Introduction
Executive Summary
This report is aimed to have a digital marketing planning details for the company Red Coat Design. This is a company that encourages the youth to show their creativity in apparel designs, tech accessories design and art prints. The main purpose of the report is to provide with detailed digital marketing plan for Red Court Design. The marketing plan is designed to give the company a digital boost in their product development and marketing. Advertisement of the products for the company will be done through the social media and different digital channels like Google, YouTube or Facebook and LinkedIn. Website development and improving customer interaction through feedback gathering will be among the important process. The project of digitization of marketing will need the support and resources. Financial as well as human resources are two key components of the digital marketing strategy for the company. The report is presented in several sections including the strategic plans, situational analysis and digital marketing plan. The financial part of the digital marketing process is attached with the report. Implementation, evaluation and control plan for the project is also included in this report.
Organization & Product
The company, Red Coat Design is known for their unique graphic designs on the apparels and creative ideas. The company actually funds the young entrepreneurs business ideas through the revenue made from the sales. This way, the company serves two objectives- the first is giving chance to the young artist to create their own designs and use them in the apparels or tech accessories. Secondly, the company helps and supports the new entrepreneurs to establish their creative business ideas through their ventures. They provide them with required trainings and grooming for the business. The company gives special importance to the quality of merchandise. The Red Coat Design Studio mentors, coached and assists the dream of the young entrepreneurs (redcoatdesign.com, 2020).
History
Red Coat Design Studio was established in 2014 by Gregory Leggins (redcoatdesign.com, 2020). The founder has the dream to help the youngsters to get their entrepreneurial goals. The company sells merchandise of different designs. The products are based on the merchandise sections, including clothing, home décor, art prints and tech accessories. Customized and creative designs are the specialty of the products. A major part of the profit is used for coaching and supporting the business ideas of the new entrepreneurs with creative ideas. The founder has established Establishing Men from Boys, Inc. to encourage the children of any age in their entrepreneurial endeavors.
Mission Statement
The mission of the company is to create extensive designs in the merchandise industry. The talents among the youngsters regarding the creative urge is encouraged in the company. Another important mission of the company is to promote the young entrepreneurial in business. There are many people who are not being able to start their own business because of the lack of funding and training. One part of the business revenue from the Red Coat Design Studio is invested in these coaching, and mentoring these entrepreneurs (redcoatdesign.com, 2020).
Overall Goals & Objectives
The goal of the Red Code Design Studio is to create exceptional and quality designer products. The company products are known for their unique designs and the workforce. The company employees the young people who have creative ideas for the apparels, home decors and tech accessories. The products of the company is sold in the top online business platforms as well. The goal that the company is trying to achieve is that it should have the support of the customers in promoting the aims of Establishing Men From Boys, Inc. The customers of the company are well aware of the brand identity. Through the digital marketing plan, the company will try to communicate the message of business funding to the audiences. The main objective of the company are –
- To increase customer awareness
- To increase the digital impact of the company in the market
- To address the customer demands and needs properly
- To enhance the brand equity and reputation
- To support, coach and mentor the new entrepreneurs in the country and outside through specific programs.
These are the main objective for the company in present context on which the digital marketing plan will be developed.
Marketing & Product Objectives
The marketing and product objective of the company is based on the type of business they want to establish. The aim of the project is to enhance customers’ awareness of the company products (Berkhout, 2019). At the same time, they want to advertise their Establishing Men From Boys, Inc. initiative for the fresh talents in entrepreneurship. The company is working in both of these sectors. Company reputation will be increased if the customers are made aware of the product quality. The objectives of the marketing and products are given below-
- To increase the sales of the company by 15% in the first year.
- To increase brand awareness in one year period.
- To increase social media traffic for the brand by 10% by the end of the year.
- To enhance customer engagement with the marketing campaigns by 10% in a year.
Revenue Models
The revenue model used by the company is based on advertising. Through this model the company products and their business purposes will be advertised. The digital marketing will enhance the scopes for marketing and advertisement. The aim of the company is to gain more customer base and awareness. In this respect, the advertisement of the products through digital means will reduce the cost and enhance the effect. The pricing strategy for the company will be value based (Khanra, 2016). The customers will be influenced and the value they perceive of the product will be the pricing standard for the company.
Target Market
The target market for this company are the people who have interest in printed mixed arts. Also the customers who dwell in the urban areas and want to have some quality product in exceptional design will find the company products attractive (Hinson et al., 2020). People within the age of 14 to 30 will be the target customers. The people who want to introduce their own business ideas to the market will also be reached through this digital marketing project for Red Coat Design.
Brand Strategy
Brand strategy is the process through which a company can gain their marketing and branding objectives. The brand components of this company is structured around two concepts- the Red Coat Design Studio and the Establishing Men From Boys, Inc. the market research is another important thing in the branding strategy. These aspects are discussed in the next part of the report-
Brand Components
The name of the brand is Red Coat Design and the name suggest the concept of unique designs in merchandise industry. The colour red is associated with creativity and newness. The red coat design name is selected for the rand to suggest creativity and elegance at the same time.
