Disclaimer: I’ve re-working my problem and solution and have decided to identify to focus on a new endeavor. I’ve decided to focus on customization of merch at the Baruch campus store. We will offer embroidery and screen print options upon check-out at the Baruch campus store with a guaranteed 24-hour turnaround time. We aim to focus our attention on incoming freshman as many buy merch to show college pride upon acceptance into college. This will be a one-stop-shop for them to purchase their merch and add their desired customization.
In my competitor analysis I identified four indirect competitors with my new business ideation. The main competitors include Etsy, Custom Ink, Merchology, and Underground Printing. After research, I was able to identify Etsy as my main competitor being that our target audience is most closely in line with each other – a younger demographic who value affordability.
One area in which Etsy trumps my simple customization business model is in their ability to offer a large range of customizations. They offer a much more extensive collection of products, colors, customization options, etc. Eventually, I would hope to scale my business to include more variety like this and potentially expand to different universities. One way in which I deviate from Etsy’s model is in my concentration on Baruch students as my target audience. Also, I would like for my service to focus on products that are related to college pride merchandise. For these reasons, my model will differentiate from Etsy’s.
Etsy has a larger reach with their global online marketplace and therefore they have a much larger clientele reach. Also, their platform in entirely online so some students might prefer this option as opposed to shopping in person. Many college students use Etsy for customization due to their affordable price points. Some students may choose to forego college campus merch and instead, choose to purchase entirely customizable merch from Etsy directly to have more creative freedom.
I do feel that our value propositions are very similar being that we both aim to target individuals who enjoy customization in addition to affordability. However, because Etsy is a marketplace is sells many more products than I do and our business structure is quite different, our value propositions will be slightly different. My value proposition will be more centered based off of the current shopping experience at Baruch and how customization isn’t currently offered at all in their campus store. I think the customization is a special feature that many school stores have yet to adopt on campus.
One reason why it might not be a good idea to move forward with my idea is because of the popularity of Baruch merch (or lack thereof). As opposed to other colleges, I feel that Baruch students don’t place as much of an emphasis on owning Baruch merch. Therefore, I am unsure of the amount of potential revenue I would be able to obtain through this business venture. Also, compared to other universities, Baruch offers a much more limited array of merch. Their store is quite small selection wise. These are all factors that I will have to take into consideration.
Hey Jacqueline,
This is a cool new idea! I think something that helps you stand out compared to Etsy is that you are specifically trying to target Baruch students. If you offer comparable prices, I think the convenience of being on campus and the 24 hour turnaround time will really help you stand out.