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MARKETING PLAN
Dear Marketing Team and Supporters: We are pleased to know that you will pay a critical role in assisting InSpire Magazine and its other divisions in providing a “sound” marketing strategy that will aide in meeting our company’s goals. The Vice President of Marketing and his team will be instrumental in serving on the front line of implementing our marketing goals. On the following pages you will find a pretty thorough analysis which was aimed to assist us in underrating our strengths, identify our weaknesses, look at the threats, and project where we need to focus our energy. As you assist the Marketing Division with this plan, please feel free to use you expertise to ensure a consistency in our brand management. If you have any questions, do not hesitate to contact us any time. Thank You!
Respectfully,
Lee Jones President and CEO
MARKETING PLAN
InSpire Magazine is seeking to reintroduce its brand image and position to the local, regional, and national ,markets as well as gain substantial position in the B2B market place. The marketing and promotions department has conducted a full sweep beginning with account planning and market research to provide substantial material for the completion of the following strategic plan. Through the account planning report, findings have been interpreted and presented in a synthesized document for company consideration. This plan encompasses a brief overview of research findings and their implications for branding strategies and company communications This strategic plan will address direct marketing efforts, positioning strategy, redefinition of professional brand image, product introduction, and measurable objectives & strategies. This proposed plan of action should be taken into serious account to better position InSpire Magazine as the inspirational source of choice among American consumers.
MARKETING PLAN
Our Mission
The mission of InSpire Magazine is to “create and maintain a magazine designed to promote growth and development for individuals who are committed to enhancing their lives and the lives of others.�
Our Purpose
To produce a highly interactive and quality publication that will provide its readers with constant positive and inspirational stories and messages that will uplift the human spirit. We will pursue proactive steps toward holistic approaches that ultimately lead to happiness and peace of mind.
Our Vision
The ultimate vision of InSpire Magazine is to provide its readers with the latest techniques, information, and strategies that will address the positive and negative forces of life.
Our Philosophy
It is the philosophy of InSpire MAGAZINE to provide a well-designed, content-filled, and professionally-delivered publication. Attending to the smallest detail, our aim is to ensure that our readers are satisfied with a first class publication. InSpire takes great pride in exploring topics that directly affect ways that will assist our readers in creating balance and staying self-motivated amidst the daily pressures of life.
MARKETING PLAN Marketing & Promotions Department Overview • • • • • • • • • • • • • •
Vice President of Marketing & Promotions Director of Public Relations Director of Promotions Marketing Intern Promo Intern PR Intern Graphic Design Intern Creative Director Graphic Designer(s) Managing Editor Cross-Functional Team Director of Marketing Strategic Relations Officer
Furthermore, the marketing department will have a corresponding role with the creative and editorial departments in regards to brand oversight for all publication materials. This includes all magazine copy, promotional materials, print media and similar communications (both internal and external).
InSpire Magazine Marketing Report •
PHILOSOPHY
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INSPIRE TOUCH POINTS
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WEB MEDIA
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RADIO / TELEVISION
The InSpire Magazine Marketing & Promotions Department is a multi-level structure that consist of numerous moving parts to ensure every aspect of the enterprise works efficiently. The department consists of three main sub-departments - Marketing | Public Relations | Promotions. Each department is responsible for the brand management and strategy execution the below areas respectively.
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PRINT MEDIA
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CUSTOMER SERVICE
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1:1 COMMUNICATIONS
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INSPIRE TOUCH POINTS
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WEB MEDIA
Marketing -brand identification, brand transparency, market research, positioning strategies, target identification, external advertising and all other marketing communications.
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RADIO / TELEVISION
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PRINT MEDIA
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CUSTOMER SERVICE
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1:1 COMMUNICATIONS
Public Relations - media & press relations, business partnerships & all other strategic alliances Promotions -promotional events, promotions and incentive based programming, special event coordination, product placement, etc.
MARKETING PLAN
Integrated Marketing Communications Integrated Marketing Communication (IMC) is a new and innovative discipline of marketing that includes advertising, sales promotion, direct marketing, professional selling, press & publicity, public relations, event marketing, support strategies, digital and internet based marketing under one umbrella. Clow and Baack (2004) define IMC as: “The coordination and integration of all marketing communication tools, avenues and sources within a company into a seamless program that maximizes the impact on consumers and other end users at minimal cost.� From this definition the core elements and foundations of IMC are Coordination | Integration |Seamless Campaign | Maximize Impact | Minimize Costs. In its essence, it establishes consistent brand imagery and marketing messages at various touch points - the points of interaction a consumer has with a product /service -for consumers of a particular product and/or service.
