MANILA, Philippines - Niché marketing – the process of promoting a product, service, or customer experience specifically designed to focus on a certain demographic has taken the forefront in an increasingly customer-centric consumer landscape. With good reason, too: concentrating on one purchase group streamlines the entire operation, with the promise of repeat sales.
Naturally, analysts say that the best niché to tap is always the upper segment. Since volumes are expectedly lower than a mass-market endeavor, businesses would do well to convert customers with extra spending power.
Relying on this concept has proven to be a big asset for luxury brands, but for brands that would like to have a broader scope, using niché marketing as a part of an expansion is a novel idea. Indeed, instead of creating just one brand to focus on a defined set of consumers, why not make two? One to serve the more upscale market, and another to accommodate the more prudent, yet equally tasteful, masses.
Goldilocks, the country’s number one bakeshop, proved its business smarts by incorporating such a strategy. Rather than radically elevating its tried-and-tested brand, Goldilocks stuck to its roots and yet branched out, going for a piece in another pie.
Luxurious launch
Of course, this is not to say that Goldilocks did not modernize its design elements and store concepts; as a matter of fact the company did just that. Recently, Goldilocks held a cake and tea affair at the EDSA Shangri-la Hotel to unveil this new look, but simultaneously introduced the latest addition to the Goldilocks family: Luxe by Goldilocks.
In attendance were the brand’s top endorsers – and reportedly the top female and male commercial endorsers in the country – Kris Aquino and Dingdong Dantes, who had their family members with them. This gesture actually underscored the afternoon’s theme of family values and togetherness.
Goldilocks marketing director Pinky Yee did the honor of unveiling the new and dynamic look of Goldilocks, after a brief recap of exactly how the brand has been a Filipino icon for more than four decades. Both members of the press and special guests were unanimously impressed at this legacy-setting direction.
A touch of class
The proverbial cherry on top of the rebranding was the launch of Luxe, the “affordable luxury” brand affiliate of Goldilocks. Luxe is primarily designed to cater to a demographic with expensive tastes, particularly those who want to give elegant cakes and pastries as gift items. Even so, Luxe also offers some ready-to-eat premium goodies behind the counter, with a price range that is affordable for those who would like a taste of luxury without breaking the bank.
Aiming high
In a manner of speaking, this rebranding by Goldilocks is consistent with its determined expansion campaign. At present, Goldilocks has over 300 stores in the Philippines, as well as 21 stores in North America, and a new branch in Bangkok, Thailand.
As the old business saying goes: the higher the investment, the higher the return. It is clear and perceptible that Goldilocks is spending serious money to expand and upgrade its operations, to the point of penetrating a new and more discerning demographic. If the company’s track record and market acceptance is any indication, however, this is definitely money well spent.