THE FUTURE OF FENWICK OF BOND STREET
THE FUTURE OF FENWICK OF BOND STREET
HOW CAN FENWICK OF BOND STREET BECOME A SHOPPING DESTINATION FOR THE 39-60 YEAR OLD FEMALE CONSUMER
N0421241 FASH30002 6521 WORDS SOPHIE GOULD
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I N T R O D U C T I ON
CONTEXTUAL RESEARCH
1 2 P10
Introduction
P12 P14 P17-18 P19-23 P27 P31-32 P34 P37 P39-40
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History of Fenwick Fenwick of Bond Street What is the problem? SWOT Analysis PEST Analysis The Market Perceptual Map Competitor Retailer Analysis LS:N Global Futures Forum
MARKETING TO THESE CONSUMER GROUPS
CONSUMER INSIGHTS
3 4 P42 P43-44 P45 P47-48 P49-50 P51-52 P53-54 P56
Who is the Fenwick Consumer? Primary Research Consumer Surveys Defining the Tribes Tribe 1 Tribe 2 Tribe 3 Tribe 4 Key Insights
P57-59 P60
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Marketing to these Consumer Groups Current Consumer Touch Points
CONCEPT
THEORY
5 6 P62 Big Idea P65 Creative Concept P67 How will it work? P69 How can this be acheived? P71-72 How can I approach the process? P73 Consumer Benefits P74 What will this mean for Fenwick of Bond Street? – The impact and consequences of my recommendations P77 Event Marketing Strategy P78 What will it look like and why?
P80 P81-82 P83
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The 5 C’s The Consumer Decision Journey Overview
APPENDIX
EXECUTIONS
7 8 P85 P87 P89 P90 P91 P92-93 P94-95 P96-97 P98-99 P100 P101 P102 P103-106 P107 P108 P109
Executions Logo Press Release Logo & Campaign Campaign Line Web Banners Taxi Side Bus Sign Escalator Tube Card In-store Mockups Social Media Instagram Twitter Pinterest Conclusion
P111-112 P113-114 P115-116
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References Bibliography Image References
I N T R O D U C T I ON
1
I N T R O D U C T I ON
The arrival and progression of the digital age has transformed the way that consumers shop within luxury fashion retail. Consumers are now more digitally engaged than ever before with access to multiple retail platforms, compared to a decade ago when in-store shopping was the sole conventional method of shopping. Traditional brick and mortar stores have had to converge with consumer demands, and create engaging in-store spaces, accessible, functional and stimulating online spaces and interact with their consumers on a wide range of social platforms. Digital is the present and future of retailing and brands must adapt to meet their customers needs. The luxury world has been slower than other retail sectors to embrace technology, but according to David Selinger (CEO of RichRelevance), “2015 is likely to be the first year luxury companies can apply technology in a strategic way to advance who they are” (WGSN, 2015). This is an important consideration for the less technologically advanced luxury fashion retailers, in order to keep up with their competitors. Luxury in-store spending in the UK will rise from £593bn in 2014 to almost £722bn in 2020 (LS:N Global, 2014). Mintel forecasts that the luxury department store sector will see sales reach £16.6 billion by 2018 helped by players such as John Lewis, Selfridges and Harrods (Mintel, 2013). This prediction coincides with the opening of Crossrail in 2018, which will run from East to West London bringing in an extra 20,000 people to London each day (Walker-Smith, 2015). There is a huge opportunity for smaller luxury department store retailers to use this as a catalyst for change, particularly those that are not performing as well. One of the longest standing luxury department stores in London is Fenwick of Bond Street. They recently paused their e-commerce platform and are looking to re-focus and re-brand the store to make it a shopping destination for the older consumer. It is important for them to focus on the digital future as part of their store re-brand, and to engage with their consumer via social platforms if they continue to keep their online presence closed. “I don’t doubt that it has a loyal following amongst people who live close by in those areas,” said Tamara Sender, senior retail analyst at Mintel. “But I think of Fenwick as struggling. They’ve got to play catch up now with the department stores that are really outperforming,” (Sender, T2015). This report will assess how Fenwick can improve their in-store environment and digital platforms using their 125th anniversary on Bond Street as a catalyst for change.
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CONTEXTUAL RESEARCH
2
HISTORY OF FENWICK
Fenwick is an independent department store chain that consists of 11 stores throughout the UK. It was established in 1882 by John James Fenwick in Newcastle. He began the retail empire when he took over a doctor’s house in Newcastle. Together with two assistants they sold mantles, silk goods, fabrics, dresses and trimmings. Within three years he purchased 37 and 38 Northumberland Street. Fenwick did not become a department store until the founder’s eldest son Fred Fenwick joined the business in 1890 and expanded the store into number 40. It was set up as the concept of a modern department store. Fred had trained in retail in Paris and is said to have been inspired by Le Bon Marché in Paris, which is regarded as one of the first ever department stores (Fenwick.co.uk, 2015). In 1891 they opened a branch at 63 New Bond Street, London as the Fenwick family looked to expand beyond the North East. This store later doubled in size in 1980. This store is considered to be the “Jewel in the Fenwick crown” (Walker-Smith, 2015). The Fenwick family has continued to purchase stores across the UK. These include locations in Bracknell, Brent Cross, Canterbury, Colchester, Kingston upon Thames, Leicester, Tunbridge Wells, Windsor and York. As of 2015, the chain is still owned by the Fenwick family and the company is chaired by Mark Fenwick. The company was reported to be valued at £452 million in 2012 (Wearmouth, 2012). Fenwick has its headquarters at the original Fenwick department store in the centre of Newcastle, one of the largest department stores in the UK. In 2008, the Sunday Times Rich List revealed that Fenwick, Newcastle was the single most profitable branch of any department store chain in the United Kingdom with assets totalling in excess of £330 million. The Fenwick stores are all owned by the Fenwick family, but are each now independently run and target different demographics with different product and marketing strategies (Abnett, K, 2015).
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Fig 3 & 4. The original Fenwick store, Unknown
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FENWICK OF BOND STREET
Fenwick of Bond Street, the luxury offshoot of the Fenwick department store chain has sat on a prestigious and prime location on Bond Street for 124 years, a space, which is considered to be some of ‘the most expensive retail real estate in the world’ (Abnett, K, 2015). Up until 2012, Jill Strieder, the managing director of the store for 13 years, ran Fenwick, Bond Street until her passing. David Walker - Smith was employed as the new managing director in her absence in January 2013. David joined Fenwick from Selfridges where he worked for 18 years. He rose to the board of directors and held the role of buying and merchandising director of beauty, menswear, home and technology at Selfridges. He brought with him to Fenwick of Bond Street a small team from Selfridges, which includes Adam Kelly, who is now fashion and beauty director and Georgina Coulter who was the buying manager at My-Wardrobe.com. Mia Fenwick, daughter of chairman Mark moved from the Brent Cross store to become Bond Streets beauty and accessories buying manager (Neilan, 2014). On his appointment as the managing director of Fenwick he said, “In a world of globalisation, suddenly localisation feels very right again. So 11 different stores, in 11 different cities by 11 different MD’s
suddenly feels very interesting” (Walker-Smith, 2015). Fenwick, Bond Street is considered to be the luxury offering of the Fenwick group and his role is to specifically manage and run the Bond Street store. Fenwick of Bond Street aims to cater for their customer in a different way to other luxury multi-brand stores within London. David sees an opportunity to rebrand this smaller store where the customer wants ‘a more serene way of shopping, you want to be able to hear, you want to be able to see and to be able to spend time without coming out with a migraine’ (WalkerSmith, 2015). They are unique in their location being placed on one of the most famous streets in the world surrounded by two of the world’s best auction houses – Bonhams and Christies and also the best art galleries. The store covers 5 floors with 4 out of the 5 floors focusing on women’s fashion and beauty. They are partnered with the charity – Acting for Others and have already raised over £20,000 for them through in-store eventing (Walker-Smith, 2015). “Shoppers come here for a different way to shop –they want the calm, they don’t want their senses to be distracted or overloaded” (Walker-Smith, 2014). Their aim is to establish what the local shopper wants from them and introduce something a bit more directional and luxury (Drapers, 2014). However, by only targeting their local customer they may be isolating the store to only a select few consumers.
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Fig 5. Fenwick at night, 2014
WHAT IS THE PROBLEM?
