Lacey Couture Designs Marketing Plan Part A

Lacey CoutureMarketing Plan: Part A

Lori Tantawi19 May 2013

Digital Marketing

Tantawi, Marketing Plan Part A

TABLE OF CONTENTS

1: Situation Analysis Page 3

Business Concept Page 3

Industry Analysis Page 4

Competitors Page 4

Competitor 1 Page 4

Competitor 2 Page 5

Competitor 3 Page 5

Competitive Advantage Page 6

Audience Page 7

Target Market Page 7

Secondary Market Page 8

Branding Page 9

Personality Page 9

Colors Page 9

Slogan and Logo Page 10

Campaign Idea and Tagline Page 10

2: Campaign Planning Page 11

Campaign Budget Page 11

Planning Page 11

Objective Page 11

Goal (s) Page 11

KPI (s) Page 11

Target(s) Page 11

Campaign Duration Page 12

Campaign Calendar Page 13

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Tantawi, Marketing Plan Part A

1: Situation Analysis

Business ConceptIn the glamorous world of fashion and beauty, women are constantly seeking ways to stay current with trends while standing out as an individual. Fashion jewelry trends change and grow along with the designer fashions that are being sent down the catwalk. There is a increasing demand to provide these designs at a affordable price. Lacey Couture Jewelry will meet this demand by providing custom jewelry designs that are never duplicated, affordable and trendy.

What makes Lacey Couture Jewelry unique? We make one of kind pieces that are never duplicated and that are competitively priced with off the shelf costume jewelry. Every piece of jewelry is also a work of art and can’t be found anywhere else. All pieces are handmade with exceptional care and quality.

Lacey Couture Jewelry will be available at Exagere’ Couture Art Gallery and Furniture Boutique and online at exagere.com. This gallery is located in the French Quarter in New Orleans, LA and will attract the cultured business travelers, tourist and middle to late aged professionals needed to support the jewelry sales. Lacey Couture Jewelry is already on sale and is continuously promoted through email mailings, special event invitations and target advertising to the surrounding hotels and venues.

www.exagere.com Exagere’ Couture Furniture Gallery and Art Boutique (ground level)

1) Average price of a typical sale: $250 for a medium sized necklace and earring set.2) Estimated profit per sale: Minus a 40% consignment fee and the cost of materials, the

estimated profit per sale is $100.

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Tantawi, Marketing Plan Part A

Industry AnalysisIndustry averages show that accessories and fashion jewelry will be increasing in sales by 3% each year. (Profile America, 2006) Analysis of the market shows that jewelry that is presented with the current trends and priced appropriately will continue to sell and develop brand awareness. (Phillips, 2010) Due to this continuous growth and the location of my business, I forecast the demand will continue to increase. As demand increases, I will expand the business to offer specialized services such as evening gown beading, and consultations to make pieces designed for a specific event or outfit. With these expansions, I will have to ensure that I can meet the increasing demand and potentially hire employees. (There was no demographic data available for ariodantegallery.com)

Competitors

Competitor 1 site: Etsy (www.etsy.com )

Strengths: This site allows you to buy and sell vintage and handmade items. It’s easy to use and membership is free. You can browse categories from children’s jewelry, to special event jewelry. The site offers access to thousands of jewelry designers that sale their handmade pieces from carrying price ranges.

Weaknesses: The overall design of the site does not allude to the different styles of jewelry and merchandise that’s available. Also, the pieces featured on the homepage are from multiple designers that have the same design aesthetic. Therefore, a buyer won’t be sure that they can find the type of piece they are looking for when they first visit the site. Also, as a designer you have to consider the fact that there are thousands of others selling from the same webpage and that your designs can be lost or not found as easily as others.

www.etsy.com Homepage view of browsing function

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Tantawi, Marketing Plan Part A

Competitor 2 site: Scoutmob (www.scoutmob.com)

Strengths: Scoutmob.com allows independent jewelry makes to sell their pieces. It also allows you the ability to connect with local merchants through a city search function. The site also allows designers to sell multiple sets of the same piece and sell artwork as well.

