TGT Wallet by Peyton Hobson

Peyton Hobson, Samara Heavrin and Nicole Coomer

Contents 3. A little about TGT 4. Objectives 5. Vision 6. Challenges 7. SMART objectives 8. PESTLE 9. SWOT analysis 10-11. Competitors 12. Budget 13. Plan Overview 14. Male/ female markets 15-16. Personas 17-18. Brand Audit 19-20. Creative Strategy

A little about TGT TGT is a small company based in Brooklyn, New York that produces and sells wallets that are considered to be apart of the leather accessories industry. Jack Sutter first came up with the idea on Kickstarter.com to gain support and funding. He believed that â&#x20AC;&#x153;nothing should be bigger or more complicated than it has to be, which is why I first designed the TGT in 208. It fits smartly anywhere, and does not add unnecessary bulk to your jeans or your bag.â&#x20AC;? Sutter got the idea from his friend by discussing how a rubber band holds together broccoli stems at the super market. A TGT wallet is just as simple as this concept. An elastic band is all you need

to keep your stuff together. For the fancy types, one can add leather with the elastic band to gain additional organizational support. A TGT wallet line includes ten different wallet styles and uses seven different elastic patterns. The leather is fine Italian. The process in which they are created has in the past been hand sewn. Sutter created the process in which he sowed them, designed the logo, and created its packaging. For mass orders though, we have partnered with a sewing house in New York City to help with the time crunch. We work closely with leather tanneries, die cut packaging providers, and label makers to complete the final product. Our brand identity is the face of our product: our TGT logo.

Objectives The main goal of our TGT wallet campaign is to create a feeling of reliability, sustainability, and security for the consumer. It is considered reliable and secure because of its conforming, elastic material, which keeps cash and cards in a central location. It is sustainable due to the fact that it will never let you down unlike most modern day wallets that get easy wear and tear. The second goal is

to incorporate the tight wallet into the target marketsâ&#x20AC;&#x2122; daily morning routine. It should be the last thing they grab before walking out of the door. The third goal is to ensure consumers that the TGT wallet is dependable. The name of the wallet itself should remind purchasers that the wallet keeps their belongings fixed or fastened firmly in place and also fitted very close to the body.

The message is simple. The TGT wallet keeps life simple.

Our Vision Although our goal is to create a feeling of reliability, sustainability, and security for consumers and potential buyers, we also have a mission and a vision. Our mission is to get people involved and jump aboard on this journey of change and start making a difference. Anyone can change the world, one step at a time. Why not start by changing your wallet? Itâ&#x20AC;&#x2122;s time to let go of all that extra weight in your back pocket by simplifying your wallet. Our vision at TGT is to keep life simple and keep it tight. In order to do these things and carry out our mission, we must focus on people, productivity,

and profit. We consider people on both ends of the spectrum to be vital in our process: the buyers and the sellers. Both people must be happy in order to make sure the transition is simple. Productivity must be effective and organized. Since the process of production will use partners to finish the final stages of production, we must make sure to keep organized. Last but not least, we must ensure profit to make sure we can keep production continuing. Which then leads us to our company values: accountability, dependability, and quality.

Challenges As any other company, there are always going to be problems that we will face when dealing in a popular category of the fashion industry. As mentioned before, one of the biggest problems that TGT will face is going against the norms of society with the shape and organization of the wallet. It is going to be tough to change the minds of certain people who like to stick with what they are used to. Another problem that TGT could face is the negativity about the size of the wallet. Since it is smaller and tighter, consumers could feel that it would be easier to lose.

Last but not least, the TGT wallet is restricted to cash and cards. Some people prefer to have a lot of memorabilia stored inside their wallets. While most people would consider this a positive, there are consumers out there that could consider this a negative attribute. To solve these problems we have created SMART objectives on page 5 to overcome these hurdles. Key Issues facing the Brand: • Spreading the word on this new wallet • Producing large quantities of wallets and making sure partners maintain the quality standard.

• The TGT wallet is pretty different. • It’s so tiny! • Basically restricted to cash and cards.

