Essay About New Business And Major Celebrities

Thread Website Marketing
The CEO of thread.com describes their mission statement as “Our mission is to make it dramatically easier for people to love how they look. We want to create a new global default for how people decide what to wear. That’s the vision,” (Kieran O’Neil 2013) his aim is to give people a personal stylist experience online without them having to leave the comfort of their own home. A new business such as thread.com will undoubtedly experience some threats and also opportunities in the first few years of its operation, a threat a business like thread.com will face in it first few years of operations may be that of competition, many businesses will try to compete with thread.com and come up with a similar business idea to them, seeing as thread.com does not have a womenswear section as of yet and they focus on mainly menswear although they are working on it, this means that there is a big space for competition that could create a similar website that offers both and they could lose potential customers, their current competitors at the moment exists of mystylit.com (womenswear) and thechapar.com (menswear) which do have a strong customer base however, due to the publicity thread.com has for example they got interviewed by GQ magazine and the fact that they have investors who work with companies such as Harrods, Liberties, Spotify, Warner brothers etc and they have stylist who work with major celebrities means that they have a upper hand in this industry as this is all great advertisement for the company as they need to advertise and publicise the company as much as they can even the CEO of the company himself said “our biggest competitor isn’t another company but the fact that people aren’t aware that this is possible” (Kieran O’Neil 2013) in a journal written by Ilya Pozin it states that “Twenty-two percent of TAB entrepreneurs cited increased competition as a major threat to their success” which shows that competition is a threat to a business such as thread.com and it also states that the solution to this problem is to “Build a better brand. Credibility often starts with a great website, a focused online marketing strategy, and media coverage. Just as important, make sure you clearly communicate why youre in business–not just what you do.” (Ilya Pozin, 2013) Which is what thread.com is currently doing. An opportunity that this company has is that the CEO of the company already has knowledge of websites as he has previously made some and sold them to major companies before so he is aware of how the online business works another opportunity it has is that the business already has a $2.5 million investment in it which means that they have a kick-start and they can use this investment to help advertise and build the company further as stated in the case study it outlines that they have also tackled the major issue similar companies face of holding inventory by buying their stock when its ordered by a customer instead