CREATIVE STRATEGY DOCUMENT
CONTENTS PAGE
CONCEPT CONTENT OBJECTIVES RATIONALE LOCATION TARGET AUDIENCE MILLENNIAL RESEARCH & SUMMARY FASHION CLIENTAL LIFESTYLE & INTERIOR CLIENTAL BEAUTY CLIENTAL COMPETITOR ANALYSIS SOCIAL MEDIA ANALYSIS SWOT ANALYSIS PESTEL ANALYSIS KEY DRIVERS WE:TOPIA DIGITAL WANDERLUST ENHANCED EXPLORIUM THE ANNUAL BREAKDOWN PUBLICATION THE ONLINE AGENCY BUDGET PROJECT MANAGEMENT PROMOTION BUILDING FORECASTS TIMELINE MEASUREMENT OF SUCCESS TEXT REFERENCES IMAGE REFERENCES
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CONCEPT
Trend Visionary is a consumer insights and consultancy agency providing demographic specific trends, cultural movements and insights. We empower our clients to go above and beyond the ordinary, giving them a unique edge fused with desirable knowledge. Our philosophy is to always be one step ahead of the consumer, knowing their buying habits and needs before they do. We predominantly operate as a digital subscription-based agency with a complementary blog. We also offer a physical annual breakdown analysis publication. This is specific to our clients demographic, identifying and distinguishing key drivers and evolving these into inspiring future trends. This is because we love to have something tangible to refer back to throughout the year. Think of this as your guide for heightened market opportunity.
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We are
inviting you to
innovate 2
CONTENT
• A consumer insights and consultancy agency website & blog • A promotional installation at London Design Festival • An annual breakdown publication & 3 key trends for the Millennial consumer
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OBJECTIVES
•Set up a demographic specific, consumer insight and consultancy agency •Establish Trend Visionary as an agency •Generate a strong online & digital presence for Trend Visionary •Build up a reputable list of clients •Successfully empower our clients & nurture our relationships with them •Collaborate with young creatives on exciting projects
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THE RATIONALE Trend Visionary is for retailers and brands that want to enhance their knowledge on their consumer base as we believe this forms solid foundations for a successful company. Consumer needs and desires are changing at a rapid rate and in turn have caused the industry to no longer be driven by the retailer but instead by changing consumer demands and expectations. This has resulted in brands facing the challenging issue of appeal and adaptation whilst keeping their authenticity and heritage. Therefore, we operate as a demographic specific agency which sets us apart from competitors, equipping our clients with in depth future intelligence and creative inspiration for their target consumer.
As a new company we give a fresh perspective on the industry and we utilise this to inspire our clients to create the extraordinary. We study areas that effect consumer attitudes and the way that they make buying decisions to give a holistic view of what is next. This enables clients to fuse global influence and market demands with their specific brand values.
Currently there are not many Trend Forecasting agencies based in the UK, although many do operate on an international scale. The Trend Visionary office space is located in the heart of London’s creative district, Soho. However, our freelance researchers are compiling data analysis and collection from around the globe giving us a huge array of cultural insights and knowledge.
The coming years are set to be difficult for retailers as a result of current happenings such as a Brexit and the effect this will have as inflation rises. We ensure that we are aware of these issues and are confident that they can be tackled with our expertise.
The blog will entice those curious about Trend Visionary and our services and over time as their trust for our company builds up they will be converted from viewers to clients. We also hope our blog will appeal to young creatives looking for inspiration as we are keen to collaborate with this audience in the future.
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WHERE?
25 Lexington Street, Soho London W1F 9AG
As a start-up agency Trend Visionary will not need staff until we have taken on a larger clientele. We will have freelance researchers instead, who will help us with our extensive research. This means that we will not need permanent office space and instead this temporary office will be rented from Breather.com for small trend panels, when meeting with clients for consultancy based work and for meetings with freelance researchers. This will be rented on average once a week for 2 hours and once a month for the full day.
