ENTR/BUAD : Entrepreneurial Marketing

Transcription

1 ENTR/BUAD : Entrepreneurial Marketing Week 1: Entrepreneurial Marketing, the Ultimate Challenge Week 12B: Final Marketing Plan

2 Let s build our marketing plan!

3 Resources

4 1. Business Model

5 2. The Business As a Whole (Detail the business as a whole, not just what s relevant to the marketing campaign.)

6 Short History of The Business [One paragraph, and only include what matters to the customer] Fact Based Description [One sentence. What do you do, described without emotion] Emotion-Based Promise [One sentence What is the emotional benefit of what you do?] Unique Selling Proposition [One paragraph. What is the USP, Key differentiator, secret sauce, etc.]

7 Pricing Strategy [One paragraph. What is the strategy and the company s offerings?] Offers [Describe the offers your business sells. Includes product & price combinations, and also any special offers such as free trials, money-back guarantees, bundles, discounts, etc. Must include numbers. Should include gross and profit. ] Distribution Strategy [One paragraph. What is the distribution strategy?] Branding and Positioning: [Describe the branding and positioning image your company puts forth]

8 OFFERS A2 non-holiday cards -single for $3-10 pack for $12-20 pack for $18 A2 Holiday cards -single for $4-10 pack for $ pack for $ x7 Photo cards -20 for $35-50 for $ for $ for $ for $ for $ for $360 We accept cancellations and 7 day free returns for all non custom orders. Non-custom photo card order can be canceled if they have not been printed yet, and we do not accept returns unless there is something wrong with the order. All first time customers are given a coupon for 10% off their second order. We offer other flash sales and promotions to those who follow us on social media. For the Christmas season, we are donating 3 cards for every order received in November and December to charities for hospitalized children and veterans. Once someone places an order they are given referral coupons. If someone checks out using the code we gave them, they will receive $5 off their next order of $15 or more.

9 3. Competition (Who are the main competitors? List 3 and for each one, fill out the below.)

10 Competitor Name Competing Product: [What product is particular, or an average?] Price: [Price of that product] Market Share: [Find numbers if possible, if not, guess, but say that you re guessing] Strengths: [As compared to your business] Weaknesses: [As compared to your business] Threat Level: [Scale of 1-10, subjective, but do include a sentence about why] SWOT Analysis or Matrix [Present the business vs. the overall landscape. Focus on the area that this campaign is targeted at taking advantage of and/or improving]

11 So Cal Crafty Product: Oh Come Let Us Adore Him Photo Christmas Card Price: 20 cards = $59, 50 cards = $79, 100 cards = $118 Market share sales at a guesstimated average price of $52 =.007 of the Etsy greeting/holiday card market Strengths reviews favorited the shop - Sells more than just greeting cards - Excellent customer service Weaknesses - No instructions for other products they have - Low social media standings (246 likes on facebook and 298 instagram followers) - Expensive (20 for $59 compared to PVD 20 for $35) Threat Level 8

12 4. The Market (Describe the broad market you serve. Think of the business as a whole. The customer persona will allow you to describe the campaign specific target.)

13 Demographic: Age Location Generation Gender Income Marital status Education Nationality/Ethnicity Religion Household Size Occupation Industry [especially if B2B] Language Organizational Memberships [e.g. Rotary, Boy Scouts, Parent-Teacher Association]

14 Psychographic: Activities Interests Opinions Attitudes Values Behavioral: Usage rate Benefits sought Key Problem Key Desire Readiness to buy

15 Demographic: Age: Location: United States Generation: multi-generational Gender: Female Income: Varied depending on age Marital Status: Single or married Education: college graduate Nationality/Ethnicity: Americans of any ethnicity Religion: Non denominational Household Size: 1-4 Occupation: mother, business women Industry: Handmade Business Industry, Internet and Mail-Order Retail, Retail Sector, Language: English Organizational Memberships: PTO, book club, Psychographic: Activities: Involved in a variety of activities, keeping them busy throughout the year. Interests: Keeping in touch with family and friends, spreading holiday spirit Opinions: Life is busy, but it s important to maintain relationships with friends and family and let them know that you are thinking of them. Attitudes: Compassionate, cheerful, sincere, reflective, loving, diligent Values: Authenticity, Family, dedication, fostering relationships, loyalty, reflection Behavioral: Usage Rate: Seasonally Benefits sought: Appreciation from those receiving the cards Key Problem: Not enough time to keep in touch with all family members and friends Key Desire: A way to connect with loved ones during the holiday season. Readiness to buy: Purchase stage

16 5.] Customer Personas [Include customer personas. These are the people this particular campaign is targeted at. Include a photo, answer demographic questions, and include In his/her words which is a statement as that customer would state it. These are be sourced from interviews, testimonials, or reviews.]

