b8ta in Chicago — a new store and a new market.
It doesn’t take long for visitors to recognize there’s something inherently special about Chicago. As the late and great Anthony Bourdain put it, “You wake up in Chicago, pull back the curtain and you KNOW where you are. You could be nowhere else. You are in a big, brash, muscular, broad-shouldered [EXPLICIT] city”.
After months of prep, b8ta is ecstatic to officially launch our Chicago store in The Shops at North Bridge on Michigan Avenue. Visitors to our new location will be able to see, play with, and purchase some of the world’s newest products like the Ekster Smart Wallet and Trekz Air. We’re excited to welcome Chicago into our ever-growing list of locations, as it truly is one of the most unique cities on Earth.
Chicago seemed like a no-brainer for b8ta. The young and vibrant population that’s continually innovating, developing, and excelling presents a seemingly easy decision for a retail company like ours. In fact, the decision seems so easy, the amount of deliberation and research we put into the move might surprise. Knowing that companies come to b8ta to strengthen their brand and reach, we feel it’s imperative to dedicate ample thought to choosing a market.
Part of our retail-as-a-service model is ensuring products get hand-to-hand exposure in areas that are beneficial to their brands. Most companies, young and old, understand the basic first steps when choosing a market. Know your customer, and use this knowledge to locate areas that will reach the correct demographics. Take b8ta in Chicago. We were able to check off our basic demographics such as age, income, home ownership, etc. But we wanted to go further than the basics. Diving into factors such as lifestyle demographics and psychographics were an important part of our decision-making process. Chicago is home to an innovative and passionate population, two key characteristics present in our customer profile.
Figuring out who your customer is going to be and market selection is evidently important. However, there’s a reason we encourage our partners to place their product in a wide selection of our stores. No matter how much research is done, chance comes into play. Short of actually launching, there’s no way to be certain if a product or brand will excel or fall short in a given market. Our model allows partners to try different markets with far lower risk and investment, helping to solidify which markets they perform strongly in.
Sharkbanz, an old partner of ours, creates shark deterring wearables for swimmers and surfers. Their product was in many of our coastal California locations, but they took our advice and moved in to a few other stores as well. They ended up performing especially well in a surprising market, Houston. Turns out, a lot of folks in Texas wanted to be sure their vacations were shark-free. Success derives from extensive research, paired with the willingness to experiment.
While talking about the process of choosing a physical market, it’s worth mentioning one of the first bits of advice we give to partners. Be wary of the notion that retail isn’t as important as it was ten to twenty years ago. In our modern world of crowdfunding sites and online pre-ordering, it’s often possible for brands to sell an avalanche of units online in just a few days. Some young companies see this type of initial success at such high levels that they write off the idea of incorporating retail into their go-to-market strategy altogether.
The main error in this approach is that building a strong brand is as important today as it was when Ford’s first Model T rolled off the assembly line. Products and companies only last if the consuming public is substantially educated about them. A failure to do so can leave a company that found quick success on kickstarter fizzling out just as fast. There are multitudes of ways to grow a brand, but few as tried, tested, and strong as having a widespread physical presence. Make no mistake — times have changed and retail must as well. In a business world where retail is both imperative and appears volatile, it can be an intimidating step for young companies. That of course, is where we come in.
Interested in launching in a b8ta store? Learn more at b8ta.com/sell