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TARGET AUDIENCE
We have a broad spectrum of clients on our books which constantly invites us to engage with a variety of sectors in the industry. This evolves our understanding of consumer habits and enables us to blend our well-rounded knowledge with our clients to innovate. Our clients are predominantly high-street retailers in the fashion, lifestyle, interior and beauty sectors. Due to Trend Visionary providing demographic specific trends it ensures that we are fully equipped to take on a clientele with a varying target market that excites us. This will be channelled through our research displayed on our blog. Currently our main focus will be on the Millennials as they are currently the largest demographic with the highest rising spending power. However, as Trend Visionary grows we plan to evolve our clientele and create annual breakdown analysis publications for a variety of demographics.
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PRIMARY RESEARCH: ONLINE SURVEY TARGETED TOWARDS MILLENIALS: 100% HAVE AT LEAST 1 SOCIAL MEDIA ACCOUNT 82% HAVE FACEBOOK, TWITTER AND INSTAGRAM 97% HAVE FACEBOOK 72% PREFER SHOPPING IN-STORE OVER ONLINE 79% EXPECT RETAILERS TO TAKE A PERSONAL APPROACH TO MARKETING & PROMOTION 83% THINK THAT AN IN-STORE EXPERIENCE WOULD MAKE THEM FEEL MORE CONNECTED TO A RETAILER 68% PURCHASE A NEW FASHION GARMENT AT LEAST ONCE EVERY TWO WEEKS 70% RESEARCH AND USE PRICE COMPARISON WEBSITES WHEN PURCHASING SOMETHING OVER £100 85% AGREED THEY MAKE IMPULSE PURCHASES ON A DAILY BASIS
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MILLENNIAL SUMMARY
Pew Social Trends described Millennials as confident, self-expressive, liberal, upbeat and open to change. They are constantly connected operating on numerous social media platforms. They are more eco-friendly and culturally aware than previous generations and expect a lot more from retailers such as being treated as an individual. They love experiences that they can share across their social media profiles and are revolutionising the shopping experience as a result. Despite growing up during the recession and using price comparison websites they make small impulse purchases on a daily basis showing their burning desire to shop.
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FASHION CLIENTELE
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Our potential clients in the fashion sector are high-street retailers such as ASOS, Topshop, H&M, & Other Stories. They all offer a wide range of ready to wear clothes, shoes, jewellery and accessories, making them adaptable to their consumer’s own personal style. Their target consumers are predominantly in the Millennial demographic but also cater to all ages.
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LIFESTYLE & INTERIOR CLIENTELE
We are aiming to target interior and lifestyle retailers such as Zara Home, Anthropologie and The White Company. These companies target consumers in the Millennial demographic specifically women aged 25-35 and are likely to be professionals. Their websites and stores as a whole are kept to a clean, minimal theme allowing their products to stand out and to display their style. As a department store, John Lewis is targeted towards families as they have such a wide range of products such as interior, books, fashion, food, toys. This is weaved throughout their marketing campaigns and identity.
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BEAUTY CLIENTELE
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Our potential clients in the beauty sector are Benefit, Boots Botanics range and Anthropologie. Benefit is aimed at the younger Millennials with their fun, quirky packaging however a lot of parents and other family members purchase their products as gifts so it is important that they appeal to a wide audience. Boots Botanics and Anthropologie take a more sophisticated and minimal approach as they are aiming to reach older, professional Millennials.
