Cover 3 Plans Book

1

Prestige Worldwide Ryan Calvert, Alex Eldemire, Sam Fletcher, Katelyn Hawkes, Natalie Runnels, Susan Selesky, Gabby Silva & Ben Webster

CHANGING THE GAME

2

• COMPANY, CATEGORY & COMPETITION SITUATION ANALYSIS…..3

4. Company

6. Current Consumer

7. Category

8. Competition

9. Situation Analysis

10. Target Consumer

• CONSUMER RESEARCH……12

• BUSINESS & MARKETING OBJECTIVES……15

• MEDIA OBJECTIVES & PLAN……18

20. Budget Breakdown

21. Reach/Frequency Table

22. Media Schedule

• CREATIVE STRATEGY……24

25. Big Idea

27. Creative Brief

28. Social Media

29. Print

30. Radio

• PR & PROMOTIONS……32

33. Local High School Involvement

35. UT Tailgate/Charity Involvement

36. Viewing Parties

38. Other Promotions

TABLE OF CONTENTS

3

COMPANY, CATEGORY & COMPETITION SITUATION ANALYSIS

4

COMPANY• Cover 3 is a fine dining establishment that

combines outstanding food, exceptional service and a love of sports to each of its three locations throughout Austin and San Antonio.

• Each location offers a premium bar with a wide selection of spirits, beers – both bottled and on tap – two chilled liquor taps and 100 different wines available from their wine cellar.

• The menu offers multiple meals – weekend brunch, lunch and dinner – with menu items ranging from starters, soup & salads to sliders, wings and typical bar fare to more sophisticated items like rib-eye steaks and Hong Kong Salmon.

5

THE FOUR PS OF COVER 3• PRODUCTS:

• A fine dining experience

• Food: brunch, lunch & dinner

• Drinks: wine, beer & spirits

• PLACE:

• Austin and San Antonio

• PROMOTION:

• Radio, print, online advertising & press releases

• PRICE:

• Food: $5.00 - $45.00

• Drink: $6.00 - $450.00

6

CURRENT CONSUMER• According to MRI+ Consumer reports of consumers spending $50+ on fine dining in the

last 6 months:

• Demographics:

• Age: 45-54

• Education: college graduate (undergrad +)

• Household income: $75,000 - $149,000

• Geographical Region: South

• Race: White

• Occupation: Professional (sales/other office positions)

7

CATEGORY • The fine dining market in Austin is growing and Austinites are more likely to embrace

“homegrown” efforts than national chain restaurants.

• A consistent theme lends to the appeal, although the public responds well to chains with individuality at each location.

• Quality food and excellent service are highly regarded in fine dining establishments. Locally sourced and produced food and drinks are increasingly popular.

(Source: The Austin Chronicle)

8

• THE PARK

• Product: sports & dining

• Place: Austin

• Promotion: radio, print press & social media

• Price: $4.00 - $26.00

• THIRD BASE

• Product: drinks, pub food & sports

• Place: Austin

• Promotion: radio, print & social media

• Price: $2.50 - $20.00

• MULBERRY

• Product: fine dining & wine bar

• Place: downtown Austin

• Promotion: radio, print, press releases & social media

• Price: $4.00 - $48.00

• THE PUNCH BOWL SOCIAL

• Product: Dining, drinks & games

• Place: Austin

• Promotion: radio, print, press releases & social media

• Price: $4.00 - $60.00

COMPETITIONDIRECT INDIRECT

9

• STRENGTHS: • Quality of food• Variety of drinks• Quality of service• Parking on location

(downtown)• Location • Atmosphere

• WEAKNESSES:• Price/Affordability• Inherent Ebb & Flow of

Sports Bar Market (slow between seasons)

• Parking (Anderson location)

• OPPORTUNITIES:• Local Brand• Unique Concept (upscale

dining & sports)• Social Media• Influx of Population• Return customers

• THREATS:• Many Indirect competitors• Known more for sports than

upscale dining• No local sourcing• Lack of brand differentiation

SITUATION ANALYSIS

10

• Social grade: A&B

• intermediate/higher management types, administrative or professional

• Succeeders:

• strong goal orientation, confidence, work ethic, organization, support status quo, value stability. Brand choice based on reward, prestige - the very best. Also attracted to ‘caring’ and protective brands.

• Aspirers:

• Materialistic, acquisitive, affiliative, oriented to extrinsics, image, appearance, charisma, persona and fashion. Attractive packaging more important than quality of contents.

