My Trinh & Ashlyn Barnhart Shinola My Trinh & Ashlyn Barnhart
What is Shinola? -Founded in 2011 as a shoe polishing company -Shinola is a Detroit based company that sells high end designer watches, handbags and accessories -Have various partnerships such as Horween Leather, to make handcrafted products Shinola, which takes its name from the resurrected shoe polish brand, is a relatively young company that specializes in bicycles, watches and leather goods, many of which are made in Detroit, or at least assembled in Detroit.
Mission, Vision, Values “Shinola is, and always has been, a job-creation vehicle, and our intention is to create jobs in this city we now call home”
Demographic Change Young Millennials (College students) More expensive but better quality
Strength and Weakness Strengths: Made in the United States (Detroit) Quality products/durable Weaknesses: Expensive because made in United States Lack of store-fronts
Opportunities and Threats Increasing rate over quality over quantity in Millennials Product variability Threats: Similar companies with cheaper products Financial risk of operating entirely in the U.S. Opportunities: (expand bicycle advertisement) Forbes article on “Millennials Prefer Quality Over Convenience, Reveals New Survey” Threats: Skagen Denmark, Richemont, Marc Jacobs
Semantic Differential Please state your opinion on products made in the United States: Reliable v.s Unreliable Durable v.s Nondurable Expensive v.s Cheap High quality v.s Low quality
Likert Scale I am willing to spend more money for a quality product… -Strongly Agree -Agree -Neutral -Disagree -Strongly Disagree
Guttmann Scale Mark each thing in which you agree with: I like accessories I wear accessories I wear accessories daily I wear quality accessories I wear accessories made solely in the United States
Emma Watson British actress, model, and activist. Appeals to the young professionals of the world Graduated from Brown University with a bachelor's in English literature Fashion consultant for People Tree Heavily involved in the united nations
How to market to the new demographic College students Tech-Savvy: Use social media contest to spread popular and brand name. Have monthly contest for free gift cards or prizes for customers. Focus more on e-commerce and building up online storefront. Really sell out the idea of quality produce and made in the United States and sell out idea that it helps a small local business. In order to show product quality, have a limited lifetime warranty program where customers can get their products touched up or brand-new if it doesn’t last for more than 20 years
Marketable products: (Woman) Medium shopper tote $595 (durable and good leather quality) Kate Spade $378 (Men) Watch $650 Citizen watch $375