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COMPETITOR ANALYSIS
VITALS: • The world’s leading online trend forecasting, analysis and research service • Provide creative content, tools & business intelligence to the apparel, style, beauty, design and retail industries • Subscription based
STRENGTHS: • Launched in 1988 – well established & a lot of experience • 300+ respected global experts • Work with over 3,000 of the world’s leading companies • Have offices throughout the world – experiencing cultural differences first hand • Proven & validated approach – success stories • Recommendations from clients & positive feedback • Pioneer of the forecasting industry • Host an array of events globally • Consistency with social media platforms • Can download reports as PDF
WEAKNESSES: • Expensive subscription costs – limits less established companies from working with them • Founder of company described WGSN as a ‘monster’ that has created an ‘industry of idiots’ • Criticised for ‘killing imaginative design’ – too much of a solid template for their clients • Such a large team – communication issues • No UK base • Subscription split into fashion, lifestyle & interiors, insights, futures All data collected from company website
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VITALS: • Subscription based service developed by The Future Laboratory • Industry reports, innovation strategy & planning, events • Headquarters in London & New York
STRENGTHS: • Updated daily by global team of researchers, analysts, forecasters, visualisers & correspondents • Future proof brand – proven to inspire products/service innovations – thousands of subscribers globally • Strong identity • Clients from a variety of sectors • Wealth of insight established over the years • Report on macro & micro trends and have a trend tracker monitoring how these have developed over the years • Professional & comprehensive website with strong visuals & videos • Some sections available to non-members
WEAKNESSES: • Trend event tickets £500+ and hard to get hold of if not members • Extremely high subscription costs, £30,000+ per year
All data collected from company website
VITALS: • Home and interiors dedicated trend agency but also have specialisms in baby & kids, gift & greetings and fast moving consumer goods. • Small company based in Newcastle • Not subscription based – offer bespoke consultancy & trend books to be purchased via their website shop
STRENGTHS: • Popular private trend events hosted by them • Offer physical and e-Books as well as digital reports • Offer workshops to strengthen their client’s business i.e. aesthetic, ideation and implementation • Work closely with young creatives i.e. with internships – influx of fresh ideas and opinions • Regularly updated blog • Reputable brands on client list but also work with less established • 18 years of experience but founded 8 years ago • Tailor the trends to client’s brands – personal approach • Integrated company – all work collaboratively • Minimal & clean cut website – strong brand identity • Good social media presence – authentic & genuine company WEAKNESSES: • Blog was hacked – potential security issues?
All data collected from company website
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SOCIAL MEDIA ANALYSIS AGENCY
WGSN
LS:N GLOBAL/ THE FUTURE LABORATORY
TREND BIBLE
171,289 likes Posts at least once a day Sharing links to their blog posts
9,230 likes Posts once every few hours Promoting trend events and new exhibitions & new innovations Occasional videos, mostly images and links to articles
1,307 likes Posts once every few days Sharing links to their blog posts and trend reports
Occasional videos, mostly images
89.8K followers Posts hourly
18.3K followers Posts every couple of hours Sharing links to Promoting their their blog posts & trend events, facts, promoting their events innovations & links to their blog posts Imagery & videos Mostly written embedded from their tweets but imagery blog posts when embedded to blog post links
8.3K followers Posts every few hours Sharing links to their blog posts and trend reports
169K followers Posts 5-6 times a week Inspiring imagery from their trends
8,270 followers Posts up to 4 times daily Inspiring imagery to communicate their trend research Mostly images but occasionally short video clips too
2,782 followers Posts 3-4 times a week Inspiring imagery of things, they have seen & done Mostly images & occasional videos to communicate their future insights
N/A
4,018 followers Boards split into categories by trend and seasons i.e. SS17 Home Activate, SS17 Home Riviera
Mostly images but some video montages of street style PINTEREST
Links to their blog posts & imagery that is embedded in them
19,840 followers Boards split into categories i.e. footwear, denim, art, travel, youth & packaging
Imagery when embedded in blog post links and text to describe link contents
