3M Greptile Golf Glove Strategy Discussion

3M’s main objective was to introduce the 3M Greptile™ golf glove as a product that improves a golfer’s grip and game; especially, those who have a weaker grip (i.e. golfers with arthritis and other hand related disabilities), which affects their grip and performance. By building awareness among potential consumers in golf glove market about the 3M Greptile™ golf glove, 3M will be able to gain their market share; earning a profit and sustaining their position in the market.

However, as 3M has not ventured into the sports industry previously, consumers would find it hard to identify 3M with sports. This would be particularly so for 3M’s Greptile golf glove. Given the large varieties of golf gloves available, there is also a higher perceived risk from consumers. In addition to the above constraints, 3M’s lack of colour variety for the Greptile™ golf glove limit consumers’ choices as they can only choose from black and white.

Analysis of sales, profits, and market share:

According to the 3M Data monitor report (www.datamonitor.com), 3M had recorded revenues of $21,167 million in 2005. There was an increase of 5.8% as compared to the previous year (2004). Although there is no exact figure to determine the revenue and profits of golf gloves, it can be assumed that 3M is doing reasonably well in conjunction with the increase in revenue.

Analysis of target market(s):

3M wanted to target both avid and professional; golfers who want to improve their game. Due to 3M’s proprietary “micro replication” technology, which is “equivalent to using thousands of micro-replication fingers”, golfers will be able to have a better grip and increase swing distance as the glove reduces gripping friction and increases swing control.

(http://solutions.3m.com/wps/portal/3M/en_US/Products/ProdServ/Dir/Home-Leisure/Sports-Outdoors)

The primary target segment consists of the large U.S baby boomer population (those born in 1946-1964) and dual income couples. Majority of the baby boomers are either retired, thus having more disposable money set aside for recreational purposes, or have a stable income with more spending power. While dual income couples with no children, have more earning and spending power, with the majority wanting to live the high life, and are willing to pay a premium for it. This situation is similar in countries like Japan and Europe. Therefore, these potential consumers have enough money and time to spend on leisure activities like golf, making them a lucrative group to target.

The global industry for golf and golf gloves is currently worth about $300 million and $160 million (respectively) in America. With the golf and golf glove industries flourishing, 3M decided to sell the Greptile™ golf glove through both public and private on- and off- course golf specialty shops and golf superstores. By doing so, 3M will be able to create awareness amongst potential golf players and consumers. (Kerin et. al, 2006, pg.284)

References:

http://marketing-and-branding.knoji.com/3m-greptile-golf-glove-strategy-discussion/

http://marketing-and-branding.knoji.com/industry-analysis-for-3m-greptile-golf-glove/