Marketing Plan Paper for Boxed to increase traffic and sales

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All the requirements are in the attachment. It should follow the structure like in the Business Plan TEMPLATE file below and I also attached the example of the other case in the PDF File

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Template for Business Plan or USP Branding Arguments 1 EXECUTIVE SUMMARY 2 SITUATION REVIEW 3 SITUATION ANALYSIS 4 POSITIONING STATEMENT 5 MARKETING MESSAGE 6 CREATIVE BRIEF 7 CREATIVE COMPOSITE On ONE page, summarize all of the columns to the Right: 1. objectives 2. what we did 3. highlights of study including major findings 4. conclusions 5. recommendations 6. income statement highlights if pertinent 7. ROI results if pertinent Facts Historical Findings (all) Market size Competition Media being used Who is the market? Charts on any surveys ALL FACTS NEED TO BE DOCUMENTED USE FOOTNOTES Interpretation of the FACTS; Summarize the findings, coagulate, and let the facts draw the conclusions. Create the generic USP (unique selling proposition) and the branding statement. Create the marketing message, phrase, slogan, call to action, etc. of what we are going to say to the several segments that you have defined Based on all of the above, defined summary of findings leading to the creation of a segmented marketing message Once the creative Brief is completed, make a rendition of what the creative execution of the marketing message can be. Categorized , holding place for “facts” and footnotes. Define who the market is and what makes the buyer buy What are the motivations and drivers Find the unobvious and define how you can exploit a marketing opportunity Segment targeted positioning and branding Segment the creative to the several target markets in tabs (tabulated sections) so that the reader can easily find material survey questionnaires and answers as much detail as necessary to make your argument legitimate and viable Financial plans should be prepared that are appropriate to include investment, income statement, breakeven and ROI. 8 APPENDIX ABOUT BOXED: Boxed allows customers to shop for bulk household items online and have them shipped directly to their door with no membership fees and free delivery on all orders over $49. In August of 2013, a group of tech pioneers came up with an idea to make wholesale shopping convenient, easy and fun. Chieh Huang, CEO of Boxed, started the e-commerce store in his parents’ New Jersey garage. Now, Boxed has three distribution centers in New Jersey, Nevada, and Dallas and launched its private label brand, Prince & Spring in 2015. With Boxed, customers are given the ability to easily shop the products they need on an easy-to-use mobile app and website. For home, for work, and for life, the employees at Boxed love the work they do for their customers and have done many things to give back. The CEO announced that he would pay for the weddings of the employees and the college tuitions of their children. Boxed has also started a #RethinkPink campaign to end unfair pricing on women’s hygiene products. TARGET AUDIENCE: The campaign should be targeting affluent families, primarily focusing on moms. These moms are super busy, often working, who also manage the household while living in a suburban area. They spend less time between orders, but more time building their cart and love the Prince & Spring private label. They also have a huge referral impact and are much more likely to refer other customers. THE CHALLENGE: The Location is NEW YORK. Your challenge is to create a local integrated marketing campaign for the Boxed brand identity in the most cohesive, consistent, continuous, and complementary way. Your challenge is to use digital, non-digital, word of mouth, and guerilla marketing tactics to acquire new customers that fit within our target audience. THE OBJECTIVE: Increase traffic and sales from this target audience. CAMPAIGN REQUIREMENTS: Budget: $250,000 USD, no more than $75,000 can be allocated to non digital media Must include word of mouth/referral tactic Video asset is optional CAMPAIGN LENGTH: The campaign should run during the first quarter of a calendar year. JUDGEMENT CRITERIA: Will be primarily judged on creativity of channel usage – the more non traditional and efficient use of money, the better. REFERENCES: You should be able to write at least 10 literature/periodical ( not just Google or web only based sources) from the media/ business/economics Each paper will be 1-2 page, 8 ½” x 11”, 10 point type. 25-30 PAGES IN TOTAL! Collegiate ECHO Direct Marketing Campaign “We Travel With You” Stephanie Baldelli 99 Canterbury Drive Saugerties, NY 12477 Kevin Sami 143 Lake Baldwin Drive Mahopac, NY 10541 Katie Tymvios 100 Henry Street Brooklyn, NY 11201 Page | 0 Executive Summary The “We Travel With You” campaign is planned to run throughout the calendar year of 2013. After conducting extensive primary and secondary research, one of the main elements surrounding the “We Travel With You” campaign is the segmentation of the SkyMall target market, frequent air travelers between the ages of 35-64, into three separate niches: The Family Gift Shopper, The Seasoned Business Professional, and The Mature Leisure Traveler. While similar demographically, the three segments favor different offers and marketing messages, an insight gained specifically through IdeaMap® primary research, which the media plan will be able to deliver. The campaign will follow a synchronized schedule beginning with public relations, involving news articles and editorials, as well as online display advertisements, to give it a strong entrance to the marketplace while building brand awareness. These efforts will continue consistently throughout the remainder of the entire year. Shortly following these initial media, a direct email will be sent out to the list of current SkyMall customers. These emails will create awareness among current SkyMall shoppers of the “We Travel With You” campaign. In July the direct mailer will be sent to 1,000,000 prospective customers, each being presented a specific offer pertaining to their interests, increasing the likelihood they make a purchase. As stated earlier, the primary research conducted ensures accurate matching between offers and the target segments based on the “voice” of each consumer. Following the direct mailer, we will continue advertising efforts via internet, email, and display ads at airports, which will allow SkyMall customers to continue developing a relationship with the product; creating valuable leads for future campaigns and more importantly, generating future sales. Anticipated results of the campaign with marketing investment of $500,000 (see plan and appendix for details): Campaign Results Target market 1 million Response rate 7% Sales $8,323,700 Marketing Contribution $1,479,565 Marketing Expense ROI Page | i Year 1 $500,000 296% Strategic Summary Page | ii Table of Contents Executive Summary ......................................................................................................................... i Strategic Summary .......................................................................................................................... ii Market Research ............................................................................................................................. 