Strategic Marketing Plan Report by Jeannie Octaviani

Strategic Marketing Plan Report : PoĂŠtries Studio Jeannie Octaviani - 00158822T 2766 Words

Brand Profile Poétries Studio is artisan jewelry brand based in Sydney. Poétries Studio is inspired by people and emotion, translating everyday life to an experimental statement art pieces. Every earring is created with high craftsmanship using high quality and environmentally friendly material. Poétries Studio implies excitements in every product. Poétries Studio are designed for young and brave woman who is positive and confident towards her goals.

Brand Personality Young Experimental Artisanal

Brand Essence Fun Confident Daring

Brand Values High quality and unique products Personalization one-on-one service Distinctive product presentation

Mission and Objectives Poétries Studio aims to meet or exceed its customers’ expectation by providing exceptional handcrafted jewelries with high quality materials according to the current trend and filling the gap of artisan jewelry market category. Poétries Studio will achieve this goal by following a range of marketing plan which includes improving and developing product designs and expanding to overseas market.

Situational Analysis Since 2003, jewelry market has doubled their shares. The growth of branded jewelry will claim a higher share of the market by 2020, but their views differ on how quickly this shift will occur. Most expect that the branded segment will account for 30 to 40 percent of the market in 2020. Research shows there’s 3 types of consumers driving the growth of branded jewelry: • “New money” consumers who wear branded jewelry to show off their newly acquired wealth (in contrast to “old

money” consumers, who prefer heirlooms or estate jewelry) • Emerging-market consumers who established brands inspire trust and the sense of an upgraded lifestyle • Young consumers who turn to brands as a means of self-expression and selfrealization Every jewelry company should seek to strengthen and differentiate its brands through unique selling point and distinctive designs. The beginning step for a new business would be to seek distribution through ventures like Cadenzza, Swarovski’s chain of curated multi-brand jewelry stores

featuring well-known luxury brands as well as up-and-coming designers. Jewelry players might consider focusing on mono-brand retail, which gives them more control in terms of design and briefs over their brands, closer relationship with consumers, and higher margin potential. Another potentially promising channel is multi-brand boutique chains that provide a carefully curated assortment of brands and products as well as a unique shopping experience—which is what the aforementioned Cadenzza store concept aims to provide. To achieve sufficient margins, however, such concepts may need to operate on a global scale.

Customer Persona “The IT-Girl” ’Melle’ is 23 years old associate PR who works at creative design agency. She’s a part time lifestyle & fashion blogger. She is very busy but she has a well-presented look in her everyday life, no matter what is she doing. She is determine & cheerful at work. She is visionnaire towards her long term & short term goal. She tends to be very open minded but deep inside she’s a very ambitious & sceptical person. She is caring, friendly, full of positive attitudes. She has flaws, for being impulsive sometimes. But that what makes her having one adventurous life, saying yes to those little things. Her style is unique, as people may say. She is good at mix and matched items, making a very pleasant look, and balancing her style with high and medium level brands. She is down to earth. Her approach to life is very organized and well-prepared.

Target Audience Demographic Gender : Female Age : 18 â&#x20AC;&#x201C; 38 years old Region : Asia & Australia Pacific Income : AUD 45,000+ Lifestyle : Metropolitan Activities : Travelling, drawing, sewing, modelling, flower arranging, creative writing Education : High School and up Generational : Millennials Employment : Casual & part time employment and up, student, self-employed, professional Social Class : Lower Middle Class to Upper Class Marital Status : Single & Couple Nationality : Australian, Indonesian, Chinese, Japanese, Malaysian, Singaporean, American, English, French, New Zealander, Thai Ethnicity : Australian, European, Asian

Market Segmentation Geographic Region : New South Wales, Victoria, Queensland, Auckland, South East Asia, Europe, America Country : USA, UK, Europe, China, Japan, South Korea, Malaysia, Singapore, Thailand, Philippines, Hong Kong, Indonesia, Australia, New Zealand Population Density : CBD, Urban, Suburban City / Town Size : 5-10mill people (Example : Sydney â&#x20AC;&#x201C; Shanghai) Climatic Zone : Mediterranean, Temperate, SubTropical, Tropical Psychographic Lifestyle : Explorer, achievers, adventurer Personality : Explorer, promoter, motivator, executor, designer, planner, discoverer, producer Values : Independent, visionary, determine, energetic, fun, adventurous, reliable, optimistic Attitudes : Cheerful, motivated, aspiring, flexible, goodwill, friendly, responsible Opinions : Social issues, culture, humanity Interests : Community, family, humanitarian, recreation