• Age 25 – 54

• Education: college graduate (undergrad +)

• Household income: $30,000 - $149,000

• Geographical Region: South

• Race: Hispanic and White

• Occupation: Professional (sales/other office positions)

TARGET CONSUMER

DEMOGRAPHICS PSYCHOGRAPHICS

11

TARGET MARKET• The ideal consumers we are trying to reach are ADULTS AGES 25-50; this market covers a

broad spectrum of adult life. These individuals are either beginning their careers or are established upper management types.

• THE YOUNGER END OF OUR MARKET, AGES 25-37 are maturing past the appeal of a cheap, dive-y sports bar and is developing a more refined palate for fine food and drink. Individuals in this market are tech-savvy and use new technology to help them make educated purchases. They utilize social media and review websites like UrbanSpoon and Yelp to become familiar with their options and help them make purchasing decisions. As their lives become more stable and distinguished, so are their tastes. They’re starting to explore different, more cultured options in dining and aren’t afraid to spend a little more for a higher quality product/experience.

• THE OLDER ENDS OF THE SPECTRUM, AGES 38-50 are already established in their careers, are in positions of upper management. These consumers are set in their ways and are less willing to compromise on what they want than younger markets. They’re all about high quality products and experiences and are willing to pay more to get them. These individuals may have families and are looking for a family-friendly place that doesn’t compromise their tastes. These individuals like brand consistency but favor individuality between locations.

12

CONSUMER RESEARCH

13

• This market visits full-service restaurants one to two times per week and is most likely to dine out on the weekends.

• They are more likely to spend $10 - $20 per plate while dining at a full-service restaurant and frequent happy hours one or two times per week.

• Mixed drinks and wine are more popular than beer among these individuals, although craft beer is more popular than imported or domestic beer.

• Proximity to parking, drinks, atmosphere quality of service and food are all important factors to choosing a restaurant.

DINING HABITS

14

CREATIVE RESEARCH• Discounts/specials, freebies, contests/trivia

and a sense of originality play a large role in garnering this market’s attention and willing them to participate with Cover 3 at events and online.

• The creative should emphasize the high-end, scratch-made quality of the food, variety of drink choices, plating, design of the restaurant and the unique quality of Cover 3 over another establishment to appeal to the senses and appetites of consumers.

• The people in this market don’t like to be blatantly advertised to, they prefer authenticity and are much more likely to interact with a page that offers originality over traditional, transparent marketing tactics.

15

BUSINESS & MARKETING OBJECTIVES

16

BUSINESS/SALES OBJECTIVES• Increase return customers by 5-10%

• On average, repeat customers only account for about 15% of a business’s customer base but provide at least 1/3 of the revenue. Researchers at Harvard University have also found that by increasing repeat visits by just 5% can lead to an increased profit of anywhere from 25-125%. (foodservicewarehouse.com)

• Cover 3 already has a reputation for service and an established customer base, by brining in new customers and increasing the frequency of customer return we can create a lasting and profitable relationship between Cover 3 and consumers.

• Increase quarterly alcohol sales by 5%• Cover 3 boasts a high-quality selection of beers, liquors and wines in each of their locations. According to TABC

reports, Cover 3’s downtown location boasted alcohol sales revenue of $325,060 in the last quarter. By increasing the alcohol sales by just 5%, Cover 3’s downtown location would see an average quarterly increase of $16,253 . (tabc.state.tx.us)

• Increase average spent per person by $5-$10• According to a 2013 Dining Trends Survey, the average amount spent per person while dining in Austin is $33.76; this

fell about $7 below the national average of $40.53. (Zagat)

• By increasing the overall amount spent per person by $5-$10, Cover 3 would see an increase in revenue while remaining within range of the national average. This way, Cover 3 will increase profits while maintaining their status as a moderately priced establishment without alienating consumers.

17

MARKETING OBJECTIVES• Increase Web Traffic to cover-3.com by 25%

• Cover 3 has already established positive reviews on services like Yelp and Google; the average rating for each restaurant being 4/5 stars. By increasing traffic to the website, we are increasing consumer familiarity and understanding about the brand image and advantages of Cover 3 compared to other restaurants.

• Increase Facebook likes, visits and fan interaction by 25%

• Cover 3’s Facebook presence is currently split between three pages: Cover 3 Downtown, Cover 3 San Antonio and Cover 3 Anderson. Facebook pages are free and easy to open and operate, however, in order for fans of a page to get consistent notifications on their timelines there must be regular interaction with the pages liked.

• Increase Twitter followers by 500+ accounts

• Current Cover 3 Twitter follower count is 1,034. In contrast, our direct competitor Mulberry Austin has a follower count of 2,481; both accounts have been active since 2009. By increasing the Cover 3 follower count we are increasing overall consumer exposure to the brand.

