It’s been said you can’t teach an old dog new tricks, but what one shoe company called “Greats” is doing with their new line of product is giving old dogs new kicks and everyone is loving it. CEO Ryan Babenzien set out in 2013 to create a shoe company that would break the traditional model of the shoe industry by creating something that could appeal to a broader market of customers by providing them a product unlike any other in the marketplace. Babenzien says “Let’s pick the greatest silhouettes in men’s sneakers and footwear, and design our DNA into them.” The company accomplishes this by combing old school leathers and colors with new styles for a one of a kind design.
By marketing to customers directly online, Greats lowers the cost of their product significantly. Where one leather shoe that would retail at a high-end department store for over 500 dollars, it can now retail for somewhere in the region of 100 dollars. The company really saw potential in taking tow different concepts, and combining them in a way that created something entirely new. Consumers also appreciate the product, and by 2015 the company expects to make somewhere in the region of 5 to 7 million dollars next year, proving to the industry that classic shoe styles never die, but their “soles” live forever.
Greats is providing the ultimate value to consumers by creating a superior product at a lower price. I would love to see these guys upend the shoe industry and prove to the business world that having full control of your product from manufacturing to shipment is beneficial for everyone.
Just another instance of how using technology to you advantage will never be a bad thing in the entrepreneurial community. Because not only is this idea incredibly innovative but their marketing plans using the internet is brilliant!
good marketing ideas of using online shopping to help lower prices and let the customers pick what they want.
Wow, I really like this idea!! Two aspects that I find particularly interesting:
1. They reached out to a specific market. Older men interested in wearing new, young, classy shoes.
2. They effectively lowered costs by keeping the product online.
Love it!