The Finer Details Of Your Strategy Should Go In Here This Could Incl
The finer details of your strategy should go in here – this could include breaking down each strategic line above, for example raising brand awareness through online, social and mobile advertising. Please include more columns and rows as need be mine is just a sample to get you started. Resources Detailing the resources you require to deliver your plan will help you identify areas for internal or external recruitment. You can detail each resource here and the role they will play in delivering your plan. Title Occupant Responsibilities Marketing Manager Can work remotely, but needs access to new product imagery and instore photos/video. -Planning/Strategy/Tactical - creative ideas, media buying, pr. Social Media Assistant Works in store Supplying photos, product details, and more real-time information Store Manager Works in store Responds to messages and inquires on specific products. Budget Once you understand the tactical elements of your plan you can put together the budget you require to deliver it. Annual costs
Annum Quarter Month Google adwords (PPC) $12,000 $3,000 $1,000 Facebook Ads $10,000 $2,500 $833 Sub Total One Off UpNorth Live- sponsorship $1,550 Womans Magazine- Newsletter $1,000 Sub Total Grand Total Now that you’re clear on your current situation, you’re in a position to define your short, medium and long term objectives. I would like to see 1-3 years and 3-5 years as a long term approach. It’s recommended that you use the SMART framework when setting your objectives, so that each one is: · Specific · Measurable · Achievable · Realistic · Time bound Short Term (1 – 3 years) Tactic Objective Strategy Organizational (Over 3 years) 1. Increase sales by 30% each year. 2. Increase the average transaction price from $40-$52 3. Gain 20% more rewards members year over year. 1. Increase in store visits from shoppers. The more they frequent our store the more the purchase. 2. Increase special events and community fundraising events. Marketing (Over 3 years) 1. Decrease brand awareness campaigns. 2. Go from 3,000 to 3,900 Facebook like 17’-18. 18’-19’ go to 4,500 likes. 3. Grow e-mail constant contact database. 1. Limit brand awareness campaigns by end of 2017. Focus on more direct response. 2. Increase paid media spend on FB and attempt more viral postings. Also use diverse digital and print publications to gain new followers. 3. Ask more instore visitors to join e-club, use incentives to join. Marketing Mix Objective Strategy Product- Once Upon a Child Childrens Resale. 1. Sales increase of 30% year over year. 1. Increase traffic driving special events through promoting on social media channels. Place- In store. Traverse City, MI 1. Generate awareness of the events. 1. Use FB to market the event. Create a text message blast to members. Send email to CRM database announcing events. Price 1. Objective 1. Strategy 1 for objective 1 Promotion- Bring a Friend event. 1. New Customers- Shoppers who
have a friend that have never been to our store bring them and each person receives 40% off their entire purchase. 1. Run a gift card promo on FB. Post lots of pics and videos of great products available at the event. Use paid advertising on FB and Pandora to boost event. People- Existing and New Customers. Targeting mothers and friends of current customers. 1. Gain new shoppers through friend referalls. Both new and existing customers are rewarded! 1. Get friends to tag and share our post, tag friends who you want to come to the event. Competition Understanding your competition and what they’re good at will help you develop a marketing plan which will add more value than your rivals. You may have an information system in place which holds this, or indeed you may conduct a full competitor analysis in your audit – but it’s still worth adding at least your main competitor’s profile in here. Who are they? Brand Marketing Mix Potential competitive advantage on us Twice Trendy Tots Twice Trendy Tots-Founded 5 years ago. Twice Trendy Tots has similar resale model. Some of our shoppers also shop there. ProductResale clothing, toys and equipment. Price- Similar price points as ours. They pay less on most of the products they buy from public. Placement- Don’t spend much money or time promoting on social media. Mostly just do Broadcast Radio. Promotion- They do a few sales a year but nothing large in terms of scale. Seasonal promotions mostly. They offer some other used goods such as hats and mittens. We don’t offer nor do we plan to. For sanitary purposes. They have a two year start on use in terms of marketplace so they have 6,000 Likes to our nearly 3,000 on Facebook. The owner also owns the building they are in so they have lower operating cost. Major Retailers. Major retailers- Gymboree, Carters, Target, Wal-Mart, Macys, etc.. Major retailers can offer big sales and incentives. They also drive our stores. Product- New goods, varying price points and quality. Price- Generally cost more than our products. Unless there’s a large clearance sale. Placement- Spending on digital and social platforms, tv, radio. Large budgets. PromotionSeasonal sales, black Friday, back to school. Rewards systems as well. Larger budgets and brand recognition. Consumers still think of new retail as being better than used resale goods. Don’t have to educate the shopper as much.