SWOT ANAYLSIS STRENGTHS: WEAKNESSES: • Demographic specific agency • Competitors are operating on a larger scale and already established • Educates clients on their target • Hired office space once a week – audience to increase their sales by potential for communication issues focusing on key drivers within team • One of few agencies based in the UK • Competitive pricing • Variety of subscription options including a free blog aimed to convert readers to clients • Reputable cliental • Small integrated team • Collaboration with young creatives OPPORTUNITIES: THREATS: • Company expansion & freelance • Losing out to other competitors opportunities globally who are already established • Increase subscription charges once • Cultural differences in key drivers built a strong presence for demographics – may not be universal • Expansion into other sectors of the industry • To produce seasonal breakdown publications • Further build up variety of clients on books • Permanent office space
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SWOT ANALYSIS & SOCIAL MEDIA ANAYLSIS BREAK DOWN: As a result of the social media analysis it has shown that it will be beneficial to operate across all social media channels (Facebook, Instagram, Twitter and Pinterest). Facebook and Instagram seem to be the main platforms for generating a large following therefore we will focus mostly on these during promotion but will not neglect Twitter and Pinterest either. SWOT analysis has shown that in the future Trend Visionary can expand along with its cliental. This will mean hiring full time staff and will be more time efficient so that we can focus more on providing a personal approach to clients. Our weaknesses are losing out to competitors that are operating on a larger scale e.g. WGSN. They are already an extremely well established company and have their set cliental. However, Trend Visionary provides a personal and more hands on approach than WGSN. Despite us having a small team of staff, we will cherish our relationships with our clients and want ensure they know this by working very closely with them. Hired office space will not cause communication problems until expansion of the agency and by 2018 we hope to have generated enough profit in order to look into permanent office space to eliminate this problem completely. A possible threat established is cultural differences between key drivers in the annual break down publication. However, the issues in this particular issue happen to focus very heavily on global unity and therefore should be able to be applied on an international scale. As we expand we hope to have researchers around the globe reporting and updating the blog so that all cultures feel understood.
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PESTEL: POLITICAL Trend Visionary will cover a variety of political issues in the website, blog and printed publication as it is a key driver for the trends. The most current political issues surrounding the background of Trend Visionary’s launch and our subsequent research are: • • •
Brexit Presidential election of Donald Trump Feminism & Women’s marches
Brexit: A referendum took place which is where everyone of legal voting age can take part. It was held on the 23rd June 2016 to decide whether the UK should leave the European Union. The outcome was: Leave 52 % and Remain 48% . Due to how close the vote was it has caused an uproar and many are unhappy with the decision. This has resulted in anti-Brexit campaigns and the resignation of the UK’s Prime minister, David Cameron. This has caused some of the public to lose trust in the system as how can they trust the referendum if the leader of their country does not? Additionally, it is possible that the referendum has added to an intergenerational divide as it has come to light that the majority of millennials voted remain but it was older generations who wanted to leave. Data figures sourced from the BBC
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Presidential Election of Donald Trump: Trump defied all odds by winning the election as he has been accused of being narrow minded and having backwards policies. He also has not come from a political background and has been seen to be racist, sexist and vulgar in conversation. This has contributed to the rise of awareness of feminism, the Women’s Marches and equal rights. We believe that these unexpected political outcomes are effecting consumer behaviour and their trust in the world as a whole. Trust issues mean that it is of upmost importance that retailers stick to their brand ethos and DNA and continue to build and nourish relationships with their consumers. Evidence suggests that consumers sharing an experience with retailers results in brand loyalty and therefore this is an area we will encourage our clients to delve into the experience economy and digital storytelling. This is further supported by primary research which found that 89% of millennial consumers would feel more connected and trusting of a brand if they shared an experience with them. Additionally, it is likely that as a result of these unexpected changes, the public are going to come together and form unity. This has already started to be demonstrated by the sheer number of those that attended the Women’s Marches in the US this year (2017). 4.2 million people across 600 US cities came together to stand for their rights and equality, which may have made it the largest demonstration in US history. Anti-Trump protests have also taken place globally showing that the union is not country or culture specific and that potential borders caused by Brexit have not effected the public and their views. The heavy use of social media and the advances in Virtual Reality (VR) are showing promise that global communication and understanding will soar. This could result in communities forming and people coming together to create an ideal world where their voices are heard. VR is beginning to allow an escape. In the past this escape may have been explored by digital games, users can now fully immerse themselves in these outlets with projections and headsets. Retailers could use this tool to regain trust from consumers by allowing them to experience the brand via new realms and digital dimensions and become a part of their community. Data figures sourced from The Telegraph & Vox