Consumer Technology : Tech savvy and millennials customer who are well informed about the most updated trend and news Media Consumed : Social media platforms such as Instagram, Youtube, Facebook and Snapchat, as well as idea generator Pinterest Magazine : Fashion magazine such as Vogue, Harpers Bazaar to indie magazine such as Frankies, Oyster, Nylon, etc Shopping Habits : They mostly shop anywhere, anytime, whenever they like to purchase. They shop at indie sections of MYER, luxury brands in David Jones, to an international retailers like Harrolds and some pop up markets. Behavioural -Brand Loyalty : Experimental -Benefits Sought : High quality, unique design -User Status : Potential user, first time user, regular user -Usage Rates : Medium & heavy product user -Occasions : Daily wear, weekend wear, holiday wear -Readiness to buy : Knowledge stage, conviction stage, purchase

Marketing Communication Channels • • • • • • • •

Website / e-commerce platform (Shopify) Etsy – online marketplace Newsletter Website advertising Social media : Facebook, Instagram, YouTube, and Pinterest Influencer and fashion bloggers partnership Product launching party Partnership with international stockists

High quality materials sourced from all over the world Distinctive Unique Selling Point from design, handmade methods, and packaging Advanced constructions of each product Simple and modern design to minimized waste Fresh approach towards the design aesthetic Limited products image in customer’s view Strong presence on social media platform & brand awareness Positive brand image Fashionable and wearable limitless style Fashion forward culture minded Socially responsible sourcing & production Strong company culture Strict in quality control & providing excellent customer service High quality finishing details on each product

Weaknesses

Strength

Longer time lead needed to craft the jewelleries with consistency Slightly higher price points due to the expensive shipping cost Inability to meet consumer’s demand due to the manual production system Trial and errors for making the jewelry mockup will cost time & money Lack of physical store presence might limiting consumers to decide buying the products Private company lead to difficulties in acquiring funding

SWOT Analysis : Poétries Studio

Opportunities

Working together with other market category in order to raise awareness Expand the brand to other sections : rings, necklaces, body chain, head wear, etc Possibility of outsourcing the production may lower the cost down without compromising the quality Collaboration opportunities with sculpturer, interior designer, painted, product designer, etc Room for more product categories to be sold by the brand Increase stockist and retailers Use of innovative technology and design

Threats

High level of competition with bigger / well known main brand such as Acne or Country Road may lead consumer to other brands rather than buying from an emerging jewelry brand Gradually keeping up with the application of technology Inability to keep the financial of the company due to high expenses Rising of commodity prices or reduced supply availabilities may affect the production and the costing sheet Different preferences of style and colours for customer Profusion of imitations, copy cats, and counterfeit products Cheaper substitutes

Weaknesses

Strength

- High quality finishing details on product - Flexibility to provide custom pieces or commissioned work - Complete control of distribution of products which maintain the exclusivity element of the products - Freedom to innovate & designing new products - Exclusive design with unique driven approach - Unlimited possibilities of styling - Specialised product range - Embracing internet shopping - Growth in sales & large base of international markets

- Unawareness of the target market towards the new products - Higher price points in comparison with other similar brand - Niche minority market for style, colours, and shapes - Late entrant in international market - Seasonal market

- Increase stockist and retailers - Increasing the brand awareness in our market surroundings - Use of innovative technology and design - Growing market place for statement jewelries, custom pieces and limited production items - Selling the products globally through social media, ecommerce website, and international stockists - Expansion in retail outlets and direct selling strategy in Australia - Fast changing fashion trends may lead to the diversity of the designs

Threats

Opportunities

SWOT Analysis : Artisan Jewelry

- Economic devaluation - The mindset of jewelry as a tertiary needs as a level of importance - Higher price points due to the quality - Market saturation

Brand Positioning Map

Competitor List

Marketing Objectives • • • • • • • • •

• • •

Optimizing the activation of the brand at every aspects Spreading the brand awareness in online world Getting customer feedbacks and suggestions Develop the concept of limited edition and experiments Creating a customer tribe at social media Creating an engaging campaign with customers Providing a memorable post purchase experience Offering an impeccable design and high quality with affordable price Expanding the distribution of the products globally without compromising the brand value Increasing webstore sales & company productivity Achieving more profitable operating margins Improving sourcing materials and cash flow effectively