The logo of the company is as follows-
This logo has the face of the lion king and the tagline says quality over quantity. The selection of the lion king shows the uniqueness and quality aspects. Quantity is not the matter, but the quality is. This message is well conveyed by the logo selecetd for the company. The logo goes with the law of exclusivity of the 22 Immutable Laws of Marketing by Ries and Ries.
The branding is necessary to make the impression on customers’ mind. The company would try to have an impression as a quality product. The name of the brand and the word quality need to be associated with the marketing of the brand (Zarei & Asadi, 2018). As shown in the tagline “quality over quantity”, the branding need to be based on the quality of the porducts and services the company serves. Therefore, it could be said that the tagline of the company is apt and effcetive to attract the attention of the customers (Vesey, 2018).
Brand Messaging
The benefit based mission statement of the brand is to achieve the business as well as sales goals for the company. The idea of the creative graphic in home decors or in apparels are unique. There is no such archetype of the brand in the market.
The brand story for the company would be- a brand that is created for the welfare of the young entrepreneurs and fulfils the needs for funding. The company gives opportunity to the young talents in mix arts to create their own designs. The customers will get creative and beautiful products in this site (Wang, 2018). At the same time, we coach and groom the future entrepreneurs and support their dreams though funding. The young minds are inspired to come forward and make their business dream come true.
The promotional plan for the company is based on the overall objectives of increasing customers’ base and developing brand awareness. The promotions will be done mainly though the digital media like- social media, SEO or other electronic mediums. The message will be delivered to the customers through the digital platforms.
Differentiation Points & Positioning
The product differentiation is the strength of the brand as it sales the designs that are unique. Printed designs on the apparels, home decors and other accessories are not a new concept in the world market. What makes the brand stand its competition is the fact that the designs selected for the company are made of mixed arts. There are influence of different types and categories of art in the product designs.
The products will be positioned as an elite choice the price of the products will be slightly higher than the local products, while the quality would be at per. The customers will buy the product according to the value proposition (Dal Palù et al., 2018). Customers are usually ready to pay more if they think that the product is adding to their value proposition. The position of this product would be based on that idea. As the customers are urban people and designs are unique, the products will be at demand (Jha, Saini & Kaur, 2017). The category will be dominated by the Red Coat Design if they became able to influence the mind of the customers about the sustainable side of the products. At the same time, the company name will stand apart because of its Establishing Men From Boys, Inc. project. The funds for the new comers in the business industry will be a percentage of the total sale.
3: Situational Analysis
SWOT Analysis
| StrengthUnique product designsSupport of the government Limited competition till nowRevenue growth in past few years are recommendable.Employee satisfaction | WeaknessesLack of advertisement endeavors. Lack of brand awarenessLack of resourcesLack of customer engagement |
| OpportunitiesIncreased popularity of the mixed artsExpandable markets because of internetEnhanced scopes for open market businessPromotions, advertisement and so on. | ThreatsMain threat of the company is its changing demands and trends of the customersThe entry of new companies is another threat for the company. |
The SWOT analysis is done according to the needs and requirements of the Red Coat Design Studio. The strengths if the company is in its unique design ideas and the workforce energy. The company has got support from the government time and again. It is a mixed arts studio where the company employees gets the chance to create and the employee satisfaction for the company is immense. The revenue of past few years has been remarkable so that the company now needs to think of its brand development. The weaknesses of the company is that this lacks the promotional aspects and the resources to for brand awareness development. The company has low customer engagement and therefore, unable to retain the customers effectively.
The opportunity to explore new markets in present for the company. Through this digital advertising the company could be able to expand their business in new areas. The popularity of the raw mixed arts are increasing in the young people. There are opportunities to use the printings in new product and diverse platforms. The threats of new companies or substitution products are low but they are still there. The competition is low.
Industry Analysis
The products of Red Coat Design Studio falls under the mixed arts and gifts merchandise products category. The main drivers of the industry are the wealth creation, art globalization, tourism, customer demands and needs. The business of the sector is continuously growing. As along with the gifts items, the industry has also included customized or crafted home decors, regular using products and decoration products. All these industrial products are mainly sold online. The Red Coat Design Studio is one of the producers of the mixed arts merchandises. The company is number of competitors in this sector is quite low. As this business sector mainly deals with the creative arts, the practical challenges more. But the competitors are less in number. The main competitors of the company is Red Myrtle. This company also deals with creative arts in the clothing and other retail products. The industry have about 706.3 billion US dollar revenue.
Competitor Analysis
Main competitors of Red Coat Design Studio are Red Myrtle, Amazon and Ebay. These are the sites that are selling the designed merchandise products on regular basis. The online companies have power to influence the cuts9mers more than the in-store organizations.
Company Brief
The company has been facing some shortage in their financial performance as their products are not being sold as expected. The employees of the company are working hard to make the creation attractive, but lack of marketing is holding them back to achieve their goals. The company aims to create funding for the new entrepreneurs. It is necessary that the customers should know about what type of company they are investing in. the value addition of the products will increase when the customers will come to know about the boys to men Inc.
Customer Analysis
Demographic- the age group that the company is targeting in this marketing strategy is 14 to 30. The main occupation of the target group would be students.
Psychographic- People having a unique and colourful choice for their cloth and household things are the target customers for the company. The company product will provide with necessary quality and design combination. Another target group would be the people who are interested in creating their own business.
