Marketing Strategy and communication plan - Gymshark by Claudia Golland

MARKETING STRATEGY AND COMMUNICATION PLAN CLAUDIA GOLLAND N0735243

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I confirm that this work has gained ethical approval and that I have faithfully observed the terms of the approval in the conduct of this project. Signed (student) ……………………………………………………………………… 2

CONTENTS. 6 WHERE ARE WE NOW? 6 Introduction 8 Brand history 10 Mission/vision/values 12 Methodology 14 Market overview 16 Key issues/challenges 18 SWOT 20 Macro trends - PESTLE 22 Micro trends 24 Competitor analysis 28 Brand positioning 30 USP 32 Target audience 36 Market segmentation 38 Core brand competencies

50 Opportunities for growth 52 Athlete support 52 Who is it targeting? 54 HOW WILL WE GET THERE? 56 Communicational plan 58 BTL advertising 60 ATL advertising 63 Timeline 64 Budgeting 66 Measuring success 68 Conclusion 70 References 73 Bibliography 74 Appendix 78 Image references

40 WHERE DO WE WANT TO BE? 42 Marketing strategic plan 47 Beyond the third year 48 SMART objectives

INTRODUCTION. In this project the fitness apparel and accessories brand Gymshark will be thoroughly analysed in order to find the best possible opportunities for the brand, so that a three year marketing strategy plan can be created for them to pursue opening a physical space. In addition to this, a one year communication plan will be devised to help the marketing plan become successful. This analysis will include a detailed market overview and situation analysis, which will also incorporate findings from both primary and secondary research, statistical data and direct quotes from notable Gymshark employees. This information will support the final plans for the brands direction, and will also be taken into account during the process of producing the strategy.

WHERE ARE WE NOW?

BRAND HISTORY.

2012.

Gymshark was founded in 2012 by Ben Francis, a 19 year old student at Aston university. He started the company by screen printing his own t-shirts in his parents garage. This is because Francis recognised that there was barely anything on the market that he sought suitable to wear to the gym, and subsequently started creating his own.

2018.

6 years on, Gymshark is one of the fastest growing and recognisable online brands in fitness. It has more than 1.2 million customers with 60% of its sales coming from the USA. Gymshark currently has 11 international country specific online stores and aims to have 25 by 2020. Gymshark is an online retailer that has a strong presence on social media. It currently has 2.4 million followers on Instagram and 1.5 million on Facebook. Gymshark uses their social media to advertise by using their gymshark athletes.

These athletes (mainly on instagram) are social influencers that post about their gym routines, lifestyle and diet, as well as much more. Gymshark collaborate with these athletes as a promotional strategy which benefits both parties.

Gymshark send items of clothing to the athletes to wear during the workouts they post online, in return the athletes would gain exposure through Gymshark and further broaden their own following.

MISSION. We exist to create the tools that help people unlock their full, incredible potential and put their ideas into action.

VISION. Before there is an action, there is an idea. Be all that you imagined you could be. Be a visionary.

VALUES. Family Our community of athletes, artists and visionaries stretch all the way across the globe. We are a family of like-minded individuals working to bring our respective visions to life. Progression Our products exist at the intersect of engineering and art. To remain at the forefront of both, we need to be fearlessly progressive and consistently future-conscious. We are not future-proof. We are the future. Vision In everything we do, be true to our own vision and respectful of others. We are here to bring ideas to life. There is no idea too big, or too small.

METHODOLOGY. In order to create an accurate marketing and communication strategy for Gymshark, it is important that the research carried out is thorough and detailed to ensure that the evidence found is accurate enough to validly support the ideas put forward. For primary research a survey has been undertaken in order to find out the brand awareness of gymshark, and opinions of the brand. This was helpful as comparisons could be made from the results, analysing what type of demographic knew about the brand. However, the disadvantage of this is there was only 100 responses which may not be enough to find completely diverse and valid data. In addition to this for primary research a Q&A took place with notable Gymshark employees; Ben Francis (founder), Mitch Healey (Events Director) and Ed Priestnall (Head of Collaboration). This was useful because it meant information could be found that would not be accessible from secondary research. For Secondary research, online articles, blogs and reports were used to get a wide variety of information and data. This was beneficial as it meant different perspectives could be considered and information could be obtained that was not possible to find with primary research. Although, the disadvantage of online research is it is sometimes hard to ensure the source is credible.