SMART Objectives Specific: We need to incor-

porate the TGT wallet into the everyday routine of the target market and persuade potential customers to try the new wallet. Measurable: We need to set a specific percentage of the target market. We would like to reach 60% of the target market during the first two quarters. Eventually, we would like to increase the goal during the third quarter and so forth. Actionable: We would like to create a survey with each purchase to see how the product is working and see how accurate the target market we are focusing on. After a few weeks of the original purchase date, we will send an e-mail out with an attached feedback survey. With useful feedback, we will be able

to hopefully get ahead of our competitors. Also, we will be creating an advertising campaign that shows how simple the TGT wallet is. A series of photo ads will be created that shows someone from separate social classes as well as age groups. We want to people to know the wallet is for everyone. Realistic: As mentioned before, we have a realistic goal set of hoping to reach 60% of the target market in the first two quarters in sales. During the third and fourth quarter, we will hopefully be able to reach at least 70%. If the goals arenâ&#x20AC;&#x2122;t met, we will reevaluate our focus and try to focus on a tight target market. Our main realistic goal is to spread the product by word of mouth tactics. If we can send out a pos-

itive vibe about our new wallets, it will spread like fire. Timely: All good things take time and there is no doubt that it will be a timely process to build up a clientele and spread the world. While we are focusing on the first year to really get off on the right foot, we do realize that it may take longer than a year. We will start the advertising campaign during the first quarter and reevaluate after the third quarter. The first advertising campaign will end after the first year. We will then begin another one depending on the effectiveness. We will begin evaluating surveys immediately once they are received into our system. It wonâ&#x20AC;&#x2122;t be until the second quarter that we evaluate the results as a whole though.

P.E.S.T.L.E. Political: Political correct-

ness could be questioned in two different ways. First off, it could be questionable for professionals to carry a non-designer or fancy wallet. It could give off a bad vibe or reputation that elite generally has for their selves. Second, it could be considered “weird” for a woman to carry a “back-pocket” wallet since society has created a norm for women to carry purses or clutches.

Economic: The apparel and accessories industry has seen poor returns over the industry as a whole over

the past few years due to the economic recession that the country has faced.

Social: In this day in age,

there is a prime focus on luxury and name brand items in the apparel and accessories industry. With the emphasis of name brand items giving you status, it is a competitive and risky business to put a focus on a specific target market.

Technological: In the modern day world of electronics, there is becoming a less need to carry a wallet due to the fact that you can just swipe your phone to pay

for a purchase and keep up with your money.

Legal: The number one problem seen in the apparel and accessory industry today is the counterfeit replica of designer purses and accessories. All over the world these items are being sold on the black market and underground. Environmental: PETA and Animal rights activists have a constant battle with the apparel and accessories industry due to the fact that materials possibly used effect the well being of animals.

SWOT Analysis Strengths

Opportunities

•Not bulky in your front or back pocket • Flexible in sense you can carry it in your front or back pocket as well as the conforming material it’s made of. • Variety of choices in style and make, which caters to personality and easy organization.

• To create a way for consumers to prioritize to carry only what they need to lighten your load. • To promote individuality by trying something new in the 21st century. We promote your inner hipster. • To advocate a healthier lifestyle because thick wallets are a leading causes of back problems.

Weaknesses

Threats

• Classic wallets are because some people prefer the norm. • Negative comments could discourage purchasing as well as the facts of its legitimacy. • Animal activists against leather products as well as American-made product connoisseurs pose a threat.

Our Competitors After completing an analysis of our own company, we have found sets of direct and indirect competitors that we must take into account when marketing our own product. The direct competitors we found have a similar price range which is affordable and inexpensive. They also have the same underlying compact concept as the TGT wallet has. The indirect competitors that we researched produce and sell regular wallets, handbags, and other accessories such as wristlets, organizers, and ID cases. The regular wallet can be seen as a threat for the simple reason that most people don’t like change. It is difficult to adjust or try a new product when you’re used to something else.

Direct: • Holstee • Alumna wallet • Zer0z Indirect: • Forever 21 • Vera Bradley • Nautica

Holstee created a wallet that can be seen as the perfect threat with the logo of “living life simple”. It is made from up cycled plastic bags and newspaper and other various collected material. The exclusive design of the vegan wallet carries only cards and cash. The one thing they seemed to leave out though is its almost impossible not to rip.

Our indirect competitors pose a separate threat because they create regular wallets, handbags, and other accessories. The generation you were raised in can depend on the versatility to go out of the box.

The Aluma Wallet is an aluminum wallet that is said to be super light, indestructible, and water resistant. The nongender wallet is known for its safety and security. The one problem is that you can’t walk through a metal detector or find any type of comfort when carrying the product in your back pocket.