Geographic- The products for this company will be sold mainly in the urban areas of USA. The apparels and other mercantile are made of the mixed art and it with suit the lifestyle of the people.
Legal Analysis
Main legal policies and regulations that the company need to take care of are the Fair Labour Standards law, Tax Codes, Workplace Safety, anti-discriminatory Acts, anti-trust laws and security laws. These are the basic laws that any company trying to do business in the USA need to know and understand.
Privacy Policies
The privacy policies are significant for the customer safety and security. In the case of online marketing, the contexts of privacy policies become more relevant than ever.
1. The data privacy of the customers will be given utmost priority.
2. Consent of the customer will be taken before gathering the data from email or social media accounts (Li et al., 2018).
3. The data is safe with the company and any kind of illegal disclosure can attract legal issues.
Policy Statement-
The company will only collect the data that the customers are willing to provide. The company will require minimum amount of information and that will be collected with the consent of the customers. We do not share or sale the personal information of the customers to any third party. The policy statement defines the aspects of using the data collected from the customers for the company.
Terms of Use
The website users for the company will be bound by some terms of use at the first place. The terms of use are reacted to the use of the website and the data presented in the website. The company controls the terms of use. If a user is not agree to the terms condition, then they must not use the website or the account in the company website. Any violation of the terms of use can cause legal actions under the USA Service Law.
4: Digital Marketing Strategy & Tactics
Buyer Personas & Customer Roles
The customers of Red Coat Design Studio are mainly the younger generation and millennial who have passion for their lives and creativity. These people are highly ambitious to achieve their goals and see the world from different perspective. The customers have the personality to express their thoughts through art and try to establish their ideology very explicitly.
These people are supporters of fashion mixed with artwork. The ages of this customers range between 14 to 30 and 69% of the total customer segment are students. They listen 3.6 hours of music a week, prefer tattoo and go out to eat out for 3 to 4 times a week. Most of these target markets are city dwellers and have the habits of purchasing printed objects whenever define it unique. These customers play a unique role for this particular company because the organization has initiative to reach the young entrepreneurs through its policy of boys to men. The customers prefer designing and graphics in any type of objects and have exclusive designing capability can find this company very much helpful to express their knowledge. The organization has created a huge customer base among which it chooses entrepreneurs on the basis of creativity and innovation.
New Media / Viral / Social Media
There are various ways in which the company can utilize to reach the customers of this segment. It is very much easy to apply for because all of these customer segments are present in different social media platforms mainly over the internet. The existence of companies in this era of internet mainly depend upon their capability to deal with the customers if they have robust strategy for internet marketing. Red Coat Design can utilise the social media platforms by creating content as the form of reduced and blogs so that the customers get proper information about the products and services available in the internet. The company will be using social media platforms and create website to promote their product and service.
In the social media platforms the company can interact with individual customers and upload their videos and content every time. It will be helping the organization to who built the great relationship with the communities online and the geographical expansion of this organization will extend. The social networking websites depends upon building virtual communities which allowed the customers to express their demands and values online (Felix, Rauschnabel & Hinsch, 2017). The social media marketing connects the company and Consumers with the business and share their ideas for which the company like Red Coat Design can get exposure to new types of designs for customised products. In case the customers do not feel satisfied with the products or services of this company they can also share their ideas and issues which will be immediately solved by the marketing and customer service authority is connected with the social media. The new and unique ideas of this company will be viral the social media platforms and the company will be popular among the target customers (Dahl, 2018).
Mobile
The uses of mobile phone is increasing day by day around the world and these are inseparable devices for the teenagers and millennial. Most of the needed activities are done over mobile phones because all of these devices have internet connection through which the connectivity and information gathering processor done. the mobile phone there for will be of great help for the company where web browsing capabilities will allow the individuals to get immediate access to the website of the company as well as social media marketing processes. The mobile phones have altered the Purchase process because it allows the customers to obtain idea about pricing and product information in the real time. Based on the information gathered in various websites access through mobile phone the companies can convince the customers to make Purchase Decision and get their products delivered at their home (Tuten & Solomon, 2017). This is related to business which will allow the company like Red Coat Design to get the chance to enter the international business. Through mobile phone the marketing segment of this company can constantly remind and update the followers putting the quick response codes with the products for the individuals to access the website of the company and other online services with their smartphones. The TV ratings, mobile commerce advertising along with communication with the customers directly can make the company more acceptable and popular among the target customers.
Website
The website will have change with bright colored background. The company website does not have any product images which will be included (Alalwan et al., 2017). The website will also include discounts message blinking all over it so that whenever the customers click them, they directly reach to the buying options. The content of this website will have hyperlinked with other pages detailed in the upper right part. Most of the client will be with picture detailing the price or product.
Conversion Goals
The customers will be seeing models wearing the products of this company and have price and size detailed with it. The customers need to directly land on the buying cart (Alalwan, A page whenever they click on a particular item. They will get different categories segmented in the first page which they can click and find color and designs at the same it. In addition to this, the website will be asking for gender so that seemed products can be seen by the customers without much confusing.
Landing Pages:
The landing pages will have differed colored backgrounds and messages written in bigger font. Designs will be attractive mainly through info graphic. All the products will have different pages defined so that the customers do not face issues to scroll down even if they open the website in their smart phones.
