Finally. I’ve spent years of my life wanting to run outside, but I never knew how to get my treadmill out of the house. My prayers have finally been answered by the Speedfit Treadmill Vehicle.
Product Benefits. When I first looked at this product all I could think of was “how am I supposed to market something that takes a free, easy, healthy habit and turns it into an embarrassing, expensive one?” But then I did a little more research on the product itself. The contraption is meant to bring you to higher speeds than you can get with just running (much like a bicycle), and it’s easier on the knees when encountering uneven terrain. So I guess there’s my market—people who are trying to get a good workout without putting a strain on their knees.
Demographics. Knee pain is a rising issue in the United States. It affects roughly 1/3 of the American population to some degree. Chronic knee pain affects about 20% of the population. One of the most recommended treatments to relieve chronic knee pain includes incorporating strength and mobility training into your everyday routine, without putting too much strain on your joints. Enter Speedfit.
Although chronic knee pain has a presence in almost every demographic, it mostly affects men and women over the age of 50. The 50+ market has incredible untapped potential, and would be a perfect fit for the Speedfit. The market is massive, with roughly 75 million people. Combined they have a total of $2.4 million annual income. The 50+ market accounts for half of consumer spending but are targeted by only 10% of the market. Speedfit needs to position itself as a personal care product for those people within the 50+ market that suffer from mild to chronic knee pain. If the budget allows, I would even recommend for them to do testing on those who have knee pain, and see if the pain begins to decrease after 1-2 months of using this product. If the research shows that it does (which it should), then perhaps a doctor’s recommendation or endorsement could catapult this product into the next level.
Or maybe the doctors will laugh and tell you to just take regular walks like a regular person. Time will tell.
Channels. As mentioned above, a doctor’s recommendation would be ideal. If the company could accomplish this, then they could go as far as to make pamphlets that could be given out at doctor’s offices around the country. I would also recommend creating television ads as well, and using a “pull” strategy to get consumers to inquire more about the product. “Ask your doctor about Speedfit.” If our consumers are able to keep a straight face while leafing through a Speedfit pamphlet, the product just may have a chance.
Marketing is fun for me, and generally speaking I enjoy getting challenges. This is an exception. My professional advice (disclaimer: I am not a professional nor should I be giving out advice) is that you should never spend money on something like this and you should just run outside on the ground like a regular goddamn person.