Thursday, November 29, 2012

Diapers May Provide a New Market for Redbox

Chips, Dip, and Redbox
Yesterday, I attended a marketing presentation by Mark Achler, Senior Vice President of New Business at Redbox. Mark discussed how Redbox has formed great partnerships with consumer packaged goods companies. He showed an example in which Tostitos had set up large displays in grocery store aisles. If consumers purchased three Tostitos products, they'd get a free night's movie rental from Redbox. This partnership increased sales for both Tostitos and Redbox, so it was a win-win situation.

Diapers, Wipes, and Redbox 
When Mark showed a graphic of all the brands Redbox has partnered with on similar deals, I thought there was one big missed opportunity — diapers. As I've come to learn, new parents are very much tied down to their homes at night. Once a baby goes to bed, parents are left awake in the house with a few hours of "free time." As new parents, my wife and I have spent several nights watching movies rented from Redbox. We have never been big movie watchers, but Redbox offers us an evening of entertainment for only $1.20 and we both don't have to leave the house.

I think Redbox should partner with a diaper brand and offer a similar deal to the Tostitos offer: buy a few packages of diapers or wipes and receive a free night's movie rental. This offer could bring a new set of customers to both the diaper brand and Redbox. That's they type of win-win situation Redbox loves.

Add This To Your To-Do List
In the idea I've outlined here, new parents are a "trigger market" for Redbox. Trigger markets are created when people go through big changes in their lives and are therefore "triggered" into being in your target market. If you can identify the triggers that make your products, services, or causes suddenly relevant to a group of people, you'll identify a great target market for your products.

What are your trigger markets? What life changes suddenly put people into your target market.

There's Never a Lack of Ideas