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.
I found myself in the drugstore the other day having the following conversation with my 15-year-old daughter:
Me: OK, here are the toothbrushes, just pick one.
Her: (Gets her phone out) I need to see which one’s best.
Me: You’re researching a toothbrush? (mind you, this is a bristle brush and not an electric model)
Her: It will only take me a couple of seconds.
Issue: A company that was established in food-based nutritional products was having an internal debate. Would consumers welcome their brand in the realm of dietary supplements, particularly omega-3s? Would current supplement users have a reason to switch brands? And what equity elements should they carry over from their existing lines?
You may hear some buzz about neuromarketing, or “System 1 Thinking,” an emerging approach to marketing research that combines three well-established disciplines of brain science to give a new perspective on human behavior and give insight into nonconscious decision-making:
- Neuroscience – the study of the human nervous system
- Behavioral economics – the study of how people make economic decisions
- Social psychology – the study of how people think and act in the presence of other people