Through primary and secondary research I have identified a multitude of key problems within the Fenwick of Bond Street current store and company model. Fenwick of Bond Street is going through a time of transformation. David recognises these issues and aims to make Fenwick of Bond Street the primary destination for the 39-60 year old consumer through radical in-store changes (Walker-Smith, 2015). They have put their online store on pause until ‘they are in a place where they have the infrastructure of systems to properly launch Fenwick.co.uk’ (Walker-Smith, 2015). However, with over 70% of over 50’s in Britain having shopped online according to a 2013 survey by Age UK (BOF, 2015) being ‘undeveloped online must have a huge impact’ (Sender, T, 2015). The only source of income for the Bond Street store is through their in-store experience so it is important to make this experience as enjoyable as possible for their customers so that they spend, return and encourage others to shop there. Tamara Sender, senior retail analyst at Mintel said, “I do think of Fenwick as struggling. They’ve got to play catch up with the department stores that are really outperforming” (Sender, 2015). In the year ending January 2014, Fenwick’s pre tax profits fell from £36 million to £35 million, though turnover slightly improved from £289.7million to £295.8 million (Companies House, 2014). This is a marginal improvement from the previous year. In comparison, nearby multi-brand luxury fashion stores such as Selfridges, Liberty and Harrods posted increasing revenues and profits. Harrods reported pre-tax profits of £115 million in 2014, up 24% from the previous tax year (Retail Gazette, 2014), Selfridges reported operating profits of £150m, up by 12.3% on the same time in 2013 (Internet Retailing, 2014) and Liberty reported pre-tax profits increase of 7% to £124m in the year of 2013 (Guardian, 2013). Fenwick is falling behind in terms of profits, but the solid opportunity and the customer spending figures are clear from their competitors profit results, they just need to play ‘catch up’ (Sender, 2014). This major difference is partly due to their competitor’s multi-channel offering, an offering which Fenwick of Bond Street does not currently have.
their brand portfolio. Unfortunately, their customers and worldwide consumers have been slow to adopt or recognise this. Fenwick of Bond Street has weak user engagement and following amongst their social media. “I think we could do more with advertising and more marketing” (Macdonald, S, 2015). This is an extremely important way of connecting with a huge, previously unreachable audience, particularly because they are lacking a transactional online site. “When I go on holiday and I sit next to these women that are 40/50/60 years old and they are on their Ipad and they are very much engaged with digital, and we're not strong enough on digital of course it concerns me” (Walker – Smith, 2015). Social media needs to be an important consideration for Fenwick moving ahead, as it is the future of retail and the way that customers interact with brands in the 21st century. According to the latest research from Internet Retailer’s 2015 Social Media 500 study, social media influenced purchases totalled £2.20 billion in 2014, up 26% on the previous year (Useful social media, 2015). Fenwick of Bond Street needs to recognise the power of social media to harness more sales. In an interview between Kate Abnett at Business of Fashion and David Walker-Smith he said that he aims to target the 40/50/60 year old consumer and believes that the space they have developed and the architecture is aimed at a 40-50 year old woman (Abnett, 2015). However, he fails to recognise that due to their prime location they are missing out on other spending demographics, which include tourists and millennial consumers. ‘I’d imagine Fenwick, Bond Street as not attracting your high-net worth foreigners’ (Abnett, 2015). It is important to recognise that as Fenwick of Bond Street is lacking an e-commerce platform that they must cater to a wider audience than purely relying on their loyal 40-60 year old females, in order to reach a wider consumer demographic. In 2018, Crossrail will open it’s Bond Street station close to Fenwick, Bond Street and push out 20,000 more people past the doors of the store daily. To prepare for this, there are a lot of changes that need to be made.
When David joined Fenwick of Bond Street two years ago, the brand did not have a social media presence and he immediately introduced Twitter, Facebook and Instagram to
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KEY INSIGHTS
1. 2. 3.
No online transactional website (see Fig 6).
Poor social media strategy and user engagement/following.
Extremely focused on targeting the 39-60 year old consumer but unsure of who ‘she/he is’. There is far more scope for this age group.
Fig 6. Fenwick Website, 2015
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SWOT ANALYSIS
STRENGTHS
WEAKNESSES
Fenwick, Bond St is a family owned business. This makes it unique in terms of other multi-brand luxury retailers within the UK as they are often bought out.
Weak social media user engagement and followers. Instagram: 7290, Twitter: 13.3K and Facebook: 2809.
They have a strong heritage and have been on Bond St for nearly 125 years.
They do not have a strong brand identity as such in comparison to other luxury multi-brand retailers and need to figure out their ‘brand story’.
They are the only multi-brand retailer on Bond St, the only place to eat and the only place to use public restrooms on Bond St.
They do not have a transactional e-commerce platform so their strength really needs to lie in their instore experience.
They have a carefully curated edit of womenswear, which appeals directly to their consumer.
They do not rely on their history of heritage within their marketing strategy or visuals throughout the store (this includes windows, displays, signage etc). Therefore their customers, in particular new ones, may not be aware of their history.
The store is recognised for being a calming, peaceful shopping environment. It allows the consumer to spend time thinking about their purchase, to listen and to interact with the shop floor without feeling overwhelmed or rushed (WalkerSmith, 2015).
Many customers are unaware of the personal shopping service, as they do not advertise the service. It is a word of mouth business.
Fenwick of Bond Street offers a free personal shopping service. They currently have about 160 regular clients mostly aged 35 +. They tend to come for new wardrobes or occasion wear. They often bring their children or mothers (MacDonald, 2015).
They have a very small menswear department and because of this, a limited male customer base. Fenwick is a family owned business, which could be a major weakness to the company as there are no independent shareholders to drive it forward.
They have a strong service-orientated team who work on the shop floor and provide a first class service to customers. These are experienced professionals who have spent a lot of time working within luxury so have a wide knowledge of retail and are able to aid customers accordingly. “Our staff are of a certain ilk” (WalkerSmith, 2015).
They are not fully internationalised on social media. They need to develop a following on international social media sites such as Weibo to gain a wider following.
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OPPORTUNITIES
THREATS
They aim to appeal to the ‘Fenwick’ 39-60 year old consumer. There is an opportunity to appeal to a different type of 39-60 year old, a digitally savvy and connected consumer, which is a market they have not yet tapped into.
Other retailers are far more successful in terms of connecting with the consumer via social media platforms. Fenwick are not strong in this area. Luxury is a slow moving sector and slow to react to digital, particularly Fenwick. (LS:N global future briefings, 2014).
They have recently refurbished their shoe corner which has welcomed new consumers in store both local and tourist. ‘25% of the space is delivering 45% of the number’ (Walker-Smith, 2015).
Other luxury multi-brand retailers have more space, a plethora of brands that would appeal to any consumer, bigger budgets and better marketing strategies. Fenwick cannot compete with this.
They are about to refurbish their ground floor and this will be completed by October 2015. Hosiery will move away from the front entrance to deeper inside the store to make way for a new MAC concept entrance. This will entice new consumers and potentially younger consumers to come and shop at Fenwick, Bond St.
They alienate the younger consumer by mainly targeting the 39-60 year old. They are right opposite Victorias’s Secret so there is a huge potential to reach them, but it remains untapped. They have had quite a lot of negative press recently. This includes articles by BOF and Drapers (Drapers, 2014)
They recently opened up two of their windows and placed Charlotte Tilbury in one and Chanel makeup in the other. Sales lifted 23% from doing this (Walker-Smith, 2015).
Their PR strategy is quite weak and they do not often appear in magazines such as Vogue/Harpers Bazaar etc when they credit items. They do not appear in the back of magazines under stockists so people may be unaware that Fenwick is stocking a certain item.
There is an opportunity to engage with their consumers ahead of other retailers on other social media platforms such as: Snapchat, Meerkat and Periscope (See case study).
They do not offer an integrated loyalty scheme, so without a CRM strategy; there is less way of reaching out to loyal consumers and capturing consumer information.
They have a group of loyal local customers who have shopped at Fenwick of Bond Street for most of their lives. They have an opportunity to connect with their friends and family through them.
In 2013, there was an 137% global increase in luxury brands that advertise across multiple digital channels (Fashion Bible, 2013). Fenwick have been slow to adopt this outlook.
They will celebrate their 125th anniversary on Bond Street in 2016. They have an opportunity to make a PR story out of this.
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Fig 7. Bonhams, 2015
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Fig 8. Christies, 2015
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KEY INSIGHTS
1.
They are a strong heritage brand. It is still a family owned business, with a solid customer base and they are recognised for their in-store service.
2.
They are behind in terms of digital and need to make up for this by focusing on creating an engaging in-store experience to attract new customers and engage their current consumers.
3.
They have an opportunity to create a PR story around their 125th anniversary in order to enhance their in-store experience, celebrate their heritage and make customers aware of it and drive sales and digital.
4.
Their current PR approach is fairly limiting, however this presents an opportunity to improve their PR strategy.
5.
They need to improve their CRM strategy in order to capture customer data and reward loyal consumers.
