Marketing Video Presentation
Posted: November 8th, 2023
Business Summary
The adoption of canes and crutches is going beyond the primary demographic of physically-impaired people to focus more on the growing geriatric population and persons suffering from chronic ailments. ‘Move-Solo’ targets such a market, which is why its headquarters are in the United States, the market with the largest growing geriatric population (Saunders et al. 2013). The organization’s mission is to provide newly designed crutches that improve weight and pressure distribution for long-term use. The aim is to introduce technical improvements on the body frame of contemporary crutches to reduce the probability of falls and joint complications.
| Strengths The new design allows old and obese individuals to use with minimal joint complications.The trendy frame design reduces the social stigma associated with canes and crutchesThe frame design allows long-term use compared to the conventional crutchThe business adopts e-retailing reaching a wider market | Weaknesses The new frame costs more to develop per unitThe new frame fetches higher pricing compared to the conventional crutchNot many users are aware of the adverse health implications of the conventional crutch |
| Opportunities The growing geriatric populationIncrease in hip, knee and joint replacements | Threats Market domination by five key industry players who produce the traditional crutch |
Business Initiatives
Establishing Positive Publicity
It is difficult to get the message through regarding the new crutch frame design due to the industry noise made by dominant players. Foremost, the marketing plan has to raise consumer awareness of the benefits of the forearm frame crutch. Direct mail will be sent to listed health service providers to motivate them to share the information with patients. Print ads will equally be leveraged to promote the business. The number of engagements, specifically callers requesting further information on the product, will determine the success of the promotion plan. Large print Ads can be placed on the entry doors of clinics and hospitals, featuring a patient with the proposed crutches. Traditional print ad mediums will enable the reach and engagement of a broad base of customers. Strategic partnerships will equally help raise consumer awareness. Identified health service providers will be leveraged to enlarge the promotional footprint.
Target Market
The primary consumer belongs to the expanding geriatric population, which comprises individuals above the age of sixty. The individual has a history of joint complications due to a lifetime of falls and injuries. The consumer might also be suffering from joint complications, such as arthritis or osteoporosis (Manoche et al. 2021). The secondary consumer is the individual with a higher probability of falling. The group includes individuals with body-weight issues and a recent history of hip, knee and joint replacement. Both groups of consumers come from households with above-average income to be able to afford the slightly priced crutch.
Market Strategy
Due to the dominance of key players, the proposed product has to leverage the logistics of e-retailing to ensure the reach of the target market. E-retailing will provide consumers convenience in accessing the new product. Moreover, the marketing strategy allows price comparisons and faster delivery (Warees et al. 2021). Over the last few years, online stores have outperformed the sales from medical stores and hospital pharmacies. Another market strategy is to leverage the distribution channels of hospital pharmacies and medical retail stores. The product will leverage stores where multiple interests align. The approach will help the business achieve economies of scale.
Budget
The proposed budget documents the different types of marketing to be carried out and the projections for the first two quarters in the initial year of product release:
| Marketing Strategy | Jan | Feb | March | Q1 | April | May | June | Q2 |
| Product Marketing | $700 | $700 | $700 | $2100 | $800 | $800 | $800 | $2400 |
| Content Marketing | $500 | $500 | $500 | $1500 | $700 | $700 | $700 | $2100 |
| Paid Advertising | $500 | $500 | $500 | $1500 | $700 | $700 | $700 | $2100 |
| Public Relations | $300 | $300 | $300 | $900 | $500 | $500 | $500 | $1500 |
| Branding | $800 | $800 | $800 | $2400 | $1000 | $1000 | $1000 | $3000 |
| Events | $300 | $300 | $300 | $900 | $500 | $500 | $500 | $1500 |
| Total | $9300 | $126000 |
The amount per marketing strategy increases in the subsequent quarter based on an improvement in sales. The increase is equally indicative of increased market reach and engagement.
Marketing Channels
In the contemporary digital age, not all marketing avenues are created equal, as some are more effective than others. The proposed business is small, and the marketing budget is limited. Therefore, it will use marketing avenues that leverage information communication technologies and social media to drive sales. Foremost, social media is the top marketing channel to be used. Platforms such as LinkedIn will allow the business to reach as a business-to-business marketer to engage service providers dealing with mobility impairments. Secondly, the business will also create a website with a blogging channel to convey information about the new product. The website will contain personal testimonies from consumers regarding the benefits associated with the forearm crutch. Thirdly, direct mail will also be applied to share educational content with consumers. When it comes to business to consumer marketing, social media, specifically influencer marketing, will be adopted. Lastly, email marketing with newsletters will facilitate timely notifications and personalized communication.
References
Manocha, R., MacGillivray, M. K., Eshraghi, M., & Sawatzky, B. J. (2021). Injuries associated with crutch use: A narrative review. PM & R: The Journal of Injury, Function, And Rehabilitation, 13(10), 1176–1192. https://doi.org/10.1002/pmrj.12514
Saunders, L. L., Krause, J. S., DiPiro, N. D., Kraft, S., & Brotherton, S. (2013). Ambulation and complications related to assistive devices after spinal cord injury. The Journal of Spinal Cord Medicine, 36(6), 652–659. https://doi.org/10.1179/2045772312Y.0000000082
Warees, M., Clayton, L. & Slane, M. (2021). Crutches. StatPearls Publishing.
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