Weaknesses: The site is not entirely focused on jewelry and it also features jewelry items that are similar looking. The site also has many distractions such as social deals, mobile apps for dinning and entertainment and other sponsor related links that make the site overwhelming.

www.scoutmob.com Homepage

Competitor 3 site: Ariodante Gallery (www.Ariodantegallery.com)

Strengths: The site offers a quick snapshot of all the regularly scheduled events that are conducted at the gallery and has links to Facebook and Twitter where customers can stay up to date on the activities of the gallery.

Weaknesses: The site is not designed well and looks very basic. It’s not attention grabbing and does not feature the artwork or jewelry designs in a manner that keeps your attention. There are also very limited pictures of the gallery space and there is not a complete listing of artist or designers.

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Tantawi, Marketing Plan Part A

www.ariodantergallery.com Gallery Homepage

Competitive Advantage

Lacey Couture Jewelry Designs are located at the Exagere’ Art Gallery. Exagere’ is over 13,000 square feet of multi level space located in the heart of the French Quarter. We are one block from Bourbon Street and a few hundred feet from the Ritz Carlton and other prestigious hotel. With in feet from our door we have covered valet parking and a public parking garage. The gallery hosts the only VIP nightclub venue that caters to celebrities, athletes and VIPs. With exclusive contact list containing celebrities, local athletes, we have access to high profile events and clientele. The gallery also host events that incorporate fashion, art, music and theater and draw crowds of thousands of people. A reality show called “Southern Couture” is currently in production and centers around events conducted at the gallery. This show is set to air on Lifetime and Bravo and will feature the artwork, designers and owners of the gallery.

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Tantawi, Marketing Plan Part A

www.exagere.com Louisrouit radio show hosts interview Lacey Couture Jewelry designer, Lori T, seated third from the right

The website list every artist that is featured in the gallery as well as a bio and picture. Customers can also arrange VIP visits ad special showings. Every service offered by the gallery is listed on the site, as well as pictures from past events and celebrations. All of our artwork and designs are one of a kind and prints and duplicates are not made. Since we are located in the historic district, our customers don’t pay taxes on the items they purchase from the gallery.

Audience

Target Market:The primary target audience is females aged 24-35. The audience is educated young adults with or without children. Alexa analytics of the jewelry website Etsy.com show that the majority of traffic is from 24-35 year old women, who have some college education, while they are at home. The second largest group accessed jewelry sites while at work. 49% of this online shopping was done on Fridays between the hours of 11am to 2pm. (Pousa’, 2012) These young professional women are likely to be more financially stable and have time and the resources to devote time to staying current in trends.

Secondary Market:18-25 year-old females, with little to no college experience is the secondary market. 75% of this target market shop online while they are at work, in order to pass the time. 18-25 year-old females are also the second largest group that represents site traffic of the competitor’s sites. (Alexia.com)

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Tantawi, Marketing Plan Part A

www.alexa.com/siteinfo/etsy.com#

www.alexa.com/siteinfo/scoutmob.com

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Tantawi, Marketing Plan Part A

By targeting both these audiences I can get an advantage by making sure my jewelry appeal to them. Since the majority of shopping is done at work and out of boredom, I will make sure that the ads are exciting, compelling and offer great deals. The site is also user friendly so it will allow the typical woman the 15-20 minutes she will need in order to shop. (Pousa’, 2012) Due to the fact that all of my jewelry designs are not duplicated, on the spot decisions will have to be made, or the buyer will miss out. I can target the market by offer great deals on new items that will spur a quick purchase.

Branding

Brand Personality: The Lacey Couture brand personality is high-end couture fashion. It’s designed for affluent and trendy women from the ages of 24-35. It appeals the beauty queens and the every day women. Lacey Couture designs are all about being sparkly, and over the top. Each piece makes a statement and is designed for the quiet confident woman that carries a prestigious presence everywhere she goes. The competitor’s image is not as high class or creative. Their image is a direct copy of current trends and doesn’t take them to the next level by creating a new trend within the trend. Simplistic and basic, the competitor’s image does not meet the high standards of class that Lacey Couture Jewelry designs do.

www.exagere.com Lacey Couture Jewelry Fashion Show in conjunction with CBS

Brand Color Palette:

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Tantawi, Marketing Plan Part A

Tagline: Custom Jewelry Designs

Campaign Idea and Message:The broad idea of the campaign it to make locals and tourist know that they can get quality couture jewelry at affordable prices in the French Quarter. I want to make customers aware that I offer statement pieces that are designed for every season and occasion and that nothing is every duplicated. I further want to convey the message that every piece is a work of art and is affordable on almost any budget.

