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Did You Know? Infant Toy Marketing
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Did You Know? Infant Toy Marketing
The uniqueness of the infant and toddler toy market is that you are marketing a product to three distinct customers: the child, the parent and the retailer. Each has a different criteria for wanting the product. Perceived value is the target for each level.
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, (I suggest using a book such as Streetwise Marketing Plan by Don Debelak for a helpful outline.) 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.
An excellent source for public relations development is a book called Guerrilla Publicity by Jay Conrad Levinson, Rick Frishman and Jill Lublin.
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.
E-business: 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.
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