Hooked on Success: How Adjusting Marketing Reeled in the US Market

Situation

This small company was founded on the idea that fishing lures would be more efficient in attracting fish if the lure itself were painted in different colors and patterns. As opposed to resembling a small fish. This, of course, was also aimed at making the lure more interesting for the fisherman too!

The challenge

The company had success in its home market and had built up a following of customers who appreciated the uniqueness and craftsmanship of the lures. The company decided to enter the US market, and despite considerable efforts in marketing, they never managed to get a foothold in the market.

Findings

The company's marketing was completely ineffective; the focus on the color and pattern of the lure was only appreciated by a small (less than 10%) portion of the market, and those also had the lowest willingness to pay. No wonder the company's effort had been wasted.

Results

Once marketing was adjusted to the product features that drove the highest willingness to pay and prices set to match willingness to pay, sales skyrocketed. Currently, the US market represents the majority of the company's business.