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PESTEL: ECONOMIC Economic factors will play a part in both the success of the company and when distinguishing trends and demographic analysis. Political issues have had a knock on effect on consumer confidence. There was a brief dip after the Brexit vote however it has now settled at a level marginally lower than before. However, retail sales growth has increased since which shows promising opportunity for retailers to engage with consumers and to continue this. There is also the worry of inflation and rising overheads which will effect sales and potentially outsourcing. Economic factors will be differing for each demographic that Trend Visionary deals with but due to Millennials being the largest demographic with rising spending power the annual breakdown publication will be focused around them. Primary research showed that 69% of millennials report feeling guilty when they buy something that they don’t need. However, they are the demographic most likely to make impulse purchases. This means that it is of the upmost importance that Millennial consumers trust the retailer/brand that they are purchasing from and that marketing tools convince them that they need the product in order to reduce guilt. Millennials have also experienced the recession first hand and this has contributed to their frugalness and tech-savvy ways of saving money. They often research products online before purchase; looking at reviews and comparison websites to ensure that they are getting the best deals. Therefore, Marketing to Millennials should also involve a tangible/financial incentive to encourage their participation. Our clients for example could create selfie or Twitter campaigns as part of a completion or special offer to encourage this participation. This could also be transferred into environmental and sustainability of our client’s consumers to increase their awareness of these issues Economic factors may effect Trend Visionary directly when working with clients for example, the rising inflation rates as a result of Brexit and outsourcing. Therefore, it is important that we have a convincing and trust worthy approach which is backed up with substantial evidence. Our subscription costs should also be reasonable and more affordable as a result of the economic climate. This will also give us a competitive advantage against competitors. These factors will continue to affect trends and the consumer buying habits we report and research upon.
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PESTEL: SOCIAL
A social issue that is unique to the Millennial generation is the ability to make meaningful connections when it is too easy to make fake ones. This relates to online dating and ‘catfishing’. With a wealth of data at their fingertips from social media, it is means Millennials feel as though they know the person behind the accounts a lot quicker than they would face to face. As the awareness of ‘catfishing’ grows it is making it harder to really trust in these online connections that are being made. As a result of this distrust Millennials are left feeling lonely and dissatisfied. People are travelling more than ever which is making them more culturally aware. Migration rates to the UK have risen & the refugee crisis has brought culture from all over the world together and we are forming unity. This is likely to inform trends and impact peoples lifestyles.
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PESTEL: TECHNOLOGICAL
As Trend Visionary predominantly operates online we must have strict privacy policies to ensure that our clients privacy is not compromised. We must also ensure that the website is easily accessible on different platforms. With advances in VR and augmented reality this is something we will be reporting on a lot throughout our trends as it is beginning to shape the future. Omnichannel retail has become an expectation of Millennial consumers and this is something we will push our consumers to utilise as it gives them the leverage to provide the personalised experience they desire.
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PESTEL: ENVIRONMENTAL
The annual breakdown publication is intended to be kept and referred back to, it is also offered as an e-book to clients. Trend Visionary mainly operates online reducing wastage. It is important that Trend Visionary respect the environment in trends and promote how retailers can tackle these issues and encourage their consumers to for example, genetically modified foods and conservation movements. It is likely in the future that innovations will be developed to help tackle global warming and reduce wastage that Trend Visionary can report on.
