Promotion Strategy
Advertising
Coffee Joulies advertises its product using different advertising channels including radio, V, Newspaper, internet, newspapers, magazines, and social media (O'Connell, 2013). The firm has an iPhone application that it uses to advertise its product to consumers (Coffee Joulies, 2013). The company’s website has videos and advertisements that it uses to inform customers of the product development. The firm also has a blog that engages customers and directs them to a video link with more information about the company’s development. The firm advertises its products in TV shows including ABC’s Think Tank and Today Show. They also feature in national newspapers such as NPR and The New York Times.
Personal selling
The firm conducts personal selling and word-of-mouth advertisement through social media sites such as Facebook and Twitter. The entrepreneurs are able to get feedback from clients from these social media platforms. The entrepreneurs advice customers on how to use the product face-to-face of through online videos and social media (Coffee Joulies, 2013).
Sales Promotion
Sales promotion usually include short-term activities designed to quickly stimulate demand for a short period by offering incentives to customers to purchase your products (Keller & Price, 2011).Coffee Joulies offers deals, discounts, voucher code, and promotional codes from around the web to entice consumers to purchase more of the product. The firm also gives discounts to resellers and wholesalers in order to increase market penetration. For examples, Coffee Joulies offers a 10% discount to those who order at Coffee Joulies.
Publicity & Public Relations
The main aim of public relations is to mold an opinion among existing and prospective consumers. The two engineers gain publicity through press exposure by appearing on TV shows such as ABC’s Shark Tan, The Today Show, NPR, The New York Times, among other hundreds of blogs. Coffee Joulies received an explosive retail season in 2011 that saw them win the 2011 Shopify Buid a Business competition. Participation in such competitions has enabled the firm to gain more publicity for its products.
Price Strategy
Pricing Objectives
The pricing strategies used by the firm is to set up high prices but not too high according to the level of customer satisfaction and enable customers buy without making much effort. setting high price prices can make customers think of the product as high quality or good image and they also want the product to be more popular to enable anyone who want to drink coffee think of Joulies. The pricing objectives include making consumers regard the product as high quality yet affordable. The firm also needs to set prices that enable it to be more popular among coffee drinkers.
Price Setting in the Business World
The initial price for five Julies is quite expensive, but they save customers money on wasted coffee gone cold (Campaign Monitor, 2011). Selling the product at $95 would prove expensive in some countries, particularly developing economies and this call for the firm to use price differentiation to reach the global market.
Future Outlook Of The Product
There is growing need among coffee drinkers for something that can regulate the temperature of coffee they drink to avoid burns and cold coffee. People are also adapting to busier lifestyles and finding something that can help them regulate the temperature of their coffee would prove useful. The Joulies will continue to sell as more people adapt to new technology.
References:
Campaign Monitor. (2011, August 10). Review: Coffee Joulies. Marrco.org. http://www.marco.org/2011/08/10/coffee-joulies-review
Coffee Joulies. (2013). Coffee Joulies homepage. http://www.joulies.com
David L. R. (2005). Product innovation: leading change through integrated product development. New York: Cambridge University Press.
Keller, S. & Price, C. (2011). Beyond performance: how great organizations build ultimate competitive advantage. New Jersey: John Wiley & Sons.
O'Connell, M. (2013, April 14). Creator Q&A: Dave & Dave from Coffee Joulies. Kickstarter Blog. http://www.kickstarter.com/blog/creator-q-a-dave-dave-from-coffee-joulies