The Marketing Problem InSpire Magazine is a national publication seeking to re-establish a consistent brand message in its local and national markets. Previous marketing work provided initial direction to defining a rhetorical brand image, however, as the communication audit will discuss, the marketing communication had not previously been synthesized. Various mediums have previously been utilized but the instability of identifying a true target audience prevented an effective return on investment (ROI) and measurable media analysis possible. In this regard, the Marketing & Promotions department has conducted both qualitative and quantitative research to gain key insights toward developing an actionable marketing strategy. The following pages will indicate the account planning findings and marketing implications to move the diagnosed situation toward measurable Objectives and strategies for increasing the bottom line.
MARKETING PLAN Executive Summary
This strategic plan provides InSpire Magazine with actionable objectives toward the definition of a competitive brand in the magazine / publication industry. It addresses means of overcoming current obstacles that limit the profitability of the company including brand perception, employee brand awareness & product knowledge, and measured marketing communication strategies. Many of these challenges can be attributed to the lack of a previous brand image and limited attention to the Multifaceted aspects of how that image is communicated to consumers. The marketing and promotions department’s distinct vision for InSpire is to position it as the publication of choice for consumers seeking inspiration and guidance from stories highlighting ordinary people doing extraordinary things. It further seeks to communicate a B2B brand of business and customer service excellence redefining industry standards and business best practices. Based on the research findings of the account planning process, conventional and unconventional branding tactics must be employed for the maximum effectiveness of a successful campaign. Identification of key competitors in the local, regional, and especially national markets as well as target audiences will provide better insight and justification for the suggested additions to the overall marketing strategy. In order to ensure the target audiences are reached effectively, a redesign of concepts for the corporate identification, marketing communication, and employee / organization brand awareness has been conceptually suggested. Furthermore the measurable objectives and strategies outline the steps necessary to transform the vision into a reality. By implementing the proposed strategic plan, InSpire Magazine will become an indelible stamp within their respective industry as the primary source and publication of choice for consumer inspiration.
InSpire Magazine - Marketing Report Situation Analysis
InSpire Magazine Tallahassee, Florida Tallahassee, Florida Company Profile InSpire Magazine is an inspirational publication which seeks to highlight ordinary people doing extraordinary things. Currently, InSpire has a national subscription base and recently gained access to national distribution opportunities through various partnerships and business developments. As a primarily friends and family subscription base and other B2B free-subscribers the brand presence has not been a forerunner in previous initiatives to create new business and increase new subscriptions. In this regard, the brand as an internal device, has not been created and/or communicated to employees or consumers. This provides an opportunity for creation and exposure of the new brand identity to make a maximum impact. InSpire was contrived as product seeking a market place as result of its President & Executive Editor’s personal experiences through national exposure as a prolific orator. A general understanding for a need by underrepresented members of various communities for inspiration and guidance attributed to a generalization of the market place in which
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InSpire Magazine was wishing to enter. As a new business with a new and innovative product requires an appropriate analysis of markets to ensure it is successful. Specifically, previous research done by InSpire indicates the highly volatile market and competitive nature of the magazine business in which a majority of new publications fail within their first year. The generalization of the market however has proven detrimental toward efforts of reaching a specified audience through mediums that best access their current position. Findings suggest that the need for such a publication does in fact exist, however is in a market place without current access to the mediums available (i.e. web-based media). Most new subscribers are result of specified promotional events in which residual subscriptions are gained. Furthermore, the demographics of consumers most likely to become subscribers and patrons suggest that an increased brand presence through print, radio, and television provide substantial return on investment (ROI) potential for InSpire.
Competitive Analysis
InSpire Magazine is a publication with a distinctive mission and content direction unique to its industry with few business in content competition. However, there are a number of publications viable in the demographic market(s) InSpire is seeking to capture. As a minority business enterprise InSpire seeks to provide a publication with insights for underserved member communities. In those regards, competitors have been segmented in to core competitors (demographic), auxiliary competitors (psychographic), and ancillary competitors (content based competitors).