MARKET OVERVIEW. Gymshark is part of the online Gym apparel and accessories market which is segmented off of the Global market for sports and fitness clothing, “this market is set to reach US$231.7 billion by 2024” (Global industry analysts, 2018) due to the recent rise in the health and fitness trend. Within this market brands sell clothing, footwear, accessories and equipment for men, women and children. This can be both online and in-store across markets worldwide, and can be sold from big household name brands, or from small independent businesses. Gymshark in particular is solely in the online market and is exclusively just gym wear and accessories. It is more fashionable than the major sports brands and younger than the more premium brands. They have ventured into this gap in the market by analysing what type of consumer is best for what they do, and responding to what they want. By doing this it creates a stronger brand loyalty from the consumer. They ship items worldwide but have not ventured into a physical space so far. Gymshark’s biggest market is the US with 60% of its sales coming from there. This is extremely unusual as Gymshark originates from the UK and is only 6 years old. The UK comes in second at 25%, followed by the rest of Europe at 15%. Gymshark opened its Australian store in July 2017 and French in Autumn, with Russian, Indian, Japanese and South American stores following quickly after that. (Nicky Godding, RetailWatch. 2017).

KEY ISSUES AND CHALLENGES. According to founder Ben Francis during primary research, Gymsharkâ&#x20AC;&#x2122;s biggest challenge is having good people as part of the Gymshark team. He emphasises that it is vital to have loyal and trustworthy staff as they continue to expand in the future, without this bad team work can disrupt the brands work flow . Another threat identified by the owner was new up and coming gym-wear brands that are starting in a similar Gymshark did in 2012. Francis says its new, social media based fitness and leisure brands that are more threatening than established sportswear brands such as Nike and Adidas, as these are sports and performance focused, and are not uniquely about all ability fitness like Gymshark. It is therefore important that Gymshark keeps on top of what consumers want and are a step ahead of their competitors by identifying consumer trends as soon as possible.

SWOT.

PESTLE - MACRO TRENDS.

P E S 20

T L E 21

MICRO TRENDS. Rise of the athleisure trend means gymshark clothing may be purchased not only by people using their products for fitness purposes but also for loungewear. “Athleisure is the new casual” (Deirdre Clemente, Professor at the University of Nevada. 2017). The NPD Group reports that, “Globally, the market is expected to reach $350 billion by 2020”. In response to this as well as their usual gym-wear, Gymshark released their ‘slounge’ collection, which is a sporty style but suitable for leisure. Another micro trend is increase in the use of surfing and swimming as an affordable form of fitness. This has been driving demand for surf clothing and swimwear. Gymshark have responded to this by recently releasing their own range of swimwear which is fashionable but also functional The amount of women going to the gym is becoming equal to the amount of men, this is shown by the women’s activewear market being worth £9.6 billion in 2014, up 10% from the previous year. (Marshal Cohen, Chief industry adviser; sports apparel, The NPD group. 2014). It is therefore good that Gymshark cater equally to both men and women concerning both clothing and advertising. Cycling shorts is another trend in itself which is also part of the athleisure trend. There has been a “2,000% increase in cycling shorts in non-active apparel, which has led to a 363% lift in products within activewear now compared to a year ago.” (Katie Smith, 2018).

COMPETITOR ANALYSIS. According to founder Ben Francis, major sports brands such as Nike, do not act as Gymsharkâ&#x20AC;&#x2122;s direct competitors because they are performance sportswear brands. Whereas, Gymshark is a fitness apparel and accessories brand which is for gym goers that just wish to improve their lifestyle. However, with the new athleisure trend, even performance sportswear brands have released more basic and comfortable gym wear, that can be worn for activities or leisure.

- LULULEMON. PRODUCT

Lululemon was founded in 1998 and is a yoga inspired brand. Lululemon is similar to Gymshark with its product range of leggings and other womens wear etc, however it also differs as its products mainly focus on yoga whereas Gymshark’s main product range is gym clothing.