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Fig 9. Fenwick Bag Illustration, 2014
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Fig 10. Here I Am Campaign, 2015
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Fig 11. Here I Am Campaign, 2015
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KEY INSIGHTS OF THE PEST ANALYSIS
1.
See appendix for PEST Analysis
The divide between the fashion industry and social and technological trends have blurred. Social advancements mean that consumers have more control over the way that they shop, with technology at the forefront of the future of retailing.
2.
Virtual reality experiences are an important trend for 2015/16 alongside augmented reality, with many retailers already capitalising on this trend.
3.
Growing markets such as the BRIC and MINT countries means that there is an opportunity for Fenwick of Bond Street to become fully operational for overseas marketing and reaching international consumers through advertising and the eventual relaunch of Fenwick.co.uk.
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Fig 12. Fenwick Bag Illustration, 2014
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Fig 13. 3rd Floor of Fenwick, 2015
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Fig 14.1st Floor of Fenwick, 2015
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THE MARKET
Fenwick of Bond Street sits in a prime location for consumer spending. Nestled between New Bond Street and Brook Street, it attracts tourists and shoppers visiting London on a daily basis. It is perfectly based with only a two-minute walk to Bond Street station, and surrounded by luxury stores, auction houses and art galleries. However, similar multi-brand luxury fashion retailers are within walking distance to Fenwick of Bond Street and pose as competition. Competitors include Harvey Nichols and Liberty of London, which are based in nearby Oxford Street and Fenwick’s closest competitor – Selfridges, resides a 4-minute walk away from Bond Street station. Other nearby small multi-brand luxury fashion retail competitors include Matchesfashion.com and Browns Fashion. Harrods is located in Knightsbridge, which attracts wealthy tourists and shoppers alike. Due to the fast moving nature of the fashion industry, all of these retailers have an online presence, which serves as double competition, particularly because Fenwick does not have a transactional e-commerce platform. Single-brand stores within central London, which surround Fenwick of Bond Street, also act as competition offering a more personal brand experience. John Lewis also acts as competition to the store as it is a popular shopping destination amongst the Fenwick consumers and is near enough to the store to act as a deterrent with price matching available and some similarity in stock including beauty (Consumer interviews, 2015). Ultimately, competition is something that stops a consumer from entering Fenwick of Bond Street. This can range from an event or something on television that detracts the consumer from visiting the store. In order to keep customers engaged and returning, Fenwick of Bond Street must engage their consumers and future consumers at multiple touch points including in-store, via social media, through events, competitions, discounts and more.
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“Competition for me isn’t necessarily a store around the corner, it’s what stops people coming in here and that can be what’s on in Covent Garden or Hyde Park, what’s going on as an event in London that stops people shopping. That’s the competition for me”
(Walker-Smith, 2015)
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Fig 15. Selfridges, 2015 Fig 16. Liberty, 2015 Fig 17. Harrods, 2015 Fig 18. John Lewis, 2015
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PERCEPTUAL MAP OF MULTI-BRAND C O M P E T I TO R S
STRONG BRAND IDENTITY
Where it should be
BABY BOOMERS
GENERATION Z
Current position WEAK BRAND IDENTITY
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“I think of Fenwick as quite a funny old department store really, a bit stuffy. Not quite up there with the beacon of department stores - Selfridges. More county than London it’s hard to compete in London”
(Phelan, 2015)
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“I think Mia Fenwick has done an incredible job. They have great brands on board and it’s well edited. It’s evolved in a great way and can only get better and better - the choice of brands is really strong”
(Hood, 2015)
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COMPETITOR ANALYSIS KEY INSIGHTS (See appendix for Competitor Analysis)
1.
Fenwick is the only luxury retailer that does not have a focus on the millennial consumer. It differentiates itself from other similar luxury multi-brand fashion retailers by targeting the 39-60 year old consumer and making the edit and selection of stock, instore environment and experience tailored to this target market.
2.
Without having an online presence or functioning e-commerce website, Fenwick of Bond Street is losing out on business and it’s appeal to a wider audience. It’s competitors are far more developed online and some are pure-play online fashion businesses.
3. 4.
It is the only family owned and run business, serving as a unique selling point, which sets them apart from their competitors.
Fenwick is underdeveloped in terms of CRM and it is important to gather information about their customer in order to tailor the store experience to them.
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Fig 19. Fenwick Illustation, 2014
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LS:N GLOBAL FUTURES FORUM 2014
In November 2014, I attended a Global futures forum held by LS:N Global in London which focused on luxury futures. Interesting points raised include key markets that have untapped potential. These markets include Generation X and Jones and Baby Boomers. Generation Xers are in their golden years and their luxury expenditure is set to rise. More than 65% of Generation Xers who earn more than £151,200 have made a luxury purchase in the past year. 25% have bought high-end clothes and accessories in the past year (Shullman Research Centre, 2014). Generation Jones has more disposable income with fewer financial ties than Generation X. More than 50% of luxury sales are to those aged 49 or older. They outspend 1333 year olds by four to one. (Bain and Company, Future Laboratory, 2014). Female generation Jonesers are surging ahead in terms of spending on luxury clothing.
UK women in their 50’s spent
£6.7bn on their clothing in 2013. Of this £5.6bn was on items for themselves (Kanter Worldpanel, 2014)
Fig 21. Infographic, 2014
After attending the seminar held by LS:N Global it has led me to the conclusion that Fenwick of Bond Streets aim to target 39-60 year olds is opportune and the correct consumer group to target in this growing economy. Generation X and Baby Boomers have the most expendable income and more than half of all global luxury sales are for those aged 49 years or older. Generation Jones and Generation Baby Boomers, are, at the moment much more traditional in their purchasing patterns (Luxury Institute, 2014) and prefer to shop in store. Fig 20. LS:N Global Talk, 2014
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CONSUMER INSIGHTS
3
WHO IS THE CURRENT FENWICK OF BON D STREET CONSUMER?
The Fenwick of Bond Street consumer is for the majority, female and aged between 39-60 (Walker- Smith, 2015). “The lady that shops with us, we celebrate the fact that she’s 40, 50, 60 years of age. And she’s been forgotten about,” he said, in reference to his competitors.
and lab print’. ‘If you walk the floor and see some of the edit of the brands vs. other stores, our edit is actually quite confident. Our lady is confident. She’s also pretty slick, she likes a heel and likes to be very well groomed’. ‘That’s probably all we know to be honest’ (WalkerSmith, D, 2015).
“The space that we're developing and the architecture; everything is aimed at a 40 to 50 year old woman. The level of service and the people that we employ to help our customers aren’t kids or graduates; they’re of an ilk.” (Walker-Smith, 2015). Discussing the success of the 40-60 year old consumer, David said he feels he has seen success amongst this age group for males and females. They are currently refurbishing and rebranding and bringing in more relevant brands all the time to appeal to their target consumer group (Walker-Smith, 2015).
However, by focusing so closely on its traditional clientele, Fenwick of Bond Street may be missing out on the high net worth shoppers, including wealthy tourists from the Middle East and Asia, who have flooded the nearby Mayfair neighbourhood in recent years. According to Walker-Smith, tax-free shopping (enjoyed by non-EU residents) at Fenwick Bond Street has increased by six percent since he took over. While the store does, in fact, attract some high net worth foreigners, it has not become a high-traffic destination for affluent tourists like Harrods or Selfridges. (Abnett, K, 2015).
The penetration of customers that shop at Fenwick of Bond Street are 82% domestic consumers and 18% tax-free. The majority of customers live in West London, which includes North West and South West (Walker-Smith, 2015). Fenwick of Bond Streets version of the 39-60 year old is contrasting to the same aged woman who would shop at Liberty or Selfridges. At Fenwick she is ‘more confident, she is quite sexy. We sell fitted dresses and bodycon dresses very well, we sell colour well
Without knowing more about their current customer, Fenwick is isolating the store to a very select few 39-60 year old females. It is important for Fenwick of Bond Street to fulfil four target aims regarding consumers. They must retain current consumers, attract new target consumers aged between 39-60, attract high net worth tourists and visitors and also appeal to younger consumers, particularly in the beauty and shoe department where the ATV is lower than the rest of the store.
