3M and the Golf Market

It seems 3M has hit the jackpot, once again, with another innovative and well-marketed product. Since initiating the Greptile Grip golf glove in 2004, 3M has earned millions of dollars from tapping into what was to them a new market. But, perhaps, some dark clouds lie ahead for 3M as the lucrative golf market may become a threat to future profits.

According to an article in the New York Times, fewer Americans are playing golf these days. The total number of people who play has declined or remained flat each year since 2000, dropping to about 26 million from 30 million, according to the National Golf Foundation and the Sporting Goods Manufacturers Association. The Times says one golf club owner blames the decline on the sport taking up too much time. Men, the owner says, don't won't to spend an entire day away from home anymore, especially when there are so many ways to be entertained there.

3M is lucky because this decline is offset by huge increases of golf's popularity internationally, especially in Asia. But 3M marketers, I'm sure, are keenly aware of this trend, and are working on ways to mitigate it.