Harvard Case - Slanket: Responding to Snuggie's Market Entry
"Slanket: Responding to Snuggie's Market Entry" Harvard business case study is written by John Deighton, Leora Kornfeld. It deals with the challenges in the field of Marketing. The case study is 13 page(s) long and it was first published on : Aug 26, 2009
At Fern Fort University, we recommend that Slanket implement a comprehensive marketing strategy focused on differentiation, brand building, and strategic partnerships to effectively respond to Snuggie's market entry. This strategy should leverage Slanket's existing strengths, address the evolving consumer landscape, and capture a significant share of the emerging wearable blanket market.
2. Background
The case study focuses on Slanket, a company that pioneered the wearable blanket market with its innovative Slanket product. The company faced a significant challenge when Snuggie, a competitor, entered the market with a similar product, quickly gaining popularity and threatening Slanket's market share. The case study explores Slanket's options for responding to this competitive threat.
The main protagonists of the case study are:
- Slanket: The company that developed the original wearable blanket and is facing competition from Snuggie.
- Snuggie: The competitor that entered the market with a similar product and quickly gained popularity.
3. Analysis of the Case Study
To effectively analyze the situation, we will utilize a SWOT analysis to assess Slanket's internal strengths and weaknesses, as well as the external opportunities and threats presented by the market:
Strengths:
- First-mover advantage: Slanket was the first to introduce the wearable blanket concept, establishing brand recognition and consumer trust.
- Product innovation: Slanket's unique design and features, such as the built-in sleeves, provided a distinct advantage over competitors.
- Strong customer base: Slanket had already established a loyal customer base, demonstrating the product's appeal.
Weaknesses:
- Limited marketing budget: Slanket's limited resources hindered its ability to compete with Snuggie's aggressive marketing campaign.
- Lack of brand awareness: Despite its first-mover advantage, Slanket's brand awareness was relatively low compared to Snuggie.
- Limited distribution channels: Slanket's distribution network was primarily online, limiting its reach to a wider audience.
Opportunities:
- Growing market demand: The wearable blanket market was rapidly expanding, offering significant growth potential for Slanket.
- Expanding product line: Slanket could diversify its product offerings with new designs, colors, and features to appeal to a broader customer base.
- Leveraging social media: Slanket could utilize social media platforms to engage with consumers, build brand awareness, and drive sales.
Threats:
- Intense competition: Snuggie's entry into the market posed a significant threat to Slanket's market share.
- Price wars: Snuggie's aggressive pricing strategy could force Slanket to lower its prices, impacting profitability.
- Imitation: Other competitors could enter the market, further intensifying competition and eroding Slanket's market share.
4. Recommendations
To effectively respond to Snuggie's market entry, Slanket should implement the following recommendations:
1. Differentiate and Reposition the Brand:
- Focus on Slanket's unique features: Emphasize the product's built-in sleeves, superior comfort, and innovative design.
- Develop a distinct brand identity: Create a strong brand message that highlights Slanket's commitment to quality, innovation, and customer satisfaction.
- Target specific market segments: Identify niche markets within the wearable blanket market, such as active individuals, families, or those seeking premium comfort.
2. Strengthen Marketing and Branding Efforts:
- Increase marketing budget: Allocate sufficient resources to implement a comprehensive marketing campaign.
- Leverage digital marketing channels: Utilize social media, search engine optimization (SEO), and online advertising to reach a wider audience.
- Develop engaging content: Create compelling content that showcases the benefits of Slanket and its unique features.
- Partner with influencers: Collaborate with relevant influencers to promote the brand and reach new audiences.
3. Expand Distribution Channels:
- Increase online presence: Optimize Slanket's e-commerce platform for user experience and expand online sales channels.
- Explore offline distribution: Partner with retailers, department stores, and specialty shops to increase product availability.
- Consider international expansion: Explore opportunities to enter new markets and expand Slanket's global reach.
4. Develop a Competitive Pricing Strategy:
- Analyze Snuggie's pricing: Understand Snuggie's pricing model and identify potential pricing gaps.
- Offer value-based pricing: Position Slanket as a premium product with higher quality and features, justifying a slightly higher price point.
- Consider promotions and discounts: Implement strategic promotions and discounts to attract new customers and incentivize purchases.
5. Focus on Customer Relationship Management (CRM):
- Build a strong customer database: Collect customer data to understand their preferences and purchase behavior.
- Develop a loyalty program: Reward repeat customers with exclusive offers and discounts to foster brand loyalty.
- Provide excellent customer service: Offer prompt and efficient customer support to address any concerns and build customer satisfaction.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Slanket's core competency lies in product innovation and design. The recommendations focus on leveraging these strengths to differentiate the brand and create a unique value proposition.
- External customers and internal clients: The recommendations address the needs of Slanket's target market, including comfort, style, and affordability. They also consider the needs of internal stakeholders, such as the marketing team and sales force.
- Competitors: The recommendations directly address the competitive threat posed by Snuggie, focusing on differentiation, brand building, and strategic partnerships.
- Attractiveness ' quantitative measures if applicable (e.g., NPV, ROI, break-even, payback): The recommendations are expected to generate a positive return on investment (ROI) by increasing market share, brand awareness, and sales.
6. Conclusion
By implementing these recommendations, Slanket can effectively respond to Snuggie's market entry, maintain its market leadership, and achieve sustainable growth. The company must focus on differentiating its brand, building a strong marketing presence, expanding distribution channels, and prioritizing customer satisfaction.
7. Discussion
Other alternatives not selected include:
- Price matching Snuggie: This strategy could lead to a price war, eroding profitability and potentially damaging the brand's image.
- Ignoring Snuggie's entry: This approach would likely result in a decline in market share and brand dominance.
The key risks associated with the recommendations include:
- Insufficient marketing budget: A lack of resources could hinder the effectiveness of the marketing campaign.
- Failure to differentiate: If Slanket fails to effectively communicate its unique value proposition, consumers may not perceive a difference between Slanket and Snuggie.
- Negative customer feedback: Poor product quality or customer service could damage the brand's reputation and lead to customer churn.
8. Next Steps
To implement the recommendations, Slanket should follow this timeline:
- Month 1: Develop a comprehensive marketing strategy and budget allocation.
- Month 2: Launch a digital marketing campaign targeting specific market segments.
- Month 3: Expand distribution channels through online retailers and select brick-and-mortar stores.
- Month 4: Implement a customer loyalty program and enhance customer service initiatives.
- Month 6: Evaluate the effectiveness of the marketing campaign and adjust strategies as needed.
By taking these steps, Slanket can effectively respond to Snuggie's market entry and secure its position as a leader in the wearable blanket market.
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Case Description
How does a pioneer in a new product category deal with the runaway success of a follower? Can search engine marketing and social media help? In 2008 Slanket CEO, Gary Clegg, found that his product, a blanket with sleeves, had been eclipsed by The Snuggie, another sleeved blanket. Snuggie made a brazen entry into the market with a $10 million spend on television infomercials. The Snuggie quickly became a pop culture phenomenon, talked about on popular television programs such as Oprah and The Tonight Show with Jay Leno, and paid mock tribute to on web sites such as YouTube, where hundreds of video parodies could be found. Clegg had been counting on building his Slanket brand. Will the coming of Snuggie mean the end of Slanket?
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