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What Consumers Buy and Why

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Session by Lindsay Gaskins, Marbles: The Brain Store. ...

Session by Lindsay Gaskins, Marbles: The Brain Store.

Description: Launched in October 2008, Marbles: The Brain Store is a retail store that focuses on products designed to stimulate and strengthen the brain. Marbles currently has one store located in downtown Chicago, and is planning to open two more stores in Chicago during the summer. The Marbles collection of over 250 products includes software, games, books, and puzzles that fall into the five categories of critical thinking, memory, word skills, visual perception and coordination. Every day, the Marbles team is learning first-hand what customers are looking for and identifying the best assortment of products to meet their needs.

Lindsay Gaskins, CEO of Marbles: The Brain Store, will share some of the consumer insights her team has identified while serving nearly 10,000 customers as well as tips on effective strategies for developers of software products and videogames to connect with customers.

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    What Consumers Buy and Why What Consumers Buy and Why Presentation Transcript

    • www.marblesthebrainstore.com The Brain Health Market: The Future of buy and why? What consumers Marbles Games for Health Conference June 2009
    • Overview Introduction to Marbles Market Research Consumer Insights from the Store Strategies for Reaching the Customer 2
    • Marbles: The Brain Store A retail store that focuses on products designed to stimulate and strengthen the brain. • Books • Games • Puzzles • Brain Fitness Software Programs • Activities/Classes • Brain Aerobics • Game Nights • Tournaments • Book Signings 3 www.marblesthebrainstore.com
    • Background Opened in October 2008, Marbles currently has one store located in downtown Chicago as well as a website, and is planning to open two more stores in Chicago during the summer . By the end of 2011, Marbles expects to have 10 store locations. Every day, the Marbles team is learning first-hand what brain customers are looking for and identifying the best assortment of products to meet their needs. 4
    • Market Research 5
    • Nearly ¾ of respondent believed they can improve their brain health % Respondents Who Agree with Each Statement 74% 59% 57% 55% 34% 4% There are things I I am looking for I am active in I worry about I am worried about I don’t think there can do to improve ways to improve maintaining my memory loss Alzheimer’s is anything I can brain health my brain health brain health disease do to prevent mental decline 6 Marbles Online Questionnaire: 07/2008, Q6) Please indicate whether you agree or disagree with each statement below using a scale of 1 to 5. 1 is strongly disagree and 5 is strongly agree.
    • Association of activities/products with brain health Top 5 Activities People Currently Do for Products Expected at a Store for Brain Brain Health Health Books 82% Reading books 87% Supplements 81% Crosswords 80% Doing word games like 81% Memory cards 71% crosswords and Scrabble Word searches 70% Participating in physical 74% Trivia games 69% exercise 68% Sudoku Software 66% Staying socially active 73% Jigsaw puzzles 65% Electronic games 51% Playing memory games 73% Exercise/fitness equipment 46% Art kits 41% Travel games 37% Brain fitness product awareness is low 7 Marbles Online Questionnaire: 07/2008, Q7) What do you do for brain health? Q8) What would you expect to find at a store selling products for brain health?
    • Marbles also did a live market test prior to the store opening to understand shopping behavior Brain fitness software demo area Kiosk format doesn’t lend itself to product trial or understanding – validated opening of store where customers could engage with product 8
    • Consumer Insights from the Store 9
    • Marble offers a highly selective product mix, educational materials, and hands on customer service Here’s the good news: you can outsmart your aging brain by playing games! 10
    • Brain fitness software is the root of the Marbles collection Brain Fitness Software Programs Currently Available NeuroActive Mix is important 11
    • Top Performing Software Program Quantity Share Price Comments Art Dealer 203 45% $ 24.99 Mindfit 66 15% $ 149.99 DS Brain Games 56 12% $ 24.99 not market price Nintendo DS 30 7% $ 129.99 not market price Brainware Safari 22 5% $ 149.99 lowered price from $349 Posit's Brain Fitness Program 16 4% $395-$495 NeuroActive Complete 15 3% $ 99.99 Added in February Posit's Insight 13 3% $395-$495 Bookworm 11 2% $ 14.99 Emwave 7 2% $199-$299 NeuroActive Memory and Multitasking 6 1% $ 69.99 Added in February Bejeweled 5 1% $ 24.99 added in the last few months GoldenDrivefit 1 0% $ 99.99 plan to discontinue in store 451 Art Dealer has broad appeal and drives volume 12
    • Revenue Share Program $ Share Mindfit 25% Posit's Brain Fitness Program 16% Posit's Insight 13% Art Dealer 13% Nintendo DS 10% Brainware Safari 9% Emwave 4% NeuroActive Complete 4% DS Brain Games 3% NeuroActive Memory and Multitasking 1% Bookworm 0% Bejeweled 0% GoldenDrivefit 0% MindFit and Posit programs lead the way in sales 13
    • Sales by Month Software Sales 30% Relative Sales Coordinatio n $6,100.00 Critical 26% 26% Thinking 25% Memory $5,100.00 Visual 20% 20% Perception $4,100.00 18% Word Skills 17% 16% 15% Brain $3,100.00 Software 13% 13% 12% Brain Education 10% $2,100.00 8% 7% 6% 5% $1,100.00 $100.00 0% November ecember January February March D April May November December January February March Share has improved as we did more training and trial 14
    • Effective Strategies for Reaching the Customer 15
    • Marbles Lessons 1. Determine the real demographic of your consumer 2. Merchandising and demo excellence 3. There is room for improvement 4. Killer questions 16
    • Determine the Real Demographic of your Customer: Most buyers are age 31-40 and are buying for themselves Purchase Intent: Age Who are you buying this for? 61-70 51-60 5% 63% Currently 12% 20-30 59% female, 41% male 31% 34% 35% 41-50 18% 15% 17% 12% 9% 8% 31-40 4% 0% 36% Self Child Family Parent Friend Q4 08 Jan. 09 The customer is younger than expected- interested in products for themselves, their kids and their parents 17
    • Merchandising and Demo Excellence: Great packaging, good paperwork, and easily accessible demos Brain fitness product awareness is low so messaging and training is very important. Packaging should be a priority. 18
    • Opportunity for Improvement: The brain fitness software category has room to grow % Sales by Category 7% 23% 14% Memory Word Skills Software and Education Visual Perception 17% Critical Thinking 20% Coordination 19% 19
    • Killer Questions(developers should think about) Pricing • How high is too high? How low is too low? (in price) Retailer and Customer • How do I get buy-in from the sales people (or how does it sell itself )? Feedback Customer • PC/MAC compatibility (why wait)? Usability Mitigate • What is the retail inventory investment for the retailer, how do I mitigate Risk the risk? 20
    • www.marblesthebrainstore.com Thank you! The Future of Marbles Please contact me if you have any further questions: Lindsay Gaskins lindsay@marblesthebrainstore.com