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PESTEL: LEGAL
When dealing with younger demographics especially under the age of 18 it is important that precautions are taken and all research is ethically approved and signed off by their guardians. All research must be credible and reference lists provided to ensure we are not providing false information to our clients. We must also remain aware of changing legislation to avoid any legal conflict.
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KEY DRIVERS POLITICS Millennials views of the current affairs, protests and campaigns that they are setting up. This will be related back to how it effects their habits and attitude towards retail.
RELATIONSHIPS Relationship dynamics are changing- Millennials are constantly connected and have the ability to find out a lot of information at their fingertips. This is resulting in online relationships/ friendships, ‘Catfishing’, unrealistic expectations, ‘FOMO’ and consequently loneliness. They are also more aware of current affairs and those less fortunate e.g. Refugees – they want to make a difference because they can feel empathy towards them.
HIERARCHY OF NEEDS How Millennials are re-writing Maslow’s Hierarchy of Needs – they are reluctant to settle down in one place e.g. purchasing a house/car which is known as fluid living. Physical items are declining in importance to Millennials and instead they are looking towards experience.
ESCAPISM Millennials face huge social pressures, some from older generations but mainly from each other. They are becoming addicted to staying connected and consumed with other people’s lives and how they portray theirs. Fluid living, traveling and being more inquisitive of the world.
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WE:TOPIA
We:topia is based upon the Greek word utopia which is defined as an imagined place or state of things in which everything is perfect. As a result of political issues covered in the PESTEL analysis for example, Trump winning the election, the refugee crisis and Brexit it has renewed a sense of unity amongst the world. Protests around the world are creating a community where despite cultural differences the public are standing together for each other’s rights and for equality in the hope to create a united utopia. We:topia.
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DIGITAL WANDERLUST This trend follows on from We:topia, and looks to how advances in technology such as VR and augmented reality can allow us to escape from the present and travel to new realms. It will delve into how this can revolutionise retail and allow brands and shopping to be experienced in a completely new and innovative way resulting in longer-term customer loyalty. “Traditional advertising has largely failed to capture imaginations of younger audiences, and advertisers need to step up creativity to sustain their appeal to Millennials.”– Ina Mitskavets, Senior Lifestyles and Consumer Analyst, Mintel. This trend will inspire and educate our clients on how to do so.
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ENHANCED EXPLORIUM
This trend will explore how due to the current tragedies that are happening in the world e.g. in Syria and terrorism, Millennials will start to look at everything in a different perspective. They already feel compassion and are empathetic towards those that are directly affected and this will evolve into appreciation in everything they have. Instead of overindulging and being dissatisfied they will see the beauty in the simple things. Ownership of physical items will no longer be as desirable as they will look to experiences for satisfaction. Therefore, retailers will have to really convince Millennials through experiences to purchase. This trend will look to reduce overconsumption and frivolous wastage.
