Entrepreneurship Marketing Campaign
Team 3: Hang Tran, Kiana Hancock, Makayla Wray, Ryan Kirk
COMM 494 Fall 2018
Situational Analysis
Competitor Analysis
James Madison University:
● Center for Entrepreneurship, founded in July 1985: “supports interdisciplinary programs within colleges and multidisciplinary collaborations across campus through active participation, marketing support, academic and entrepreneurial networks, and grant funding ”
● Offers an entrepreneurship minor that is available for all majors except management
George Mason University:
● Center for Innovation and Entrepreneurship: aims to create hands-on learning opportunities to move beyond traditional academic offerings The center engages students, alumni, faculty, staff, and community members, driving the growth of their “regional entrepreneurial ecosystem”
● Offers an entrepreneurial minor
● Annual Mason Entrepreneurship Research Conference
● Mason Innovation Lab: physical space and community
● Startup Mason: student entrepreneurship club
Christopher Newport University:
● Only offers an entrepreneurial club: aims to connect students with alumni and employers using speakers, think tanks, pitch competitions, and internships
Virginia Tech:
● Apex Center for Entrepreneurs: “inspires and empowers students, faculty, and alumni to turn their passion, purpose, and ideas into action”
Relevant Trends
Colleges and employers are increasingly looking for entrepreneurial-minded individuals A report from the Global Entrepreneurship Monitor (GEM) found that 27 million Americans are in the process of starting or currently running their own business. That is roughly 14% of working-age Americans. It is also the highest number in the 16 years GEM has been doing this study. 51% of working-age people feel there are viable career opportunities for starting their own business, which is also a record high for the GEM study.
In addition, this study states that 24% of U.S. entrepreneurs expect to employ 20 or more entrepreneurial-minded individuals within the next 5 years That number has increased 16% from just two years ago The GEM’s study has shown that there is an increasing trend in both entrepreneurs and the hiring of entrepreneurial-minded individuals According to Forbes, venture capital investment in start-ups reached $148 billion in 2017, the most money spent in a single year on startups ever
SWOT:
Strengths:
● Affordable
● Successful Student Entrepreneurs (O'Connor Brewing Co , SHWIM Clothing, 3DXtremes, Full Belly Delights, Pull Start Fire, Gymmie, Ardent Candle Company, and Two Pink Peas)
● Strome Entrepreneurial Center
● Internships
● The Monarch Way: “a retail store where entrepreneurial students, alumni, and faculty can sell their products in a low-risk environment”
● Center for Enterprise Innovation (Programs: TempO, HRPAC, TAC, Women’s Business Center, Veterans Business Outreach Center)
Weaknesses:
● Uninformed students, low brand awareness
● Only highlights the same group of students
● Relatively new on campus
Opportunities:
● Tap in with more student entrepreneurs potential for students to become successful and boost the local economy
● Collaborate with campus organizations to increase awareness (Student Government Association, Public Relations Student Society of America, American Marketing Association, Success Without Limitations, WODU Studios, and more!),
● Offers more mentorship and internship opportunities with local businesses
Threats:
● Competing Universities
● Possible student scandal/tarnished reputation
● Students opting for trade school
Target Audiences
● High school juniors/seniors
● Current students
● Transfer Students
● Parents of high school students
● High School Guidance counselors
● Media Outlets
● Military
Target Locations: Maryland, Hampton Roads, North Carolina, South Carolina, Northern Virginia, Pennsylvania
Goals and Implementation Plan
Goal #1: Increase ODU Admissions web page clicks by 5% (compared to the previous year) during the prime application period (November-March)
➔ Strategy 1 1: Focus marketing efforts on high school counselors to make them aware of ODU
◆ Tactic 1.1.1: Send entrepreneurship-focused fliers, brochures, and informational packets to targeted high school guidance counselors over the summer of 2019 for them to hand out to prospective students during the fall
➔ Strategy 1.2: Attract business-minded high school juniors and seniors to enroll at ODU
