"What a great and unique idea" I thought to myself as I listened to the presentation on Cole+Parker company, on my Marketing Management class. Interestingly enough the company had made millions of dollars selling socks. As a consumer, I often wonder how companies selling such dull products can differentiate themselves and survive in a world filled with competition. But this company did it unique. The company had introduced a very innovative trend, which is colorful socks, for use under suits to give each person its unique personality and color when they are wearing their work attire. The company had introduced this high-end colorful socks to sell in premium stores such as Harry Rosen for business professionals, and since its introduction they have had a great success. Hence, the company has given back a little bit of life to the "boring" and monotonous life of professionals by fabricating something colorful you could wear.
After my class, I decided to go myself and check the product, as I found it interesting how a person could stand out of the crowd wearing this colorful attire. Even though the product is not cheap, as they sell for around 40 dollars per two pairs of socks, it does crate a unique statement on one's self.
Even more interesting about this company, is that they work towards a great cause, and this is why their business really sky rocked. For every sock they sell, they donate a significant percentage on helping entrepreneurs on third world countries start their business. "Socks for small businesses". They grant loans to people that need as less as 100 dollars, to start with their new ventures, helping them and their families financially, and strategically. (To find out more: http://coleandparker.co/1-for-many)
As a personal experience, I have participated in many internships where going off to work was not easy. As you get to the office all of your colleagues look like robots dressed to oppress uniqueness and create some sense of identity. People often have the need to express themselves, to express their personalities, and how are you able to do it if you are obligated to dress in a black suite everyday?
Our self-concept can be defined as: "beliefs a person holds about his/her own attributes, and how he/she evaluates these qualities" (SWD p. 121). To demonstrate our self concept we need "props" to demonstrate our personal selfs, as "others make inferences about our personality based on our choice of consumption practices and products". What this company had understood is that people have the necessity to be unique, and when they cannot they would buy whatever prop to make them stand out from the crowd. Cole+parker have created a market in which business professionals can express themselves, their personalities, as well as bring some color to their lives, with a simple thing such as socks. This product is able to influence our self concept and social identity by permitting us to wear something unique when we are programmed to try and be equal.
Cole+parker had made it possible for people to elaborate on their extended selfs in the individual level, so that they can really demonstrate who they are and what they stand for.
As a consumer behavior learner I think this company had hit the nail perfectly, as it has demonstrated all of us that you don't need to have a extravagant product to be successful, because success can be found in regular products such as socks if you do the business for the right reasons and understand your consumers. The company had understood that consumers have a need to be unique, a need to fulfill to demonstrate their own selves, and to demonstrate who they are, in something the book calls impression management. The company understood that with little room for uniqueness the only time were business professionals could show some of their personality was with stylish touches in their socks, that can only be seen when they seat down. The necessity of having a unique self, a strong body image, which is defined as the consumers subjective evaluation of his/her physical self, have made of this product very successful because it had permitted people to express their uniqueness where there was little room for it.
As this company has demonstrated, targeting each persons self-concept and sense of uniqueness can become very profitable for companies. In todays world, everyone wants to stand out, and buy props that will extend and shape their self to what they want to portray. Companies can use this as an advantage (as Cole+Parker has done) as they can provide consumers with a little bit of their personalities. There has been many brands that have successfully done this, an which we should learn from. For example, American Abercrombie and Fitch, was very successful at mass selling their line of clothing because they portrayed the ¨cool¨guy/girl stereotype, something that every teenager sought. Another clear example of products that have successfully became profitable by giving people the opportunity to extend their selfs, has been Apple by demonstrating in their products a certain level of high status. What I am trying to say, is that as consumers we buy products that are visible to other people, to express who we are and what we believe in. Companies, especially in the clothing and accessory industry should learn what different people want to appear to others to be. Like never before, there is an opportunity for niche markets that demand different products for their uniqueness. A clear example, is the new trend ¨hipster¨, which are people that dress retro style, let their beards grow and have been categorized as the new hippies. Many brands have the opportunity to tailor to the these niche markets and become profitable by selling unusual products. For example, one company has started launching beard hygiene products, so that the so called ¨hipsters¨ can take good care of their beards. It is important for people now a days to demonstrate who their are by the products they use, so companies need to be attentive on what are the trends on people and tailor to them so that they can express their uniqueness, and their personality on physical props.
As this company has demonstrated, targeting each persons self-concept and sense of uniqueness can become very profitable for companies. In todays world, everyone wants to stand out, and buy props that will extend and shape their self to what they want to portray. Companies can use this as an advantage (as Cole+Parker has done) as they can provide consumers with a little bit of their personalities. There has been many brands that have successfully done this, an which we should learn from. For example, American Abercrombie and Fitch, was very successful at mass selling their line of clothing because they portrayed the ¨cool¨guy/girl stereotype, something that every teenager sought. Another clear example of products that have successfully became profitable by giving people the opportunity to extend their selfs, has been Apple by demonstrating in their products a certain level of high status. What I am trying to say, is that as consumers we buy products that are visible to other people, to express who we are and what we believe in. Companies, especially in the clothing and accessory industry should learn what different people want to appear to others to be. Like never before, there is an opportunity for niche markets that demand different products for their uniqueness. A clear example, is the new trend ¨hipster¨, which are people that dress retro style, let their beards grow and have been categorized as the new hippies. Many brands have the opportunity to tailor to the these niche markets and become profitable by selling unusual products. For example, one company has started launching beard hygiene products, so that the so called ¨hipsters¨ can take good care of their beards. It is important for people now a days to demonstrate who their are by the products they use, so companies need to be attentive on what are the trends on people and tailor to them so that they can express their uniqueness, and their personality on physical props.
Solomon, M. R., Zaichkowsky, J. L. and
Polegato, R. (2013) Consumer Behaviour:
Buying, Having, and Being, Sixth Canadian Edition. Toronto: Prentice Hall
Canada.