Core Competitors
Core competitors are considered magazines that are focused predominantly African-American young-adult / adult readership. • Ebony / Jet Magazine • Essence Magazine • Black Enterprise Magazine • Black Collegian Magazine • American LEGACY • Diverse Issues in Higher Ed • VIBE Magazine • XXL Magazine
Auxiliary Competitors
Auxiliary competitors are considered publications focusing on inspirational and empowering content (not including publications which are news report based). It should be noted that these publications in large part are not targeted toward InSpire’s key demographic(s) : • Inspire Magazine for Women • Live & InSpire Magazine • Inspire Magazine for Teens Inspire Online Magazine
Ancillary
Ancillary competitors are all alternative sources of inspiration and empowering content. These competitors are generally wide in variety and include numerous media such as television shows, newspaper columns, and internet blogs. InSpire seeks to be the source of inspiration as a publication of choice and as such desire to fill a void of similar options for consumers.
MARKETING PLAN S.W.O.T. Analysis Strengths
Rhetorical brand message is unique and innovative New business without a previous corporate ID Existing relationships with PR outlets National success (small scale) without existing corporate ID Large market base seeking the product / service provided Excellent timing to infuse brand images / messages among consumers
Weaknesses
Product was developed without market research implications for brand ID Business location not ideal for national platform Existing marketing communication that must be recalibrated Zero-based budget for implementing marketing strategy Must engage organizational reprogramming for new branding strategy No existing subscription database of consumer demographic information Short time span to execute new brand strategy due to hi demand.
Opportunities
Build a new brand ID and brand foundation Access new measured media outlets previously untapped large growth possibilities with recent distribution partnerships New distribution channels to spread new branding tactics on large scale
Threats
Product supply cannot meet the distribution demand Economic downturn reducing disposable income for possible subscribers as well as assumed risks increase for potential investors, sponsors, and advertisers.
Communication Audit
InSpire Magazine has not engaged in much direct or brand marketing since their entrance into the market place as publication. However, their previous marketing communication included a basic website and B2B marketing material for potential business investors and advertisers.
General advertisement (print, radio / television, web-based)
InSpire has not previously used any local, regional, or national advertising opportunities for increasing brand awareness among its consumers (i.e. print, radio / television, external web-based). Presence in these key areas and advertising mediums is essential for the company’s success as a national publication. A slogan, motto, and mantra were previously developed.
Website
InSpire’s original website and its only marketing communication medium was fully functional and user-friendly. However, the creative design was not on par with the aesthetics of the magazine itself. It also provided an inconsistent brand message and brand ID from the magazine which proved less beneficial for the company and the perception of the products consumers would receive. Based on previous consultation the new website is currently under construction.
B2B Print Media
As advertisement is the primary revenue stream for most magazines and print publications it is imperative that it exhibit a strong brand ID and key demographic information. Thus far the material has a demonstrated a consistent message and information about the business. Utilization of documents such as its Mission and Values Statement and Statement of Excellence contribute to a strong corporate ID for other businesses, employees, and community partners to value. Publications in this area have not, however, been able to provide key demographic information as no target audience had been configured previously. This key insight may attribute to the inability of staff to meet investor / advertiser expectations during 1:1 communications and company selling.
Vision and Directions
Moving forward in the strategic branding process, InSpire must define its professional brand image and introduce a specified brand message for its target audience(s). This will include the implementation of conventional and unconventional branding tactics that will reshape the perception, position, and brand image of InSpire Magazine and InSpire brand. This branding process requires the development of employee and organizational
MARKETING PLAN reprogramming appearances, promotional events, new marketing communications, and strategic media plan for placement of advertisements. This new identity will require more attention from the marketing & promotions department and extended cross functional departments with oversight and brand management from the Vice President of Marketing & Promotions. Furthermore, the identification of target markets, branding strategy & tactics, creative platform, and measurable objectives & strategies provide means of making the theoretical concepts into a workable reality. The result will conclude that InSpire will retain current customers, advertisers, and investors as well as the addition of new business opportunities in the previously mentioned areas.