◆ Tactic 1.2.1: Send student ambassadors to their hometown high schools to speak to prospective students and hold Q&A sessions during the fall semester
◆ Tactic 1.2.2: Launch email-marketing campaign about the SEC and Institute for Innovation to prospective students
◆ Tactic 1.2.3: Run an ad on local radio stations at peak driving time (6:45 a.m., 2:30 p m ) (z104 5, Hot 100 5, 96 1, etc) targeted to high school students about entrepreneurship program and promote social media
➔ Strategy 1.3: Market ODU to prospective students’ parents as a nationally recognized and innovative university that focuses on entrepreneurship
◆ Tactic 1.3.1: Send statistical and informational packets/brochures to prospective students’ parents that specifically target the parents
◆ Tactic 1.3.2: Hold online informational Q&A sessions via Facebook Live exclusively for parents with questions from the Strome Entrepreneurial Center
◆ Tactic 1.3.3: Share articles about entrepreneurship programs and successful student entrepreneurs to Facebook, then pay for sponsored ads targeted to adults with children aged 16-22
◆ Tactic 1.3.4: Run ad on local radio stations at peak driving time (8:30 a.m., 5:20 p m ) targeted to prospective students’ parents about entrepreneurship program and promote Q&A session on Facebook Live
➔ Strategy 1.4: Create a social media campaign targeted to high school juniors and seniors
◆ Tactic 1.4.1: Hold an informational Instagram Live session on a weekday around 4 p m about SEC and its benefits and promote it on ODU Instagram and Twitter leading up to the event, targeted to prospective high school students
◆ Tactic 1.4.2: Start a hashtag to be shared on Twitter targeted to prospective students and current freshman students that asks them what kind of business that would open if they had unlimited resources- #ODUBYOB
Goal #2: Increase student membership of the Strome Entrepreneurial Center by 3% (compared to the previous year) during the Fall 2019 semester
➔ Strategy 2.1: Showcase ODU’s Institute for Innovation and Entrepreneurship and The Monarch Way, which sells students’ products and services
◆ Tactic 2.1.1: Share articles written by and about student entrepreneurs and their products sold in Monarch Way to Facebook.
◆ Tactic 2 1 2: Rent billboard spaces on major highways to feature student entrepreneurs
◆ Tactic 2.1.3: Host events and programs for students at The Monarch Way
➔ Strategy 2.2: Increase awareness of SEC to current and prospective students, both business/non-business majors
◆ Tactic 2.2.1: Through the office of LSI and SGA, collaborate with relevant student organizations (SWL, PRSSA, AMA, Monarch Magazine, HerCampus, ODU Pre-Law Association, Graphic Design Club, etc) to co-sponsor meetings and hold events at the SEC.
➔ Strategy 2.3: Promote benefits of SEC
◆ Tactic 2.3.1: Launch Instagram and Twitter campaigns centered around the SEC and its benefits with Mallory Tuttle and student entrepreneurs as guest speakers on Instagram Stories/Live
◆ Tactic 2.3.2: Create a video series highlighting successful student entrepreneurs that used the resources available at the SEC to build/enhance their businesses
Goal #3: Develop and launch a branding campaign that will provide visibility of the university’s entrepreneurial efforts.
➔ Strategy 3 1:Establish ODU Entrepreneurship as a sub-brand of the university
◆ Tactic 3.1.1: Create a new logo that will represent ODU Entrepreneurship as its own division of the university (similar to Alumni Association, Athletics, and ODU Foundations) This will give student entrepreneurs and the university more credibility in its entrepreneurial efforts The logo should be featured on all materials related to student entrepreneurs and entrepreneurship at ODU
➔ Strategy 3.2: Create a tagline that connects ODU and entrepreneurship
◆ Tactic 3.2.1: Create a tagline that is associated with the new logo. The tagline line will be used in all marketing campaigns and references to ODU entrepreneurship. It will be featured on the website, publications, social media, and promotional materials.
Tagline: Old Dominion University - Be Your Own Boss (#BEYOUROWNBOSSODU, #ODUBYOB)
Evaluation
How success will be measured:
● Surveys: sent to incoming students asking if they saw our fliers, emails, or talked to our student ambassadors It would also ask if our tactics influenced their decision-making process to choose ODU
● Polling on the university’s main webpage asking viewers specifically how they heard about the university
● Analyzing ODU’s website data to see how the campaign affected traffic