Home Page:
The home page will have discounts and offers detailed. It will have campaign news of the past as wells of the upcoming events. no minimum order require will be written in a bigger font and the website will be asking for logging in to view the other pages so that the company gets personal email address for further monitoring (Godey et al., 2016)
Funnel Navigation
This part will have direct link to the cart where the size and color of the products will be asked. Here the customers need to provide all the personal details like phone number and address for the delivery of the products.
Search Engine Optimization (SEO)
For Search Engine Optimization the company needs to have proper understanding of traffic and brand awareness. 80% of the websites traffic starts with search query. For effective SEO for the products and services of this company it needs to:
- Complete SEO audit for the website
- Defining the demands of the consumers exactly
- Creating a SEO Optimization landing pages
- Making sure that the website is mobile friendly because most of the customers will be accessing the website through their smartphones
- growing the traffic with info graphics
- writing at least 1900 words for optimizing the content writing a round up most valuable content on the social media
- using advanced SEO internal deep linking, sending link juice to the lower ranking pages
- linking to the external sites with a high domain authority finding and using competitors in the CEO words
- linking opportunities on Wikipedia for building links
- using Ad Words copy in the on page SEO
- using multiple keywords in the ratio page title (Wang & Kim, 2017)
- monitoring Google search console stats
- Regularly updating old content and revamping old articles with the more organic traffic potential.
List of key words:
- Customized T shirts
- T-shirt art
- Design T-shirts
- Design sports uniforms
- Design business uniforms
- Design hats
- Design towels
- Design aprons
- Design smocks
- Design sleeves
- Hats art
- Artist towels
- Printed aprons
- Designed smocks
- Painted sleeves
Pay-Per-Click (PPC) / Paid Advertising
Searching strategy is mainly related to pay per click that provides the company with all the opportunities for improvement because people even though click on the ads of a product but the companies do not see these results with lackluster paid search strategy the companies need to use single keyword ad group which targets single word by using multiple match type like the exact abroad as well as phrase match.
Secondly when the company is launching the display ad for the internet marketing then the ad copy is a critical section for the paper click strategy without any compelling click at copy it is challenging for earning the kind of results the company wants from the paid search campaigns. Here the company needs to replace the ordinary and an original copies to motivate the client for click (Shareef et al., 2019). Therefore creating different advertisement copy versions every time must be balancing the creative and original.
Thirdly the organization needs to go beyond the Google ads for the paper click advertisement and experiment with the different advertise platforms through investing some of it spend in two different networks so that the customers using other websites than Google can also find out this organization.
In some of the cases there are millions of customers who prefer voice searches in Google. This is why the company needs to take advantage of search paid search strategy. It needs to add voice search for the PPC strategy and include them in the SEO plan so that analysts can easily adapt the voice search for increasing digital commerce revenue (Keegan & Rowley, 2017). The company can also research first campaigns and create a future one dedicated to the voice search it helps to provide more data and opportunities along with high traffic ad campaign.
Finally the organization can make remarketing as a part of this paid search strategy which is an incredible method to drive sales. This will enable the business to get opportunity to convince the customers to contact the company and purchase the products or visit the store. This organization needs to launch the campaign by researching the target audience and reviewing the market goals so that evaluation of the website data in the Google Analytics be more useful (Duffett, 2017).
Email Marketing & Customer Messaging
Email marketing is one of the most useful digital marketing method which this company, Red Coat Design can utilize. It is very much competitive to seek for audience attention therefore the company needs to follow certain process is to make this particular strategy of marketing exclusively. The email marketing campaign recipient to take actions and engage with the business. One of the biggest advantages of this marketing is that people use email widely and a huge scope for building personal relationship with the customers individually and generate potential leads and sales.
Firstly the company needs to build targeted email list based on the customers visiting the company websites. Then the company needs to know the goals so that will coming new subscribers and boosting their engagement with the company take place. Nurturing the existing subscribers and segmenting them can allow the company to understand the email types. There are various kinds of emails that the company will be sending to the customer therefore differentiating them depending upon their target are essential (Stephen, 2016). There will be transactional emails, weekly newsletter, information mails and free gifts which will be acknowledging changes to the information of the subscribers. The company needs to gather data from Google Analytics and Facebook insights so that information about the target customers in the real time can be understood based on this campaigning becomes easier and this organization can learn to use Technology wisely. The best email Marketing Services focuses upon easy campaign creation, integration of the software and segmentation of the audience. All of them depends upon in dip analytics on the email campaign performance.
Partner / Affiliate Marketing
For affiliate marketing the company needs to find and join affiliate program and choose which offers it needs to promote. It is an online sales tactic which allows the product owner to increase sales by allowing the others target the same audience for affiliates for earning Commission through recommending products to the others (Christodoulides, Michaelidou & Siamagka, 2018). Affiliate marketing involves referring the products by sharing it on a blog or social media platforms for which the company needs to find and join the affiliate program this will enable it to obtain unique affiliate link for every offer and the company can share those links on the blog. These links can also be shared in the social media platforms or the company website. Collecting Commission anytime is it possible whenever anybody uses the link for making purchase.
