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| Grumpy Monkey |
Lets Grow the Grumpy Monkey Troop
Future Growth Strategy of The Grumpy Monkey Sock Company.
Grumpy Monkey is a local, South African, funky sock company based out of Port Elizabeth.
Grumpy Monkey is a local, South African, funky sock company based out of Port Elizabeth.
Grumpy Monkey Socks has taken the sock market by storm with
outrageous styles, colours and exceptional value for money for a high quality socks that can be
used as a fashion statement under a suit or whilst out setting a Personal Best
at Ironman in Port Elizabeth, the home of the Grumpy Monkey.
We are here to ensure that Grumpy Monkey becomes known as
the best and most sort after fashion and sports socks brand in the world.
In order to do this we need to ensure that the brand will
stay relevant and top of mind as fashion does have a life-cycle. We want to
avoid re-inventing the brand every cycle but rather create top of mind
awareness for consumers of the existing brand identity.
We have come up with the follow Future Growth Strategy to
ensure Grumpy Monkey is around for years and years and eventually becomes The
Alpha Silverback Gorilla of the Sock Market.
We will employ the following tools to expand and reach a wider consumer market.
We will employ the following tools to expand and reach a wider consumer market.
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| Grumpy Monkey Facebook |
Brand Extensions
We would see a range of Sports Specific Grumpy Monkey socks
being released. These socks would target 1 sport sock style per year, thus honing in on a
target market.
Rugby & Netball Grumpy Monkey Socks
Long Sports Socks
As there are many tertiary education around Port Elizabeth and South Africa, breaking into this market where students are actively looking to create their own identities and style will ensure that you create a Grumpy Monkey Generation that as they get older and move into higher paying jobs will have more cash flow to buy into the other ranges of Grumpy Monkey Socks. Students in creating a fashion trend also become passively active brand ambassadors as the younger generations are SM savvy and will #grumpymonkeysocks and @grumpymonkeysocks daily. Thus broadening your advertising and community reach.
Rugby & Netball Grumpy Monkey Socks
Long Sports Socks
As there are many tertiary education around Port Elizabeth and South Africa, breaking into this market where students are actively looking to create their own identities and style will ensure that you create a Grumpy Monkey Generation that as they get older and move into higher paying jobs will have more cash flow to buy into the other ranges of Grumpy Monkey Socks. Students in creating a fashion trend also become passively active brand ambassadors as the younger generations are SM savvy and will #grumpymonkeysocks and @grumpymonkeysocks daily. Thus broadening your advertising and community reach.
To build on this We would see 2 limited ranges launched
annually, limited in volume and sales duration. Likely events to follow would
Christmas, Grumpy Monkey Santa Socks. The second event could revolve around a
fun festival such as Saint Paddies and they would be the only range of Grumpy
Monkey Socks made in Green. Grumpy Monkey Leprechaun Socks.
Thus by using these range extensions in this manner and
continuing to advert using your current Social Media Platforms which are
currently the soul of the brand, we can start to ensure the continued success
of the Grumpy Monkey Troop.
The risk involved with running a limited range is that you may over order on expectations and end up with seasonally over stocked items, to mitigate this risk we recommend that you really do design, order and produce very small batches of these socks. Perhaps 30 pairs per sales platform, this will really create the hype of consumers returning next season to ensure they don't miss out. Then we can slowly start increasing the limited volumes annually.
The risk involved with running a limited range is that you may over order on expectations and end up with seasonally over stocked items, to mitigate this risk we recommend that you really do design, order and produce very small batches of these socks. Perhaps 30 pairs per sales platform, this will really create the hype of consumers returning next season to ensure they don't miss out. Then we can slowly start increasing the limited volumes annually.
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| Grumpy Monkey Facebook |
Endorsement Deals
As Port Elizabeth is the home of the Ironman, we would see
endorsement deals being put into place in the following manner.
2 Prong Approach to gain maximum visibility and distribution
of the brand during the event in order to create top of mind awareness post event.
Ironkids is a kids mini triathlon for all the children of
Ironman athletes. We would see a range of Kids Grumpy Monkey Socks created. Each
Ironkid will receive a pair as part of their entry pack. This will endear the
brand to parent whilst opening up a new avenue for the Grumpy Monkey to
explore.
Sponsorship of homegrown talent is always a fantastic way to
endear the brand to communities. By sponsoring 3 or 4 top local athletes Grumpy
Monkey will be opening avenues that show "Local Is Lekker" and support for the community
in and around Port Elizabeth.
Thus by using strategic range extensions to create a buzz
and keep the brand fresh in the consumers mind along with some selective
endorsement deals, for relatively little financial risk, Grumpy Monkey Socks
will be worn by Business People, Sports People, Fashion Forward People and of
course the Baby Grumpy Monkey.
We will slowly cover all sectors of the market, everyone wears socks, lets make them part of the Grumpy Monkey Troop.
We will slowly cover all sectors of the market, everyone wears socks, lets make them part of the Grumpy Monkey Troop.
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