Account Planning Summary
In previous years InSpire staff conducted empirical research, interviewed several successful magazine staffs, reviewed hundreds of documents, entertained many focus groups, and studied the market as we looked at the propensity for this publication. Research was conducted on the magazine industry, which resulted in a search returning no magazines strictly focused on satisfying the inspirational needs of individuals by addressing important life topics. The findings from this research suggested strong psychographic implications for consumers and an opportunity to create an inspirational publication highlighting ordinary people doing extraordinary things. At a new point in the development stage of the publication a succinct target audience (by demographic) and a strategic positioning and branding strategy in order to reach the target audience(s) where they are most easily accessed. In that regard, analysis of various consumer data reports, Nielson ratings, PRIZM data, Simmons data, and web-analytics have constructed a per-
ceived target as well as how to effectively communicate to that market at various marketing touch points. The following information is result of conclusive analysis of the research findings and implications of the data.
Creative Platform
The research findings suggest that the target audience has a strong emotional connection and need for a consistent source of inspirational content. Through previous developments, a conceptual idea of the InSpire brand was constructed through rhetorical brand messages. In effort to build upon the precedent those messages will be personified in creative conventional and unconventional IMC tactics. Increased efforts toward supporting the emotional relationship between InSpire and consumers will prove to increase the bottom line. In addition, an analysis of brand awareness, brand transparency, brand positioning have not been executed to ensure indicated consumers are not receiving communications of InSpire as the publication and inspirational source of choice. Specifically, the overall perception of InSpire at the local market arena shows that among most target audience members, InSpire is not in their consideration set when purchasing magazines. It has been projected that this same unawareness level exist in the other regional markets in which InSpire currently operates. In an effort to address these concerns the subsequent sections in this report will indicate various opportunities for increasing the above mentioned areas of brand deficiency. This includes the development of an aggressive media plan, promotional events, and large scale print advertisement.
MARKETING PLAN Target Audience Demographics
The research findings suggest that the primary target audience for InSpire Magazine include African-Americans and Latino/a college graduates between the ages of 25 -50+ with a household income of +/- $35k/yr. Secondary targets include members of alternative racial demographics and potential young adult readership between the ages of 18 - 24 with low disposable income. Key Insight: This demographic report narrows the target audience and will provide a specified direction for marketing communication to reach the primary consumers (subscribers) with maximum impact.
Psychographics
There are specific psychographic areas that InSpire should consider in its marketing efforts for implementing an effective marketing strategy. The areas of potential readers on a large scale are found in the following: UNDERREPRESENTED COMMUNITIES InSpire seeks to represent a positive voice of underserved member communities who are seeking inspiration and guidance. Through the publication and commitment to highlighting ordinary people, members of these communities gain access to possibility and thereby actualizing the company’s mission. ORGANIZATIONAL LEADERSHIP / INSTITUTIONS Leaders in both the private and public sectors are charged with the task of inspiring people around them in order to motivate a specified constituency of people. This conscious effort to remain inspired needs fuel for the vehicle and is a great Opportunity for new subscribers PURPOSE DRIVEN / VALUES LED This grouping of consumers celebrates the lifestyle of creating inspiration, a vehicle that InSpire seeks to deliver. These consumers have a highly emotional relationship with a publication supporting this desire for feel inspired and inspiring others. Key Insight: This psychographic report provides a vivid image of readership for the magazine to utilize in creating its position through actionable items outlined by their previous rhetorical brand messages. B2B Targets
InSpire is an advertisement driven enterprise and is further supported by investors committed to the mission of the magazine. To that end, InSpire must target strategic relationships and partners with purpose-driven values-led enterprises. Socially responsible business and large companies seeking to diversify their sponsorship with minority businesses are a key B2B target for InSpire to maximize profits. Key Insight: Many FORTUNE 500 companies target Minority Business Enterprises (MBE) for investing opportunities through supplier diversity programs and MUST contribute to their efforts annually. Demographics The research findings suggest that the primary target audience for InSpire Magazine include African-Americans and Latino/a college graduates between the ages of 25 -50+ with a household income of +/- $35k/yr. Secondary targets include members of alternative racial demographics and potential young adult readership between the ages of 18 - 24 with low disposable income. Key Insight: This demographic report narrows the target audience and will provide a specified direction for marketing communication to reach the primary consumers (subscribers) with maximum impact. Psychographics There are specific psychographic areas that InSpire should consider in its marketing efforts for implementing an effective marketing strategy. The areas of potential readers on a large