Campaign Slogan: “A Reason for Every Season: Couture Jewelry Designs Created with Confidence and Elegance in Mind”

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Tantawi, Marketing Plan Part A

2: Goals and Objectives

Campaign Budget$4,000

Planning

Objective Statement: Increase brand awareness of Lacey Couture Jewelry designs by implementing a digital marketing campaign that will entice customers to come to the store and share information about the brand.

Goal (s)Goal for Channel 1 (Social Media)

Use Facebook and Instragram to increase awareness by creating pages that showcase pictures and updates

Goal for Channel 2 (Digital Promotion/PR) Use special promotions for all National and major local holidays to increase awareness by bringing in more customers

Goal for Channel 3 (Digital Advertising) Use electronic billboards throughout downtown New Orleans to increase brand awareness by featuring new pieces of jewelry

Goal for Channel 4 (Email Marketing) Use an email subscriber list to increase awareness by sending email mailers to current contacts, past and potential customers

Goal KPI (s)KPI for Goal 1 (COUNT): The amount of fans on the Facebook page and the

number of followers on InstagramKPI for Goal 2 (PERCENTAGE): The percent increase of in-store jewelry sales

during national and major local holidaysKPI for Goal 3 (RATIO): The ratio of billboards showcasing Lacey Couture

jewelry designs versus the ones showcases other jewelry linesKPI for Goal 4 (COUNT): The number of email subscribers

Goal Target(s)Target for KPI 1(prior to start of campaign): 100 Facebook fans and Instagram

followers made up of current family and friends. Mark of success for KP I (at the end of the campaign): Increase Facebook fans and

Instagram followers to 1,000 peopleTarget for KPI 2 (prior to start of campaign): 10% sales increase during national

and major local holidaysMark of success for KP 2 (at the end of the campaign): 50% sales increase during

national and major local holidaysTarget for KPI 3 (prior to start of campaign): 1/15 Exagere’ owned billboards

feature Lacey Couture jewelry designsMark of success for KP 3 (at the end of the campaign): 8/15 Exagere’ owned

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Tantawi, Marketing Plan Part A

billboards feature Lacey Couture jewelry designsTarget for KPI 4 (prior to start of campaign): Email subscriber list of 150 people,

which will be composed of current Exagere’Art Gallery email subscribers, past Lacey Couture customers, business associates, friends and family

Mark of success for KP 4 (at the end of the campaign): Email subscriber list of 800 or more people

Campaign DurationOne year will be needed in order to achieve the target as defined in the goals and objectives. This is due to the fact that the advertising relies heavily upon local and national holidays, as well as special event seasons such as prom and wedding season.

Channels Selected Social Media Digital Promotion/PRDigital AdvertisingEmail Marketing

Campaign CalendarSee next page.

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Tantawi, Marketing Plan Part A

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References

Alexa. (2013). [Traffic stats and audience demographics]. Etsy.com. Retrieved from http://www.alexa.com/siteinfo/etsy.com#

Alexa. (2013). [Traffic stats and audience demographics]. Scoutmob.com. Retrieved from http://www.alexa.com/siteinfo/scoutmob.com

Ariodante Contemporary Craft Gallery. (2013). [Homepage and gallery information] Retrieved from www.Ariodantegallery.com

Etsy-Your place to buy and sell all things handmade, vintage and supplies. (2013). [home page and site information] Retrieved from www.etsy.com

Inspired goods by independent makers/ hand made jewelry/ t-shirts/ unique gifts- Scoutmob Shoppee. (2013). [Home page and basic site information] Retrieved from www.scoutmob.com

Phillips, Aurthur. (2013, July 14). Fashion Jewelry Trends for the Souvenir Market. National Association of Retail Buyers- June/July 2010 edition. Retrieved from http://web.ebscohost.com.oclc.fullsail.edu:

Pousa’, Maria. (2012, September 28). Women-Retail Study. Retrieved from http://www.slideshare.net/mpousa/women-retailstudy

Profile America. (2013). Industry IQ: Key Statistics Market trends and Business Practices. Retrieved from http://www.industryiq.biz

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