A retailer’s eye is looking for innovation & outstanding play value with the highest standards of quality and safety, all at extremely competitive price points.
The parents are looking for whimsical, fun, wonderful learning toys. Award winning products are proven to be customer’s favorites at affordable pricing. Licensing also adds value; it reassures parents that their child will like the toy because they know who his favorite licensed characters are.
The design of the toy must start with the child and his/her needs. Bright colors, unique textures, sounds and movement tied to real world items will encourage the child to widen her/his own world.
As with any product you must develop a marketing plan. Every marketing tactic used, no matter how mundane should be listed in the plan.
Current market conditions
All markets are in a continuous state of flux. New businesses are blossoming to take advantage of this constant change. Catch your competitors napping and you can make inroads into their market share. Your company must be able to react quickly to market changes. Be sure to reevaluate your strategy once a year. Choose a market segment that your product will thrive in, find that niche.
Competitive analysis.
Who are the successful players in your market segment? What are they doing right? What are they doing wrong.
Positioning
As with other products, toys are sold in specialty stores, department stores, and mass markets. You must choose your market from the beginning and stick to it. Fine-tune it.
Marketing tactics
Product— Develop product within a schedule to keep the competitive edge. All business is dependent for growth on new products, a line will die without them. Have a schedule so there is always something in the pipeline. Consumer feedback helps this direction. Achieving Brand recognition is the key. Try not to allow your reps to place only one of your products with a customer, brand presence is key, Your line should be represented well.
Pricing— A Key factor. The cost of your inventory must be your top priority.
You base your entire business on the prices you obtain from your
factory. Surprises cannot be passed on to the customer.
Distribution— In house sales or outside representatives.
Own the warehouse or use a public warehouse.
The ability to get more product quickly will be in a better position to get
any incremental business.
Advertising— Plan a spending budget and decide which route is better for you:
Trade publications, Direct Mailings, Award winning programs, Editorials.
Public Relations— Have a first rate press kit prepared with: business history, personal history, awards, Articles written about your company or products, any radio or TV appearances. Be diligent in contacting feature editors of newspapers and magazines with interesting news and stories about your company and its products. Editors and producers have space/time to fill and they are busy, if you have done your homework they are likely to use it when the need arises.
Trade Shows
Participation in Trade shows is a must, but choose them wisely, they are expensive. Always have a show special discount or other incentive to induce customers to order at or during a trade show. Develop a top notch web site with links to E-businesses that carry your product.
Customers
They are your number one source of new business. Keep them informed with a quarterly newsletter. Let them know about your new products, the trade shows you are attending and the publicity you have received. Advise them of your advertising schedule.
Create a dialogue with your customers. They are key in developing new products, keeping up with the competition’s latest marketing ploys and new products. Customers are the prime incubator for focus groups. They will help you develop new products and packaging.
If you listen carefully your customers will make your company a success.
Source: www.babyshopmagazine.com
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