Since most people have always used a regular, bulky wallet, it will be difficult to persuade older target markets to try out our new, slim wallet. The other accessories these companies produce such

Zer0z is a company that created super slim wallets that hug your cards and your cash. A cash strap is included with each size wallet. Once again the concept is less wallet, more cool. This would be our number one competitor due to the fact of the similarity between the two products. The big difference between the two is the elasticity and the materials.

as wristlets, ID cases, and money holders can also pose as a threat. Each of these accessories have a different organization quality.

Budget $300,000 Campaign Budget Breakdown: $70,000 towards Google ads: Google only charges when a person clicks on your ad, so we would track our ads success through Google Analytics $82,500 for one ad in GQ (average price for one page 4 color print ad) $84,000 for one 1/3 page ad in Menâ&#x20AC;&#x2122;s Health (2012 cost) $30,000 for ads on Facebook (Facebook charges per click as well, so we set the price for how much we are willing to spend) $30,000 for two days of sponsored Tweets on Twitter (based off of $15,000 a day cost in 2011) $3,500 remaining in the budget for misc. unforeseen costs or expenses

Plan Overview The plan is to create an advertising campaign that will focus clearly on each target market. It will exemplify incorporating the TGT wallet into the consumers’ daily routine. The advertising campaign will consist of printads and posters around major cities and national magazines GQ, Men’s Health, Cosmo. Once again, we want our major form of communication to the targets markets to be word of mouth advertising. We will incorporate many forms of social media due to the fact that the generations were targeting are more tech savvy.

Our Branding Strategy: • Social Media • Word of Mouth Advertising • Print Ad and Posters

Male Market For the male target market, our main focus will be on social media. Where as they do not care for what is considered to be normal, print ad and posters will have a hard time reaching them. Where these ads will be ran is on Google+ sites and outlets. Since this target market is very computer and technology literate, they feel they are above the user-friendliness of Facebook and Twitter. Their social media of choice is Google+ and itâ&#x20AC;&#x2122;s various add-ons. They also are very loyal to their friends and take their friends opinions and recommendations very highly. This is why we will have different promotions to get the TGT name out there, so it will spread by word-of-mouth. It is probably the most effective way to reach this consumer market. The post-college half of this market is more mature than the younger half and typically has subscriptions to either GQ or Menâ&#x20AC;&#x2122;s Health. This is why we would place ads in these magazines, to make sure we reach all of the target consumer market.

Female Market For the female target market, our focus will be on print ads in magazines. This market is constantly on the go and they love to read and learn things so they can consider themselves cultured. However, they rarely have time to read a book. This results in them glancing through a magazine. They read Cosmopolitan, People, and Self, typically, so this is where we would place our ads. They are also big Twitter and Facebook users because they are of that generation and it is easy for them to stay in touch with their peers through this media. Ads placed on their Facebook New Feed and Twitter Scroll would gain notice, just as well.

Luke Title: College Student/Aspiring

Broadcasting Specialist

Location: Bowling Green, KY Age: 21

Bio: Meet Luke. Luke claims to be the stereotypical “hipster. He likes to be simple. Name brands and designers do not concern him. He does not mind going against the status quo. In fact, he prefers it. He grew up playing video games like Pokemon and Super Mario Bros. Computers and technology are his hobby now, and he enjoys making films with his friends. He listens to alternative/indy music while relaxing with his cat, Watson. Coffee runs through his veins there is nothing in the world as great as a cup of black coffee for Luke, except maybe his well-groomed mustache. The environment is important to him, and sustainability is one of his biggest concerns. Luke

lives in a two-bedroom apartment with his best friend and will graduate with a Broadcasting degree in the near future.

Needs: Luke currently thinks

“normal” tri-fold wallets are unnecessary. He doesn’t see the point in carrying around extras apart from his cash, cards, and phone. Already, he and his friends use rubber bands to carry around their money. They have problems with the rubber bands, because as they are used, they stretch out and are not as supportive. They have lost cash and/or cards on different occasions as a result of this. What Luke and his friends need is an upgrade from their rubber band. They need something that will stay tight around their valuables, so they do not have to fear losing money. Security is important to them, as well as maintaining the simple concept of a minimal wallet. They also like the idea of storing their phone

in the elastic band, because then all of their needs are right there together. A wallet that can give them these things will be at the top of their priority list.

Concerns:-Affordability

-Materials used -Accessibility (are they easy to buy and get—I don’t know if you have a better word)

Questions Luke Asks When Considering a New Wallet: -Can I fit my smart phone with my money and cards? how much does it expand? -What is the company’s purpose? Does it have a mission or ultimate goal to help others/the environment? -Will the elastic lose its grip and allow my money to fall out and be lost?