MARKETING PLAN scale are found in the following: UNDERREPRESENTED COMMUNITIES InSpire seeks to represent a positive voice of underserved member communities who are seeking inspiration and guidance. Through the publication and commitment to highlighting ordinary people, members of these communities gain access to possibility and thereby actualizing the company’s mission. ORGANIZATIONAL LEADERSHIP / INSTITUTIONS Leaders in both the private and public sectors are charged with the task of inspiring people around them in order to motivate a specified constituency of people. This conscious effort to remain inspired needs fuel for the vehicle and is a great opportunity for new subscribers PURPOSE DRIVEN / VALUES LED This grouping of consumers celebrates the lifestyle of creating inspiration, a vehicle that InSpire seeks to deliver. These consumers have a highly emotional relationship with a publication supporting this desire for feel inspired and inspiring others. Key Insight: This psychographic report provides a vivid image of readership for the magazine to utilize in creating its position through actionable items outlined by their previous rhetorical brand messages. B2B Targets InSpire is an advertisement driven enterprise and is further supported by investors committed to the mission of the magazine. To that end, InSpire must target strategic relationships and partners with purpose-driven values-led enterprises. Socially responsible business and large companies seeking to diversify their sponsorship with minority businesses are a key B2B target for InSpire to maximize profits. Key Insight: Many FORTUNE 500 companies target Minority Business Enterprises (MBE) for investing opportunities through supplier diversity programs and MUST contribute to their efforts annually. Positioning InSpire Magazine is in a highly competitive market and extremely volatile industry. As such, the odds are most certainly not in their favor with especially attention to their primary core competitors having an established national brand. In this
regard the magazine itself must gain a position unique to its content and mission as a publication that is currently untapped. As the research suggest, and major inspirational publication has not existed and further suggest that consumers have a desire for one on their coffee tables, book shelves, and reception areas throughout the country. Therefore, the positioning of InSpire depends on magnifying the EMOTIONAL appeal and PERSONAL RELATIONSHIP with consumers as its product differentiating characteristic. The various position statements have already been created and simply need to be personified. In addition, as it has been stated, InSpire relies as much on business partnerships as it does subscribers and must be uniquely positioned to attract perspective advertisers and investors. InSpire has already placed an emphasis on its values and commitment to excellence as well as operates with a sound corporate structure all of which must be communicated effective to other business. This organizational structure and attention to detail requires a corporate positioning of InSpire as the business’ business. As most of the rhetorical efforts have been previously addressed, an internal infusion of this corporate position must be developed into a process by which all employees gain a clear understanding of what type of business InSpire is. Special attention must be delivered to the Advertising / Sales Department as the primary first line of contact for most B2B transactions. In addition, all customer service employees must also be aware of the level of professionalism and integrity with specific direction on the who, what, when, where, and how’s of InSpire’s operation. B2B Positioning Statement InSpire Magazine is a business’ business committed to providing high-quality service, excellent customer care, and the perfect opportunity for diversifying your impact! Perceptual Map Perceptual Map The perceptual map displays the image of consumer perceptions of core competitors in the magazine industry. Each competitor as well as INSPIRE has been given a place related to their content and perceived quality level of publication.
Measurable Objectives & Strategies
Objective Establish strong community support and increase overall brand
MARKETING PLAN Objective Position InSpire Magazine as the business’ business in B2B markets to increase revenues. Strategy 1) Design B2B marketing materials that communicate InSpire’s best practices for potential investors, advertisers, and other business patrons. 2) Develop organizational reprogramming system to communicate the B2B brand image effectively to employees with specific attention to members of the Advertising & Sales Department. Branding Branding Corporate Identification
awareness in local Atlanta, GA market. Strategy 1) Implement aggressive direct marketing and public relations campaign with specific attention to print, radio, and television media coverage. 2) Establish an ongoing promotional event for consistent and high-frequency impressions among local consumers Objective Increase brand awareness among current and prospective consumers. Strategy 1) Implement aggressive direct marketing and public relations campaign with specific attention to print, radio, and television media coverage. 2) Enforce the business and brand of InSpire during annual promotional events (i.e. InSpire Awards, InSpire White Linen, etc.) Objective Establish brand transparency for internal and external communications. Strategy Infuse new / re-defined brand messages and images throughout all aspects of marketing communications using an integrated approach (i.e. magazine, correspondence, newsletters, etc.)
