Waterstones Saving the Largest British High Street Bookstore
Key Summer Trends • Decline in the High Street • Downfall of Marks and Spencer • Social Media Promotions • Rise in E-Books (50 Shades Effect) • Return to Tradition/Heritage Brands in Trouble • Marks and Spencer • Clinton Cards • La Senza • Waterstones Fig 1.
• Jigsaw
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Waterstones Waterstones Fig 2.
Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Primary • Questionnaire – Sampling 200 Consumers of 5 Generational Segments • Interviews – Sampling 20 Consumers of 5 Generational Segments • Retail Diary – Conducted over 2 Months • Store Layout Analysis – Sampling 20 Consumers of 5 Generational Segments Secondary • Books • Reports • Online Sources • Databases e.g. Mintel, GMID • Blogs Limitations • Seasonal Bias • Sample Sizes in Relation to Market
Fig 3.
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Books & E-Books Market
Waterstones Fig 4.
Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Waterstones Fig 5.
Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
“Relationship marketing is too much about the relationship that the producer wants and very little about the relationship that the consumer requires� (Szmigin, I, 2003, P14)
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Waterstones Fig 6.
Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Fig 7.
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Waterstones Fig 8.
Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
“A warm atmosphere makes people feel secure enough to talk to one another, consumers feel that other visitors will be there to browse similar titles and are reasonably literate, therefore making them feel safe in that environment” Faith Popcorn on ‘Clanning’ Bookstores (Popcorn, F, 1996, P67 )
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Waterstones Fig 9.
Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Waterstones Fig 10.
Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Waterstones Fig 11.
Introduction Methodology Market Trends Consumers
Waterstones Competitors Summary
Fig 12.
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
What do you look for in a retailer?
Customer Service Competetive Prices Stylish Website Easy to Use Website Interactive Social Media Product Choice Stand Out Retail Space
Fig 13.
What do you dislike most about shopping in-store?
Lack of Choice Queuing Bad Customer Service Just Easier Online Other
Fig 14.
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Fig 15.
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Fig 16.
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Brand Values • Objectives: Become the lead retailer in the book industry both on the high street and online (Waterstones, No Date, Online); Provide a consistently high level of customer service; Drive more traffic to Waterstones.com (I Spy, No Date, Online); • Mission: To be the leading bookseller on the high street and online providing customers the widest choice, great value and expert advice from a team passionate about bookselling. Waterstones aims to interest and excite its customers and continually inspire people to read and engage in books. (Waterstones, No Date, Online) • Essence: A reliable and trusted bookstore who provide a wide range of products, for a wide range of consumers and have become a staple on the British high street. • Tone of Voice: Trustworthy, Reliable, Passionate, Successful • Emotional Vales: Education, Passion, Intelligent, Local • Functional Values: Service, Responsible, Affordable
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Consumer Segmentation Fig 17.
The Collector
Fig 18.
The Avid
Fig 20.
Fig 21.
The Magazine
The Commuter
Fig 19.
Fig 22.
The Academic
The Holiday
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
“Amazon has very granual information about each individual shopper but is yet to combine these individuals into communities” “Engages with each consumer to promote relevant, sharply defined products, pulling in insight about the behaviour of other shoppers as sales collateral” (Parkin, G, 2009, P61 )
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Fig 23.
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
Strengths
Weaknesses
• Customer Service • 300 Stores Nationwide • 63% Prefer to Shop In-Store • “Old School, the Best” • Respected Brand
• Not Seen as Competitive Online • Amazon has Huge Portion of Market • Seen as Expensive • Wide Range of Consumers
Opportunities
Challenges
• E-Books • Store Experience • Online Platforms • Personalisation of Service • Community
• Decline of High Street Stores • E-Books • John Lewis chosen to stock Nook • WHSmith’s aim to become the best bookseller
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
List of Images Fig 1. Decline of the High Street Cartoon. Source: Pinterest Fig 2. Summer Newspaper Research. Source: Own Image Fig 3. Light Bulb Chair. Source: Pinterest Fig 4. Books & E-Books Market 2012. Source: Mintel Fig 5. Social Media Pinboard. Source: Own Pinterest Fig 6. Interactive Stores Pinboard. Source: Own Pinterest Fig 7. Decline of the High Street Pinboard. Source: Own Pinterest Fig 8. Community Pinboard. Source: Own Pinterest Fig 9. Escapism Pinboard. Source: Own Pinterest Fig 10. Citizen Brands Pinboard. Source: Own Pinterest Fig 11. Social Consumer Infographic. Source: Pinterest Fig 12. Consumers Pinboard. Source: Own Pinterest Fig 13. What do You Look for in a Retailer? Source: Own Graph Fig 14. What do You Dislike Most About Shopping In-Store? Source: Own Graph Fig 15. Waterstones Pinboard. Source: Own Pinterest Fig 16. Waterstones Pinboard. Source: Own Pinterest Fig 17. The Collector. Source: Pinterest Fig 18. The Avid Reader. Source: Pinterest Fig 19. The Academic. Source: Pinterest Fig 20. The Magazine Reader. Source: Pinterest Fig 21. The Commuter. Source: Pinterest Fig 22. The Holiday Reader. Source: Pinterest Fig 23. Competitors Pinboard. Source: Own Pinterest
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary
References • • •
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Szmigin, I, 2003. Understanding the Consumer. 1st ed. Sage Publications Ltd: London Popcorn, F, 1996. Clicking: 16 Trends to Future Fit Your Life, Your Work and Your Business. 1st ed. Thorsons: London Waterstones, No Date. About Waterstones [online] Waterstones. Available at: http://www.waterstones.com/waterstonesweb/pages/abo ut-waterstones/100000002/ [Accessed: 05/11/12] I Spy, No Date. Waterstones’ Success Story [online] I Spy. Available at: http://www.ispymarketing.com/casestudy_waterstone.as p [Accessed: 16/12/12] Waterstones, No Date. About Waterstones [online] Waterstones. Available at: http://www.waterstones.com/waterstonesweb/pages/abo ut-waterstones/100000002/ [Accessed: 05/11/12] Parkin, G, 2009. Digimarketing: Strategies for Online Success. 1st ed. New Holland Publishers: London
Waterstones Introduction Methodology Market Trends Consumers Waterstones Competitors Summary