Looms Bands; the colorful and bright elastic bands that have taken over the world and have fast become one of the top-ten bestselling toys of all time. Appealing to both kids and adults, famous figures like the Duke and Duchess of Cambridge William and Kate have also embraced the craze.
Encouraging ultimate creativity, fans have taken loom bands to another new level by expanding their creations to include hats, mini figurines, hair clips, watchstraps and even dresses (a Welsh house wife made a children dress last June using 24,000 bands that got sold on eBay for more than $ 250,000).
While the product itself has been selling extremely well, yet manufacturers have been working smart and hard to add more innovative ideas to capitalize on its success and further encourage product sales to their fan base! Below are some of the smart strategies – which personally I consider wealth of knowledge for toy players to take into consideration while developing toy products – that can maintain product success and drive sales figures:
- Furnish fans with wide range of SKU’s; loom bands followed this strategy by offering standard bands, solid color packs, double packs, party pack, scented loom bands, various storage options in addition to a wide range of accessories like C clips, metal hooks, replacement hooks, etc for customers to choose from, thus giving them a great reason to come back and buy!
- Solve the pricing issue by offering items in multiple price points; loom bands are available in different price points allowing customers with various financial capabilities to enjoy and experience the craze while staying on budget!
- Use well-known licenses; Hello Kitty, Disney Frozen, Disney Princesses, Disney Cars, Nickelodeon Dora The Explorer & Sponge Bob, DC Comics Superman and Wonder Woman and other licensed loom bands have been offered for children to keep them psychologically close to their favorite characters while creating endless options with this new fever.
- Add a twist of change to create new items; scented bands, glow in the dark bands, charms and sparkly bands all these items include a common dominator:
“a new element” encouraging a new buying decision.
- Bring the “limited edition” tag on; in addition to the always-available items, various toy retailers incited kids to buy more of the loom bands by adding limited edition products to the available range.
- Keep interest levels high by selling in phases; following all the above points, new launches and items can be gradually presented to the market to maintain customers’ interests and keep the sales figures rising, a tactic applied by loom bands who have consistently introduced innovative ideas to their current range and offered them gradually to customers.
- Involve your customers; loom bands created new items based on customers’ feedback and have also interacted with them mainly via social media platforms encouraging fans to post photos and videos of their creations. Moreover, competitions in various categories (most creative loom band, best loom band video, best loom band instruction video, loom band of the month & more) have been arranged to stimulate fans' imaginations, create a great buzz around the trend and to further utilize word of mouth!
Now you have got the strategies and tactics to increase your product sales and to make your brand the next craze of 2015, so unleash your brand potential and become the next success fever!