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THE ANNUAL BREAKDOWN PUBLICATION BASED AROUND THE MILLENNIAL DEMOGRAPHIC SPLIT INTO 2 SECTIONS: KEY DRIVERS & TRENDS KEY DRIVERS WILL EDUCATE OUR CLIENTS ON THE MILLENNIAL CONSUMER TRENDS WILL INSPIRE OUR CLIENTS TRENDS: WE:TOPIA, EXPLORIUM
DIGITAL
WANDERLUST,
ENHANCED
A VISUALLY CAPTIVATING PUBLICATION AROUND 150 A4 PAGES LONG PUR BOUND MATT PAPER 140 GSM PRICE: £250 or included in the Platinum membership and will be sold via our website
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THE ONLINE AGENCY
FREE BLOG FOR THE GENERAL PUBLIC - WHICH FORMS THE HOMEPAGE BLOG WILL BE UPDATED 5 TIMES A WEEK A LOGIN FEATURE FOR CLIENTS WHICH WILL UNLOCK CONTENT MEMBERS WILL HAVE ACCESS TO MACRO & MICRO TRENDS FOR THEIR CHOSEN DEMOGRAPHIC MACRO TRENDS WILL BE UPDATED MONTHLY MICRO TRENDS WILL BE UPDATED REGULARLY AND BOTH WILL BE VISUALLY ILLUSTRATED
PRICING: Basic Membership: FREE Insider: £6,000 Platinum: £9,000 EXTRA DEMOGRAPHIC: £2,000 PUBLICATION: £250 Basic: access to blog Insider: access to blog and Macro and Micro trends for 1 chosen demographic & 2x one on one consultancy sessions Platinum: access to blog, Macro and Micro trends for 2 demographics, VIP invites & tickets to Trend Visionary’s trend panels, physical and e-Book of the annual breakdown analysis publication for 1 demographic and 5x one on one consultancy sessions. Maximum of 3 users for paid memberships EXTRA USERS: £1,000
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LOGIN
FASHION
LIFESTYLE/INTERIOR
BEAUTY
DEMOGRAPHIC
GENERATION X MILLENNIAL
INTERIOR
LIFESTYLE
The members section will be divided into sectors: Fashion, Interior & Lifestyle and Beauty. It is then divided by demographic and then Macro and Micro Trends for the chosen demographic. Insider members have access to the Macro and Micro trends for 1 demographic Platinum members have access to Macro and Micro trends for 2 demographics The login feature allows the correct sections of the website to be unlocked and made accessible for the client.
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BUDGET BASED ON A YEAR:
Technicalities: Domain & Squarespace subscription: £60.73 per annum Adobe Creative Cloud: £708 per annum TOTAL: - £768.73 Publication: Cover price: £105 X 15 = - £1,575 Price charge: £250 X 12 = £3,000 PROFIT: + £1,425 London Design Festival: £350 budget for installation and materials £3,000 for enhanced partner listing & installation space TOTAL: - £3,350 Office space: £50 per hour x 2= £100 Full day = £324 TOTAL: - £624 per month X 12 = - £7,488 Research: Freelance: flat rate of £400 a month x 12 = £4,800 Other trend panels and talks £250 a month x 12 = £3,000 TOTAL: - £7,800 INCOME: Insider members: 6 x £6,000 Platinum members: 4 x £9,000 Additional demographics: 1 x £2,000 PROFIT: + £74,000 TOTAL EXPENDITURE: £38,813.46 TOTAL INCOME: £77,000 TOTAL PROFIT: £38,186.54
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PROJECT MANAGEMENT We must ensure that the art installation fits to the health and safety requirements of The London Design Festival and these will be made aware to us closer to the event. By obliging to their policies we will be covered under their insurance policy and this will be included in their risk assessment. Generic Risk Assessment for the installation: Hazards
Exposed
Control Measures
Risk
Slips and trips over All wires or any hanging parts of the installation
Ensure all wires are Low taped down and all parts of installation are secure
Manual handling Setting up installation
Staff
All given training in safe handling of equipment
Low
Fire
All
Ensure any flammable materials will not be exposed to flames during transportation
Low
MARKET RISKS: Inflation is expected to increase further due to the fall in the value of the pound fueled by uncertainty over Brexit. Inflation may negatively affect our client’s consumers buying power, resulting in them being more frugal with their money. This will therefore work in Trend Visionary’s favor as retailers will be looking for new ways to encourage them to purchase their products and this is where our expertise will relish. Primary research supports our vision as one of the leading high-street stores, Topshop have said that our services are something that they would be interested in using. Secondary research such as competitor analysis has ensured that we are offering our services at a competitive rate and that our unique selling point of demographic specific research sets us apart from other agencies. Additionally, the forecasting market in the UK is not oversaturated which has opened up a gap in the market for our expertise.
