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Executive Summary By Ashley Cole. “Get That Mattress off the Floor”
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Executive SummaryBy Ashley Cole • “Get That Mattress off the Floor” • Our client creates beautiful Hawaiian, customized bed frames. However, the company is small and the budget for marketing and advertising is even smaller. This is a new product that prides itself on “having what the consumer wants”. After two years of crafting the perfect frames Big Islands Beds is now ready to introduce its signature designs: Asian- style platform bed and Hawaiian Punee.
S.W.O.T. Analysis Chart In comparison to the neighboring competition, it is apparent that Big Island Beds has less strengths and more weaknesses. This is based partially on the recognition of the other companies in the area. Wal-Mart is a well known store and Keohnen’s has been in the area for over 60 years. Big Island Beds will have to expand advertising to match the recognition of its competitors.
Big Island Beds Strengths • Authentic • Unique • Customizable • Moderately Priced • Durable • Handcrafted Weaknesses • Limited Budget • Only Sells Bed Frames • Limited Designs • Time Consuming • Limited Advertising Opportunities • Diverse Markets • Possible Expansion • Potential for product expansion Threats • Other stores offer full bedroom products. • Chain stores has more brand recognition • Many competitors in close proximity
Wal-Mart Strengths • Well Known Chain • Product Availability • Convenient • Established Customer Loyalty • Market to a larger audience Weaknesses • Basic Furniture • Average Quality Opportunities • Gain Customers from name recognition alone Threats • Competitors with better style/quality furniture • Specialized furniture stores
Koehnens Furniture Strengths • Excellent website • Broad range of services and furniture • Supplies many different furniture brands • Attractive furniture Weaknesses • Outside appearance of store deters customers • Reports of bad customer service Opportunities • Great location • Trendy and local style furniture • Historical local clientele Threats • Neighboring furniture stores with similar styles
Objectives and Goals • A key objective for our media strategy is to market efficiently on a limited budget while building and maintaining relationships that will promote customer loyalty and retention. The target market is the Big Island located in the Hawaii but more specifically, the city of Big Island and surrounding cities. Vacation homebuyers and time-share holders are a perfect market.
Marketing Objectives • Increase consumer awareness of Big Islands Beds and products available. • Establish and build relationships with real estate professionals in the area and neighboring cities. • Build loyalty among current and new customers. • Demonstrate advantages of our product as a smaller company that can provide authentic, durable and unique furniture.
Media Objectives • Create effective Internet and out of home advertising. • Put a heavy concentration on advertising during periods of island vacationing with flyers in local businesses and beaches. • Cold calling advertising to local real estate businesses with product presentations.
Advertising Objectives • To reach approximately 10,000 new consumers; both island residents, real estate agents and vacation home buyers within this fiscal year. • Persuade at least half of the 10,000 exposed consumers to inquire about the products available and its features. • Encourage brand loyalty and word of mouth advertising to at least 15% of the 5,000 that inquire about the product.
Targets • Target Audience • Realistically, we believe everyone at some point will be in the market for a bed frame. We would like every campaign to appeal to anyone looking to purchase a bed frame. Therefore we do not want any of our advertising to alienate any potential buyer. • Tourist comes to Hawaii and enjoy the look of hand crafted furniture which is what Big Island Beds provides
Targets • Target Group All of the groups listed below will be in the need of durable bed frames at a economical price.. • Real Estates Agents • Vacation Homebuyers • Big Island Residents • College Students • Newly Constructed Apartments and Condominiums
Media Types Selected • Out-of-home –Big Island Beds is located in a rural community thus w e have to use grassroots method of reaching the area. Making a presence in the community will be a great marketing strategy. Reaching out to islanders via flyers will be our primary tool. • Word-of-mouth- The product “speaks for it self, therefore it can sell itself.” We are relying on positive feedback from those who have purchased the bed to spread the word to others which will drive business forward. • Internet- The internet is a great way to get BIB into the public eye on a small budget. There are many websites that advertise specified products, as a result people in the market for a bed will run across an advertisement from Big Island Beds. In addition,
Media Type Not Selected • Television- Commercials can be expensive. There are more hands on techniques that can reach a large audience without spending any money. • Newspaper- As stated by our client, newspapers will not be effective when marketing his product in local communities. The largest newspaper in Hawaii is in Honolulu which is outside of the Big Island. • Radio Advertisements- Both of BIB top competitors use radio as a form of advertising. Therefore, this medium is already saturated with furniture store ads.
Media Vehicles • Flyer A flyer is portable, catchy and a easy to advertise in public areas. Flyers are ideal for handing out in passing traffic and posting in local business. Flyers are informative, and highlights product differentiation. • EBay Buy it Now Postingand Bi-weekly Craigslist Post Craigslist and EBay are online communities and/or marketplace characterized by classified advertisements in a variety of sections where people with vested interest go to buy and sell products and services. • Facebook Facebook will be a great way to market to college buyers. Facebook ads appears in newsfeeds based on the search history of the user.
Media Vehicles • Website Revamp Big Island Beds.com. The site needs to capture the attention of potential buyers within 3 seconds of them viewing the website. The website will feature different styles of beds, and serve as a connection for other bedroom accessories.
Media Schedule May-July = Flight This is where we intend to reach out to tourist and real estates agents. The summer is a very busy time in Hawaii especially for tourist. August - September = Flight This is where we intend to reach out to college students and local business. The start of the school is a time where many students will be in the market for furniture. October-December= Hiatus Flyer distribution will be at a minimum during these months. By the time we believe people interested in buying a bed frame will be familiar with our company and capable of purchasing at their own convenience.
Media Schedule • Special media research – tabonline.com (Traffic Audit Bureau) will be used to measure out-of-home advertising success, Google Analytics will be used to monitor website success. Buyers will also be asked to complete a survey regarding how they discovered Big Island Beds, why they decided to buy, etc. • Photography – All photographs on website, flyers, etc. to be done by a professional photographer
Media Promotions Email – send emails to promote beds and website Display Units – Various Farmers Markets In addition to a campaign driven by the internet, out-of-home, and word-of-mouth advertising, certain below-the-line advertising promotion would also be appropriate. Setting up live displays of the beds in selected malls/stores would give potential buyers the opportunity to see these hand-crafted, quality bed frames up close. At the display units, potential buyers provide their email addresses and/or other contact information to receive further information about the bed frames and how to buy. Emails will be sent to promote the bed frames and direct potential buyers to the website.
Media Promotions • Cold Calling - Big Island Bed representatives can enter local real estate businesses, newly constructed apartments and condos. This would be done with a brief synopsis of what Big Bed offers. In addition, a media kit with the stated information should be left with potential clients to help aid in their decision making process.
“Get That Mattress off the Floor” Big Islands Beds Frames as low as $250 Customization Available
