Existing Market
Although the current market is very strong it is quite easy to see that we have not been capitalizing on all the potential of our existing market. The three customers interviewed gave some great insight on where to focus the direction we will take when considering growing our market. They advised making it somehow well more known to the target customer group since fact of the matter is that people don't give much second thought when buying clothing hangers. They advised trying to get the hangers shown on either a news station or something else that will raise attention to the target customer base that the product exists.
They also advised to make it stand out more through its product design by either using unique color schemes or by giving it a unique name. By having a more unique product will allow customers to recognize the product and understand that it is different from the everyday shorts hangers that every store seems to sell. They also advised perhaps putting it on an infomercial where people can learn about the product and the functions that it serves which will help to further differentiate itself from the regular hangers on the market.
New Market
I think the new market that we could possibly target towards would be the elderly since there is a vast market in that age segments. These people can have a hard time moving around and getting shorts off the hanger may seem easy for some but for the elderly it could be a difficult task depending on the hanger and their physical capabilities. By having a hanger that is easier to pull shorts off of may make a somewhat difficult task into something much easier for the elderly and thus provide one less problem throughout their days which is always a good thing.
The only problem would again be raising awareness in this market which the customers said could be fixed by putting it on the most popular TV channels for the elderly. They also said to make sure its possible to purchase online and ship to the house since they have a harder time moving around and going to the store. They said the product might be a real help in the morning when trying to get the shorts off of the racks.
The interviews gave me a great insight on how to advertise to the elderly and that the elderly market actually has a lot of potential for the business.
Hey Andrew,
ReplyDeleteI really like the new market idea that you identified. I think that the elderly population is a great customer base to target since there are so many of them and they definitely could use your product. Most people usually forget about the elderly and do not even think about selling to them so I think that it is great that you are targeting them.
Hey,
ReplyDeleteI thought you got really great feedback from your current market. There were insightful ideas that could help your business be successful. I liked how you found a different market to target, and while your marketing plan seems great they seem like a difficult market to target. However, I think if your business is successful with your first market you will surely be able to find a way to target the elderly.