PLACE

Lululemon’s main audience is in the United States and Canada, whereas Gymshark’s main audience is in the UK. LuluLemon has both online and physical stores, whereas Gymshark currently only have an online store. This is beneficial to Lululemon as it adds more variety to the shopping experience than Gymshark has.

PRICE

Gymshark’s prices are significantly cheaper than their competitor Lululemon, this benefits them as their target audience is 18-25 and therefore includes students who wouldn’t be able to pay Lululemon prices. However Lululemon has a reputation for incredible quality (therefore explaining their high prices) and this could be a disadvantage for gymshark as their focus is more on style.

PROMOTION

Lululemon traditionaly used basic marketing and word of mouth to promote their brand however now uses digital, social media and TV which was reached globally.

- SWEATY BETTY.

PRODUCT

PLACE

Sweaty Betty founded in 1998 in London, after founder discovered a gap in the market for women’s activewear. Sweaty Betty only sells women’s clothing and is similar to Gymshark in ways such as it is very popular for its women’s leggings. However, Gymshark has somewhat of a competitive advantage as it offers both men and women’s clothing. Sweaty Betty have the advantage of having both online and physical stores, with 62 stores globally, whereas Gymshark currently only have an online store. However, it would be more beneficial for Sweaty Betty to have a physical store than Gymshark because they have an older customer base which still value the in-store shopping experience.

PRICE

Gymshark targets a much younger audience than Sweaty Betty, and this explains why Sweaty Betty has a much higher price range than Gymshark. However Gymshark may have the advantage as their designs are more stylish for the price they are.

PROMOTION

Sweaty Betty has a more established brand image than Gymshark as Sweaty Betty is over 20 years old and Gymshark has only been running for 6 years. However like Gymshark, Sweaty betty also uses affiliates to promote their brand.

BRAND POSITIONING.

HIGH PERFORMANCE

BASIC

STYLISH

LOW PERFORMANCE

GYMSHARKâ&#x20AC;&#x2122;S USP. Gymshark is very unique because it has found a gap in the market for gym-wear that is made to make the customer look and feel good wearing it, while also having high performance results. They use innovative materials to create new designs and their best selling revolutionary seamless collections. Gymsharkâ&#x20AC;&#x2122;s USP is also that they solely use social media as their form of advertising and have their very own Gymshark athletes to be ambassadors for their products. The relationship Gymshark have with these athletes is unlike any other brand and celebrity collaboration. Gymshark athletes create a level of connection and interaction between the consumer and brand, creating a higher brand loyalty.

TARGET AUDIENCE. WHO? Gymshark’s main target audience is young adults between 18 and 25, with the majority of their consumers being female at around 80%, and the remaining 20% being male (Ed Priestnall, Gymshark head of collaboration. 2017). However, despite the significant difference, according to Priestnall Gymshark would like to make this statistic equal, so still market to men as well. Priestnall also noted, that although Gymshark target this millennial demographic, their items are still purchased by people totally out of this age range. He said during a discussion that younger teens will buy Gymshark as they aspire to be older and independent. On the other hand, those slightly older than Gymshark’s target consumer purchase their products as they desire to still be young and carefree.

WHAT?

Gymshark offers clothing and accessories that has extremely desirable aesthetics among young people and is offered in new styles such as seamless leggings which is Gymshark’s most popular range

WHO? HOW?

WHAT?

CUSTOMER

WHEN?

WHERE?

WHY?

WHEN? Gymshark’s consumer is young, active and regularly goes to the gym to keep fit. They wear Gymshark items to the gym or other physical activities and may also wear it for leisure as well.

WHY?

They are not necessarily a performance athlete, but someone who cares about their health and appearance. They choose to wear gymshark so they can feel confident while training in the gym, no matter their ability. This is different from Gymshark’s competitors demographic as they tend to be slightly older due to higher prices and styles, as well as targeting more women. Whereas Gymshark, targets both male and female consumers equally.

WHERE?

The majority of Gymshark consumers discover the brand through social media as this is the most popular form of advertising for their demographic, they also follow though the recommendations of Gymshark athletes on instagram.

HOW? Gymshark uses athletes on social media as ambassadors for their brand and use sponsored social media posts. “Around 90% of the brand’s consumer interaction comes through Instagram” (Nicky Godding, RetailWatch. 2017)

MARKET SEGMENTATION.

