Three Things You Need To Do To Get Out Of The Hole You're In
KSR Leader Addresses Women’s Group
Speaker: Katrina Schenfield
Job title: CEO
Date: May 2018
Venue: Women’s Entrepreneur Group, SouthBay
Today I’m going to discuss some of the 2018 business trends.
A few of my clients, brilliant entrepreneurs, jumped on to new trends this year and quickly ran into trouble.
I’ve reserved the best ideas for my clients, but if you’re in the same boat, here’s some of the things you need to do to get out of the hole you're in.
1. Subscription Boxes
We live in a subscription economy. Subscription boxes have evolved from your standard chocolate, fruit and wine of the month boxes to boxes now available for dental floss, socks and almost anything you can imagine. In the last 15 years, 52% of the Fortune 500 companies have disappeared. Consumers now expect a subscription experience – a memorable experience, immediate fulfillment and personalization.
For a successful subscription box, you better be obsessed with customer experience... and multiple billing models, tiered pricing, fulfillment options, and more. When it comes to marketing subscription boxes, I’d recommend marketing them as a popular lifestyle idea. Surprisingly, they can sell quite well as an impulse buy for consumers. You can create video content showing people enjoying relaxing/exciting/affluent activities. Using these types of videos for your ads can prove very profitable by encouraging people to buy your products by highlighting the experience you create around your business idea.
2. Activated Charcoal Toothbrush
The activated charcoal toothbrush niche is at an all-time high. Activated Charcoal Toothbrushes, along with bamboo toothbrushes and activated charcoal toothpastes are typically made out of more eco-friendly materials which matches the growing interest in reducing plastic and allows consumers to be more eco-friendly. These products are also unique enough that people will ask, “Hey, where’d you get that?” Making the owner feel a bit exclusive for owning something that not everyone has.
When it comes to marketing these products, I’d recommend long-form product copy on your ecommerce page. You have to educate and earn the trust of consumers because you’re dealing with oral hygiene. After the consumer has landed on your website, they need assurance that your product is safe, effective and better than what they’re currently using. Cover the following areas: (1) reducing environmental waste, (2) effectiveness of product, (3) dental community support – endorsement from top dental experts, (4) exclusivity – congratulate your consumer on being the first to make the shift to these new materials.
3. Power Bank
The power bank industry began a huge climb in popularity starting in 2013 and is expected to hit $25B by 2022. A power bank allows you to store electrical energy (deposit it in the bank) and then later use it to charge a mobile device. Though most public locations offer outlets, a power bank offers both an emergency and convenience component to them. Take social media gurus who depend upon snapchats, tweets and posts to make money and grow their brand. Or business professionals working on the last tweaks to a business proposal before meeting a client for coffee. Portable battery chargers give you the ability to re-charge while you’re out and about without the need for a wall outlet.
Facebook ads will likely be the best way to market your power bank. Because this product is largely seen as a convenience item for a large segment of the population, market it as an EDC – Everyday Carry. EDC items are the things you throw into your pocket or bag before you head out the door, the things you feel naked without, and the things that would throw off your whole day if you had to do without them. In addition to Facebook ads, use lifestyle shots and partner with blogger/influencers to boost traffic and brand awareness and ensure the highest level of engagement.
These are a few ideas for you to remember on your next start up venture.
I work with clients all over the United States.
The research that I do informs the decisions that my clients make and helps them succeed.
When you find a business idea that feels right and have a knowledgeable guide to help you, it makes all the difference. Let’s talk about how I can help.
I’m booked through this month so if you’d like to get on my calendar for mid-June or later, let’s have a quick talk to see if I’m interested in your project.