Know-How Exchange : Strategy

I think you have it nailed. For gosh sakes, you are bringing them an entire new market. You already have "Something different". yowzer!

Most people in that range won't think "bald", so your marketing will be around education. The young person looking at dad, grandpa, and uncles-- pointing them to a possible future.

Most people don't consider treatments till they see the big shining spot. I remember reading that the person going for these treatments lifetime sale is about 10K. Bringing someone earlier, only makes that a bigger #. So do your market research, you bring them x # of clients at 10K a pop-- what else do you need?

That 10K number surprised me at first, but then I think of what I have and will spend on cosmetic fillers.... it's nothing!! I think men are more aware (and fear it) than women on age discrimination, in personal and professional relationships. Looking at the men's hair color ads, the message is "you don't feel old so don't look it"!!

Dear Jacquie,

Your tests MIGHT assist any partner company to market to a younger demographic, but in order to do this you'll need to offer compelling evidence in the guise of solid social proof.

You'll also need to overcome the barrier of the shaven head as beautiful icon—in men, and, increasingly, in a certain number of women.

I've been shaving my head for 14 years. Before that, I opted for
a crew cut and before THAT, my hair was thinning in several places. But once i chose to make a feature of having no hair by shaving my head, I made a lifestyle choice that's still active.

How would you counter this kind of customer attitude?

You need to offer potential partners ultra compelling messages that will take clients from where I was in my late 20s and early
30s (when I MIGHT have been a potential customer for this kind of treatment, had it been available), and where I am now: 46 and proud to be a slap head.

Actors such as Bruce Willis and Patrick Stewart have made it
COOL for men of a certain age to shave their noggin. What's your strategy to counter this? How will you make having hair cool again for those men like me who do shave their heads, or who might be considering it, both as a statement, and as a lifestyle choice?

For every potential point of argument, you must have a counter argument that has more clout. I don't doubt you'll pull this off, and, as Carol says, that you'll offer new life to the younger crowd.

I hope this helps.

Gary Bloomer
Wilmington, DE, USA

The novelty of this approach is both a strength and a weakness. Every company loves a product/concept that will expand their market and position them as a technological leader. The problem they'll see immediately is that the new audience isn't even aware of the problem that's looming, and they are not eager to spend money on "insurance." (Ask any life insurance agent about that.)

So what you have to do is develop the concept and expose it to the target audience to get "proof" that the idea will strike a nerve and generate legitimate intent to purchase among the target audience. It's a relatively straightforward market research project, and it doesn't need to be terribly expensive or protracted.

Once you have results from the research, you then make that the centerpiece of your presentation to the target companies, so you go to them with "proof" that the market will respond. You will have done their homework for them, and they're much more likely to be receptive than if you just lay the idea on the table and let them pick it apart.

Besides, they will have to do the market research themselves, if they're really interested, and they'll deduct the cost of that (and more) from whatever they might pay you for coming to them. The easier you can make it for them to say "Yes," the more you'll get for the idea and the easier this will be for you.

If you want assistance with or referrals for the market research, or simply assistance with developing the creative concept, feel free to contact me offline. Use the email address in my profile, and I'll get back to you promptly.

It's tricky.

An 18-year old is unlikely to have the resources to pay for the treatment nor will they be motivated to do so if the problem is 20 years off.

Also, not everyone cares about their hair/attractiveness formula.

However, some people will care about their future appearance: unmarried, on the management track, on the public appearance track, etc. These people have both the motivation and potentially resources to invest in their looks because of others' perception.

Dear Jacquie

It is tricky – for many reasons not stated but it is – in marketing terms – a wonderful opportunity. I’m not sure about what I think about the ethics of the Rug-Doctoring Industry and its associated quackery and plastic surgical procedures, but that’s not my problem as it is an issue of vanity and life-style rather than medical ethics!!

Firstly, the closest marketing analogy I can identify is the pension industry. The prospect who benefits most from subscribing to a pension scheme is someone who is young and has just started working. The person to whom it is hardest to sell a pension is someone who is young and just started working. They can’t see the point and no amount of marketing changes things much. Good salesmanship does, but that’s another matter and it is why a pension consultant gets paid 10 times the commission on a 20 year old than a 30 year old for the same premium. You can learn much from this.

Secondly, it’s DNA testing, so you need to convince the moral right and the Christian creationist community that you are not in league with Satan. Then you need to persuade people like me who have scientific backgrounds and read a lot that you’re diagnostic actually means anything to a given client for a given condition over a particular time frame within a defined probability. That’s too many ifs for one advertising campaign so you will have to take it item by item. That is education via consistent messaging whilst not forgetting to keep selling.

Thirdly, the rug-industry has been peddling snake oil for the last 200 years, so they won’t be in the least fazed by the second challenge – in fact telling the truth about science has never troubled them. So your problem will be to convince them with a costed value proposition that they need you to do this correctly and not just make up some mumbo-jumbo themselves, buy the services of a discredited geneticist (That Korean Chap?) and pay some third world scientific journal a lot of money to publish pseudo-peer-reviewed articles to support their bullshit.

In other words, you are treading a fine line, whilst caught between a rock and a hard place and will need all the wisdom of Occam and his razor to find the right line. My guess is that you probably have one brilliant idea and about a thousand ways not to make any money out of it. Given your past performance, my bet’s on you succeeding but for heavens sake – work fast, listen to Carol about delay and consult, consult, consult otherwise your bright idea will just put dollars into a shyster’s pocket


Steve Alker (I don’t often put this as it puts people off – BSc (Biochem) St Andrews)
Xspirt

You know Jacquie, marketing to the docs is good, but they shouldn't be the only provider. And there is no reason to offer exclusivity. It could be an added rev steam to the doc to offer the tesitng. I'd think the docs who offer injections - -it tends to be the dedicated cosmetic docs or as a side biz to the eye docs. I don't think people think family doc when the see their family balding. The main value you bring is adding a whole new base they aren't getting now. That opens a whole new pandora's box of opportunity. And the more you know about your demographics, the more opp you can create. Your target is not just age, it's lifestyle-- men concerned about appearance. The metro sexuals, the men who go salons for a hair cut, wax their back, belong to a gym, tan (but only 5% of men tan), color their hair, drive stylish cars and wear stylish clothes.