CORE COMPETENCIES OF THE BRAND. Gymshark is very good at understanding what their consumer wants. This is through the interaction they have with their consumers on instagram and other social medias. This means that they can target their consumer in ways that relate to them. For example, the Gymshark consumer is very young, and therefore have adapted their prices to cater this. When asking in a survey â&#x20AC;&#x2DC;what is the most important factor for you when purchasing gym-wear?â&#x20AC;&#x2122;, the two highest results were quality with 43% and comfort with 22%. Therefore Gymshark are giving consumers what they want with their seamless and Slounge collections. Gymshark are also good at being on top of current trends, such as their Slounge selection in response to the athleisure trend. However, Gymshark also excel in keeping one step ahead of competitors and not following the crowd. They make their own revolutionary materials that are unique and unlike other brands. This makes their items distinct and recognisable.

WHERE DO WE WANT TO BE? MARKETING STRATEGY

YEAR ONE. The overall outcome of the plan is by the end of the third year plan to have a fully functioning and busy physical store, with interactive aspects such as scanning machines, a gym and an app to pre-order items. Therefore for this too work while the communication aspect of the plan is happening during the first year, market research will be carried out to ensure that consumer needs are being fulfilled and this will maximise its success. This research will include finding the location with most potential, such as a highly popular shopping area of a big city. From then on the store would need to be equipped with lighting, heating and furnishings including gym equipment and then further decorated. Towards the end of the first year the final touches will need to be added to be ready for opening. The scanning technology and self checkouts will have to be sourced, and then fitted into the store. It will also be ensured these are tried and tested thoroughly so that there are no issues. Finally staff would need to be interviewed, hired and trained to ensure the best possible customer service can be given in the store.

YEAR TWO. At the beginning of the second year after a year the physical store will be opened. From primary research it has been found that 71% of people were more likely to shop in-store if there was an experience available. (see appendix 1). Therefore this new experience will be provided by a technological change to the standard way of physical shopping. Instead of clothes rails like a normal store, items will be shown on a mannequin with a QR code to scan on the tag. Therefore upon entry the customer will be give a scanner, in which they can add their size preferences and scan the items they would like to try on or buy. When the customer is ready, a member of staff will be notified with the list of items, and deposit them in the changing room so they are waiting for the consumer when they arrive. After trying the items, the consumer can then purchase if they wish, or go to a self checkout system, with which they can instead get next day delivery to their house if taking the items is inconvenient to them. This store will also have a gym inside so that the consumers can try out the items if they wish before they purchase.

YEAR THREE. If the store is proving successful by the end of the second year, Gymshark will produce an app which will enhance the shopping experience even further. This is because, â&#x20AC;&#x153;72% of consumers said that mobile apps made shopping easierâ&#x20AC;? (Go-globe 2018). The app will allow consumers to choose items before going shopping, the store staff will then get these items ready for arrival when the consumer gets within a certain geofence of the store. This speeds up the whole shopping process and makes the experience more exclusive and efficient. Having an interactive store like this is offering the ease and appeal of online shopping, but with the enjoyable experience of shopping instore.

BEYOND THE THIRD YEAR. In the long term Gymshark would like to expand their online store and new physical store globally. The first physical store would be in one of the UK’s largest cities, possibly London due to its population and popularity. Then if successful diversify into large cities in other parts of the UK and countries worldwide that Gymshark already ship to, such as, New York, LA and Sydney. The online store however is already international and is currently selling to “1.2m customers in 177 countries from 11 online stores. Gymshark plans to increase that to at least 25 within three years.” (Alex Turner. Business Desk. 2018). Increasing this to 25 online stores will be more appealing to international consumers and therefore increase online purchases abroad.

