Question

Topic: Strategy

Help With A Changing Market

Posted by Anonymous on 12/30/2008 at 3:51 PM ET 125 Points
H. Gerstner & Sons is a 100-year old manufacturing company. Our principle product is hardwood tool chests built for toolmakers and machinists who need multi-drawer chests to keep their precision hand tools. Within the metalworking industry, Gerstner enjoys a reputation of building the world's finest quality chests and cases. See www.GerstnerUSA.com

As the number of machine shops diminish (lots of work going to China) we have discovered several other markets for our multi-drawer tabletop chests. Gerstner chests are used by collectors of knives, guns, coins, pens, watches and other valuables whose owners want to display them in fine wood chests that enhance the value and safe keeping of their collections.

How do we most economically create product awareness (primarily in the USA) among the new market segments we have identified. For instance, knife collectors may be doctors, lawyers, business owners and investment specialists (although the latter may just be foolish thinking in these times). It seems to me that (for instance) advertising in knife magazines may be a fairly expensive way to create product awareness. Most knife collectors (who do not know of Gerstner) with an extra $500 or $1,000 probably would rather purchase another knife as opposed to a box to display it in. However, once we have a chance to create that product awareness, we do have a great story to tell. And, once a customer of Gerstner - we usually have a supporter for life.

Thank you; I will certainly look forward to the MarketingProfs' response.
[Email address deleted by staff]

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RESPONSES

  • Posted by Frank Hurtte on 12/30/2008 at 3:59 PM Member
    One good way to beat the high cost of advertising in collectors magazines would be to place reviews of your product into the many collectors blogs and into feature stories of notable collectors.


    Further, article placement is something that can be done relatively easily... especially at the local paper level.
  • Posted on 12/30/2008 at 4:20 PM Author
    Thank you Frank Hurtte for the quick response.

    Where can I learn more about "placing procuct reviews" in blog sites that collectors visit? I was under the impression that retail businesses were not to use blogs for commercial use. Can you provide me with an actual case where you have seen a product review on a blog?

    Thanks again - Jack Campbell
  • Posted on 12/30/2008 at 6:20 PM Accepted
    Join relevant associations and attend trade show and other events. Many times by joining an association, for a low fee you can purchase a mailing list of all members and promote your chests to the membership.

    For example:

    NKCA (National Knife Collectors Association) $28.00 annual membership fee. https://www.nkcaknife.org/page15.html

    Northwest Knife Collectors at https://www.nwkc.org/

    Search out the Internet for other such associations for guns, coins, pens, watches, etc.

    Also, locate online sellers of collectible knives, guns, coins, pens, watches, etc. and develop a relationship with them. Email or call and ask if they would be willing to promote your chests to their buyers and ask for other such opportunities to get your product in front of the customer.

    Locate tradeshows to attend to promote your product
    https://tradeshow.collectors.org/Show_Booth.asp?tsa=3000&tsb=2

    Contact a direct mail list supplier and ask about lists that target the types of collectors you wish to reach. Send out postcards promoting your chests.

    These are some of the least expensive ways I can think of to promote your chests.

    Research collector meetings and either attend to send promotional materials to the group. https://www.pcnr.com/news/2008/0130/general_stories/041.html

    Marketing-Riot

  • Posted on 12/30/2008 at 6:27 PM Accepted
    My husband and I are garage-sale fiends. We stopped at one last year put on by a former GM machinist. He had his gorgeous, finely crafted 45 year old Gerstner chest for sale, but only to see what people would offer - would not let it go for anything but a princely sum, and only to someone who would truly use it. Loyalty? For sure!

    Find people who are using your product in innovative ways (maybe by creating a contest to be sent to your current providers?) Use your website to promote it, and to accept submissions of stories and photos. Even if you don't run a contest, you can make it possible for current users to submit their stories - how did they get their chest? What do they use it for? How have they customized it?

    Use these stories to pitch an article to knife, coin, and other collectible magazines that run stories.

    Those stories can also be used as postings on the collectibles forums and sites. I am sure some of those sites have blogs that could use the content of the article or additional stories, too.

    Is it possible to purchase chests that are customized to certain collectibles? That should also be made clear.
  • Posted by telemoxie on 12/30/2008 at 9:03 PM Accepted
    If I were in your shoes, I would consider finding a local show for gun collectors a knife collectors or watch collectors or somesuch. I would visit the show, with one of your fine cases and a fishbowl.

    I try to find someone who had a great product but an ugly tradeshow booth, and I would offer the ugly booth owner a deal. His boots could give away one of your fine cases as a prize, and you would share the resulting leads.

    This would give you a quick and relatively inexpensive way to explore one or more of these markets. It might also give you the opportunity to explore some other comarketing activities or potential resellers with other exhibitors at the trade show.
  • Posted on 12/30/2008 at 10:41 PM Author
    Thanks to all - I am a first-time user of MarketingProfs and am overwhelmed at such quick and well thought out responses. My company is having a marketing meeting on12/31 and I will take all responses into the meeting and we will pick the best responses - I wish I had 125 points for everyone.

    For NuCoPro - you are right-on about our Web site. It was, in fact, designed in 2000 by a computer techiy - my son, Scott. You will not hurt his feelings, he often says that he knows nothing about marketing. He will be relieved to have this task awarded to someone else. And, in reference to your BTW comment - we do have some customers who collect Gerstner chests without the thought of necessarily putting anything in them - over 40 models is probably the record now and is shared by at least two of our good customers.

    For Leslie - First of all, thanks for sharing your garage sale story. Yes we can and do build custom chests and custom chest interiors (Gerstner USA) at our shop in Dayton, Ohio. We also have an imported line of chests built for us under the trade name Gerstner International. These are lower priced chests that unfortunately offer no customization but are a great value for the low cost.

    Thanks again,
    Jack Campbell
  • Posted by CarolBlaha on 12/31/2008 at 10:02 AM Accepted
    I would look for resellers who are selling to the various niches you have identified. Those partners will already have the client base. I would look for those with showrooms and require placement of units. Staff sells what is on the floor-- and clients need to touch and feel. That way you are selling to resellers and they are creating mutliple sales for you.

    Sell Well and Prosper tm
  • Posted on 1/5/2009 at 4:01 PM Author
    Happy New Year and Thank You to all who responded to my question about Help With a Changing Market. We will absolutely put a number of suggestions to use. I wish I had more points to award.

    Best regards - Jack Campbell

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