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A marketing strategy plan can be developed by taking into consideration the following outlined literature. This includes;
- Customer satisfaction
- Awareness
- Brand auditing
- Expanding the target setting
- Choose the right matrix
- Content and tone to be successful in leading the pack
- Measure
FashioStatementX is bleeding edge experiential software that gives users virtual interaction with clothing and accessories available online. Since the product is a first attempt by FashioSatementX Corporation (FSXC) it is imperative to develop a one-hit marketing strategy that lifts the project off the ground into profitability and success. FashionStatementX is a new service brought about by technological advancements where clients can sign in and conduct virtual fit test of trending cloths and accessories. The client does not have to visit the stores; rather an online interaction is facilitated for consumers to interact with retailers. Once the selection is effected, the customer is billed and delivery is done. Foremost, the marketing strategies in place involve include massive recruitment of over 60% of potential clients in Europe, America and Australia through advantage card holders who check into the store and receive discounts on the products and services. Next on line is online registration.
Many people may be ignorant of the software that is on offer with Xbox One or 360. The sure way to keep everyone talking about the product is to use social tools. Social networking competes directly with traditional advertising methods for resources and time. But the shift from traditional media to social media is gaining momentum meaning that future advertising using traditional media will fall significantly.
SOCIAL NETWORKS
The use of social networks has immense benefits to the marketing initiatives. Since the internet is playing a major role in people’s lives, it is imperative that we employ social network to get as much downloads and installations as possible. Recommendations are no longer tied to one-to-one interactions alone but are far reaching. Large number of people can decide to build the brand of a company through social media campaigns. Thus in order to get the target of 20,000 inquiries per month use social networks such as Facebook and Twitter in the first year. A budget of $1,500,000 is sufficient for surveys and advertising. A successful example of an online company which generated huge conversations is Uniqlo Twitter campaign.
WORD OF MOUTH
Another effective method of generating and sustaining a considerable market share is by use of word of mouth. WOM is the best tool in terms of persuasion power and consumer influence. It is a credible tool that provides unparalleled reliable source of information. An anonymous advertising message will not provide the same level of credibility and trust that word of mouth will provide. If we get as much people to talk about the software and how it enables people to test trending fashion accessories at the comfort of their homes, the more than 20% market share will be achieved. Electronic WOM is more effective than online advertising in terms of interactivity and the instance of response. Intervention mechanisms are easy to implement and the conversations and amendments can be changed in real time. However, WOM require a sustained commitment of resources and time. Electronic WOM will be established through blogs, forums, conversations, recommendations and positive reviews. The first year has a budget allocation of $1,500,000 as the set up fee after which WOM is propelled and funded with $500,000 allocation. Traditional WOM is relatively cheap but in order to be effective, the company should dedicate resources and time to the talking process in order to built the brand name or the products.
In building a company name through brand image, reputation and recognition, traditional and WOM advertising function in the same manner. However in the case of WOM, user comments cannot guarantee favorable progress. Good comments have the effect of enhancing brand but bad ones can do considerable damage to a company.
Advertising is considered to affect brand name and price sensitivity. However, research suggested in this literature pointed to the fact that the volume of conversation about a certain product is directly and immediately correlated with sales. The effect of WOM is seen to last longer than conventional systems. The rule of the thumb is to integrate e-WOM and advertising in an amicable way that benefits the company. Companies such as Coca Cola are using this trick to remain relevant in the market. The effectiveness of this method depends on the company’s brand among other factors. In some instances, e-WOM is substituting traditional advertising for small companies which needs to build a brand with no additional budget for advertising.
New campaign strategies are laid out to improve sales and get more people to shop online. The new FashioSatementX logistic and delivery service system specializes in delivery of products purchased and services. For instance online customer buying sunglasses and other products will have their purchases delivered at their preferred location. Likewise, the service takes in customer recommendation and request for development of tailor made products and services. The service will direct the clients to the next available location or retailer or have the products delivered to the client without the need for them to collect at the stores. By doing these, it is believed that customer productive time will be saved without the need to worry about fixing schedules to visit the stores and conduct shopping.
The strategy will result in a competitive advantage over other companies and firms with the idea. Order and delivery time is improved by 10% in the first two years with a budget of $500,000 in the first year for logistical infrastructure and technology upgrade as well as $200,000 in the second year.
TV ADS BILLBOARD AND PRINT MEDIA
Television is a powerful medium of communication because it is able to capture audio and video to persuade the consumers of the quality and service of your products. FashionStatement uses carefully grafted television ads showcasing people with their products to signify efficient fashion and wellbeing. Coverage for TV ads is guaranteed, in addition to, clear delivery of message, location of premise and contact information. TV ads involve campaign creation and negotiation with media vendors to offer the best possible rates and appropriate placements. For instance, the company will run its product ads in ITV at 21:30 Premium show Time. This implies that it will reach most of the families as they are gathered at home watching a show.
Billboards are outdoor advertisements located at a strategic location all over the country. Billboards advertising for FashioStatementX will cost $170,000. It is carefully tailored to capture the attention of the viewer at first site. Wording should be six or less with a strong and bold message. Billboard is considered secondary advertising tools meant to build a brand name and support a campaign. It should be smart brief and simple to figure out the message.
DIRECT MAIL
This kind of marketing is directed at prospective audience who are most likely to become real leads. It is provided by postal companies and courier companies with the aim of delivering most convenient, direct and affordable way to distribute products and services. FashionStatementX can optimize this avenue by directing it at healthcare institutions, national health providers and insurers. Use of direct mail is used to boost new products and services to target clients. The advantage of such a marketing strategy is that it is available all over the country where post offices are located. Direct marketing uses leaflets, brochures, booklets, cards and catalogues to disseminate information about new products and services introduced by FashionStatementX. The campaign is used all through the year as it provides a tangible way to measure response and evaluate its effectiveness. FashionStatementX will use a perforated segment of the advertising materials that can be cut and replied by the respondent to be eligible to discounts.
CELEBRITY ENDORSEMENTS
Finally, in order to capture the Y generation that is passionate with technology and celebrities, it will optimize celebrity endorsements. All successful business entities attribute their success to brand equity, identity and personality. All the significant brands have an established presence attributed to continuous delivery of high quality products and brand awareness and association. Celebrity endorsements and association do the magic of pulling crowds to the products they talk about and promote. Having FashionStatementX products and services marketed by accomplished celebrities will hook many customers to those same products and services especially the young and youthful generation. In its awareness campaign, FashionStatementX should endorse celebrities to promote them. When coupled with unbelievable offers, the sales revenue will drastically go beyond unimaginable levels.
References
A.Shimp, T., n.d. Integrated marketing communication in advertising and promotion .. s.l.:University of Carolina: PrePressPMG. 316-400..
Armelini, G. a. J. V., 2010. “Marketing Expenditures and Word-of-Mouth Communica-tion: Complements or substitutes?”. Foundations in Marketing, pp. 1-53.
