Latch technology will change the way people wear hats for the better. This new application of a ratchet strap features a clicking noise and locking mechanism that promotes a feeling of security. These features align nicely with the branding of Latch.
Latch will use product feedback from top-level athletes to improve existing and future product mixes. I will purchase 100 hats and equip them with the new adjustment mechanism. They will be distributed to test subjects in exchange for answering questions relating to the look, feel and price of the hat. This will build awareness, educate consumers and affectively perfect the LATCH design. Test subjects will complete survey on www.latchclick.com after 2 weeks of use.
Latch has a mutually beneficial agreement with a business called Courtside Films. They will provide us with access to top 100 high school basketball prospects in the nation in exchange for free exposure. Athletes will be prompted to share our web-site and product photos on their social media in exchange for free athletic apparel. Some of these top 100 basketball players have up to 150,000 followers on Instagram and Twitter. The millennial generation is Latch’s most general target market. This will be broken into subcategories. Millennial’s are known for being active on social media.
Moreover, Latch will secure a niche market with snowboarding and free-style skiers. Sports such as baseball, tennis, basketball and wrestling will be featured in the marketing plan. Latch technology will make hats fit better than ever before. No one need worry about finding a hat that fits correctly or deal with complicated sizes. When competing or training in windy or intense conditions, the hat will remain in place in a comfortable fashion. Sports such as golf, tennis and baseball will especially benefit from this new technology due to performance standards. Latch will license its technology to companies that already have an established brand such as Nike or New Era. The Latch brand name will benefit from being aligned with other respected brands.
Dream Big Grow Here 2016 is a prestigious competition that could propel my dream into reality. I know how much work that goes into building something from nothing and have a long way to go, which fuels me even more. It would be an honor to compete with some of the top entrepreneurs in Iowa for $5,000. There will be a lot of great friendships and mutually beneficial partnerships established throughout the competition. I look forward to meeting everyone involved and have the opportunity to advance my business.
Expenses Cost ($)
Utility Patent 4000
100 Hats 1600
Print 120 Units 75
Office Supplies 50
Social Media 300
Web Design 500