Offline Marketing
The offline marketing by Red Coat Design will be helping E-Commerce business to develop huge audience base. The majority of the offline strategies of this company will be focusing upon supplying traditional types of marketing which eventually can help to build extensive level of customer loyalty. For this reason the company will be e following catalogues and direct mail, quick response codes and aligning marketing metrics (Jaakonmäki, Müller & Vom Brocke, 2017). Quick response codes for QR code at the selected places can help this company to get attached with the potential customers. This is the best marketing tactics which are carved out of the productive amalgamation of the online and offline strategies they will be connected with physical flyers, direct mails, business cards and among other products that will give advantage to popularize the brand. Along with direct email to the buyers the online newsletters can also be publicized as promotional method (Dolan et al., 2016). The consumers will be capable to achieve response rate. Similarly the aligning marketing metrics with offline and online marketing strategies can give a Holistic experience. the company needs to make use of shortened URL and there will be times when individual looking at the offline marketing entity will immediately visit the website of the brand. The company will also follow the process of printed discount codes on the flyers and different advertisements to help E-Commerce business to grow.
PR / Communications Plan
Red Coat Discount will include determination of the public relation goals, knowing the target audience, giving audience objectives, Strategies for every objective, tactics for strategic plan activities inform the company through evaluation and materials matter for PR communication plan. It will engage the third party review and write up mentioning about the products and services of the company instantly (Lee, Hosanagar & Nair, 2018). It will establish credibility among the important and potential audiences. It will also help to build rapport with the media people and increase the likelihood which they will turn to the company when they need the source on the similar topic.
5: Implementation Plan
Marketing Campaigns & Programs
Red Coat Design will be having three important marketing strategies to be implemented immediately.
Campaign name: Stay home stay safe
Campaign description: this campaign will be associated with the government’s drive to maintain all the rules developed due to Covid 19 pandemic. This campaign will be having support from the local and state level government where the volunteers will be given with a t-shirt ‘stay home stay safe’ written in it.
The marketing objectives for that campaign: the main marketing objective of this campaign will develop greater connection with the government officials and detail the quality of the products effectively.
The program that the campaign supports: the covid 19 has become the global pandemic affecting the live of the people in the world for with the government are urging them to keep away from social meeting and maintain social distance for less infection.
Specific marketing strategies: the company will be uploading videos of government officials and volunteers to wear the t-shirt doing activities. It will be shared with the hashtag ‘stay home stay safe’ motto in the social media like Facebook and instagram.
Campaign 2.
Campaign name: Can’t Sing, Listen
Campaign description: the company will be developing a round shape logo with headphone designed with it to promote music of different language. This will be applying the music lovers all over the world and learn them by listening. This logo will be printed in the hats which most of the musicians prefer to wear as accessories.
The marketing objectives for that campaign: the marketing objective behind this campaign is to gain popularity among the customers listening to music. More or less all of the target customers fall in this particular category therefore the company does not need to segment this product
The program that the campaign supports: this campaign will support the company in one hand and contribute to the small bands working for positive cause in the US society.
Specific marketing strategies: the company will follow personal e mail tactics and pay per click process. In addition to this, the hats will be given as free samples to the musicians of small bands who can make their listeners interested to make purchase decisions.
Campaign 3.
Campaign name: Good Food
Campaign description: this campaign will be having this logo printed in the apron of a celebrity chef, in the advertisement of this brand this ads will be seen in the TV commercials, websites and social media platforms. The users can take part in this campaign by uploading their cooking photos wearing this printed apron and win special gift hampers from the company.
The marketing objectives for that campaign: the main aim of this campaign is to develop partnership with nutritionists and chefs in the five start hotels. The purchase of apron offered by Red Coat Design will increase and it will solve the hunger issues of homeless people in the US.
The program that the campaign supports: The Company aims to serve the homeless people nutritious food to eradicate hunger among these people. It will also increase reputation at every level of society.
Specific marketing strategies: the Facebook users and website visitors will get to know about this campaign and take part in it to be a part of a good cause. Along with this the company will be doing offline marketing also.