SMART OBJECITVES. Turnover from increased by ÂŁ100 million predicted in 2018 to ÂŁ120 million by December 2019 Expand the online stores from 11 internationally to 15 by January 2020 and 25 by January 2022. Increase amount of online customers from 1.2 million in mid 2018 to 2.2 million by January 2020. Increase social media following from 4 million in January 2019 to 9 million by January 2022

OPPORTUNITIES FOR GROWTH. Following a successful first store, Gymshark when expanding could collaborate with brands to provide different experiences in each store. For example, a vegan food brand which will supply an in-store cafe, or a shoe brand, which would sell trainers within the store. Gymshark’s opportunity to expand their stores globally is very attainable as they already have consumers in these markets. A physical store is also a perfect space for more meet and greets with Gymshark athletes. Having more events like this is very important as “49% of people rely on influencer recommendations” (Eric Ysasi, Leverage marketing. 2018), and this will also encourage consumers that attend to shop at the store after the event. As well as this Gymshark could expand their product range to include plus size and petite ranges, this is huge opportunity as it targets a new consumer demographic. Also “the women’s plus-size apparel market generated about 20.4 billion dollars in sales in 2016, up from 17.4 billion dollars in sales three years previously.” (Stastica. 2017) This shows that this is a massive market that is continuously increasing and Gymshark introducing this would be very beneficial to them. When asking in a survey what Gymshark could do to improve, quotes included; “More sizes in stock,” “diverse models” and “different leg lengths” (see appendix 1). This shows if Gymshark met these demands for sizing diversity, they will have a much bigger consumer base. This could also benefit the store success as the ranges could be released to the store before online, an incentive for consumers to attend the store.

ATHLETE SUPPORT. Gymshark athletes can support the store launch by attending regular meet and greets at the store. This will encourage consumers that attend the event to subsequently purchase from the store as well. As well as this, the athletes can vlog their experiences in the store with videos such as ‘store sneak peak’ or ‘first week in the Gymshark store’. This will spread the awareness of the new store to the athletes followers. In addition to the vlogs, athletes could also use the in-store gym for their online workout videos. This is a subtle way of advertising the new store and promoting the gym inside as well.

WHO IS THE STORE TARGETING? The brand currently targets 18-25 year old students and young professionals who care about their appearance and like shopping online due to ease and convenience. Having a store could target a wider demographic that do not usually shop online because from a survey done, “81% of people said that a physical store is vital to the shopping experience” (Louise Richardson, 2018). This typically would be people older than Gymshark’s usual demographic, because they are less likely to be on social media than millennials, and this is where all of Gymshark’s marketing was previously based. Subsequently having a store and adding new forms of advertising will entice new consumers. 52

HOW DO WE GET THERE? COMMUNICATION PLAN.

COMMUNICATION PLAN. In order to carry out the marketing strategy plan effectively, Gymshark will carry out a year of advertising and promotion to make sure the interactive store has the awareness required to be successful. To do this, three effective forms of promotion have been chosen from research that will ensure its success. Two are above-the-line activities that cover mass media, and the third is below-the-line that is more personal to the consumer.

BELOW THE LINE ADVERTISING. - SHARK HUNT The form of BTL advertising will be the ‘Shark hunt’. This is a treasure hunt within a meet and greet tour of the UK. It will run in a similar way to pop ups, where there will be two different Gymshark athletes at each stop. However, instead of selling clothes the attendees will have the chance to meet the athletes before the treasure hunt starts. The athletes will then run the hunt where clues will be given out for a quest around the city to find a shark, the first to succeed will win ticket to the Gymshark store launch event. As well as this, anyone who attends will be given a goody bag and discount code. The tour will travel by a Gymshark bus for additional promotion. The bus will travel from Scotland starting in Glasgow and drive down stopping along the way and finish in London. The athletes will also vlog their journey for further promotion and brand awareness. It is important that the athletes are a part of this experience as “49% of people said that they rely on influencer recommendations” (Eric Ysasi, Leverage marketing. 2018) therefore their attendance will attract more consumers to the events.

£1500 a day for two weeks = £21,000 £100 for fuel £10,000 a day for space = £60,000 £1000 a day = £6,000 £1000 for onsite branding £20 a head for food = £60,000 £30/hr, 4 guards, 5 hrs = £3,600 £5000 for goody bags in total

