Taking a look at Nike
Nike started as a sportswear brand but has also made a name for itself is street style fashion through their shoes and athleisurewear. With sponsored athletes across men and women’s sports as well as product deals with leagues like the NBA, WNBA, NFL and MLB, Nike is a household name for athletes and sports fan everywhere.
Why Nike?
As a sports lover and former athlete, I have always had a love for the Nike brand. Their quality and product range through all of the sports I enjoy watching and participating in has made them a staple item in my own wardrobe. From the cleats I wore playing soccer as a kid, to the polos and shorts I wear to golf and even now in my gym journey with their Blazer high top shoes, Nike apparel has always had a place in my closet. Within their weight lifting line, we can see professional style weight lifting shoes and belts, however for many beginners more tools are needed to reach a high level of lifting performance which is where my product launch idea comes to play.
Get a Grip
My proposed product is weight lifting straps, to offer those who are outlifting what their grip strength allows. This product offers the ability to take a portion of the lifting work from the hands and redistribute it to the arms and back moving tension off the hands and into the wrists. With Nike’s small existing lifting line, they gives them the opportunity to reach a more casual gym goer, where their current line is primarily appealing to serious lifters such as professional power lifters and body builders, where as this product can appeal to consumers at most stages of their fitness journey. Weight lifting straps traditionally come in 3 styles, two considered a traditional strap versus the other being categorized as a grip. The two considered straps are strips of high quality woven fabric which loop around the lifters wrist and then wrap around the bar of the weight, normally used by more experienced lifters and known to be a little tricky. The grip is strap around the wrist with a rubber or leather piece attached which wraps around the bar in the opposite direction as the lifters hand.
Research Design and Objectives
As mentioned, the target audience for this product would be the weight lifting and gym communities at all levels. Given the market, my research would focus on determining how many consumers would be open to purchasing and using this product and if the demand for the product can be expected to grow. I would utilize surveys and focus groups to determine how successful the products would be and which style design would be preferred by consumers. I would also research competitors, as these products are usually only available through weightlifting specific brands who target more serious lifters. This will allow us to compare pricing, popularity among those serious lifters as well as seeing how much of a role accessibility to the product can play via different distribution channels.
Currently, there are many small weight lifting/gym specific brands who are the leaders in the market, including Gymreaper, Gymshark and Harbingers who cater specifically to this market. Given the standardization of these products, comparing accessibility to the product plays a large role in the competition of the market. All of these brands have their own online store front, as well as some selling through Amazon and even physical stores like Dick’s Sporting Goods and Walmart. Additionally, I would compare pricing to see where pricing in competitive, what feature make the product worth a higher price tag such as rubber lining for additional grip and padding for comfort. This research would help us with product development and understanding the market to be entered.
Given the nature of the product, there are likely to be set labeling requirements, including safety labels and use instructions determined by the government. Given the rising costs of materials and labor, the economy may play a role in the ability to create the new product, though given the access to material vendors and existing production lines we may be able to minimize its impact. As the rise in preference for sustainably products increases utilizing recycled material would be a great way to cut back on costs and minimize environmental and societal push back.
To collect this research, I would use both primary and secondary research to determine is Nike Lifting Straps should be launched in the United States. Primary research would include surveys distributed online and focus groups conducted with gym goes across the US. Surveys would allow us to gauge the consumer interests, style preferences and price preferences. Focus groups would give us more focused feedback on consumer needs, wants and expectations. Secondary research would include reviewing competitor websites, consumer reviews, industry resorts and government resources. These sources allow us to evaluate market growth, competitor pricing and features, as well as consumer trends and other external factors which may impact product success. Combining both methods allows Nike to understand its target market, identify ways to stand out from competitors and determine if there is reasonable demand to justify product launch.
Sources
DICK’S Sporting Goods. (n.d.). ETHOS padded lifting strap. https://www.dickssportinggoods.com/p/ethos-padded-lifting-strap-24au6updddlftngsteac/24au6updddlftngsteac
Gymreapers. (n.d.). Lifting wrist straps for weightlifting, bodybuilding, powerlifting, and strength training. Walmart. https://www.walmart.com/ip/6288916776
Gymshark. (n.d.). Cotton lifting straps. https://www.gymshark.com/products/gymshark-cotton-lifting-straps-equipment
Harbinger Fitness. (n.d.). Big Grip Pro lifting straps. https://harbingerfitness.com/products/big-grip-pro-lifting-straps
Nike. (n.d.). Lifting straps. https://www.nike.com/w?q=lifting%20straps&vst=lifting%20straps
Leave a Reply