• Twitter is a free service that provides consumers with a direct channel of communication to the brand while allowing Cover 3 to more clearly establish a brand personality with consumers.

18

MEDIA OBJECTIVES & PLAN

19

MEDIA OBJECTIVES• Because our target market is such a wide range of individuals (ages 25-50), we plan to

utilize several different media vehicles in order to cater individual ads to specific segments of this market while keeping a consistent message.

• This media plan will outline the objectives, budget and strategy for a nine month, multi-vehicle advertising plan for Cover 3 utilizing social media, print and radio ads.

• The 9-month plan offers options from May 2015 – December 2015. The longer plan offers the opportunity for concentration to a 6-month strategy or expansion to a 12-month strategy depending on individual location business.

20

BUDGET BREAKDOWN• The nine-month plan follows a budget of

$72,000 to be used throughout the months of May – December 2015 as follows:

• Social media: 10% ($7,200)

• Print media: 30% ($21,600)*

• *including promotional materials

• Radio media: 50% ($36,000)

• Contingency budget: 10% ($7,200)

21

Reach, Frequency & GRPs In conjunction with our previous marketing and business goals, our desired reach and frequency per month is as follows:

22

MEDIA SCHEDULE• This is a tentative media schedule expanded over a 12-month period:

23

SPORTING SCHEDULEThe media schedule follows the popularity and seasons of the following sports schedule.

24

CREATIVE STRATEGY

25

BIG IDEA

• Cover 3 is not your average restaurant or sports bar – it’s the best of both worlds.

• At Cover 3, we combine the love of your favorite sporting event or team with your appreciation of fine food and drink.

• Whether it’s higher-end pub fare or the best local craft brews, Cover 3 is your destination because we’re not your typical restaurant or sports bar, we’re so much more than that.

26

Changing The Game

COVER 3:

27

CREATIVE BRIEF

28

SOCIAL MEDIA• The plan will utilize the most popular social networking sites used by our Target Market on a daily

basis: Facebook, Twitter and Instagram. We will cater these ads toward the younger portion of our audience, adults ages 25-34, as they are the most likely to be daily users of the sites and allow for the greatest opportunity for interaction.

• The social media strategy focuses around one concept: interaction between Cover 3 and consumers.

• The strategy will remain fairly consistent across sites, featuring menu items and specials, important sporting events and replies/reposts of customer interactions. In addition, the social media campaign will aim to expand the current consumer base by featuring bi-weekly sports trivia posts about the sports currently in season on TWITTER and FACEBOOK, allowing for an element of excitement and competition among patrons.

• The INSTAGRAM account will be used largely to promote the menu, bar and special events at Cover 3. The hashtag #CHANGINGTHEGAM3 will allow for easy categorization of Cover 3 media mentions and will be utilized for contests and customer features across the various social media platforms.

• The social media will be handled in-house to save cost on hiring an outside social media firm rather than outsourcing the work.

29

PRINT• The print strategy aims to target the older segment of our target market, ages 35-50, as

they are the more heavy newspaper readers.

• The plan will utilize 1/8-page print ads throughout periods of lagging business or in-between sports seasons throughout the year. In order to reach the market appropriately without cheapening the brand, the plan will feature these ads on a rotating basis between the sports section and the food section in order to emphasize Cover 3 as both a sports destination and a fine dining establishment.

• Ads will be placed in three of the most widely circulated newspapers in the Austin and San Antonio area:

• THE AUSTIN AMERICAN-STATESMAN

• THE SAN ANTONIO EXPRESS-NEWS

• THE AUSTIN CHRONICLE

30

• The wide spectrum of our target market utilizes both broadcast and Internet radio on a daily basis. According to MRI consumer data collected on consumers who have spent $201-$500 on fine dining in the last 6 months, the majority of respondents reported moderate to heavy time sent traveling throughout the week.

• With a large portion of this market commuting to and from work each day, the most listened to radio dayparts are weekdays 6-10AM and 3-7PM and weekends from 10AM-3PM. One of the most-visited websites by these individuals was Pandora Internet Radio.

• The radio and Pandora spots will target the full range of our target market indiscriminately. By utilizing the more popular dayparts of morning and afternoon drive times we are increasing the number of people within out market who will hear our ads on their way to and from work. With the radio spots, we’re inserting Cover 3 into the market’s everyday habits.

• The radio strategy will not cater to a specific age range in message but rather will span several different stations, both AM and FM, in order to reach a variety of consumers. We will target the ads for the drive time dayparts in order to reach consumers when they are least likely to be distracted by other media.

