Categories That Brought Sexy Back (and you can too!)
Razor blades: Just the thought makes you leap for joy, doesn’t it? Okay, me neither. But Dollar Shave Club had the wisdom to find a way to overcome two consumer pain points while jumping on a burgeoning consumer trend.
Pain 1: The increasing difficulty of buying razor blades in-store. Many c-stores have them locked down tighter than Beyoncé’s security. One either has to grab the paper voucher and take that to the counter so the employee can access the vault of blades, or the blades are encased in a plastic box that can only be opened via a magic wand. Note: We understand this has to do with theft protection but for consumers is a big hassle!
Pain 2: Money, money, money. Four cartridges for $25. That’s a lot of cash.
Trend: Subscriptions everywhere. Clothing, food, movies, dog toys, knitting supplies, even crystals. People were accepting the subscription model for all types of items.
So, Dollar Shave club realized they could take on razors with attitude. They were an early adopter of the subscription model, which made a staid category fun. They gave consumers something to talk about and a way to save some money.
Investing: First word that comes to mind? Quick, what is it? “Ugh” would be mine. Acorn also recognized consumer pain points and conquered those with a digital trend.
Pain 1: People stink at budgeting and saving money. We are a “have it, spend it” society. But one can’t buy a house or retire using that mentality.
Pain 2: How to best invest saved money is really hard to figure out. Choices are overwhelming, and the language used often requires a translator.
Trend: “Do it for me!” Consumers are very willing to trust other entities to do the hard work for them. Uber, find me a ride. Wags, find me a dog walker. Phone, find me directions.
So, Acorn took all these things into account and created a seamless experience that allows people to save money, out of sight, out of mind. Consumers sign up for the service, then connect their accounts and credit cards to it. For every purchase made, Acorn rounds it up to the next dollar, and voila, savings! Acorn invests it in a range of over 7,000 stocks and bonds.
Bras: Ask any woman about bra shopping and she might turn pale. Ask any woman about bra comfort and same thing will occur. Hence the magic and success of Third Love.
Pain 1: Trying on bras to find the perfect fit is a pretty miserable experience. “I’m in boob hell” to quote one YouTuber. You’re in a room about the size of a phone booth, while trying to wrangle new clasps and closures.
Pain 2: Finding the perfect fit analogy: Goldilocks having to try 327 beds to find the one that’s “just right.” The first one rode up, the second one pinched and the third one slid…. I need not say more.
Trend: My style, my way. Consumers have grown accustomed to sharing personal information in order to get the best service, style, fit and more.
Third Love, based on data gathered via their “Fit Finder” quiz, now has 75 million data points* on which to continue to optimize their product line. Consumers rave about the fit of the product and the level of service. The “try it for 30 days” is a strong attraction.
So, we hope this has left you feeling hopeful, particularly if you’re in a category that’s been around for some time or a category, like investing, that has a difficult time with consumer “compliance.” Rethink the rules, pay attention to the pain points and find a way to up the game your brand is playing. You might be the next big success story!