In a world where big name brands seem to dominate every industry, it's easy to forget the importance of small businesses. In the golf industry, small brands are having a major impact on the big players.
It's no secret that the golf industry is struggling. In the last few years, participation in the sport has declined and golf course closures are on the rise. Big name brands like Titleist, Callaway, and Taylormade have been hit hard. In an effort to stay afloat, these brands have been forced to cut costs and lay off employees.
Small brands, on the other hand, are thriving. Companies like Vice Golf, Snell Golf, and Diamond Golf are seeing record sales and are expanding their operations. These brands are gaining market share and taking away business from the big players.
So why are small brands doing so well while big brands are struggling? There are a few reasons.
First, small brands are more nimble and able to respond quickly to changes in the market. They can develop new products and get them to market faster than their larger counterparts.
Second, small brands are more customer-focused. They listen to their customers and develop products that meet their needs. They care about what their customers think and what they want over only offering what they think they want. They are more responsive to feedback, to market trends, to creating products that speak to their audience.
Third, small brands are supported by passionate customers who are willing to spread the word about the products they love. Matter of fact, a lot or small brands rely on the posts, pictures, videos, and reviews of their customers to provide publicity and marketing to others.
Fourth, small brands have lower overhead costs and can sell their products at a lower price point. It is not always the case but small brands are more often selling good items at much lower prices, but, the customer is reluctant to trust a smaller brand and view those products as quality, because they aren't at a more expensive price point.
We're not saying big name brands are going the way of the dinosaur but the marketplace is flooded with everyone having an idea or product- they want to be in the game and closer to it, ourselves included. But with limited financial backing, reach, capabilities, customer trust and recognition, it can be an extreme, uphill climb to make even the smallest dent in the business.