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PRIMARY RESEARCH CONSUMER SURVEYS
I created an online questionnaire, which I sent out to over 100 individuals including males and females aged between 18-80 to establish if the consumer demographic that David aims to reach is shopping at Fenwick of Bond Street and to find out their opinions of the store. I received 63 responses in total and they answered all of my 11 questions. This piece of primary research would enable me to move forward with my project and establish my target audience. The respondents were 85% female and 15% male, which is around the same percentages as females and males who shop at Fenwick, Bond Street (Walker-Smith, 2015). The average age of respondents were 55 years old which falls into the middle of the age range that Fenwick of Bond Street aims to target. All 63 of the consumers have heard of Fenwick and 90% have visited at least one of the stores. Bond Street is the most visited store of the 11, with 34% of survey respondents having personally visited the store, many on more than one occasion. Opinions of the Bond Street store include: “Crowded with product/ dull and quiet/ not engaging enough/ old fashioned/behind the times/clearly laid out”. Other responses include: “Department stores generally are catered to the older audience, and Fenwick probably caters specifically to the oldest audience”/ “No not really, they stock lots of accessories from youth designers like Moschino, Marc Jacobs and emerging designers which is very pop culture. Also a big denim and casualwear section that is clearly aimed at youths”/ “Appeals to an older generation”/”It’s far too out-dated to appeal to a younger audience”/ “I think they send mixed messages to the consumer”. Only 35% of respondents would associate Fenwick with the word heritage. 70% of the younger participants (18-25) had only visited the store with their grandmothers or mothers. My survey contained some interesting insights as it clarified that the main consumers of Fenwick, Bond Street are aged between 40-60. However opinions were divided with mixed messages around the store identity. The proportion of these consumers shop at Fenwick of Bond Street with their children (aged 18+) or with their parents (70+). This in turn is creating a generational shift amongst consumers and attracting new and younger audiences to the store. Even the target consumer group felt that the store itself was not very engaging and out-dated. The majority of respondents were unaware of the store’s family ownership or heritage, which needs to be a key consideration to create a clearer brand identity.
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NO Does Fenwick of Bond Street reflect the 39-60 year old consumer? NO YES
Are you aware that Fenwick is family owned?
YES
Fig 22. Infographics, 2015
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DEFINING T H E T R I B ES I visited Fenwick of Bond Street on multiple occasions during March 2015 to interview and speak to consumers visiting the store and to ask them a series of questions. They completed consent forms before answering and were free to expand on their answers if they pleased. After speaking to David Walker – Smith (Managing Director), Sophie Macdonald (Head of Personal Shopping) and Sarah Emburey (Communications Director) and completing extensive in-store consumer research I was able to define the Fenwick consumer into 3 main tribes. I was also able to identify another tribe, which Fenwick of Bond Street are not currently reaching but have the potential to.
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Fig 23. Consumer Illustrations, 2014
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THE LOYAL STORE ADVOCATE
This customer is predominantly female and aged 50+. She has been shopping at the store for at least 30 or more years. She is either retired or in a very senior position within the media and advertising industry or law and finance. These women are not generally active on social media and are unaware of the Fenwick social media platforms. Hobbies include reading, gardening, shopping, eating and going on frequent holidays. They are extremely cash rich, time rich and are often grandparents. They are aware of the stores heritage having been visiting the store for many years, but are unaware that it will be 125 years old in 2016. Most of this consumer group are aware that it is family owned. They frequently shop at stores such as John Lewis, Jaeger, Waitrose, White Company, Liberty and Hobbs. Some of this tribe will use the free personal shopping service a couple of times each year and will spend on average ÂŁ1500 per visit. They return to the store because they like the peaceful and calming retail environment, the high level of service and the curation of the store.
Fig 24. Consumer Photos, 2015
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THE TOURIST TRAP
This consumer is 75 % female and 25% male. They range from age 25 to around 50 years old. They are not aware of the stores heritage or family ownership. They tend to visit the store because it looks appealing, is near a station and within the London tourist shopping epicentre. A small proportion of this group are wealthy tourists who have taken up residence in Mayfair, however they are more attracted to the opulent Harrods store in nearby Knightsbridge. They use social media frequently but are not aware of Fenwick on social media. A quarter of this group will have visited another Fenwick store in the UK and will go into Fenwick of Bond Street because they assume that it will have the same stock as the ones they have visited. More than likely these customers will spend in the beauty department, as this department is by the ground floor entrance and has the highest ATV throughout the store and is the lowest price point (WalkerSmith, 2015). They will usually make an impulse purchase but often do not return to the store, as this will be a one off visit.
Fig 25. Consumer Photos, 2015
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THE GENERATION GAP
This consumer is predominantly female and aged 40 – 60. They have been shopping at the store for 10 years or more and have started to introduce their children to the store. Their children are in their early to late 20’s and are extremely digitally connected and fashion savvy. They might also bring their husbands or partners to the store on their regular visits, as it is a peaceful and relaxing environment to shop in. They shop at M&S and Waitrose for food and John Lewis for day-today clothes and homeware. They use the personal shopping service a couple of times each year particularly for occasion wear and will bring their children or mothers with them. These women use social media frequently, with Facebook and Instagram as the most used.
Fig 26. Consumer Photos, 2015
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THE DIGITALLY CONNECTED CONSUMER
This consumer is female and aged between 20 – 65. This is a broad category, which includes late teens, the yummy mummy and the empty nester. This is a tribe that Fenwick of Bond Street is not currently reaching but has potential to. She has a keen interest in luxury fashion retail and has a full time job or is at university. Her mother is part of the generational gap consumer group. She frequently uses the Internet to browse and buy, and refers to websites such as Net-A-Porter.com, TheOutnet.com, Mytheresa.com and Matchesfashion.com to look at new seasonal items and to price compare. She is active on many social media platforms including Facebook, Instagram, Twitter, Snapchat, Pinterest and Youtube and is aware of current social trends. She shops at a mix of online websites and physical stores and also buys a mix of high street and designer items and uses Pinterest and Instagram as reference points for her looks. She is aware of the Fenwick brand but may not have visited the store. She does not see Fenwick of Bond Street advertised in her favourite magazines, which include Vogue, Elle, Harpers Bazaar, Porter and Grazia, so she is unaware that Fenwick may stock her favourite brands. She would be open to shopping at the store if they were more active on social media, had a functioning website and had a bigger PR reach. However, at the moment they are not targeting her or appealing to her as a consumer so she does not shop there. She is extremely digitally connected.
“Because we don’t sell online, that loop is sort of where we are missing a customer” - Sarah Emburey
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ITS ALL ABOUT ME ME ME ME
DIG DIGI DIGIT DIGITA DIGITAL DIGITALL DIGITALLY DIGITALLT C DIGITALLY CO DIGITALLY CON DIGTITALLY CONN DIGITALLY CONNE DIGITALLY CONNEC DIGITALLY CONNECT DIGITALLY CONNECTE DIGITALLY CONNECTED
Fig 27. Hands, 2014, Fig 28. Girl, 2014 Fig 29. Camera, 2015 Fig 30. Taking a photo, 2015
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ROGERS CURVE OF INNOVATION
EARLY MAJORITY CURRENT FENWICK OF BOND STREET CONSUMERS LATE MAJORITY EARLY ADOPTERS
INNOVATORS
LAGGARDS
Fig 31. Rogers Curve of Innovation, 2015
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KEY INSIGHTS
1.
They are reaching their target market in terms of age category – reaching females aged 39-60. However, within this target group they are neglecting the digitally connected consumer.
2.
They do not do much to attract the children of their generational gap consumers. It would be good to offer mother/ daughter promotions or raise awareness of their family heritage to encourage families to shop in store.
3.
They do not appeal hugely to millennial consumers. The majority of their consumers are 35+ but there is a huge market especially with low price point items such as makeup to appeal to this time rich and student loan rich consumer group.
4.
It is important to ensure that tourists return or have a memorable enough experience to recommend the store to friends and family. Tax free shopping is currently at only 18% in-store but has the potential to increase along with predicted trend growth by Visit Britain. They predict that UK luxury in-store spend will pick up in 2015, with a total ÂŁ22.2 billion expected to be spent, a rise of 4.5% year-on-year (Visit Britain, 2015).
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MARKETING TOTHESE CONSUMER GROUPS
4 57
MARKETING TO THESE CONSUMER GROUPS
The target market that the managing director of Fenwick of Bond Street aims to reach is the 39-60 year old market. Through in-store evaluation and customer interviews I have identified 4 segments within this age category, which Fenwick of Bond Street needs to be aware of. However, each of these consumer groups operates slightly differently so it is necessary to be inclusive and appealing to each ‘tribe’ whilst also not neglecting those outside of this age category. Current consumer touch points include: the in-store experience including personal shopping and instore events, limited advertising and promotion, Facebook, Twitter and Instagram. Consumers can connect with the brand via these channels of communication, but this is only a small proportion of consumer touch points, so it is important to recognise that to expand their customer base they must provide more channels of communication than of current. Their social media platforms have a small reach, with only 7345 followers on Instagram in comparison to another luxury retailer such as Selfridges (see case study), which has 352k followers. Advertising is extremely limited and more brand exposure is necessary to reach their current and potential consumers. Within the four tribes aged 39-60, it is important to consider how Fenwick of Bond Street could market to them. By integrating consumer insights, Fenwick can create a really targeted and accurate brand identity and promotional story, which appeals to their target tribes. However, if they don’t use these insights and fail to discover more about their consumer, then they may turn away and alienate their loyal customers and any future consumers. Therefore it is important to make sure that Fenwick understands how to market to this consumer group.