3rd competitor Paper For Above instruction
The provided text outlines a comprehensive approach to strategic planning and marketing for a retail business, specifically focusing on a children's resale store, "Once Upon a Child." The strategy emphasizes detailed resource allocation, SMART goal setting, marketing mix development, promotional campaigns, and competitor analysis to establish a sustainable competitive advantage over time.
Introduction
Effective strategic planning is vital for retail success, enabling businesses to allocate resources efficiently, set measurable goals, and adapt to market dynamics. The document underscores the importance of detailing resources, employing SMART objectives, and understanding competitive positioning. This integrated framework ensures alignment across operational, marketing, and organizational levels, fostering growth and customer engagement.
Resource Planning and Budgeting
Successful execution of marketing strategies requires clear resource delineation. The plan specifies essential personnel, including a Marketing Manager responsible for strategizing and creative oversight, a Social Media Assistant providing real-time content, and a Store Manager managing in-store customer interactions. Financial planning encompasses advertising expenditures such as Google Adwords and Facebook Ads, totaling approximately $23,000 annually, supplemented by sponsorships and newsletters. This detailed budgeting enables precise tracking of investment and return, ensuring optimal resource deployment.
Setting Strategic Objectives with SMART Framework
The plan advocates utilizing the SMART framework to formulate objectives that are Specific, Measurable, Achievable, Realistic, and Time-bound. Short-term goals (1–3 years) focus on increasing sales by 30%, boosting transaction value from $40 to $52, and growing rewards memberships by 20%. Medium to long-term goals emphasize increased store visits, community engagement via events, and targeted brand awareness campaigns, including social media growth on platforms like Facebook and email marketing expansion.
Marketing Mix Development
The marketing mix of product, place, price, and promotion is tailored to the brand's positioning as a children's resale store. Product strategies aim at increasing sales through event promotions. In-store placement in Traverse City, MI, is leveraged by marketing efforts that generate event awareness via Facebook, text, and email campaigns. Pricing strategies focus on offering discounts through events like "Bring a Friend," facilitating customer acquisition. Promotional tactics include social media advertising, especially paid campaigns on Facebook and Pandora, incentivizing referrals and in-store visits.
Competitive Analysis
Understanding competitors is crucial for developing differentiation and value propositions. The main competitor, Twice Trendy Tots, shares a similar resale model but operates with lower promotional spending and a smaller social media footprint, with approximately 6,000 Facebook Likes compared to nearly 3,000 for the primary store. Major retailers like Gymboree, Carter’s, Target, Wal-Mart, and Macy’s represent larger competitive entities with substantial budgets, offering new products, seasonal sales, and rewards programs. These competitors have higher brand recognition, broader product ranges, and extensive advertising, which necessitates continuous strategic adaptation for the resale business.
Conclusion
In conclusion, a nuanced and detailed strategic plan incorporating resource management, clear goal setting, targeted marketing strategies, and competitor awareness forms the foundation for sustained growth. By aligning operational efforts with market opportunities, the children's resale store can enhance its visibility, customer base, and profitability over short-term and long-term horizons. This comprehensive approach ensures the business remains competitive in a dynamic retail environment.
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