can now produce prototypes of certain products and put them on our pre-orders page. Once we’ve hit a minimum order, we know that we can go into full production. Exactly like how crowdfunding works, you can now “back” a product that hasn’t been manufactured yet.
You’ll be able to give comments, ideas and a platform to share what you’d like to see. The concept is simple. Each product will be live on the page for a month, and if it meets the minimum order required, the product becomes a reality - demand drives production.
In this case, we get to produce the best products that you desire. We get to be a brand for the people, without worrying about producing massive amounts of stock that might not sell, or spend time creating products that are not relevant or not of the greatest priority to our valued customers.
But what if we don’t hit a minimum order. What happens to my money?
We give you a full refund - plain and simple. That would mean that we absorb certain transaction fees but we’re much more interested in keeping you interested. A model like this allows us to work harder for you without incurring too much risk.
While the downside of that will be a longer wait for the product, it also means that we have more time to churn out more prospective prototypes while we’re in production. We’ve prepared a decent lineup of products for the next few months and we can’t wait to share them with you.
At the end of the day, all of you are what makes Faire the brand that it is today. We know that each and everyone of you is different, and creating a pre-order model like this helps us to create product pillars and segment them so that we understand you better. We don’t want to be a brand that develops numerous products without thought. We don’t want to drown you with options that include those you’d never consider.
We want to continue offering Functional Luxury at a Fair Price and instil the fact that Faire is an experience and a lifestyle beyond just being a product. As a consumer, you deserve to choose the product you’d like to buy and own. That’s the way we work - to make what you want and need.
In that way, #LifeisFaire.