USA Marketing Strategy and Planning Report Oliwia Domorosla N0757781
Word count: 3264
Contents Where is The Cambridge Satchel Co. now? 12
Overview
22
Market health (UK)
14
Brand history
24
PESTLE analysis (UK)
16
Brand objectives in the UK
26
SWOT (UK)
18
Brand health
28
Competitors
4
Where should the brand go? 32
Brand objectives in the US
40
Ansoff Matrix
34
Market health (US)
42
Brand positioning
36
PESTLE analysis (US)
44
Customer segmentation
38
SWOT (US)
How to do it? 48
Entry strategy
50
Product
52
Place
5
54
Price
55
Promotion
Introduction
This report overviews a current situation of Cambridge Satchel Company and explores the business potential of entering international market. It also develops marketing and communication plan for launching in the US and determines both opportunities and challenges that brand faces by entering into the new market.
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7
Methodology
For the secondary research online and offline resources were used. Online: Databases such as Euromonitor were key to gain insight into markets and their future prospects. In addition, Cambridge Satchel Annual reports from the last few years allowed determine the current situation of the brand and its progress as well as main objectives of the brand. Offline: Books focused on international marketing and retail helped to gain better understanding of the purpose, the process and challenges of entering a new market as well as its benefits for companies.
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For the primary research 2 online surveys were created, as this method allowed to reach larger number of people. What is more, thanks to additional box for comments included among answers choices, respondents had an opportunity to express their opinion. The first survey was for the British consumers. The participation of nearly 80 respondents helped to determine main competitors of the brand in the UK and to discover consumer awareness and perception about The Cambridge Satchel Company. The other survey was for the consumers in the US. While the number of respondents was under 50, it gave an overall idea of what are the priorities when purchasing a leather bag and what their shopping preferences are. Secondly, it showed what are their expectations towards a new brand on the market and events. Lastly, the survey enabled to determine potential competitors in America.
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10
Where is The Cambridge Satchel Co. now?
12
Overview
16
Brand objectives in the UK
22
Market health (UK)
26
SWOT
14
Brand history
18
Brand health
24
PESTLE analysis (UK)
28
Competitors
11
Overview
The Cambridge Satchel Company is a UK based brand specialised in handmade leather goods. The offering includes bags and accessories in different styles and sizes (The Cambridge Satchel Co., 2018). Having collaborated with well-known designers and being worn by several fashion bloggers and celebrities across the globe, the brand is now recognisable worldwide. High quality, British heritage and ethical production are guiding principles of the company.
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13
Brand history Start of The Cambridge Satchel Company at the owner’s kitchen table.
Julie is selected to star in Chrome TV ad series ‘The Web Is What You Make Of It’
Comme Des Garcons collaboration.
2009
2008
2011
2010
2012 The Cambridge Satchel Company opens its own workshop.
Production expands from three bags a week to a hundred.
(Brand story obtained from Cambridge Satchel Company website - “Our story”, 2018) 14
The Cambridge Satchel Company opens a flagship store in London and a store in Scotland.
2013
The First Non-Leather Satchel.
2015
2014 Vivienne Westwood collaboration.
2017
2016 The brand launches a Men’s collection.
15
Collaboration between The Cambridge Satchel Company and Brompton Bicycle.
Brand objectives Market health in the UK
Firstly, as the brand aims to improve the performance of e-commerce sales, they plan to move to a new e-commerce platform which should enhance site navigation and conversion rating (The Cambridge Satchel Co. Annual Report, 2017). This can boost brand awareness not only in the UK but also in the US market which brand targets to successfully enter. Secondly, as the Annual Report of the brand reveals, Gross Profit increased by 39% due to the reduced level of on-line discount promotions. This strategy is planned to continue in the following year (2017).
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Brand health
Annual Report of Cambridge Satchel Company for 2017 shows an increase in turnover of the brand to over ÂŁ11,5 million from slightly over ÂŁ11 million in 2016, which demonstrates that the situation of the brand is improving. Simultaneously, this indicates growing usage of the brand. What is more, according to the report rest of the world sales also improved slightly year-over-year. This suggests that the brand has a potential to be successful on a global scale and enables it to consider entering a new market.