6: Financial Data & Projections
Financial Projections
Budget
6: Financial Data & Projections
Financial Projections: Facebook
| Social Media Campaign | ||||
| Video 1 | Video 2 | Video 3 | Video 4 | |
| Exposures | 10000 | 20000 | 30000 | 40000 |
| Revenue expectancy | ||||
| Video 1 | Video 2 | Video 3 | Video 4 | |
| Number of conversions | 2,000 | 3,000 | 4,000 | 4,500 |
| Average sales price per conversions | $100.00 | $150.00 | $200.00 | $225.00 |
| Annual revenue per conversions | $200,000 | $450,000 | $800,000 | $1,012,500 |
| Total year 1 revenue | $2,462,500 | |||
| Costs | ||||
| Video 1 | Video 2 | Video 3 | Video 4 | |
| Expected gross margin per conversions | 20.00% | 30.00% | 40.00% | 45.00% |
| Annual cost of goods sold per conversions | $40,000 | $135,000 | $320,000 | $455,625 |
| Total year 1 cost of goods sold | $950,625 | |||
| Revenue | Campaign | |||
| Gross revenue | $ 2,462,500.00 | |||
| Cost of campaigns | $ 950,625.00 | |||
| Gross margin | $ 1,511,875.00 | |||
| Other revenue [source] | $ – | |||
| Interest income | $ – | |||
| Total revenue | $ 1,511,875.00 | |||
| ROI | 159% |
Financial Projections: Twitter
| Social Media Campaign | ||||
| Video 1 | Video 2 | Video 3 | Video 4 | |
| Exposures | 15000 | 13000 | 20000 | 30000 |
| Revenue expectancy | ||||
| Video 1 | Video 2 | Video 3 | Video 4 | |
| Number of conversions | 3,000 | 3,500 | 3,000 | 4,000 |
| Average sales price per conversions | $100.00 | $250.00 | $200.00 | $300.00 |
| Annual revenue per conversions | $300,000 | $875,000 | $600,000 | $1,200,000 |
| Total year 1 revenue | $2,975,000 | |||
| Costs | ||||
| Video 1 | Video 2 | Video 3 | Video 4 | |
| Expected gross margin per conversions | 25.00% | 35.00% | 40.00% | 45.00% |
| Annual cost of goods sold per conversions | $75,000 | $306,250 | $240,000 | $540,000 |
| Total year 1 cost of goods sold | $1,161,250 | |||
| Revenue | Year 1 | |||
| Gross revenue | $ 2,975,000.00 | |||
| Cost of investments | $ 1,161,250.00 | |||
| Gross margin | $ 1,813,750.00 | |||
| Other revenue [source] | $ – | |||
| Interest income | $ – | |||
| Total revenue | $ 1,813,750.00 | |||
| Return on investment | 156% |
Budget
| CAMPAIGN TYPE | QTY | PROJECTED COST PER UNIT | PROJECTED SUBTOTAL | |||
| National Marketing | SUBTOTAL | $ 800.00 | ||||
| Banner Ads | 4 | $ 200.00 | $ 800.00 | |||
| $ – | ||||||
| $ – | ||||||
| Local Marketing | SUBTOTAL | $ 5,500.00 | ||||
| Newspaper | 5 | $ 600.00 | $ 3,000.00 | |||
| In-Store Marketing | 3 | $ 700.00 | $ 2,100.00 | |||
| POP | 2 | $ 200.00 | $ 400.00 | |||
| $ – | ||||||
| Public Relations | SUBTOTAL | $ 10,400.00 | ||||
| Public Events | 4 | $ 1,000.00 | $ 4,000.00 | |||
| Sponsorships | 2 | $ 300.00 | $ 600.00 | |||
| Press Releases | 2 | $ 100.00 | $ 200.00 | |||
| Webinars | 3 | $ 800.00 | $ 2,400.00 | |||
| Conferences | 3 | $ 400.00 | $ 1,200.00 | |||
| Client Events | 4 | $ 500.00 | $ 2,000.00 | |||
| $ – | ||||||
| Content Marketing | SUBTOTAL | $ 9,300.00 | ||||
| Sponsored Content | 2 | $ 700.00 | $ 1,400.00 | |||
| Landing Page | 10 | $ 700.00 | $ 7,000.00 | |||
| White Papers / ebooks | 3 | $ 300.00 | $ 900.00 | |||
| $ – | ||||||
| Social Media | SUBTOTAL | $ 9,300.00 | ||||
| 20 | $ 150.00 | $ 3,000.00 | ||||
| 25 | $ 100.00 | $ 2,500.00 | ||||
| 4 | $ 200.00 | $ 800.00 | ||||
| 10 | $ 100.00 | $ 1,000.00 | ||||
| Google+ | 5 | $ 200.00 | $ 1,000.00 | |||
| 5 | $ 200.00 | $ 1,000.00 | ||||
| Online | SUBTOTAL | $ 4,000.00 | ||||
| Blog | 4 | $ 300.00 | $ 1,200.00 | |||
| Website | 2 | $ 200.00 | $ 400.00 | |||
| Mobile App | 4 | $ 600.00 | $ 2,400.00 | |||
| Mobile Alerts | $ – | |||||
| Email Newsletter | $ – | |||||
| $ – | ||||||
| Advertising | SUBTOTAL | $ 5,300.00 | ||||
| Online | 3 | $ 300.00 | $ 900.00 | |||
| 4 | $ 200.00 | $ 800.00 | ||||
| Outdoor | 6 | $ 400.00 | $ 2,400.00 | |||
| Radio | 2 | $ 600.00 | $ 1,200.00 | |||
| Television | $ – | |||||
| $ – | ||||||
| $ – | ||||||
| Web | SUBTOTAL | $ 13,000.00 | ||||
| Development | 2 | $ 3,000.00 | $ 6,000.00 | |||
| Pay-Per-Click Marketing | 1 | $ 1,000.00 | $ 1,000.00 | |||
| SEO | 2 | $ 3,000.00 | $ 6,000.00 | |||
| $ – | ||||||
| $ – | ||||||
| Market Research | SUBTOTAL | $ 4,800.00 | ||||
| Surveys | 6 | $ 800.00 | $ 4,800.00 | |||
| Impact Studies | $ – | |||||
| $ – | ||||||
| Sales Campaigns | SUBTOTAL | $ 6,600.00 | ||||
| Campaign A | 2 | $ 1,000.00 | $ 2,000.00 | |||
| Campaign B | 3 | $ 200.00 | $ 600.00 | |||
| Campaign C | 4 | $ 1,000.00 | $ 4,000.00 | |||
| Campaign D | $ – | |||||
| Campaign E | $ – | |||||
| $ – | ||||||
| Other | SUBTOTAL | $ 4,520.00 | ||||
| Premiums | 2 | $ 200.00 | $ 400.00 | |||
| Corporate Branding | 3 | $ 300.00 | $ 900.00 | |||
| Business Cards | 4 | $ 55.00 | $ 220.00 | |||
| Signage | $ – | |||||
| Free items | 10 | $ 300.00 | $ 3,000.00 | |||
| $ – | ||||||
| Total | $ 68,720.00 |
7: Evaluation, Control & Continuous Improvement
Measurement & Testing Plan (Analytics)
Measurement and evaluation is the most important part for any newly implemented plans. The reason behind this is that, the companies are supposed to succeed in their strategies. The effectiveness if the strategy could only be decided if the company is been able to evaluate them properly (Chandra, 2017). Evaluation helps in justify the changes and apply new strategies if needed.
