Gold Toe socks are the third largest producer of socks in the USA, yet relatively unknown in the UK. They produce over 140million pairs, and make more than half of the mens dress socks.
I have been puzzled by the following useless conundrum for Gold Toe;
If they make half of the mens dress socks, is it the left one or the right?
Is there, therefore, a major gap in the market, producing one for the other foot?
Can I buy 2 as a pair, as some people say my dancing is with 2 left feet?
Seriously, this company is a perfect example as to how a tiny difference, "a distinguishing mark", transformed its sales.
Starting out in Pennsylvania, early in the century, it prided itself on the quality of the materials it used. Highly durable Irish linen drastically increased the durability, and ensured that they withstood fraying and tearing far more than the competitor.
However, to the would-be buyer, they looked the same.
Then an inspirational idea to add a small thread of gold acetate to the toe, thereby creating immediate differentiation. Using "gold" enhanced the perceived quality level in the customers eyes, and the thread blended easily in with the manufacture.
The sales increased exponentially!
Gold Toe Socks practically jumped off the shelves, and firmly established its position as the dominant leader in a niche market. A small "branding" was all it took, and with this in mind the manufacturer changed its name to Gold Toe Brands Inc. in 2002.
It continues to go from strength to strength, renowned for the original hard wearing characteristics but standing out in terms of a brand.
A lesson here in how a small mark, or brand, can lock itself in the customers psyche.
Wednesday, 9 December 2009
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