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2017
2016
2015
2014
TURNOVER (£000)
11,713
11,079
7,452
10,096
YOY %
6
48.7
-26.2
-21.5
COST OF SALES (£000)
5,456
6,871
4,454
4,654
% of Sales
46.6
62
59.8
46.1
GROSS PROFIT (£000)
6,257
4,208
2,998
5,442
YOY %
46.7
40.4
-44.9
-26.5
NET PROFIT (£000)
-805
-1,333
-5,353
1,382
(Data obtained from Cambridge Satchel Co. Annual Reports, 2014-2017) 19
Brand health
However, the Year-over-Year percentage increase from 2016 was 6%, which was less than the market performance. This might be caused by low brand awareness among consumers, as the data obtained from the questionnaire survey shows that more than 65% of the respondents have never heard about Cambridge Satchel Company (App. 3). Improving brand recognition is therefore crucial for the brand as it might result in the increased turnover in the future.
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Bags and Luggage sales - % YOY growth: 50
Cambrige Satchel Co.
40
Market
30 20 10
0 -10 -20 -30
2014
2015
2016
2017
(Data obtained from Cambridge Satchel Co. Annual Report, 2017 & Euromonitor, 2018) 21
Market health
As stated by Euromonitor, sales in 2017 stood at GBP3.3 billion based on nearly 10% current value growth. Due to currency devaluation, the average unit price for premium bags raised significantly. Nevertheless, there was a 12% and 11% increase of sales of premium handbags and backpacks respectively in retail value terms to become the fastest growing categories (Euromonitor, 2017).
Future prospects: • “Bags and luggage is expected to record a value CAGR of 3% at constant 2017 prices, which is lower than the review period value CAGR of 6% at constant 2017 prices.” (Euromonitor, 2017) • Discretionary spending of British consumers is likely to be affected due to economic instability resulting from Brexit. However, they are expected to adapt to the situation and in the long term they might select more expensive brands with premium and medium handbags in their offering. This might consequently strenghten the position of Cambridge Satchel Company on the UK market.
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Bags and Luggage market value in the UK (USD million): 5000 4000 3000 2000 1000 0
2014
2015
2016
2017
2018
(Data obtained from Euromonitor, 2018) 23
2019
2020
2021
2022
PESTLE analysis - UK Factors
Political
Economic
•
• •
How do they influence the brand?
•
Brexit means political uncertainty for the UK, which can have an impact on trade in the future, as this will require new agreements in terms of international import and export of goods. It also leaves Britain vulnerable in the current global trade situation, including risk of a trade war between US and China (The Week, 2018). This can influence British brands, including Cambridge Satchel Co., aiming to expand internationally.
•
Brexit also influences economy in the UK, which makes British consumers financially unconfident. However, progress in negotiations has helped to ease consumers worries. Effectively, GDP is forecast to grow by nearly 2% which could be caused by increase of consumers confidence (National Institute Economic Review, 2018). This might translate into increased sales of the company in UK. The risk of a trade war between US and China might directly influence the UK market, as both those countries are important trading partners (Colson, 2018). This can result in higher tariffs put on goods imported to the US, which is a market that Cambridge Satchel Co. intends to enter. This consequently forces the brand to increase prices of products sold in the US. Otherwise, the income will be lower.
Brexit
Brexit The risk of a trade war
•
24
Factors
How do they influence the brand? •
Social
• •
leisure travel boost ethical living
•
•
Technological
•
e-commerce
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Despite the Brexit vote and financial uncertainty, travelling is still important among the UK consumers. Euromonitor (2018) reveals that there has been a significant growth in travel over the 2012-2017 period, as the number of the leisure trips abroad increased by 22% to 85.4 million. Cambridge Satchel Co. should therefore consider expansion and including luggage in their offering. British consumers are increasingly concerned about living in an ethical way. Results of the Ethical Consumer study show that in 2016, UK households spent GBP1,263 on ethical goods (cited in Euromonitor, 2018). Thus ethical manufacturing is a strength of Cambridge Satchel Company.
According to Euromonitor (2018), British consumers are among the keenest online shoppers in the world. The report shows that internet shopping was at GBP2,089 per household spend in 2017. In addition, the same report reveals that more than half of all online purchases were carried out using a mobile phone. Therefore, Cambridge Satchel Company needs to make sure that their e-commerce platforms are up-to-date and as convenient as possible.