1 Background ................................................................................................................................. 1 Industry Overview ...................................................................................................................... 1 Cost Cutting ............................................................................................................................ 1 Multi-Channel Distribution ..................................................................................................... 1 Message Frequency................................................................................................................. 1 Current Media Platforms......................................................................................................... 2 Competition............................................................................................................................. 2 Key Market Issues....................................................................................................................... 3 Methodology & Primary Research Findings .............................................................................. 3 IdeaMap® ................................................................................Error! Bookmark not defined.3 Qualtrics ...................................................................................................................................... 4 Campaign Target Market ............................................................................................................ 4 Niche Segmentation Psychographics .......................................................................................... 5 “The Family Gift Shopper” ..................................................................................................... 5 “Seasoned Business Professional” .............................................................................................. 5 “Mature Leisure Traveler” .......................................................................................................... 5 Unique Selling Proposition ......................................................................................................... 6 Strategy ........................................................................................Error! Bookmark not defined.6 Objective ..................................................................................................................................... 6 Target List Selections ................................................................................................................. 7 The Offer and Marketing Messagaes .......................................................................................... 8 Creative Overview ...................................................................................................................... 9 Media Plan .............................................................................Error! Bookmark not defined.10 Page | iii Market Research Background SkyMall was founded in 1990 and is headquartered in Phoenix, Arizona. It is a specialty retailer that sells merchandise through its catalog and website and offers quality unique merchandise from manufactures. The catalog reaches more than 650 million air travelers each year and is estimated to reach 88% of all domestic airline passengers. It is known for selling innovative and one-of-a-kind products that may be difficult to find elsewhere.1 Industry Overview As part of the catalog industry, SkyMall is facing strong challenges from other convenience shopping outlets as well as notable industry trends among consumers resulting from a change in technology and the way people shop. Cost Cutting It has become increasingly more expensive for companies to print full length paper catalogs to send out to their target demographic. Although they are a great tool to drive traffic to a store or a website, many catalog companies are cutting pages and opting to list the majority of the products they offer on their websites.2 The internet is much more cost efficient when displaying the entire range of products for sale than trying to print enough pages per catalog to show samples of each. Multi-Channel Distribution Although some SkyMall competitors are conducting their business entirely online, such as Amazon.com, other catalog companies are combining both their current print publications with their websites, in an effort to save money and still reach their consumers. A current trend is to shrink the catalog down only providing a brief overview of the products offered and heavily promote the website to stimulate internet shopping over standard catalog ordering.2 In fact over 57% of catalog sales occur on websites instead of direct orders from the catalog according to the annual catalog industry trend report.3 The Multichannel Merchant also reports that executives believe the future of catalog selling is by tailoring smaller versions of catalogs to multi-channel customers and high value customer segments. 4 This insight stresses the shift in marketing for catalogs to become more direct to the consumer. Message Frequency An additional industry trend that has grown in popularity is the use of multiple message platforms to remind previous and prospective customers of the catalogs and persuading them to purchase the items they see. Multiple platforms are also needed to break through the advertising clutter that is preventing potential consumers from being exposed to the brand messages. 1 "SkyMall - About Us." Shop for Home, Outdoor, Electronics and Apparel Products at SkyMall.com. SkyMall. Web. 08 Nov. 2011. . 