Research for Expanding into New Niche Markets


Project scope
Categories
Market research Market expansion Product or service launch Marketing strategySkills
white space development market potential atopic eczema customer demand planning antimicrobials business to business business-to-consumer selling techniques prioritization researchWe are a B2C and B2B company currently producing products in the health and wellness space for individuals suffering from eczema and psoriasis and other sensitive skin conditions. Our clothing line, Remedywear, is made with specialty fibers (Tencel with zinc oxide) that provide benefits like moisture-wicking, cooling, antibacterial, and antimicrobial. Not only do the fibers in Remedywear help to soothe eczema and psoriasis, but the therapeutic benefits can be helpful for a lot of other uses as well, medical and beyond.
We are interested in exploring the other potential uses for our Tencel and zinc material and the current competitive landscapes and customer buying behaviors and expectations for these new markets.
Please note that we want to prioritize D2C over selling into the healthcare system.
Tasks may involve:
Gather existing market data on potential new markets.
Gather competitive data on potential new markets.
Analyze trends found in market and competitive data.
Evaluate and report on new market potential and rank them based on various criteria.
Deliverables:
Research potential product/market ideas around clothing, bedding, pet products, etc, where
moisture-wicking, cooling, antibacterial, and antimicrobial products are a big benefit.
Research existing data around these markets: including, but not limited to, customer expectations, buying behaviors, and search volume/trends.
Create a customer analysis.
Research existing competitor data and products for new markets.
Research industry trends.
Create a competitor analysis.
Create a report on primary and secondary findings of industry trends.
Present all findings and recommend the top three markets (including based on market potential – gaps/white space in the market, customer demand, and lack of competition.
Students will connect directly with us for mentorship throughout the project. We will be able to provide answers to questions such as:
- Suggestions for new niche markets to explore.
- The customer segments our brand primarily caters to.
- Information about our products/services.
- Input on choices, problems or anything else the students might encounter.
Supported causes
The global challenges this project addresses, aligning with the United Nations Sustainable Development Goals (SDGs). Learn more about all 17 SDGs here.
About the company
YoRo Naturals was developed by Jennifer Roberge, an eczema mom desperate for a natural solution to her son’s severe eczema. Through numerous trials and errors, countless treatments, and lots and lots of patience, she finally found a combination of dietary changes, natural skincare and protective clothing to help heal her son’s skin by 98%.
Jennifer was impassioned to create her own line of natural skincare and clothing products to treat sensitive skin conditions like eczema, psoriasis and more that align with her own holistic and environmental values.
She created YoRo Naturals to help others discover their own unique and natural skin healing journey. The skin is our body’s largest organ. YoRo Naturals encourages treating your skin with love by nourishing it with natural products to help it not only heal, but to thrive.