SWOT Strengths • • • •
high quality relatively low prices transparency and ethical production in the UK item customisation
Weaknesses
• •
Opportunities • • •
financial stability of the brand social media retailing tools development in-store technology
low brand awareness low social media recognition
Threats • • •
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counterfeit traditional craftsmanship and skills are vanishing increasing amount of people opting for vegan equivalents of leather
Ethical manufacturing of the products in the UK is one of the biggest strengths of the brand, as YouGov data showed a 28% increase in consumers buying goods in 2016 with the reason of ethical reputation of a company (cited in Euromonitor, 2018). Moreover, item customisation might be increasingly advantageous for Cambridge Satchel Company, as according to Euromonitor (2018), in the next years brands are expected to appeal to consumers with individual and customised solutions. Nevertheless, brand awareness is low. Over 65% of the survey participants claimed they had never heard of Cambridge Satchel Company (App. 3), while others aren’t fully aware of offers, such as student discounts or different styles in the offering. What is more, Julie Deane, the CEO of the brand, pointed out, that one of the biggest issues the brand struggles with is a mass counterfeit. It is due to the classic, simple, logo-free design of bags, which causes major customer confusion, particularly about the product quality (The Fashion Law, 2012). As the survey results reveal, a third of the UK respondents prefer shopping online and over 45% choose to purchase online alternately with in-store (App. 9). This shows that digital space, where the majority of knockoff sales takes place, plays an important role in purchase habits of customers. Therefore, brand needs to find ways to raise awareness of consumers about the brand and where the original products can be purchased. Since more than 80% of those surveys state they use social media to explore a brand and their offering (App. 8), Cambridge Satchel Co. could improve its online channels and incorporate retailing tools of digital platforms. This way products would be purchased directly from the brand, ensuring customers about the originality of the purchase.
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Competitors High price
Classic
Fashionable
Low price 28
The data from the survey shows that over a third of the UK consumers chooses high street brands for leather bag purchase (App. 4), most likely as they are not feeling financially confident due to Brexit. Nevertheless, as the CEO of the brand points out, Cambridge Satchel Company keep their prices low to make it possible for “normal, hardworking people� to afford an original, high quality bag (Forbes, 2016). What is more, the range includes more fashionable styles, which enables the brand to tap into different customer preferences.
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30
Where should the brand go?
32
Brand objectives in the US
36
PESTLE analysis (US)
40
Ansoff Matrix
34
Market health (US)
38
SWOT
42
Brand positioning
31
44
Customer segmentation
Brand objectives in the US
32
Incorporation of a new e-commerce platform into the strategy planned by the brand can work favourably when entering the market in the US. Effective e-commerce seems essential in America as, according to Euromonitor (2017), US consumer spending on Internet Retailing in 2017 equates to over $300 billion and is forecasted to grow to over $650 billion by 2022. Additionally, by entering the new market, the company should increase its profitability. Consequently, the higher revenue derived from international sales might enable the company to start new product research and development and “give it a competitive edge� in the long term (Bennett & Blythe, 2002).
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Market health (US) According to Euromonitor, sales value of bags and luggage grew by 5% in 2017 and reached USD 33 billion (2017). While handbags remained the most extensive category, backpacks were the one of the fastest growing categories, posting 12% growth in in current value terms in that year. Moreover, as men have showed more interest in bags (including handbags and backpacks) suitable for different activities and occasions, from work to social gatherings and running errands. In addition, luggage registered significant increase as consumers are more eager to travel (2017).
Future prospects: • As revealed by Euromonitor (2017), backpacks and duffel bags are expected to record the fastest growth between 2017 and 2022, albeit slower than registered over the review period. The performance of this category will be mostly driven by the bag-carrying trend, as they are a crucial element in creating a personal look (Euromonitor, 2017). • Since the digital and physical worlds have started to merge, it is essential to “provide a seamless shopping experience across multiple channels” by integrating both digital and physical features into the shopping experience such as use of in-store technology (Euromonitor, 2017) or kiosks for item customisation. These strategies should be used by the brand to enhance the experience which might result in more successful launch in the US market.