The corporate ID is in place to create synonymy through symbolism (logo) and word association (slogan, motto, etc.). The previous development of a corporate ID for InSpire’s readership has great potential for attracting consumers however it MUST be communicated to provide access. Furthermore, a more concerted effort must be done to create an additional corporate ID extension for the use in B2B relationships to drive the main revenue generating vehicle for publication enterprises Website The most consistent and accessible outlet for any business is their placement of a comprehensive website on the world wide web. The current website is under construction from previous recommendations and will continue to be updated. It should be noted that major sections such as subscription text and investor content be consistent with brand messages for its viewers and will follow immediate direction from the marketing department.
Print / Television / Web-based Media
Specific attention must be given to outside opportunities to advertise and publicize the InSpire brand through aggressive media planning and execution and high-volume public relations strategies. With existing partnerships with local media outlets, InSpire must forge the threshold to gain greater coverage in their various initiatives, promotional events, and addition PR opportunities that support the brand positioning objectives. In addition, to encourage coverage, pre / post event press releases must be initiated for
MARKETING PLAN
news media to provide free ink to support InSpire.
Promotional Events
In an effort to capitalize on the social atmosphere of the central office location [Tallahassee, Florida] as well as the large number of young adult / adult professionals in the area, InSpire must utilize an ongoing promotional event to increase brand awareness among its local readership. An upscale social hour at a local restaurant / watering hole would provide a constant relationship and brand frequency among Tallahassee [FL] patrons and ultimate recognition of the InSpire brand.
Strategy
Program Measurements
The implementation of the provided strategy is seeking to make substantial increases in the areas of subscriptions, advertising and sales, and sponsorship by NO LESS than %70 by the end of the next fiscal year. The previous efforts have not supported the desired increase at a constant rate and thus the reasons for such a high volume increase over the next year. The measured areas below will support the data needed to assess InSpire’s growth as result of the new developments and the meeting of potential goals.
Corporate Identification
The measurement of the corporate ID effectiveness and increased brand awareness can be accessed through the response of general social surveys and qualitative research methods regarding the brand perception of the company symbolism and word association tactics.
Website
Web-analytics provide outstanding insight to the web traffic of the InSpire website. This provides valuable customer information such as demographics, shopping patterns, and additional site visits.
Print / Television / Web-based Media
Measured media can be analyzed through various statistics on viewers, Nielson program ratings, and ROI analysis. Promotional advertisements for sales, discounts, and coupon redemption are additional means of measuring media investments.
Promotional Events
Promotional events have a pre and post analysis aspect. This can be verified based on the number of attendees to events based on pre-program advertisement as well as the number of customers who attended that become customers thereafter. This can be tracked by a promotional offer for attendees.
All Inspire Magazines must adhere to the following Public Relations Standards: • Internal and external documents must have the InSpire Logo highlighted on the front page of every document. • All Inspire external correspondence must be typed. • All InSpire external communication must have a typed address and/or label (no hand written addresses on envelopes)
• All internal and external documents must be printed on InSpire Magazine, ILEAD Institute or InSpire Foundation Letterhead as appropriate. • The President and Executive Editor, The Executive Vice President for Advertising and Sales, Chief Financial Officer, Controller, and Vice President of Operations, Chief of Staff must be informed about all InSpire Magazine or InSpire Us Foundation grant developments to ensure that we eliminate any duplicate request sent to the same granting agency. • InSpire Magazine Central Office should receive monthly email copies of all external documents for record keeping and archives. • All InSpire Magazine and InSpire Us Foundation meeting minutes and official discussions must be posted on the InSpire Magazine Web Site under InSpire Team Only section (Items in which content is intended to create ongoing dialogue, etc.). • All InSpire Staff members must wear official InSpire Name Tag and InSpire lapel pins at all official InSpire functions and/or when team members is representing the organization. • All InSpire Regional Directors will send the central office an itinerary of planned events in their perspective region. If you have suggestions other than the areas we will already be voting on, feel free to e-mail your suggestions to Vice President of marketing jwright@inspiremag.org