• The four stations are:

• Austin:

• 104.9 FM – THE HORN

• 1300 AM – THE ZONE

• San Antonio:

• 99.5 KISS FM

• 760 AM – THE TICKET

RADIO

31

PR & PROMOTIONS STRATEGY

32

• Each Cover 3 location will host a high school football sponsorship face-off challenge between two competing high schools in the area of each restaurant.

• During the allotted time period of the contest, patrons will be given the option of placing their receipt into the “pool” for one of the two high school teams.

• At the end of the contest time period, the team with the highest dollar amount spent will be the winner and receive a booster donation from Cover 3 for their football program.

• Cover 3: Anderson

• ANDERSON HIGH SCHOOL

• WESTWOOD HIGH SCHOOL

• Cover 3: Downtown

• AUSTIN HIGH SCHOOL

• WESTLAKE HIGH SCHOOL

• Cover 3: San Antonio

• JUDSON HIGH SCHOOL

• WAGNER HIGH SCHOOL

HIGH SCHOOL FOOTBALL FACE-OFF

33

• Cover 3 will host a “Battle of the Burgers” between high school students in culinary arts programs throughout Austin and San Antonio.

• The battle will consist of a “build a new burger” contest where students from select high school culinary programs will be given the opportunity to come up with a new burger to be featured on the Cover 3 menu for a select period of time*

• Along with their custom burger being featured on the menu and website, the winner will also receive a gift card to Cover 3 to be used as they please*

*TO BE DETERMINED BY RESTAURANT MANAGEMENT

• High School Culinary programs:

• Austin:

• AUSTIN HIGH SCHOOL

• BOWIE HIGH SCHOOL

• CROCKETT HIGH SCHOOL

• San Antonio

• ROBERT E. LEE HIGH SCHOOL

• JAMES MADISON HIGH SCHOOL

• DOUGLAS MACARTHUR HIGH SCHOOL

• THEODORE ROOSEVELT HIGH SCHOOL

BATTLE OF THE BURGERS

34

• We propose that Cover 3 sponsor a tent at UT FOOTBALL TAILGATES during home games.

• The Tent will offer a more elevated tailgate experience with traditional offerings of tailgate activities like cornhole coupled with samples of the more popular (and tailgate friendly) menu items offered at Cover 3.

• Promotional material will be given out in the form of KOOZIES, KEY CHAINS, STICKERS AND FOAM STRESS FOOTBALLS to help promote the Cover 3 brand.

• The tent will also offer a PHOTO BOOTH FOR CHARITY:

• a backdrop in which tailgaters can choose to take photos on their cameras or smartphones and upload them to social media with the hashtag #COVER3FORPFC

• Cover 3 will make a donation to PARTNERSHIPS FOR CHILDREN for every image posted and tagged.

• In addition to the donation, the Cover 3 social media sites will include features of some of the best photos taken at the tailgate.

• Restaurant management will determine the structure of tailgate and amount of donation given.

UT TAILGATE TENT

35

SPONSORED EVENTS AT COVER 3

36

VIEWING PARTIES• We propose that Cover 3 hosts themed viewing parties of certain sporting events – fights,

games, races, awards shows etc. throughout the year to highlight important sporting events and increase business and patronage during these events.

• For example: a championship or highly publicized boxing match:

• Cover 3 would host a viewing party of the fight including “fight night” drink promotions.

• Two beers would be offered on special during the fight, each representing one of the fighters (to be determined by management).

• At the end of the fight, patron’s who purchased the champion’s beer will have each of that beer purchased reduced by $1 on their tab; the promotion will only apply to tabs, creating opportunity for increased alcohol sales during the fight while keeping in line with the inherent gambling atmosphere that boxing or sporting events generate.

• This is just one example but the same drink special structure could be applied to any sporting/competitive event.

37

• In an effort to spread the word about Cover 3 to out-of-town patrons, menus will be provided to surrounding restaurants for the concierge service to provide to guests looking for fine dining or a good place to watch the game. The following hotels will be provided with promotional materials:

• DOWNTOWN: Holiday Inn – Riverside, Embassy Suites, Austin Motel on Congress, The Driskill, The Omni, JW Marriot and The W

• NORTH AUSTIN: The Renaissance, The Four Seasons, The Westin and Aloft Austin

• SAN ANTONIO: La Cantera, Hill Country Resort, Hyatt Regency Hill Country and Mokara Hotel and Spa.

• Newsletter:

• In addition to the specialized promotions, Cover 3 will continue to offer patrons a chance to join their WEEKLY NEWSLETTER – which will offer a calendar of events at each restaurant as well as features about the other promotions and restaurant specials offered.

• QR codes will be featured on brochures and menus, allowing patrons to easily access the newsletter sign-up on their mobile smartphones.

OTHER PROMOTIONS