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Bags and Luggage market value in the US (USD million): 50 40 30 20 10 0
2014 2015 2016 2017 2018 2019 2020 2021 2022
(Data obtained from Euromonitor, 2018) 35
PESTLE analysis - US Factors
Political
Economic
•
• •
How do they influence the brand?
•
Cancellation of the Trans-Pacific Trade means no protections offered by the deal to American firms. In the long term, as O’Grady (2017) explained, this might result in the loss of business oportunities, fewer jobs and and lower profits in the US. This might lead to American consumers losing their spending power, therefore the turnover of brands in the US would lower.
•
As the economy in the US has been improving, consequently consumer spending has been growing. As Euromonitor (2018) demonstrates, consumer expenditure per household raised by nearly 7% since 2014 and 2017 and reached US$104,100. This might result in a higher turnover in that market. A trade war between the US and China might have pose a threat for the American economy, as its growth might slow down. This might influence consumer income, therefore their spending power. Consequently, Americans might decide to select cheaper brands and this would lead to decrease in sales of Cambridge Satchel Company.
Trans-Pacific Trade cancellation
economy improvement trade war
•
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Factors
How do they influence the brand? •
Social
•
Mid-Lifers as the biggest spenders
•
increase in travel popularity
•
•
Technological
• •
social media e-commerce and in-store technology
•
According to Euromonitor (2018), the demographic with the highest disposable income sits within 45-64 years old. While Cambridge Satchel Company doesn’t have a specific target customer, it might be worth considering this demographic when entering the US market. Euromonitor (2018) reported that the interest in travel among US consumers grows as in 2017 the category increased by 5% in current value terms. Consequently, in the same year, luggage registered strong growth. This is an opportunity for Cambridge Satchel Co. to develop new products such as travel bags. As the number of digital consumers in the US is increasing, using social media as a marketing tool has become key to engage and interact with American consumers (Euromonitor, 2017). Involving influencers has been highly popular and is an effective way to reach out to the followers of influencers due to high trust of consumers in the US towards them, which is an opportunity for the brand regarding promotion in the new market. With consumers being dependent on their mobile devices to purchase, Internet Retailing will continue to grow. Simultaneously, as Euromonitor points out, incorporating physical and digital elements into the shopping experience is crucial, as the line between online and offline is blurring in terms of fashion shopping (2017). Including those features can improve customer experience and their perception of a brand, which is essential for Cambridge Satchel Co.when entering the new market.
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SWOT (US) Strengths • • • •
Weaknesses
high quality relatively low prices transparency and ethical production in the UK item customisation
• •
Opportunities • • • •
no brand awareness in the new market low social media recognition
Threats
size of the US market and spending power of American consumers growing interest of men in bags influence of bloggers development of in-store technology
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•
competitors in the US market
•
political uncertainty
Cambridge Satchel Co. products are high quality yet affordable, which makes the purchase possible for those seeking high quality but who are unable to purchase luxury brands. What is more, as men are increasingly interested in bags (Euromonitor, 2018), this can have a positive influence on sales of the men’s collection. On the other hand, one of the biggest challenges Cambridge Satchel Co. would face in the US is raising and spreading brand awareness as the brand is new on the market. However, this can be achieved using social media and collaborations with influencers, as digital space has a big impact on consumers across the US market. In addition, both Brexit and the US trade deals cancellations can result in tariffs on products imported to America. This might force the brand to raise the prices of Cambridge Satchel Co. items in that market.
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Existing markets
Ansoff Matrix
•
Existing products
New products
Market penetration
Product development
new e-commerce platform
•
university focused collection
•
luggage
New markets
Market development
•
Diversification
expanding influences in the US
•
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a bike
For the current market, as the Annual Report (2017) of The Cambridge Satchel Co. reveals, they consider a new e-commerce platform to enhance the performance of e-commerce sales. As mentioned before, effective Internet Retailing is crucial, particularly in the US market where 60% of online consumers use mobile technology for shopping (Euromonitor, 2018). Regarding product development when entering the American market, the brand could launch a university collection This would allow to reach Millennials, as that is one of the most extensive age groups in the US. Secondly, the brand should include the luggage as an extension to the current offering. Euromonitor (2018) noted that there has been growth in sales of travel bags as consumers are increasingly interested in travelling. In terms of diversification, the brand could consider launching a bike. While this idea is linked to the logo and previous collaboration in the UK, launching a bike also has a potential in the US due to growing popularity of cycling in this market. As Euromonitor (2018) reports, in 2017 there has been increasing popularity of outdor activities, with over a quarter of American consumers rides bicycle at least weekly (Euromonitor, 2018).