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18 6.] The Campaign: [Describe the campaign through two lenses. 1) The technical details of what is being planned and why. 2) Does the customer persona care?]

19 Channel Audience Product Goal Story Assets Required Execution Steps Accountability Inspiration

20 Channel

21 Audience Persona, Stats, etc. Channel-specific information?

22 Summary: Our customers are very important. They help shape the direction of the company by providing us with honest reviews on our service and product. Upon receiving their feedback, we are able to address certain issues presented by the clients while ensuring a better quality of service. We pride ourselves on our attentive delivery service as well as our network of ever changing formal and casual dresses. Channel: We plan to use Instagram with organic material because Instagram is used frequently for fashion and we believe our target market uses Instagram often. Online seems to be the way to go in this social media driven generation. Instagram allows a never ending supply of people to direct message us anything they want to get rid of and allows users to purchase those dresses posted within the same day. Audience: We are typically talking to girls involved with Greek life who are looking for trendy and cheap dresses for sorority events. The persona we are targeting is Jenny. A girl of middle class status who does not want to spend hundreds of dollars on the perfect dress, but instead, wants to rent or borrow from a sister s closet. This company makes it easier to look for cheap dresses without having to worry about two weeks waiting for an online dress to come in the mail.

23 Product (or offer)

24 Goal

25 Story What is life without vs. with your product?

26 Product: The product we are focusing on for this campaign is the dress delivery service portion for the renter. We are the middleman between seller and consumer. Without us, hundreds of women may not be able to get the dresses they need for the prices they want. Goal: We want to increase the traffic to our website that results in rentals increasing by 25% in 3 months. We hope to eventually be the go-to company for girls who are in need of a dress for any given event. We want this service to become ingrained in the lives of girls from all college campuses but for now, the University of Delaware will be our primary focus. Story: The story we are selling through our campaigns is affordable fashion. You don t have to spend a lot to look great. We are destigmatizing the idea of used dresses. By glamorizing the idea, we are able to gain customers and keep them coming back. My friend Madi is in a music sorority. She had to wear white to initiation, but did not own a single white dress. Madi was given the option to borrow a dress from a sister, but felt uncomfortable because she was so new to the sorority. Instead, she literally ordered 15 dresses from Amazon, opened all the boxes, examined all the dresses, and shipped all but one back. Sure, she ended up with a nice dress for a cheap cost, but it took her forever to deal with Amazon. Now she is also stuck with a white dress that she will probably never wear again because she does not like white. With Your Sister s Closet, Madi has the opportunity to rent a white dress, similar to what she would have done with one of her sister s but without the awkwardness! Your Sister s Closet will save her time and the hassle of having other dresses!

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28 Assets Required Time, budget, people, talent, tools, etc.?

29 Execution Steps Different for each campaign. What is the step by step?

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31 Execution Steps - Social Media Organic What are you posting? How often are you posting? How often are you linking out to a goal? Content Calendar. Content Types What tools are you using?

32 Execution Steps - Social Media Paid What audience are you targeting? What types of ads are you running? Examples. How often will you review results?

33 Accountability Who is accountable for the results? How about for the work required?

34 Inspiration Find a similar campaign that you can learn from.

35 Measuring Results

36 Measurements: [Goal] [How and when you ll measure it] [Why it matters]

37 Projections: [If minimally successful would the impact be to the business?] [If moderately successful would the impact be to the business?] [If hugely successful would the impact be to the business?]

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39 The goal is to create a playbook.

40 SOURCES: Cite them.

41 Appendices. - We researched information about Poshmark here: - Market shares of competition: we guessed - We searched for Shopify s free trial for entrepreneurs here: [link] - Information on Rent the Runway s marketing campaign and quotes: [link] - More information on Rent the Runway s marketing tactics: [link] - Statistics on University of Delaware s percentage of female and greek students, and the total Population: [link] - College student income: [link] - Readiness to buy: [link1] [link2] - Measurements: [link]

42 Three things to prepare: The report The Bullseye The Presentation

43 Questions?

44 Social Resources Example goals and objectives Social Media Checklist

45 Blog / Inbound Resources Detailed Planning Guide Content Marketing Checklist Sample Content Calendar

46 Search Resources SEO Checklist SEOcentro Analyzer Google Keywords Tool SpyFu

47 Resources Trends Selecting an Platform

48 Traditional Marketing Resources Event Marketing Direct Mail Guide Why Direct Mail Podcast Advertising Magazine Ads (1) (2)

49 Peer Evaluations

50 This week s assignments: Schedule one-on-one meetings with your group and me. This is your chance to ask any questions you have about the final report, get feedback on your plan, etc. Enjoy Thanksgiving break!