We have decided to come up with a new line of toothpastes, all of which do not have the common ingredient in all other toothpastes, mint. The current global toothpaste market is forecasted to reach an all-time high of 12.6 billion dollars by 2015. The continuous surge of sales is fueled by toothpastes with various formulas like whitening and sensitivity as well as the common public’s greater awareness of oral hygiene.
So how can we actually being to determine the size of the market we hope to gain by producing our new innovative non-mint flavored toothpastes?
- Demand: With the projected sales reaching 12.6 billion over the next 3 years, how would different flavored toothpaste be accepted? We conducted a survey that asked basic questions about peoples hygiene when it comes to tooth brushing, whether or not people felt that their toothpaste interfered with their foods, whether or not people actually like mint toothpaste, and then we polled what flavors would be appealing to the respondents.
We received approximately 250 surveys from the follow age groups:
From our survey we were able to learn the following
- Roughly 76% off people brush their teeth 2 or more times per day, with 49% of people brush their teeth after a meal. 56% of people brushed their teeth in the morning and 30% of people felt that their toothpaste interfered with the taste of their food.
- 70% of respondents said they would try new flavored toothpaste. Out of the flavors given as an example Strawberry, Mango, Coffee and Honey were the 4 highest rated respectively.
- In respect to the size of the toothpaste package, 69% of the respondents said they would be willing to try different flavors if they were available in smaller sample sizes. 57% also concluded that they expected to pay between $2-4 for a 6oz package of toothpaste.
Estimating The Market:
- Addressable Market: From the 250 people that took our survey 59% of the respondents were in the age bracket of 18-44. I feel that the age bracket of 18-35 as well as younger than 18 would be the preferable target ages to market to. I feel individuals that are 45 and above who have used mint toothpastes all their lives may not be so willing to try something new, as what they use works so why change it. With a younger audience you can give it an innovative look, a new innovative toothbrush to go with it, and for the little ones, I think it would be very easy to get them to brush with a flavor like Strawberry-Mango.
- Opportunities vs. Competition: Mint toothpaste has been used since 1600AD. It’s been there forever and has been the staple flavor of all the toothpaste giants like Colgate and Crest. It will be hard to convince people to try a new product, as the mentality of if it works don’t fix it exists. Also dentists give away both Crest and Colgate products in the office, as these 2 brands of mint toothpastes are both ‘doctor recommended, it creates another barrier to market entry.’
- If we were to market our toothpaste using the Razor and Blades model, we could have a specialized toothbrush created that works with only our toothpaste cartridges. The toothbrush could take 1 of these flavor cartridges or a few. Those way consumers could try one flavor or try a few flavors at once; making a custom flavor based on the consumers preferences. We could make the toothbrushes in fun stylish prints for the older age groups, like paisley or plaid designs. And we could also cater to the youth and toddlers making fun bright patterns, and receiving licensing rights from some companies such as Disney and Nickelodeon.
- ”Winnable Market Opportunities”: With the Razor and Blade business model, we could have a sample pack of our toothbrush and toothpaste made up to give away. This would allow the customer to try the product out at home and experiment with mixing and tasting the different flavor combinations included. Once the favorite flavor or all the flavors are used up, the consumer could then go to the store and pick up another value pack, or the individual flavors that they liked.
On an interesting note I thought it would be fun to include the responses we got from our ‘Savory flavor’ questions. I can totally understand the coffee flavor, especially if you were brushing your teeth in the morning, but I personally don’t know how I feel about brushing my teeth with meatloaf flavored toothpaste- but apparently there are some of you out there that do!