The evaluation method for the company campaign would be divided in measurement nd testing parts. The effectiveness of the actions taken for digital marketing of Red Coat Design Studio will be measures t-by surveys and feedbacks of the customers. The testing of the plan will also be done through the customer feedbacks and reviews (Vanwersch et al., 2016). The number of new members for Establishing Men From Boys, Inc. project will be another parameter of measuring the success.
8: Resources & References
References
Alalwan, A. A., Rana, N. P., Dwivedi, Y. K., & Algharabat, R. (2017). Social media in marketing: A review and analysis of the existing literature. Telematics and Informatics, 34(7), 1177-1190.
Berkhout, C. (2019). Retailer Assortment and Merchandising Plan. In Assortment and Merchandising Strategy (pp. 141-164). Palgrave Macmillan, Cham.
Chandra, Y. (2017). A time-based process model of international entrepreneurial opportunity evaluation. Journal of International Business Studies, 48(4), 423-451.
Christodoulides, G., Michaelidou, N., & Siamagka, N. T. (2018). Social media, content marketing and engagement strategies in B2B. Industrial Marketing Management.
Dahl, S. (2018). Social media marketing: Theories and applications. Sage.
Dal Palù, D., Lerma, B., Bozzola, M., & De Giorgi, C. (2018). Merchandising as a Strategic Tool to Enhance and Spread Intangible Values of Cultural Resources. Sustainability, 10(7), 2122.
Dolan, R., Conduit, J., Fahy, J., & Goodman, S. (2016). Social media engagement behaviour: A uses and gratifications perspective. Journal of Strategic Marketing, 24(3-4), 261-277.
Duffett, R. G. (2017). Influence of social media marketing communications on young consumers’ attitudes. Young Consumers.
Felix, R., Rauschnabel, P. A., & Hinsch, C. (2017). Elements of strategic social media marketing: A holistic framework. Journal of Business Research, 70, 118-126.
Godey, B., Manthiou, A., Pederzoli, D., Rokka, J., Aiello, G., Donvito, R., & Singh, R. (2016). Social media marketing efforts of luxury brands: Influence on brand equity and consumer behavior. Journal of business research, 69(12), 5833-5841.
Hinson, R. E., Osabutey, E., Kosiba, J. P., & Asiedu, F. O. (2020). Internationalisation and branding strategy. Qualitative Market Research: An International Journal.
Jaakonmäki, R., Müller, O., & Vom Brocke, J. (2017, January). The impact of content, context, and creator on user engagement in social media marketing. In Proceedings of the 50th Hawaii international conference on system sciences.
Jha, M., Saini, G. K., & Kaur, S. (2017). A study on analyzing the branding and perception for cadbury chocolate with reference to other market players. South Asian Journal of Marketing & Management Research, 7(7), 89-98.
Keegan, B. J., & Rowley, J. (2017). Evaluation and decision making in social media marketing. Management Decision.
Khanra, A. K. (2016). A Study on Branding Strategy for Industrial Products relates to Brand Image and Brand Loyalty. Amity Journal of Media & Communications Studies (AJMCS), 5(3).
Lee, D., Hosanagar, K., & Nair, H. S. (2018). Advertising content and consumer engagement on social media: evidence from Facebook. Management Science, 64(11), 5105-5131.
Li, Y., Kannan, D., Garg, K., Gupta, S., Gandhi, K., & Jha, P. C. (2018). Business orientation policy and process analysis evaluation for establishing third party providers of reverse logistics services. Journal of cleaner production, 182, 1033-1047.
redcoatdesign.com (2020), Red Coat Design Studio: Home. Retrieved from: https://www.redcoatdesign.com/about
Shareef, M. A., Mukerji, B., Dwivedi, Y. K., Rana, N. P., & Islam, R. (2019). Social media marketing: Comparative effect of advertisement sources. Journal of Retailing and Consumer Services, 46, 58-69.
Stephen, A. T. (2016). The role of digital and social media marketing in consumer behavior. Current Opinion in Psychology, 10, 17-21.
Tuten, T. L., & Solomon, M. R. (2017). Social media marketing. Sage.
