HOMOCO is an inclusive queer swim brand. What does that mean? We make apparel for summer fun focused on sustainability, size inclusivity, and product affordability. Our thesis is that there exists an opportunity in the market for a queer brand that appeals to a wide variety of LGBTQIA+ people if that brand uses “fun” instead of “sex” as it’s primary marketing angle. HOMOCO looks beyond silos – which is how gay men, lesbians, trans-people, etc. are usually spoken to in marketing.
As HOMOCO grows and introduces new product categories, sharpens our brand voice, and prepares to seek outside investment, it is important for us to understand the size of our potential market. The first step would be to gauge comparable brands, then to look at gaps left behind, whether HOMOCO does or could address these gaps, and then to make realistic projections of what the TAM is based on customers that can either be 1. lured away from other brands, 2. shared with other brands, and 3. aren’t being serviced by other brands at all.
The final assessment would also include a projected product roadmap based on successes seen within other companies, products missing in the market, and products to avoid wether because other brands’ failed or struggled with them or because of or incorrect product-market fit for HOMOCO.
This analysis needs to look beyond “gay brands” (most identifiable as swim and underwear brands) and look at gay-dollar spend in the market in general. It also needs to take into account HOMOCO’s missions as a brand when proposing potential customers or products.
Experiential Learning Program Details
|School||Long Island University C.W. Post (LIU Post)|
|Engagement Format||Capstone - Small Team Consulting Project - Students work in small groups of 2-6 directly with faculty and host company project champions on developing real solutions to real-world challenges.|
|Students Enrolled||1-3 per project|
|Meeting Day & Time||Weekly|
|Student Time Commitment||8-15 Hours Per Week|
|Company Time Commitment||2 Hours|
|Touchpoints & Assignments||Due Date||Submission|
Key Project Milestones
September 13, 2019 - Part 1: Comp research
The first step in understanding HOMOCO’s Total Addressable Market (TAM) and Serviceable Addressable Market (SAM) is to look at brands across categories that are speaking to the queer market. This includes brands addressing specific queer segments, the broad LGBTQIA+ community, and brands that engage queer people as a part (but not necessarily the entire) of their market.
Deliver a brand matrix that identifies brands, addressable market(s), product categories, and price point of products.
September 23, 2019 - Part 2: Market Gaps
Looking at the brand matrix from Part 1, identify holes in the market. These may be gaps based on price, customer identity, brand voice, products offered, etc.
Build a deck exploring these white spaces in the queer market.
October 21, 2019 - Part 3: Market Size - TAM, SAM, and SOM
In this section, you’ll need to quantify the purchasing power of the LGBTQIA+ community and cross reference that against brands selling to the community in order to provide a potential market size for HOMOCO.Look at both gay-specific brands (like swim and underwear), gay-leaning brands (think about interior brand Jonathan Adler, which embraces a community but sells beyond it), and mainstream brands that receive major gay dollars.Tracking identity to dollars spent is tricky. Your proposal for this section might be a a few different answers using different methods and metrics to define the potential pool.Look at these other businesses as case studies – asses their Serviceable Addressable Market (SAM) in relation to the projected Total Addressable Market (TAM) to arrive at a Serviceable Obtainable Market (SOM) percentage.
In order to understand HOMOCO’s current and future SAM, build 5-10 case studies of other brands interacting with overlapping TAMs. Provide detailed SAMs for each case study with the numbers (and sources!) used in the calculations. Be clear about what you are including and excluding.
November 4, 2019 - Part 4: Where can HOMOCO grow?
Explore opportunities for HOMOCO’s growth. Based on the white spaces identified in Part 2, market size opportunities identified in Part 3, and your understanding of HOMOCO’s brand and voice, propose category expansions for HOMOCO.
Identify product expansion opportunities (list, for now).
November 18, 2019 - Part 5: HOMOCO's Serviceable Addressable Market
Using all of the information collected so fay, identify HOMOCO’s potential Serviceable Addressable Market based on proposed product expansions.Keep HOMOCO’s mission and identity in mind as you make this proposal (ie: introducing skincare products feels like a natural extension, whereas opening a restaurant or a gym is less of a fit).
Detail how adding relevant product categories would increase HOMOCO’s SAM. Break out relevant categories and their SAMs individually. In Part 6 you’ll pull this all together.
December 6, 2019 - Part 6: Pull it all together
In this final stage, you’ll pull together everything collected so far into a 10-year product roadmap proposal for HOMOCO.
Build a deck to both convince HOMOCO your product roadmap is the answer and convince our investors to support that growth.The deck should recap each Part of the semester, and end with a detailed 10-year product roadmap. You’ll have already completed Sections i-iv. Section v is a combination of Part 5 and further analysis under Part 6. Synthesize everything examined so far and provide a proposal for HOMOCO’s future.i. Comprable Brandsii. White Spaces in the Marketiii. Queer Market – Case Studies to arrive at TAM, SAM, and SOMiv. Product opportunitiesv. Product Roadmap: quantify the increased SAM and SOM at each product expansion. Build a 10-year product roadmap that tells a logical and exciting brand story for HOMOCO backed up by your calculations.
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