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In considering how to reach consumers aged over 50, many are united behind one opinion: the gap between the values and attitudes of baby boomers and the younger generation is less than you would expect (WGSN, 2014). It is important not to stereotype this age category. Referring to the terms "boomer" or "over-fifty" marketing, Liz Settle, head of brand planning at Telegraph Media Group, said: "There's a latent stereotype in our vernacular" (WGSN, 2006). It's better to promote age-neutral marketing, she suggested. The Telegraph Media Group's own research, for example, revealed similarities between childless 30-year-olds and the over-fifties. Social networks are a primary source of information for the over-fifty consumers who build social relationships across generations. Baby boomers are not averse to digital technology. Their motivations for going online are the same as with other generations: socialising, communication, learning, sharing, archiving and organising. The over-fifties have a voracious appetite for clothing, creating a market with huge potential for fashion retailers and brands (WGSN, 2014). "When technology is used not just as a gimmick, but to actually help solve a problem, it creates an elevated experience for the consumer” says Julie Bornstein, head of Sephora Digital (2014). Senior social media manager, Sedge Beswick at ASOS suggests that “LinkedIn, YouTube and Instagram are the best platforms for pickup within this age group” (Beswick, 2015). Without an e-commerce platform, Fenwick must keep engaging their customer through their other digital platforms and to consider ways of fusing technology with an in-store experience to create a seamless experience. "It's naive to think that boomers won't adopt digital
technologies," (Shand, WGSN, 2014). If anything, over-fifties like to share their experiences and tell their stories. This provides huge opportunities for Fenwick of Bond Streets online social networks, user-generated content and blogs. Over-fifties have a thirst for information, and the time to search for it, so any Fenwick related stories will be interesting to this consumer. Over-fifties are also happy to give feedback. So it is important for Fenwick of Bond Street to make it clear how to create feedback and acknowledge their comments. Social platforms are about democracy and building consumer trust. It is important for brands to create an on-going dialogue with their consumers and “understand what will work and resonate with your consumer on that platform” (Beswick, 2015). Ignoring consumers at 50 or 60-years-old could mean missing a window of opportunity where there is willingness and financial capability to try something new. If brands assume there is
unquestioned brand loyalty from this age group and don't work hard to maintain the relationships with consumers, they will lose these customers (WGSN, 2013). Therefore Fenwick need to be aware that they need to continue to engage with their consumers before, during and after any visits in-store. Authenticity and relevance are the most important factors to the over-fifties. (Sender, T, 2014). ‘Any marketing campaign has to be what the social is’. Data is another familiar buzzword. For 2015/16, marketers will focus on becoming savvier with their insights, and delivering increasingly personalised content strategies as a result. “Consumers will be offered the opportunity to create, share and buy personalised products and services, and brands will be using the big data they have been collecting on their customers to then serve them relevant individual content wherever they are in their user journey (website, CRM, social and in-store).” (Blair, A, 2015).
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CURRENT CONSUMER TOUCH POINTS
WEBSITE
IN-STORE
Fig 32. Fenwick Consumer Touchpoints, 2015
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CONCEPT
5
BIG IDEA
The key problem that needs to be addressed is that Fenwick of Bond Street is not maximising their digital potential. They need to expand their digital platforms and in-store experience to counteract the non-existence of a transactional e-commerce presence and to compete with their more digitally engaged competitors. After speaking with David, the managing director of Bond Street, he would like me to create a PR campaign and event in store to celebrate their 125th anniversary on Bond Street, which will take place in May 2016. He would like me to commemorate this historic occasion by celebrating their heritage. Drawing upon their heritage to fulfil three main objectives. These objectives include: 1) Raise awareness of the store, the brand identity and the Fenwick of Bond Street heritage 2) Increase their social media awareness 3) Generate new customers and retain current consumers I will be using this occasion as a catalyst to maximise their digital potential through in-store experience and social media platforms to celebrate their 125th anniversary. Looking at other brands associated with the idea of heritage allowed me to look at the benefits and drawbacks of focusing on the idea of heritage to celebrate Fenwick of Bond Streets 125th anniversary. It allowed me to see how in such an overly saturated, heritage rich, luxury fashion market, Fenwick of Bond Streets story can be heard. It also allowed me to look at other stories and narratives of events and great PR stories that Fenwick can draw from to make their story real and unique (see appendix). It is clear that this is a story that Fenwick’s competitors have also used to promote their stores and to drive sales, however it is still a very important PR story to gain exposure and generate sales (see case studies and moodboards). The point of difference that Fenwick of Bond Street has above their competitors is that they are still a family owned and run business, a USP, which sets them apart from other brands with a strong heritage. This key insight should be emphasised throughout the 125th anniversary celebration in order to underpin any future recommendations.
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“Being the communications director there hasn’t been much communicated about it (their heritage) and most people don’t really know. There is definitely a story to tell. We haven’t been covered in the press much about the story of so I think it’s a huge opportunity to talk about that, and inform our customers and other 63
people who aren’t our customers and inspire them to engage with us. There’s the heritage story, there’s what we have in our archive, there’s a story with that, then there’s also what commercially we can do with it, and how we can engage and provide exclusive product that’s desirable. There’s a story to tell” - Sarah Emburey 64
CREATIVE CONCEPT
Society is mass saturated with information and today’s consumer is more empowered, well connected and has access to more content. As the power shifts to what the customer desires, Fenwick of Bond Street must offer their consumers something more than what they have been accustomed to. Experience and interaction with consumers is integral, especially in the digital era. Forming a relationship with the customer is vital to encourage repeat purchases. Creating an inviting, exciting and digitally engaging in-store experience is key to attaining this. The creative concept is to focus on the in-store experience during a short-term, one-week event integrating technology into the store to provide a modern, interactive, engaging experience to celebrate 125 years of Fenwick. This will help the store showcase how although they are not online, they are still in touch with the digital era. Social media will also be used to drive customers into the store and encourage them to engage with the brand. It is important to emphasise throughout, that this is ‘about creating a loyal community and an on-going conversation and dialogue about Fenwick of Bond Street’ (Threlfall, 2015). This will help Fenwick to reach out to new consumers who might not otherwise shop at Fenwick. This includes the digitally engaged consumer group that Fenwick are not currently targeting, but also allows them to connect with
their current consumers in a different way. This will help to bring their target consumer group - (the loyal store advocate) which includes Generation Jones and Baby Boomers into the digital era of modern retailing and allow them to experience a new and innovative way of shopping. Any new digital advancements aim to keep the Fenwick in-store experience interesting, stimulating and exploratory: key components of the “attention cluster of emotions” (Shaw, 2007). In Shaw’s book of ‘How Emotions Drive Value’ he states “if you evoke these emotions in your customers, they will spend more money with you” and over time, Shaw believes this leads to increased loyalty (2007). Consumers crave the new and exciting, predominantly with new technologies. If Fenwick of Bond Street can use their 125th anniversary on Bond Street as a touch point to reveal new and exciting in store technologies, then they are effectively creating a new way of luxury shopping that their competitors have not yet fully touched upon. Another store that has integrated new technologies into their store experience is Burberry (see appendix). The in-store events will be open to the public and free for anyone to enjoy. The 125th anniversary celebrations will be advertised via a range of consumer touch points in-store, through magazine advertising, underground train signage, social media, emails, press kits and more.
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Fig 33. Fenwick of Bond Street store, 2015
HOW WILL IT WORK?
During the week of the event in May 2016, Fenwick will focus on celebrating their 125th anniversary through in-store events, competitions and social media. Each day of the week will focus on a different department within the store with the weekend celebrating the heritage of the store. Each sale from the designated departments day will benefit their charity partner – Acting for Others. 5% of each sale will go towards this charity. Social media will be integrated before, during and after this entire event with engaging posts appearing across all platforms.
MONDAY
Day 2: Celebration of the Womenswear department
Day 1: Celebration of the Beauty, Handbag and Jewellery department
TUESDAY
Day 3: Celebration of the
WEDNESDAY Shoe Department
Day 4: Celebration of the Menswear Department
THURSDAY
FRIDAY
Day 6: Celebrating the heritage of Fenwick, Bond Street with the launch of a small exhibition in the basement.
