The Mighty, Mighty Fanny Pack

​Our son is the “King of Vintage” clothing, and is very knowledgeable on collectible sneakers. Much of his free time is spent “thrifting,” in search of gems from the 80’s and 90’s, which he can keep, sell or trade.

​​I was amazed at how much he has spent on certain items, and equally amazed at what he has been able to charge when selling some of his items. There is a thriving market of old, used items from past decades, and our son is in the midst of it.

This got me thinking – What’s REALLY going on here? Are people buying products or are they buying memories? The answer, of course, is both, but my retrospective on this matter took a slight turn, and my thoughts began to focus on a related thought… in my brain at least.
 
Current advertising practices tend to focus on attracting NEW customers. Banks, cable providers, pizza places, beauty salons – All regularly provide excellent discounts and specials to entice new customers. I get it – Businesses need new customers to grow and survive. However, many of these deals alienate the current customer base... Why do they get that such a great deal when I’ve been a loyal customer?
 
Further, studies and data tell us it's easier and cheaper to keep a customer than to acquire new ones, and that current customers spend more than new. Further, if you follow the 80/20 rule, you know most of your business comes from a small portion of your overall customer base.
 
This got me thinking…. Current customers are a lot like vintage clothing, or shoes, or cars. While they may be “outdated” and not on trend, they tend to offer an increased value to a business. Perhaps equal time, effort and money, arguably more, should be spent on wooing current customers as much as new.
 
None of us will admit we had a fanny pack in the 80’s/90’s, but are you aware they are making a comeback? Top name designers are including them in their latest fashion lines. However, the highly sought after packs are the original, vintage packs from the 80’s & 90’s. If you need some, let me know – My son has several in his collection. But hurry, he’s already sold a few.