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Consumer Brand positioning segmentation High price
Classic
Fashionable
Low price 42
Nearly half of of those surveys said they want their bag to be fashionable (App. 14). Since the range of styles the brand offers is wide, including not also classic satchels but also more stylish handbags, Cambridge Satchel Co. might be suitable for more consumers with different preferences. The products might be particularly appealing to men whose interest in more casual bags (yet suitable for different circumstances such as work) has been raising (Euromonitor, 2018). In addition, according to Euromonitor (2018), Michael Kors remains the leading player in the bags and luggage category, holding over 10% share of total value sales. Simultaneously, the data obtained from the US survey shows that Michael Kors is the brand of choice of nearly a quarter of respondents (App. 13). This makes Michael Kors the main competitor of Cambridge Satchel Company in the US. Nevertheless, prices of Cambridge Satchel Company are low, particularly comparing to luxury brands offering similar quality. This means that consumers would be able to afford items without the need of choosing a copy, especially if celebrities are involved in the marketing strategy.
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Consumer segmentation Demographic variables: • • • • •
Age: 45 Gender: Female Occupation: Senior Project Manager (advertising) Life stage: Family Income: $80,000 p/a
Geographic variables: • Region: San Francisco • Urban/Suburban/Rural: Suburban • Housing type: House
Psychographic and behavioural variables: • Family-oriented, active, concerned about environment and ethical production. • Values the quality over the price, likes uniqueness of items • Selects authentic, high quality products and classic versatile design; shops alternately online and in-store; discovers brands through social media. • Interested in healthy lifestyle and food, enjoys travelling with her family. 44
Usage and benefit variables: • Benefits sought from products: Long lasting, high quality, suitable for different occasions • Volume of purchases: Quarterly • Loyal to brands offering high quality products as well as unique services and positive shopping experience.
As Cambridge Satchel Co. aims to be suitable for everybody, the brand has no target consumer in the UK. In the US however, Mid-Lifers age segment should be targeted. This demographic has been chosen due to the highest income of all age segments which results in the biggest spending power (Euromonitor, 2018). This might mean selecting more premium brands, which can have positive impact on The Cambridge Satchel Company sales among these customers. 45
46
How to do it?
48
Entry strategy
52
Place
50
Product
54
Price
47
55
Promotion
USA entry strategy
As stated by Euromonitor (2018), American consumers hold one of the highest levels of disposable income and spending power across developed economies. In addition, the size of the market in the US rates over $33 billion (Euromonitor, 2018). These make USA an ideal destination for the global expansion of The Cambridge Satchel Company with a chance for profits if the brand successfully taps into consumer preferences. To achieve that, a relevant marketing strategy needs to be executed.
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49
Product: In terms of the core offering of Cambridge Satchel Company, the brand should bring products which are bestselling in the UK. Nonetheless, thanks to in-store technology i.e. screens, customers will be able to see the full offering of the brand as well as order items online which aren’t available in the US at that time. By engaging customers, Cambridge Satchel Co. can estimate the success of the current offering in the new market as well as discover which other styles should be incorporated to the indefinite product range in the US. In addition, new products will be released: 1. Bike (fig. 1) The idea of launching a bike is linked to logo of Cambridge Satchel Company. A bike also relates to the collaboration in the UK with a bicycle company when the brand designed bicycle-friendly bags. The product would be created in collaboration with Felt Bicycles, a well-known bicycle company in the US, using Cambridge Satchel Co. colour palette as well as leather supplied by the brand. Collaborating with an American brand that consumers know and trust might increase the chances of the purchase.
