Saturday, March 14, 2015

Business Strategies of Lomar Thobes – My Favorite

It would be mind-blowing of you to choose a common or usual product and turn it into something really big, productive and into something that most customers would run after, to purchase. Anyone can do this and whoever does it, must have an exceptional and super creative mind and would by far; run the most successful business ever. This story is somewhat similar to Loai Nassem and his wife Mona Al Haddad who are the owners of the Lomar Thobe in Saudi Arabia! Anyone who has seen or worn a thobe would know how it is that one product which is in market since decades and the fabric and style haven’t changed much. Today I will discuss how Mr. Loai and his wife have evolved this usual product into a successful business. Their initial story can be found all over the internet if you search for it however today, I will talk about their very smart business strategies!

  1. Targeting the right market: Everyone knows the most important rule of selling which is, the product can’t be sold to everyone in the market so Lomar Thobe has carefully selected to market their product to those people who are willing to try the new version of these thobes and have enough money to pay the fancy price for it.
  2. Imagining your product: It is always important for any business to have a basic and clear image of what they want their product to be and how they want to go about it. If the base is focused and clear, it won’t take the business a long time to stand successfully on its own feet.
  3. Market the brand: It is very important for a business to have their marketing done by clients through the method of ‘word of mouth’. It is said to be, by far, the most successful and fast marketing strategy ever. That is exactly what Lomar Thobe has done. Using the brand name on several things such as zips, buttons or even anywhere on the thobe itself means anyone who wears it is promoting Lomar and their special fabric and style.

There are a few difficulties that Lomar is going through:
  1. High competition: Of course Lomar brought something to new to the market however it doesn’t take hungry competition any time to enter the market and sell the same product in a better and innovative way. Something of this sort has happened to Lomar since the product is not distinctive anymore and soon the customers will start craving for something new for this specific product.
  2. Differentiation of cultures: Although some people are completely in love with the way Lomar has started to design thobe, the market is still full of people who feel threatened by this change in thobes compared to the thobes that were traditionally made and have been worn by people since ages. People in Jeddah still somewhat like this change a lot however Lomar has to target a larger market now. To conclude this, it is extremely great to see young businesspersons start businesses that are innovative and different however all cultural aspects should be kept in mind and clever business strategies to work with, should be the main goal.

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