Key Values:

Environmental safety Non-conformity Dependability/Reliability

Meredith Title: College Student Location: Bowling Green, KY Age: 20

Bio: Meet Meredith.

Meredith likes to have a good time and is never in a rush to do anything. She stays calm and relaxed daily, but is always on the go. Meredith does not like to carry a lot with her, just the minimal cash, ID and cell phone. She understands she is only young once and is going to make the most of her life while she is in college. On the weekends during the school year, she and friends go to bars or parties. In the summers, they attend music festivals. She loves Janis Joplin. Her favorite song is â&#x20AC;&#x153;Me and Bobby McGeeâ&#x20AC;?. Meredith likes to be cultural and want to experience first-hand as many cultures as she can in her lifetime. When she goes

to the movies, her first choice is the latest indie film. Sheâ&#x20AC;&#x2122;s on a budget, which makes her love for thrifty vintage clothes a convenience to her bank account.

Needs: Meredith thinks purses are a hassle. Why would she want to carry around everything but her bathroom sink in a small bag to hang off her shoulder? No, thank-you. She carries the basic necessities whether she is walking around campus or going to a bar on a Friday night: cash, cards and cell phone. When she and her friends go out at night, she tends to stick her cash and ID loose in her back pocket. Meredith normally dislikes doing this because as she moves around and dances, her money and ID tend to slide around and work themselves out of her pocket. She just does not have a better alternative. What Meredith

needs is something to securely and safely keep her items tightly in her back pocket.

Concerns:--Affordability -Materials used -Size

Questions Luke Asks When Considering a New Wallet: -Can I buy this locally and avoid a shipping fee or do I have to buy online? -Will the wallet stay in my back pocket or will it fall out if I move around too much? -How bulky will it be once I put my stuff in it? Will it compress it all together or will it expand more and more?

Key Values:

Environmental safety Security Experiencing life

Brand Audit Past, Present Future plans for the brand.

Past TGT called the wallet, an â&#x20AC;&#x153;option for those looking to maintain a front pocket lifestyleâ&#x20AC;?. It was looking for investors on kickstarter. com.

Present To market the TGT wallet to men ages 18-34 and women ages 18-24 by elaborating on the fact the TGT wallet is a convenience and staple, everyday item.

Future To create and follow through an ad campaign that will consist of print ads, billboards and social media. To make sure people know the wallet is beneficial for a long time. itâ&#x20AC;&#x2122;s good to stay consistent with simplicity and not bring unnecessary things out on a day to day basis.

Brand Audit II Perceptions and where itâ&#x20AC;&#x2122;s sold

Consumer Perceptions They will think this is a great product because itâ&#x20AC;&#x2122;s slim, form fitting and convenient. It will be something they like, think is unique and will count on.

Vendor Perceptions They will supply the public with wallets they believe will be a unique attribute to the consumers. They understand this wallet is out of the box, and they will build and sell every wallet uniquely. Consumers will be able to personalize.

Availability Internationally. The US, Canada, France, England, Switzerland, Germany. It will be most available, and advertised heavily in big cities where people travel around lightly on a day to day basis anyway. It will also be advertised and sold in campus stores in colleges. College students take up a large majority of the market.

Creative Strategy • Josefin sans (titles, headers, primary font— usually in blue) • Arimo (copy, secondary font) • Blue: R=68, G=168, B=216. Primary color used in titles, headers, etc.) Black: Secondary color used in copy. • Simplicity, simplicity SIMPLICITY. Our campaign is our logo. We don’t need more than one primary color, two fonts and a picture or two. We want people to understand we’re far from fancy— so is our campaign—so is our product.

Creative Brief • WHO: We are communicating to the consumer. Who else? We’re primarily trying to reach young bachelors and bachelorettes, who don’t need much at this point in their life. They understand the importance of simplicity and don’t need much more than cash and cards to jump start their day. • WHAT: The one message we’re trying to convey is: The TGT wallet keeps life simple. • WHEN: We’re communicating as soon as this campaign comes underway, with frequent updates and deals via our Facebook and Twitter. • WHERE: We’re proposing to communicate via print advertisements, bus runners, handouts and social media outlets (Facebook and Twitter) • WHY: We feel it’s necessary for people to know there’s an alternative wallet out there that fits our consumers on-the-go, simplistic lifestyle.