£300 per day = £1,800

£20 a day = £7,200 per year

£40 a day - 10,000 impressions = £14,400 per year

£15,000 for 6 months of video ads

ABOVE THE LINE ADVERTISING. - SOCIAL MEDIA The first form of ATL promotion is social media as this is primarily Gymshark’s form of advertising using ambassadors and sponsored posts. It is important for Gymshark to use this because “as of 2018 there were over 3 billion people using social media and this is up 13% from 2017” (Simon Kemp, WeAreSocial. 2018). This has proven successful so far for Gymshark as they currently have over 4 million followers across all social platforms. So from this knowledge, their social media will be increased and directed to ensure success. The main platforms used will be Facebook, Instagram, Snapchat and Twitter. Facebook and Instagram will involve sponsored posts to promote the meet and greet tour. These posts as well as non-sponsored posts on Twitter can be shared, liked and commented on in order to spread brand awareness. To encourage viewers to do this, an online competition will be carried out within which, viewers can share the posts with the #Sharkhunt and their best treasure hunting tactics. Instagram has 10 times the viewer interaction with a brand than facebook, therefore double the funding will be put into Instagram adverts than Facebook. On the other hand, There will be no funding into twitter Twitter as the #Sharkhunt going viral from the competition will be effective enough to spread brand awareness. Snapchat will also be used in the first six months with a video ad in the ‘discover’ section to advertise the tour. It is very impactful to advertise on snapchat as it currently has 187million users meaning there will be a very large increase of brand exposure. The #Sharkhunt campaign will be an effective and memorable way of drawing attention to the brand, it is unique to Gymshark and will therefore make it easily recognisable to them on social media. It’ll also be effective as with the competition being shared, a new audience is targeted that were previously unaware of the brand.

- BILLBOARDS The second form of ATL promotion will be billboards shown in large UK cities as a traditional form of advertising for the store launch. One of these will be digital in central London as this is the most likely store location. This will effective because “71% of respondents said ads on digital billboards stand out more than ads online” (The Outdoor Advertising Association of America). There will also be three 48 feet billboards in Birmingham, Manchester and Glasgow as these are highly populated cities and benefit in spreading awareness of the store opening. These billboards will use impactful quotes and designs that are unique to Gymshark to will make the billboard memorable to the viewer, making it innovative and powerful, to reflect Gymshark’s brand image. Despite the growth of social media, billboards are still an effective way of engaging new consumers. This is shown by a study which says “71% of Americans consciously look at billboards while driving and remember the information to look at later” (Williams, The Arbitron national in-car study. 2009). As well as this “respondents have 22% higher trust level with outdoor advertising than banner ads on websites”. (clear channel. 2018) The use of billboards is an effective way of targeting new consumers out of Gymshark’s usual target market as they are open for all demographics to see. This will allow Gymshark to broaden their consumer range as for example, an adult may see a Gymshark billboard on their commute into the city for work, and decide to buy something for their son/daughter.

One Digital billboard for 1 year - £66,000 3 standard billboards for 1 year at £500 per month =£18,000

TIMELINE.

COSTS AND PROFIT.

See appendix 2

See appendix 3

MEASURING SUCCESS. The social media form of promotion can be measured through the amount of business to consumer interaction with the posts. The amount of likes, clicks, shares and follows, can be counted to analyse the success of the brand awareness through this form of promotion. As well as this to measure the conversion rate of how many purchased through seeing the social media posts from clicking through to the Gymshark website. The success of Billboards is harder to measure. However, one way in which it could be calculated is sending an email after a purchase has been made asking how they heard of Gymshark. This is also beneficial to find out about the differences in success between all forms promotion used. The success of the meet and greet tour can be measured through the attendance at each event, this is also a good way to compare Gymshark’s popularity in different cities. As well as this, the in-store discount code given to people that take part in the ‘Shark hunt’ can be calculated as to how many have been used, showing how many people that attended the event did go to the store afterwards.

CONCLUSION. From a market overview as well as primary and secondary research, it can be concluded from this report that the opening of a physical space for Gymshark will be extremely successful. In order to ensure the success of the store the communication plan will be carried out to target a broader demographic via the billboards and spread brand awareness via social media competitions and the tour. The predicted success is also shown by multiple statistics proving that an in-store shopping experience is still highly desired by the consumer such as that only 4% more respondents prefer shopping online to in-store (see appendix 1). This store will provide the easiness and convenience of online shopping as well as the fun experience of shopping in-store.

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Appendix 1 - survey results

Appendix 2 - Budgeting

Appendix 3 - budgets & profits

Image references