At the start of this marketing course, we talked about the importance of value-co-creation in marketing – basically allowing customers the opportunity to act as collaborators in creating a product or service. This is especially essential in a value-based marketing era. I was pretty fascinated to read about ‘My M&M’s’, whereby customers could have custom printed MY M&M’S – their personalized chocolate candy.
Similarly, I would like to introduce a new product in the Singapore market, that has been very popular with the ‘youngsters’ – ‘Sticky’ Traditional handmade candy – it is Singapore’s first handmade rock candy store. It’s not about the candy, but rather the innovation behind it, whereby there are 71 designs, flavours or styles. Also, customers could have their customized candy made for any occasion – weddings, a gift, or for corporate events.
What are the two main benefits of being first in the market?
- Get to charge a premium price – As compared to other ‘candy’ products, Sticky certainly has a competitive advantage against its competitors; hence a slightly higher price (starting from $2.90). After all, it’s the quality of the product that customers will be returning for, and that’s what Sticky place great emphasis on.
- Establishing a brand name – Yes, we have learnt about brand equity. Sticky is starting to get popular among many in Singapore, and the perceived value amongst consumers is that they are willing to pay a higher price for quality. In fact, Sticky is developing its brand personality and brand association as being trendy, youthful, creativity – having its stores all colourfully decorated. Without many competitors at present, Sticky has been able to gain a foothold in the market.
How does Sticky promote its products?
- Word of Mouth – A good product sells itself. People will eventually hear about it. That’s actually how I came to know about the product.
- Social Media – Facebook! – Involving customers is essential!
- Through Blogs! http://www.facebook.com/note.php?note_id=405957033532 — a famous Singapore blogger
Watch the making of Sticky Candies…..