2 SkyMall hits the ground with new edition. (2007). Multichannel Merchant. 3 Solomon, D. (2008). Driving value in your direct marketing business. Multichannel Merchant. 4 Ibid. Page | 1 SkyMall, for example, has launched an in-home catalog that is designed differently than the one people are accustomed to on the plane. A total of 500,000 of the new catalogs, organized on product category, were sent to previous customers reminding them of SkyMall and some of the products they might have seen but did not get a chance to order on the flight, an example of brand reinforcement.5 This additional message, combined with email and telemarketing messages, will remind people to either place an order through the catalog itself or log on to the website and continue their shopping experience. This multiple message approach is not unique to SkyMall. Several of its closest competitors have implemented similar strategies in an attempt to increase sales.6 Current Media Platforms SkyMall was founded as a catalog available to passengers on flights within the United States; however, since its launch SkyMall has expanded its media usage across several platforms. The two most popular distribution channels are its website, www.SkyMall.com, and its classic catalog which is still offered on flights, as well as, an in home version sent to current customers.7 Observing SkyMall’s social networking strategies, SkyMall can be found on Facebook, and Twitter. Both social networking sites offer followers information about new products being offered with pictures and prices, current promotions and discounts, and answers any questions customers might have.8 In addition to these sites, people can have the SkyMall RSS feed downloaded to their phone or email as another option to stay connected. SkyMall has also launched a phone app for iPhone and Blackberry to let people shop on the go, as well as a text message system where customers can text in the item number they wish to purchase and receive an order link straight to their phone.9 Competition SkyMall is competing in the non-store retail industry, which encompasses all establishments engaged in the retail sale of products using marketing methods which do not include a physical location to sell products or services. These marketing methods include catalog, direct mail, direct response television, and e-commerce. SkyMall’s current marketing channels include home catalog, in-flight catalog, mobile application, online store, and email marketing10. The client’s top competitor in the non-store retail industry is Amazon.com Inc.; the world’s largest online retailer11. Amazon, although not accessible through catalog, has several key competitive advantages over SkyMall including global reach, a larger brand awareness, third party sellers, user generated reviews, and personal product lines. Considering Amazon’s wide array of offerings, target consumers are highly diverse. Indirect competition for SkyMall consists of duty free products in travel retail environments. Little Switzerland, for example, offers fine jewelry, watches, china, crystal, and accessories duty free12. SkyMall’s strengths 5 "Catalog Industry Trend Report." DirectMarketing News. Web. 20 Nov.2011. . Ibid. 7 "About SkyMall." SkyMall. Web. 15 Nov. 2011. . 8 "SkyMall Twitter." Twitter. Web. 15 Nov. 2011. . 9 "SkyMall Mobile." SkyMall. Web. 15 Nov. 2011. . 10 "SkyMall Rolls Out BlackBerry App for Shopping On-the-Go." Wireless News: NA (2010). Print. 11 "Amazon.com Inc. News - The New York Times." Times Topics - The New York Times. 15 Nov. 2011. Web. 15 Nov. 2011. . 12 "Virgin Islands This Week: St. Thomas Shop Talk." Virgin Islands This Week Entertainment & Shopping Guide for St. Thomas & St. John, U.S. Virgin Islands. Web. 15 Nov. 2011. . 6 Page | 2 against the competition lie with their unique product offerings that can often not be found anywhere else. (See Appendix-Competition; SWOT Analysis) Key Market Issues * See Appendix: Key Market Issues for detailed analysis. Fear of Credit Card Fraud No Retail Location Need WiFi in Flight Target Buying Power and Spending Habits Although the data is divided into different regions throughout the United States, the total U.S. average household EBI is $55,886. The three market segments that will be targeted for SkyMall are people who have already established their own households therefore falling under these categories. Currently SkyMall shoppers have an average income over $70,000 a year; therefore, marketing efforts should be directed towards regions in the United States that would have statistically higher levels of income. 13 In regards to their purchasing habits, SkyMall customers on average spend $112 on an order according to the SkyMall brief. This dollar amount will be used when calculating return on investment. Methodology and Primary Research Findings Overall, our strategy, which will be discussed further in depth in the following sections, was established based on a combination of secondary research and primary research including a survey conducted via popular platform Qualtrics, as well as revolutionary survey tool IdeaMap®. It is from this research that we were able to arrive at our creative strategy, as well as offers. IdeaMap® One of the greatest sources of our primary research was found using a tool known as IdeaMap®. IdeaMap® is a market research tool that blends art and science to test the effectiveness of marketing messages on a specific number of respondents. IdeaMap® is operated by Inovum and created by Dr. Howard Moskowitz and has given Fortune 500 companies direct marketing campaigns more than 100% sales increase as a result of using this 13 "Survey of Buying Power - U.S. Totals of EBI." Survey of Buying Power. Web. 16 Nov. 2011. . Page | 3 tool.14 The elements in this case were different marketing messages that we created based on information we gathered through secondary research and interviews, and we felt had the greatest potential for being effective for SkyMall. From the IdeaMap® results we have derived three separate segments to target, as well as, incorporate into our strategy. These niche segments, The Family Gift Shopper, the Seasoned Business Professional, and the Mature Leisure Traveler, all fall within the age range 35-64. All three segments, 79%, 65% and 79%, respectively, agree that they like to learn about new products through email and spend on average about $90 per order when they purchase online. (See ...
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