Branding Strategies 1. Revolutionary Products Poétries Studio set the brand apart from other brand by creating one of a kind, revolutionary jewelries involving extraordinary design, premium finish, and impeccable craftsmanship through all of their products and brand collateral by experimenting with latest technology. Poétries Studio seeks to cater the changing trends and needs of their customer and is therefore actively in investing into new product developments, innovations, and product expansions. 2. Handcrafted Experience Poétries Studio provides personalized and handcrafted service experience. Every inquiries are treated as personal as possible, creating one of a kind products for a special lady. The products are then be gift-wrapped nicely with extra details of the customer generated from the extensive and thorough inquiry. This creates a memorable and emotional experience for the customer and making Poétries Studio one of the most reliable online source for creating a memorable moments.

3. Premium Experimental Feel Poétries Studio strives to provide an excellent service to their customer by several services and qualities. One of them is by providing courier service and high quality of packaging that are Instagrammable. Each of items will be delivered with a polaroid pictures of the product to stick outside of the box, accompanied by the story during the maker of that certain products, written by the artisans. Poétries Studio are doing pop up studio, buyer’s trade show, and collaboration with influencers few times a year. By doing this, customer can feel the soul of the brand by experiencing it offline. 4. Friendly Service System Poétries Studio shopping experience are known to be one on one consultation. Through a friendly online sales associate, customer can consult about their gift, putting some personalization, adjusting length, consulting any allergies without feeling interrogated – more like talking to a friend. Poétries Studio’s website is also has friendly user interface which simplify the process of ordering and payment. Making everything run seamlessly and effortless.

Marketing Mix : Product Poétries Studio specialized in statement earrings and jewelries. Each products are made using high quality materials such as resin, marble, acrylic, hand embellished fabrics, cubic zirconia, and long wearing hardware such as bras with premium coating. Poétries Studio products are nickel free so it is safe to use in long term wearing. Poétries Studio products are ensured to reach the standard quality so it won’t be easy to break.

Marketing Mix : Promotion •

•

Instagram Poétries Studio main channel are Instagram which promotes the brand through user generated post with the product and product photoshoot or flatlays. Through Instagram, Poétries Studio runs several pay advertising to the right demographic user of Instagram few times a week in the peak time. Poétries Studio may use the survey feature in Instagram to ask their customer regarding upcoming events or collections. Poétries Studio also actively recording live video and Insta-story at peak times to attract brand awareness. Etsy Other than selling in the website / e-commerce platform such as Shopify, Poétries Studio also selling their products at online marketplace like Etsy. This created to make a customer tribe and making the brand a big role in the industry. Looking at Etsy’s customer as the main target demographic for Poétries Studio’s customer. Pinterest Poétries Studio shares their ideas and inspiration board, products board and behind the scenes photo accompanied by suitable caption and tags to attract domino effects at user re-pin their photos. This can make indirect promotion which will makes the brand more well-known in the category.

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Snapchat Poétries Studio shares their daily promotion, behind the scene, and events at their Snapchat creating a company culture known to their customer. Customer can get to know their designer and maker, story behind the products, live update at the private events while interacting with the customer. Youtube Videos will be uploaded to their Youtube chanel two times a week. Videos uploaded includes how to wear video, how to style their products, new collection video shoot, how to take care of the products, and few video series regarding travel, fashion, and food. Website Poétries Studio’s website works as their home. At the website, customer can do the shopping as well as browse through the collection. After purchasing the products, customer also can track their shipment and give feedback after they receive the goods. There’ll be pages about the brand, event update, blogs, and FAQs. Through their website, customer can click the link that goes directly to their social media account such as Youtube, Instagram, and Pinterest.

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Collaboration Poétries Studio regularly does collaboration with influencers from various industry such as fashion, lifestyle and beauty as these industries are related one to another. Collaboration will be done in by giving advantages for both influencers and poetries studio. This can be done through creating a collaboration campaign shoot, Pop Up Events Events such as gathering, workshop and product launching event will be held regularly and will be inviting influencers and media to cover the event. Duringn the pop up event, influencer may experience the whole brand personality. There’ll be music, art installation, award, and food galore at Poétries Studio Home. The pop up event will be held for two weeks to create exclusive experience. Influencers then may post their experience at the event on their social media using hashtag so it will be easily tracked. Trade Show Poétries Studio will actively participate at local & international trade show event to introduce the brand to buyers and the most important thing is to get feedback from buyer’s perspective. Trade show is also a very effective way to make the brand founded and seen by public as opportunities may arise after the trade show.

