Our Summary
Beadsy Jewels will be enhancing its operations by opening a physical shop in San Diego, CA in August 2018. The marketing plan outlines an annual roadmap - both for the digital & future physical shop. Improved social media strategy and stunning web design are the main objectives in Beadsy Jewels 2018 marketing efforts.
Marketing Strategy
- Physical shop - Beadsy Jewels has a high number of existing online customers who are from the San Diego area. Defined in the detailed SWOT analysis, Beadsy Jewels has unique, high-quality products (customer satisfaction rate, 82%). Existing online customers are frequently requesting a physical shop to have a chance to know the products better/try them on before making purchasing decisions.
- Marketing mix:
-Product: Unique and high-quality handmade jewelry and accessories
-Place: Online (beadsyjewels.com), Instagram, Etsy
-Price: Jewelry ranging from $10 to $240, accessories (hats, belts, and phone cases) ranging from $50 to $130
-Promotion: Social media, Woman's Choices Magazine, partnerships with local boutiques
Objectives
- Increase the number of online products by 20%
- Increase overall sales by 35% (physical and online shop, total)
- Recruit and utilize 10 Instagram brand ambassadors, globally, to increase the number of followers to 100K by the end of April
- Increase social traffic by 5% during the 2-months campaign (April -
Target Market: US
MARKET ANALYSIS
Pie Chart
Global (online) market share
65% United States
15% Europe
18% Asia
2% Australia
Market Growth
Key Performance Indicators
(JUNE 2018)
- Sales conversation rate: 6.11%
- Cost per lead: $50
- Customer value: 3:1
- Organic traffic: 2%
- Social traffic: 25.43%
- Customer satisfaction: 82%
Promotion Strategy
- Social media remains as #1 channel: Instagram
- Partnership with 5 local boutiques
- Facebook campaigns
- Google Adwords (increasing the budget)
Implementation
Beadsy Jewels will increase its budget for online advertising by 15% to accomplish its projected goals for the year. Building effective partnerships will be handled by the Marketing Department and the physical shop will have two salespeople in total working on different shifts. Brand ambassadors will be chosen carefully according to their online appearance in order to align with Beadsy Jewels' target audience. $30,000 is planned to be spent on design and e-commerce improvements.
