Challenge:
Understanding how to market a novel product
Solution:
Research and analysis to understand markets, purchase decisions, and operations supports required
Impact:
Small businesses are more likely to succeed if they have sound market research and analysis grounding their growth decisions
Recognizing their need for support in commercialization, EcoWool approached the Business and Commercialization Innovation Centre (BCIC) at Niagara College Research & Innovation to support the advancement of their product.
Two supports were required. The first was with research on the horticultural and agricultural industries, the size of the markets, and how purchase decisions were being made. The second was support for current B2C operations to increase sales, which directly supports the cash flow of the business as well as supporting funding for additional research for future commercial applications.
To develop a strategy and understand the potential within target markets for EcoWool, the BCIC team worked on uncovering trends in soil amendment and other plant-related products to understand how to best to frame and develop recommendations.
This work included a competitor analysis, an investigation into the impact of Covid-19 on the attitudes of consumers and the regulations for businesses, and an exploration of market constraints.
This review allowed for the development of the target audiences and recommendations of key pain points and the development of targeted campaigns.
The promotions strategy focused on personal selling as a B2B tool for EcoWool to pursue entry into retail distributors, combined with B2C promotional tools to drive consumer demand and support EcoWool’s e-commerce strategy. Understanding how to tell the story of how the product can best fit into the needs and requirements of each target audience allows for cohesive promotions. Recommendations were also made for media assets for content and website design. A social media and direct marketing strategy were outlined for EcoWool to reach more niche target audiences and advertisement strategy was outlined to further supplement B2C distribution. Finally, an SEO strategy was outlined to supplement EcoWool’s Amazon strategy and website performance.
Visit Niagara College’s Business and Commercialization Innovation Centre (BCIC) website to learn more about its resources and capabilities.
(Project #NC134)