Marketing Mix : Price PoĂŠtries Studio priced at medium level between luxury and mass market. Having the production made at other countries with the artisans made the product feel exclusive and limited. Most of the earrings will be priced at $89. While the one with cubic zirconia and special stones will be priced around $129 depending on the design.

Marketing Mix : Distribution PoĂŠtries Studio products are handcrafted in Australia and few other countries such as Indonesia, Thailand, and Fiji. This has to be done because several materials and labored skills arenâ&#x20AC;&#x2122;t just available or more expensive to be done in Australia. PoĂŠtries Studio design team sources the materials and the artisans during the research and development concept. Finished products then being quality checked and sent to Australia headquarter before pick and packed to retailers and wholesalers.

Budgeting (Insert brand name) PROMO BUDGET 2014/2015 Item Digital Actual Budget Variance

july

aug

501 600 -99

sept

6 600 -594

oct

6 600 -594

nov

6 600 -594

dec

6 600 -594

jan

6 600 -594

feb

6 600 -594

mar

6 600 -594

april

6 600 -594

may

6 600 -594

june

6 600 -594

total ytd

6 600 -594

567 7,200 -6,633 -6,633

355 400 -45

4,260 4,800 -540 -540

125 150 -25

1,500 1,800 -300 -300

0 700 -700

2,800 8,400 -5,600 -5,600

0 300 -300 check

480 3,600 -3,120 -3,120

check Social Media Actual Budget Variance

355 400 -45

355 400 -45 check

Advertising - online Actual Budget Variance

125 150 -25

Content Actual Budget Variance

700 700 0

0 700 -700

700 700 0

0 700 -700

700 700 0

0 700 -700

700 700 0

0 700 -700

check

check Advertising Actual Budget Variance PR Actual Budget Variance Sales Promotions Actual Budget Variance

120 300 -180

0 300 -300

120 300 -180

0 300 -300

120 300 -180

0 300 -300

120 300 -180

0 300 -300

1,233 2,083 -850

3,733 2,083 1,650

1,233 2,083 -850

3,733 2,083 1,650

1,233 2,083 -850

1,233 2,083 -850 check

19,796 24,996 -5,200 -5,200

325 400 -75

3,900 4,800 -900 -900

50 65 -15

600 780 -180 -180

339 0 339

4,068 5,500 -1,432 -1,432

0 0 0

14,500 39,996 -25,496 -25,496

52,471 101,872 -49,401

check MISC Actual Budget Variance

50 65 -15

50 65 -15 check

Endorsement and Sponsorship Actual Budget Variance

339 500 -161

339 500 -161 check

Creative and Production Actual Budget Variance

6,000 6,666 -666

4,500 6,666 -2,166

4,000 6,666 -2,666

0 0 0

0 6,666 -6,666

0 0 0

0 0 0 check

TOTAL ACTUAL TOTAL BUDGET VARIANCE

9,748 11,864 -2,116

6,933 11,864 -4,931

8,933 11,864 -2,931

3,253 5,198 -1,945

2,433 5,198 -2,765

3,253 11,864 -8,611

4,933 11,864 -6,931

2,433 11,864 -9,431

3,253 5,198 -1,945

2,433 5,198 -2,765

2,433 4,698 -2,265

YTD ACTUAL YTD BUDGET VARIANCE

9,748 11,864 -2,116

16,681 23,728 -7,047

25,614 35,592 -9,978

28,867 40,790 -11,923

31,300 45,988 -14,688

33,733 51,186 -17,453

36,986 63,050 -26,064

41,919 74,914 -32,995

44,352 86,778 -42,426

47,605 91,976 -44,371

50,038 97,174 -47,136

52,471 101,872 -49,401

Issue of Sustainability PoĂŠtries Studio concerns about the quality of the product as well as the impact made to the environmental. All of the artisans are briefed to maintain the waste of the production to be as low as possible and have less impact on the environmental. PoĂŠtries Studio also makes sure that their products are cruelty free with no animal testing. Other than that, PoĂŠtries Studio ensures equality in work between all staffs and artisans to be treated the same and getting the same rights as written in the law.

Conclusion With the exclusivity of the design and quality of the products, using the right advertising and marketing will benefit the brand towards the future business of jewelries. Quality control and production needs to be controlled very well to maintain the quality of the product.