Day 5: Celebration of the Personal Shopping Department and outstanding Staff Service
SATURDAY
SUNDAY
Day 7: Celebrating the heritage of Fenwick, Bond Street with the launch of a small exhibition in the basement.
Each day of the week will involve events and competitions relating to that days department using new technologies, augmented reality and social media (see appendix).
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Fig 34. In-store Photos, 2015
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HOW CAN THIS BE ACHIEVED
Fenwick of Bond Street is celebrated for their level of service and loyal customer base. It is celebrated for creating lasting customer relationships that stretch generations. After looking back at my research, the main considerations to be noted when launching this celebratory event is to make sure that service is at the forefront of the anniversary celebrations and reinforcing the family run, heritage aspect of the store. The event will take place in-store at Fenwick of Bond Street. The event will be free and open to the public. It will integrate augmented realities and new technologies to create new experiences for customers and allow them to virtually try out products, which they may not have otherwise looked at.
Fig 35. Fenwick Store, 2015
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‘The winners in the future will be those who can build an experience that takes the best from both digital and physical retailing’ (The Guardian, 2015) 70
HOW CAN I APPROACH THE PROCESS
BEFORE One month before the event, customers who have their details registered on the Fenwick database will be sent an email inviting them to the event, a press kit will be sent out to the media, and advertising will be placed in relevant monthly publications. Taxi/bus and trains will be used to advertise the event. One week before the event, customers will be reminded via email about the event in-store and offered entry to competitions to win prizes in store, discounts off certain departments and a free goodie bag with each purchase to entice them to come to the store during the eventing week with incentives. Adverts will be placed in relevant weekly magazines/supplements and newspapers. The event will be advertised across all Fenwick social media platforms and will run competitions asking people to repost and hashtag #fenwick125 and will announce a winner each day of the event on social media. The weekend before the eventing week, the windows will be visually merchandised in accordance with the celebration. Each window will reflect a different department with the remaining windows focusing on showcasing the heritage of the store with an invitation to come to the opening of the exhibition where customers can view how the store used to look and how it looks now using augmented realities. Each window will use the #fenwick125 and ask customers to tweet/Instagram them using the hastag. On the opening day of the event the first 100 customers will receive a free goody bag and a glass on champagne on arrival prior to experiencing the new technologies in store.
DURING Each day of the event will be focused on a different department.
Day 1 is focused on the beauty and jewellery department on the ground floor. This department has the highest ATV for beauty than anywhere else in the UK (Walker-Smith, 2015). Beauty goodie bags will be given out with every purchase over £25, which will include small samples of beauty products and a 10% off discount code to use on selected items in store after the event ends. This will encourage consumers to come and shop back at Fenwick after the event has finished and encourage loyalty and repeat purchases. Each beauty counter will have Ipad’s whereby customers can take a photo and virtually try out products on themselves using the augmented reality makeup application called Modiface (Mashable, 2015) (see appendix). Customers will be encouraged to take pictures and upload them to social media using the #fenwick125. Charlotte Tilbury will be visiting the store to meet some of the customers and provide makeup tutorial tips. Makeup artists will be providing sign up makeovers throughout the day. Day 2 is focused on the womenswear department – the department with the most space dedicated in store to it. The top three floors feature a range of womenswear, so the focus of day 2 will be encouraging customers to come and look at all three floors (well as the rest of the store) to experience the Fenwick offering. There will be an opportunity to meet Mia Fenwick. She is fifth generation Fenwick family and the head of buying at Fenwick of Bond Street. In the fitting rooms, customers will have the opportunity to take a photo of themselves using a virtual mirror which they can upload to their social media platforms using the #fenwick125. Day 3 is focused on the beautiful, new shoe corner on the ground floor. This department is dedicated to women’s fashion shoes with a split between high street and luxury shoe brands. Bloggers and press will be in attendance. Customers will be encouraged to take pictures in store and upload them to social media with prizes for the best pictures.
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Day 4 is focused on the menswear department, a small but curated edit in the basement. Free tailoring will be offered in store on this special one-day event and visitors will be offered the chance to meet some of the designers, although this will be confirmed nearer the date. As the majority of men who shop in store in this department is fairly small, it is more than likely that wives/ partners/ siblings will be purchasing for the men on this day. Therefore stylists will be on hand to offer outfit advice and sign up personal shopping sessions for the men to attend at any date in the future. In the fitting rooms, customers will have the opportunity to take a photo of themselves using a virtual mirror which they can upload to their social media platforms using the #fenwick125. Day 5 is focused on the personal shopping department with the chance to ‘Meet the personal stylists’. Customers will be given the opportunity to tour the personal shopping department and see what a standard session would look like. Customers can sign up for one on one sessions in-store and with each session signed up to on the day, customers will receive 5% of each purchase they make with their first personal shopping session. On day 6 & 7 of the event, which would take place on the weekend, the chairman of Fenwick – Mark will open a small, free exhibition, which will take place in the basement of Fenwick, Bond Street. This will replace the childrenswear and card department. This exhibition will last for one month and will feature pictures of how Fenwick looks now and how it looked in the past and also of the Fenwick family throughout the past 125 years. It will use augmented reality so that consumers can look through an Ipad and see how it used to look and then look behind to see how it looks now. The Ipad images will have a narrative so that people can learn more about Fenwick of Bond Street and it’s history (See case study and appendix). Martin Lindstrom, an expert on sensory branding, further confirmed in his book – Sense: Sensory secrets behind the stuff we buy (2010) that appealing to the consumer through the use of a wide range of senses can influence a consumers emotional connection to a brand and encourage loyalty and return visits (Lindstrom, 2010). Each day, with every purchase in-store, customers will be given a ticket with a number on. After the week long event they will be contacted if they have won a prize, with each day offering prizes worth up to £500 from each department. Throughout the week, customers will be able
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to leave their details in store to receive a 10% off discount sent to their email by leaving their name, age and email address, designer preferences and any feedback. Prizes can also be won via social media. This will help to inform Fenwick of Bond Streets CRM department and help them to understand more about their consumers. Customers can then receive targeted, personalised emails tailored to them about any upcoming events, discounts or new stock from their favourite designers. “Luxury players would gain many material benefits if they could expand the audience of consumers connected to their brands through a digital direct marketing program. Emails are the best way to build relationships over time and will be much more effective if they guarantee clients access to customized and relevant content, which the brand can send to their inbox based on their profiles and preferences. It is therefore essential to convey the importance of consumers leaving their email addresses so they can remain in contact with their favourite brands” (Econsultancy, 2014). As Fenwick of Bond Street currently knows very little about their customers this will help them to understand their customer more and tailor their in-store offering to them. For the customers, this will help to enhance brand loyalty and awareness of the brand outside their in-store experience, particularly because a proportion of these consumers are not on social media.
AFTER After the event is finished, customers will be emailed their 10% off discount code to use in-store on selected items. This will encourage consumers to return to the store to spend, when they may not have otherwise. They will also be emailed if they have won any prizes from the competitions running in-store or via social media. Fenwick of Bond Street will now have a huge amount of customer information and will be able to analyse this accordingly. They will be able to send out more targeted emails to each customer suggesting similar designers, or new stock that they may like and inviting them to any future instore events. As part of a long-term plan, the customers who have given their details will be the first to know about the re-launch of Fenwick.co.uk, and Fenwick will use their emails to create a build up towards the re-opening of the website. This will be part of the Fenwick re-launch online strategy.
CONSUMER BENEFITS
The implications of this event will benefit the consumer in a multitude of ways. In the book ‘Customer loyalty programmes and club’ written by Stephen A. Butscher (2002), he highlights the importance of soft and hard rewards: the balance of materialistic and emotional benefits for the consumer. He concludes that long term-loyalty is created as a result of establishing a true relationship with consumers, based “not on financial incentives, but on emotion, trust and partnership” (2002). This is exactly what Fenwick will aim to do with their event, to build upon existing relationships between the store and customers and to build new long lasting relationships with future consumers. This event will offer a mix of soft and hard benefits to the consumer, which includes discounts and in-store rewards and a personalised shopping experience. -This event will aim to offer new soft benefits that are not currently offered in store. - These benefits are an extension of the in-store experience creating a synergy between digital retailing and a brick and mortar store. - Aims to target the 3 target consumer tribes (see consumer profiles) and 4th untapped consumer tribe. - These benefits contribute to the careful crafting of loyal and lasting relationships between Fenwick of Bond Street and their customers.