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fig. 1
2. Harvard collection The ‘Harvard collection’, an equivalent of University of Cambridge collection launched in the UK, would be dedicated for students of this university. An emphasis on burgundy items should put as this colour relates to logo of Harvard, which would also be applied on the products (fig. 2, 3, 4).
fig. 2
3. Luggage Development of a luggage, both suitcases and duffel bags, would be an option of a small risk as it is relevant to the current offering of the brand. The luggage would be made of leather in a classic style, characteristic for Cambridge Satchel Company. The design would make the luggage suitable for different types of travel, from personal to business trips.
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fig. 3
fig. 4
Place: Two pop-up stores will be open for up to a year in two different locations. These will provide American consumers with a physical experience they can get engaged in. 1. San Francisco According to Statista (2018), San Francisco is one of the most popular cycling commuting destinations, which makes the city relevant to launch a bike. Moreover, as stated by Euromonitor (2018), California will remain the largest consumer market in the US through to 2030 in terms of total consumer expenditure. This might have positive impact on sales in this region. The pop-up store would be situated in the Union Square, as it is the most popular shopping area, with both luxury and high street brands. This location might effectively attract more shoppers. 2. Harvard campus As Cambridge Satchel Company aims to reach American students by creating an equivalent collection of University of Cambridge, a pop-up store on campus enables the brand to approach customers directly.
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In terms of design, these stores would look alike to the British ones, with an emphasis on brick walls and bright coloured elements. A flower wall would also be included as an eye-catching and instagrammable object for customers. Moreover, a virtual area with iPads would be included, where customers can view the full product range of the brand as well as to discover how the bags are made through a virtual tour around the brand’s factory. A wall of fabric swatches would be included to present the actual colours available for satchels, which might be an additional help for those customising their purchase. In addition, in San Francisco store, bikes would be displayed on the walls and at the window, to promote the new product.
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Price: The ‘Felt x Cambridge Satchel Co.’ bicycle would cost $900-$1000. While the the original Felt bicycle is worth over $700, the price of the model created with Cambridge Satchel Company would raise slightly as the product is a limited edition and more importantly, due to costs of supplying leather to the bikes company. For the Harvard collection, the prices of bags and backpacks would vary between $200 and $300, while luggage tags and notebooks would be worth $30-$50. This price bracket would be comparable to this used in the UK.
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Promotion: The reason why pop-up stores were chosen as a physical environment is due to the aspects of experience such as the novelty and excitement around a temporary spaces the event triggers (McIntyre et al., 2016). Since over 50% of the survey respondents said that social media activity of a new brand on the market would encourage them to shop there (App.15). Therefore, social media promotion of the event should be started one to two months before the launch in order to create curiosity and build a buzz. Secondly, involving local bloggers and influencers in a launch event would encourage consumers to visit the store. What is more, bloggers have a massive impact on the style and purchase decisions of Americans. As Y Pulse research (2018) revealed, 60% of consumers in the US take fashion advice from influencers. Effectively, supplying bloggers with Cambridge Satchel Co. items might result in the increase in sales. Furthermore, display elements such as flower wall, items hanging around the store or coffee served in recyclable cups with a logo of the brand make the experience more instagrammable. As stated by Euromonitor (2018), millennial audience tends to share their various experiences (including shopping experience) via social media, therefore these elements are important in order to make the information about the pop-up spread. Lastly, coffee making workshops would be organised in Harvard store, making advantage of the American coffee culture. The data obtained from the US survey shows that over 50% of respondents want the experience to enhance their knowledge and skills and 30% expect social interaction (App. 19). Positive experience might lead to word of mouth recommendations among customers.
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Conclusions
As the report shows, Cambridge Satchel Company is a brand with a strong identity and stable position on the British market. The brand health analysis indicates that Cambridge Satchel Co. has sufficient financial resources and an overall potential to expand its global presence. Moreover, according to the collected data about the American market, this destination might have a positive impact on sales of Cambridge Satchel Company, due to its size and spending power of its consumers. Recognising the strengths and areas of improvement of the brand together with an in-depth analysis of the US market and American lifestyles enables Cambridge Satchel Co. to generate a relevant entry strategy to maximise its global potential and to successfully enter the new market.
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Created by Oliwia Domorosla, 2018. “Bags and luggage - YOY growth”
40 30 20 10
0 -10 -20 -30
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2015
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Created by Oliwia Domorosla, 2018. “Bags and luggage -market value in the UK”
4000 3000 2000 1000 0
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Appendix
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