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PROMOTION LONDON DESIGN FESTIVAL: Trend Visionary are working alongside a group of young creatives from London College of Art to produce an art installation which will visually demonstrate the 5 key drivers for the Millennials and will be showcased at The London Design festival in September. Some are working on the installation and others will be producing a short teaser film for the key drivers which will in turn promote Trend Visionary as an agency and they will be commissioned for their participation. We are also Enhanced Partner’s at the festival which will provide promotion throughout the year. We will be active on social media accounts, constantly sharing our blog posts and events that we are attending. We will also use hashtags to raise the reach of our posts and we hope to have built up a community of likeminded followers online by the end of the year. We will have a free webinar once every 3 months which will cover new key drivers and current affairs. This will encourage those with a basic membership to put their trust in our services and upgrade to a paid subscription, by showing them more of the content that we have to offer. We invite representatives from potential clients that we would like to have on our books to our trend panels as a way of showing them our expertise and services face to face. This will show how we would value their custom and have selected them as a perfect match for our agency.
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TREND VISIONARY trendvisionary
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BUILDING FORECASTS
HOW WILL TREND VISIONARY WILL BUILD FORECASTS: • Look at past and current reports, trends, academic reports and forecasts from databases such as Mintel • Research existing publications such as Wired, Frame and their online features • Study & monitor social media influencers and their reach • Utilise tools to monitor shopping behaviour of specific demographic online and offline • Attend trade events, exhibitions, talks, trend panels as often as possible • Work closely with young creatives on a variety of projects and to increase continuous flow of fresh ideas and different perspectives • Freelance researchers across globe to compile own observations & report back • Call in experts in the field of interest to share insight, assist brain storming • Trend Panels with other industry professionals • Compile observations in order to then carry out extensive primary research e.g. focus groups, questionnaires, test marketing, interviews
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TIMELINE:
MARCH 2017: Identify 5 key drivers for Millennials and 3 trends evolving from them Creative strategy document/proposal Source freelance researchers to help with research
MAY 2017: Official launch of website & company Application for London Design Festival Advertise & source London College of Art students to work on the installation and film Regularly update blog and social media channels Begin sourcing visuals for trends Competition for LDF installation begins
APRIL 2017: In-depth research into the key drivers for 2019 Millennials & how they inform the 3 trends Set up website & subscription policies Create social media handles: Facebook, Twitter, Instagram, Pinterest
JUNE 2017: Macro & Micro trends written up on website Write up key drivers research and put into layout
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JULY 2017: Write up trends and create inspiring imagery Begin meeting with potential clients
SEPTEMBER 2017: Collect annual breakdown publication from the printers Preparation for installation Heavily promote installation and participation at The London Design Festival on social media 16th September the annual breakdown publication goes live on the website for purchase 16th - 18th September the installation will take place & document day on social media Blog post about the event with imagery
AUGUST 2017: Launch teaser film created by the Young Creatives for the 5 key trend drivers and to promote our installation at The London Design Festival Complete annual breakdown publication and send to printers
NOVEMBER 2017: Meet with current clients and evaluate success so far and get feedback from them Take on advice offered by clients and make appropriate changes
OCTOBER 2017: Open day to showcase what services Trend Visionary provides and a chance to communicate face to face with potential clients Begin hosting own trend panels Build up cliental Continue to regularly update website and blog
MARCH 2018: Begin generating research for the next annual breakdown publication
DECEMBER 2017 – FEBRUARY 2018: Continue operating agency Evaluate and measure success of first year
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MEASURING SUCCESS:
Success can be measured via: - The client list, their feedback and in their sales figures - We will invite attendees of the trend panel events & the installation to fill in a short questionnaire evaluating their response and thoughts of how we are running as an agency - We will set up a Google Alerts account so that we can track our mentions and followers across our social media channels - We will analyse our website traffic to determine whether the blog is successful and working effectively - We will also set up short term SMART goals which we can use as benchmarks to measure our success throughout and to enable us to make any changes to our original approach if necessary
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TEXT REFERENCES:
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