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WHAT WILL THIS MEAN FOR FENWICK O F B O N D S T? IMPACT & CONSEQUENCES
This event should have a noticeable impact on the store and customer base. It should attract new types of customers – the digitally engaged consumer, and younger consumers, whilst also appealing to their current demographic – 39-60 year old females. If the marketing strategy is carried out effectively, then their social media platform engagement should increase massively. During this week it is important for the staff service in store to remain as impressive as always and continue to offer a personalised service so that if customers do not wish to engage with the event, they still feel that they are able to shop in a peaceful and relaxing environment. Although the event may be a big attraction for many of their customers, it may also turn away a minority of their customers as they may wish to stay away to avoid crowds. This event should be part of a long-term solution to re-brand Fenwick of Bond Street to make it as relevant, exciting, digitally engaging and innovative as their competitors, to continue to create a on-going dialogue about the store and to continue to shape a community of loyal Fenwick consumers (Threlfall, 2015).
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Fig 36. Fenwick Store - Brook street entrance, 2015
EVENT MARKETING STRATEGY/ ROUTE TO CONSUMER
When marketing this event, it is important to make sure that the marketing strategy is suitable and tailored to the Fenwick of Bond Street consumers. Forms of advertising will communicate their separate needs and preferences. It is important that regardless of the audience the marketing strategy should reinforce the 5P’s of event marketing (Leonard H. Hoyle, 2014) which are product, price, place, public relations and positioning so that every customer is aware of these facts. However, how Fenwick does this for each consumer will differentiate. For example offering soft rewards such as the first 200 customers through the doors on the Monday will receive a goody bag and a glass of champagne will be of great appeal to some of the older Fenwick customers. But offering free 30-minute makeovers will appeal to younger consumers through magazine advertising, social media or press-generated reports. A wide range of marketing methods should appeal to all of Fenwick’s target consumer groups in different yet cohesive ways. These forms of advertising will not only advertise the event in store and the 125th anniversary of the store but also reinforce the heritage of the store and the family owned USP, so even if customers do not come to the event they are made aware of the heritage. This event will encompass a 360-degree marketing strategy. It will involve communication with a range of consumers through all major touch points. These include: 1) Direct email marketing – Customers who already have their emails registered to Fenwick will be emailed to inform them of the event with the online post from Fenwick.co.uk attached. 2) Transport Signage – Jubilee and Central line trains will have adverts placed in them as they run through Bond Street station, which is the nearest
train to Fenwick of Bond Street. There will also be signage throughout all major stations, on buses that pass through central London and also on 500 taxis. This will massively increase the scope of consumers that will be aware of the event. 3) In-store promotion/ VM – The event will be advertised around the store prior to the event and during. The exhibition will be advertised throughout the store. Social media signage will be posted throughout the store and windows using the #fenwick125 encouraging customers to use social media to advertise the event and the store. 4) Window displays – The windows will be visually merchandised and open to the public the weekend before the event. Each window will represent a different department with the remaining departments advertising the heritage of the store and the exhibition. 5) Magazine advertising – The event will be advertised in a number of weekly and monthly magazines/supplements including You magazine, Sunday Times Style, Vogue, House & Home, Tatler and more. 6) Social media – Engaging posts about Fenwick of Bond Streets 125th anniversary will feature on all of Fenwick’s social media outlets including Twitter, Instagram, and LinkedIn. The event will be filmed and small five-minute clips each day will be uploaded to YouTube. As a result of this event, Fenwick will launch Pinterest to upload images that will feature in the exhibition and encourage people to make their own fenwick125 boards. 7) Online posts – Fenwick.co.uk will feature an engaging post about the event and anniversary of the store. Fenwick will also invite bloggers to write about the upcoming event on their blogs, and YouTube channels. 8) Data Display Advertising - Fenwick will use digital banners to advertise the event on relevant websites.
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aign line
BRANDING OF FENWICK 125 See appendix for design development & moodboards
Logo Colour Way
I have used the original Fenwick logo so that it is identifiable amongst their consumer group. I have used the ‘Fenwick’ green, gold and white throughout the design of the campaign and logo as this identifies amongst consumers as luxury and heritage which is what Fenwick need to portray throughout this campaign. The strap line that will be used throughout the campaign is: ‘A century and a quarter of never doing things by half’. This has been used because it has connotations of high quality service and products in relation to the brand. No other retailer has a strap line quite like this and it is individual and recognisable by the colour way and font. I worked with Oliver Marketing - a creative agency based in London to help execute my ideas for Fenwick 125.
A CENTURY AND A QUARTER
Of never d oi n g t hi n g s b y hal f 78
THEORY
6
THE 5 C‘S OF MARKETING
I have used the 5 C’s of marketing model to evaluate how efficient and successful this service will be.
CONTENT This event has been created with the Fenwick consumer in mind. It has been designed to be attractive to current consumer groups and also potential future consumer groups. This will be a free week long event for anyone to visit and will run alongside normal trading. The focus of the event is on making customers aware that it is a family owned and run business with an important story of heritage but also introducing a modern spin in-store with technology. Key markers should be the service in-store and retaining current consumers and appealing to new markets.
CONTEXT With technological advancements, Fenwick of Bond Street must keep evolving their instore experience to retain consumer’s interests and differentiate from competitors. They do not have a transactional e-commerce platform so they must keep the instore experience as enjoyable and engaging as possible.
COMMUNITY This event will help to create a wider consumer circle and involve other customers that may not have previously visited the store before. It will also create and enhance existing customer relationships with the store and with staff through personal shopping sessions and assisted shopping experiences.
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CONTINUITY
COHESION
Advertising will be launched on a variety of platforms to reach a wide range of consumers from Millennial’s to Baby Boomers. This form of advertising will increase scope far beyond those who visit the store and has potential to reach markets and consumers all over the world who may be interested in visiting the store before during and after the event.
All marketing and visuals will be kept in keeping with existing Fenwick visuals so that there is no misunderstanding amongst consumers that this is a Fenwick event. The same visual aesthetic will be used throughout advertising, branding in store and the event. A cohesive theme throughout this event is making customers feel part of the Fenwick family and to create a digitally engaging event that appeals to the four previously mentioned consumer segments.
CONSUMER DECISION JOURNEY
The consumer decision journey underpins all purchases including those at Fenwick of Bond Street. Therefore it is a trusted model that I can evaluate my work against. The in-store event to celebrate 125 years of Fenwick on Bond Street allows Fenwick to help consumers to complete the consumer decision journey model and create the loyalty loop. It also allows Fenwick to have control and maximise the potential of every stage of this model. I have carefully considered the before, during and after stages of the event, to ensure a shopping experience that showcases the unique selling points of Fenwick of Bond Street (Shaw, D, 2005).
INTERACT
Prior to the event, consumers who have their details on the Fenwick database, will be sent targeted emails about the event with the Fenwick website online posts about the event formatted in an email. Customers will be able to visualise the event prior through a wide range of advertising including social media, instore promotion, signage, window displays and more. Customers will have the opportunity to interact with staff in store, bloggers, tastemakers and the Fenwick family.
EVALUATE
During the event, customers will have the opportunity to leave feedback about the event or about the store in general. They will have the opportunity to speak to knowledgeable staff in all departments and good brand knowledge from the staff, some guidance on product care and outfit advice should eliminate any of the customer’s doubts about the store experience. This is an important factor to ensure repeat purchases and return visits to the store.
PURCHASE
The event should serve to enhance the Fenwick shopping experience and to make the experience even more exciting and heightened than usual. Some customers will be offered goodie bags and discounts to use on future purchases to try to create repeat purchases and customer advocacy.
CONSIDER
BOND ADVOCATE
THE LOYALTY LOOP
INTERACT
ENGAGE
ENJOY
PURCHASE
ADVOCATE
Email marketing will be tailored to each customer and seasonal offers and recommendations will be different for each customer. Social media engagement will be encouraged and Fenwick will repost relevant customer photos of their in-store experience.
EVALUATE
BOND & ENGAGE
This event will generate repeat purchases. By capturing customer data in store, Fenwick of Bond Street can engage with this consumer via email marketing and encourage them to return to the store with special promotions, event invitations and targeted preferences exclusive to each customer.
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Fig 37. Loyalty Loop, 2015
PURCHASE
A good experience and a personalised and informative service in-store and a positive post-purchase interaction with the brand = repeat purchases, increased loyalty to Fenwick of Bond Street and a reason for word of mouth recommendations.
OVERVIEW
This live project proposal to create an event and PR strategy for Fenwick of Bond Street to celebrate their 125th anniversary which will appeal to their current consumer and potential, future consumers is an achievable answer to increasing store loyalty and repeat visits in store. I wanted to ensure that my proposal was in perfect keeping with the Fenwick of Bond Street values and brand image. I highlighted the key points of Fenwick, which are that it is a family owned business, has core loyal consumer groups, knowledgeable staff and an important story of heritage. It is essential that these qualities remain at the heart of every Fenwick of Bond Street decision, particularly in the future when launching Fenwick.co.uk and in continuing to update the store and brand image.
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EXECUTIONS
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WHAT ARE MY EXECUTIONS?
1. 2. 3.
Fenwick 125 Logo
Press Release
Campaign Signage
4.
Social Media posts on platforms that would engage the Fenwick consumer - including Instagram, Twitter and Pinterest.
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BRANDING OF THE FENWICK 1 2 5 L O GO See appendix for design development & moodboards
Fig 46. Fenwick Logo, 2015
Both of these images will be used throughout the Fenwick 125 campaign, and during each communication touchpoint.
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PRESS RELEASE
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LOGO A CENTURY AND A QUARTER
Of never d oi n g t hi ng s by half
Fig 47. Logo & Campaign, 2015
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CAMPAIGN LINE
Campaign line
A CENTURY AND A QUARTER
Of never d oi n g t hi n g s b y hal f
Fig 48. Logo & Campaign, 2015
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WEB BANNERS
We b b a n n e r s
A CENTURY AND A QUARTER
A CENTURY AND A QUARTER
Of never doing t hing s by half
Of never doing t hing s by half
#fenwick125
#fenwick125
Fig 49. Web Banners, 2015
A CENTURY AND A QUARTER
Of never doing t hing s b y h a l f
#fenwick125
A CENTURY AND A QUARTER
Of never doing t hing s b y h a l f
#fenwick125
TAXI SIDE1 Ta x i s i d e
A CENTURY AND A QUARTER
#fenwick125
#fenwick125
Of never doing t hing s b y h a l f
come and visit our bond st store #fenwick125
Fig 50. Taxi Side, 2015
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TAXI SIDE2 Ta x i s i d e 1
Fig 51. Taxi Side, 2015
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BUS SIGN Bus side
A CENTURY AND A QUARTER
O f n e v e r d o i n g t hing s b y h a l f #fenwick125
come and visit our bond st store Fig 52. Bus Side, 2015
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BUS MOCKUP Bus side
Fig 53. Bus side, 2015
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Escalator
ESCALATOR
A CENTURY AND A QUARTER
Of never doing t hing s by half
Gold balloon floats up through the screens
Fig 54. Escal
lator, 2015
Fig 54. Escalator, 2015
come and visit our bond st store
#fenwick125
TUBE CARD
Fig 55. Tube Sign, 2015
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IN STORE
In-store poster
A CENTURY AND A QUARTER
Of never doing t hing s by half
#fenwick125
Fig 56. In-store Mockup, 2015
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SOCIAL MEDIA -INSTAGRAM -TWIT TER -PINTEREST
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INSTAGRAM 1
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Fig 57. Instagram 1, 2015
INSTAGRAM 2
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Fig 58. Instagram 2, 2015
INSTAGRAM 3
Fig 59. Instagram 3, 2015
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INSTAGRAM 4
Fig 60. Instagram 4, 2015
106
Fig 61. Twitter, 2015
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Fig 62. Pinterest, 2015
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CONCLUSION In an overall appraisal of my primary and secondary research and developments for Fenwick of Bond Street, I have created a PR strategy and event for Fenwick of Bond Street to celebrate their 125th anniversary. This event aims to target current loyal consumers but also attract new and digitally engaged consumers. I believe that this event will effectively help both the customer and Fenwick to encourage repeat visits and personal interaction between the consumer and the store. I identified one target market which has untapped potential in store – the digitally engaged consumer. This allowed me to effectively target this consumer but also target their current consumers to create a cohesive and inclusive PR campaign and in-store event. This holistically created strengthened brand awareness. Focusing on Fenwick of Bond Streets USP’s, I identified their heritage, their loyal consumer groups, incredible in-store service and the fact that it is a family owned business to highlight and develop. Through doing this I kept to the core values of Fenwick and understood the consumer needs by making the campaign multi-faceted to keep them engaged on all platforms. My aim is to keep Fenwick of Bond Street on the fashion map by connecting with the consumer in the digital era. In conclusion, the application of this strategy will seek to re-define Fenwick as a successful digitally engaging store that can provide a calm, serene and appealing environment alongside providing exceptional customer service but in keeping with changing technologies.
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APPENDIX
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Fig 19. FENWICK (2014) Fenwick Illustration [ILLUSTRATION]. Available at: www.fenwick.co.uk. [Accessed 18th April 15]. Fig 20. Anon, (2014), LS:N Global [ONLINE]. Available at: https://lsn-staging.s3.nbcdn.io/filestorage/images/52182/ IMG_1845.jpg?width=926&quality=80&crop=0&method=ratio [Accessed 29 January 15]. Fig 21. GOULD, S (2015) [Infographic] Fig 22. GOULD, S (2015) [Infographics] Fig 23. BREITENSTEIN, B (2014) Consumer Illustrations [ONLINE]. Available at: www.fenwick.co.uk. [Accessed 1st May 15]. Fig 24. GOULD, S (2014) Consumer Profiles 1& 2 [PHOTOGRAPHS] Fig 25. GOULD, S (2014) Consumer Profiles 3& 4 [PHOTOGRAPHS] Fig 26. GOULD, S (2014) Consumer Profiles 5& 6 [PHOTOGRAPHS] Fig 27. WGSN (2015) Old hands [ONLINE]. Available at: www.wgsn.co.uk. [Last accessed 8th April 15]. Fig 28. WGSN (2015) Girl [ONLINE]. Available at: www.wgsn.co.uk. [Last accessed 8th April 15]. Fig 29. WGSN (2015) Camera [ONLINE]. Available at: www.wgsn.co.uk. [Last accessed 8th April 15]. Fig 30. WGSN (2015) Phone [ONLINE]. Available at: www.wgsn.co.uk. [Last accessed 8th April 15]. Fig 31. GOULD, S (2015) Rogers Curve of Innovation [Illustration] Fig 32. GOULD, S (2015) Consumer Touchpoints [Photograph] Fig 33. GOULD, S (2015) Fenwick, Bond Street [Photograph] Fig 34. GOULD, S (2015) Fenwick of Bond Street Store [Photographs] Fig 35. GOULD, S (2015) Fenwick of Bond Street Store [Photograph] Fig 36. GOULD, S (2015) Brook St Exit [Photograph] Fig 37. GOULD, S (2015) Loyalty Loop [Illustration] Fig 38. ANON (2015) Fenwick Window Stories [ONLINE]. Available at: www.pinterest.com/fenwick125. [Accessed 27th April 15]. Fig 39. ANON (2015) Brand Anniversary Campaigns [ONLINE]. Available at: www.pinterest.com/sophiegould. [Accessed 27th April 15]. Fig 40. CEREAL MAGAZINE (2015) Visual Inspiration [ONLINE]. Available at: www.cerealmagazine.com. [Accessed 28th April 15]. Fig 41. D&AD (2003) Visual Inspiration for my Outcomes [PHOTOGRAPH] Fig 42. GOULD, S (2015) Instagram Mockups Fig 43. GOULD, S (2015) Pinterest Mockups Fig 44. GOULD, S (2015) Twitter Mockups Fig 45. OLIVER MARKET ET GOULD, S (2015) Logo Mockups Fig 46. OLIVER MARKETING ET GOULD, S (2015) Fenwick Logo Fig 47. OLIVER MARKETING ET GOULD, S (2015) Logo & Campaign Fig 48. OLIVER MARKETING ET GOULD, S (2015) Logo & Campaign Fig 49. OLIVER MARKETING ET GOULD, S (2015) Web Banners
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Fig 50. OLIVER MARKETING ET GOULD, S (2015) Taxi Side Fig 51. OLIVER MARKETING ET GOULD, S (2015) Taxi Side Fig 52. OLIVER MARKETING ET GOULD, S (2015) Bus Side Fig 53. OLIVER MARKETING ET GOULD, S (2015) Bus Side Fig 54. OLIVER MARKETING ET GOULD, S (2015) Escalator Fig 55. OLIVER MARKETING ET GOULD, S (2015) Tube Sign Fig 56. OLIVER MARKETING ET GOULD, S (2015) In-store Mockup Fig 57. OLIVER MARKETING ET GOULD, S (2015) Instagram 1 Fig 58. OLIVER MARKETING ET GOULD, S (2015) Instagram 2 Fig 59. OLIVER MARKETING ET GOULD, S (2015) Instagram 3 Fig 60. OLIVER MARKETING ET GOULD, S (2015) Instagram 4 Fig 61. OLIVER MARKETING ET GOULD, S (2015) Twitter Fig 62. OLIVER MARKETING ET GOULD, S (2015) Pinterest