Vanwersch, R. J., Shahzad, K., Vanderfeesten, I., Vanhaecht, K., Grefen, P., Pintelon, L., … & Reijers, H. A. (2016). A critical evaluation and framework of business process improvement methods. Business & Information Systems Engineering, 58(1), 43-53.
Vesey, A. (2018). Four-octave range and five-star cuisine: Patti LaBelle in the kitchen and the gender politics of music merchandising. Feminist Media Studies, 18(4), 773-776.
Wang, Y. (2018, July). An Exploratory Study of Brand Strategy in Fast Fashion Brand–Using Zara as an Example. In 3rd International Conference on Contemporary Education, Social Sciences and Humanities (ICCESSH 2018). Atlantis Press.
Wang, Z., & Kim, H. G. (2017). Can social media marketing improve customer relationship capabilities and firm performance? Dynamic capability perspective. Journal of Interactive Marketing, 39, 15-26.
Zarei, A. Z. I. M., & Asadi, M. O. H. A. M. M. A. D. (2018). Identification of Key Success Factors-in Developing a Character Merchandising in the Iranian Marketplace using Grounded Theory Method. Journal of Business Management, 10(3), 567-582.
| CAMPAIGN TYPE | QTY | PROJECTED COST PER UNIT | PROJECTED SUBTOTAL | COMMENTS |
| National Marketing | SUBTOTAL | $800.00 | ||
| Banner Ads | 4 | $200.00 | $800.00 | |
| $- | ||||
| $- | ||||
| Local Marketing | SUBTOTAL | $5,500.00 | ||
| Newspaper | 5 | $600.00 | $3,000.00 | |
| In-Store Marketing | 3 | $700.00 | $2,100.00 | |
| POP | 2 | $200.00 | $400.00 | |
| $- | ||||
| Public Relations | SUBTOTAL | $10,400.00 | ||
| Public Events | 4 | $1,000.00 | $4,000.00 | |
| Sponsorships | 2 | $300.00 | $600.00 | |
| Press Releases | 2 | $100.00 | $200.00 | |
| Webinars | 3 | $800.00 | $2,400.00 | |
| Conferences | 3 | $400.00 | $1,200.00 | |
| Client Events | 4 | $500.00 | $2,000.00 | |
| $- | ||||
| Content Marketing | SUBTOTAL | $9,300.00 | ||
| Sponsored Content | 2 | $700.00 | $1,400.00 | |
| Landing Page | 10 | $700.00 | $7,000.00 | |
| White Papers / ebooks | 3 | $300.00 | $900.00 | |
| $- | ||||
| Social Media | SUBTOTAL | $9,300.00 | ||
| 20 | $150.00 | $3,000.00 | ||
| 25 | $100.00 | $2,500.00 | ||
| 4 | $200.00 | $800.00 | ||
| 10 | $100.00 | $1,000.00 | ||
| Google+ | 5 | $200.00 | $1,000.00 | |
| 5 | $200.00 | $1,000.00 | ||
| Online | SUBTOTAL | $4,000.00 | ||
| Blog | 4 | $300.00 | $1,200.00 | |
| Website | 2 | $200.00 | $400.00 | |
| Mobile App | 4 | $600.00 | $2,400.00 | |
| Mobile Alerts | $- | |||
| Email Newsletter | $- | |||
| $- | ||||
| Advertising | SUBTOTAL | $5,300.00 | ||
| Online | 3 | $300.00 | $900.00 | |
| 4 | $200.00 | $800.00 | ||
| Outdoor | 6 | $400.00 | $2,400.00 | |
| Radio | 2 | $600.00 | $1,200.00 | |
| Television | $- | |||
| $- | ||||
| $- | ||||
| Web | SUBTOTAL | $13,000.00 | ||
| Development | 2 | $3,000.00 | $6,000.00 | |
| Pay-Per-Click Marketing | 1 | $1,000.00 | $1,000.00 | |
| SEO | 2 | $3,000.00 | $6,000.00 | |
| $- | ||||
| $- | ||||
| Market Research | SUBTOTAL | $4,800.00 | ||
| Surveys | 6 | $800.00 | $4,800.00 | |
| Impact Studies | $- | |||
| $- | ||||
| Sales Campaigns | SUBTOTAL | $6,600.00 | ||
| Campaign A | 2 | $1,000.00 | $2,000.00 | |
| Campaign B | 3 | $200.00 | $600.00 | |
| Campaign C | 4 | $1,000.00 | $4,000.00 | |
| Campaign D | $- | |||
| Campaign E | $- | |||
| $- | ||||
| Other | SUBTOTAL | $1,520.00 | ||
| Premiums | 2 | $200.00 | $400.00 | |
| Corporate Branding | 3 | $300.00 | $900.00 | |
| Business Cards | 4 | $55.00 | $220.00 | |
| Signage | $- | |||
| $- | ||||
| $- | ||||
| Total | $65,720.00 |
| Revenue | Year 1 |
| Gross revenue | $2,975,000.00 |
| Cost of investments | $1,161,250.00 |
| Gross margin | $1,813,750.00 |
| Other revenue [source] | $- |
| Interest income | $- |
| Total revenue | $1,813,750.00 |
| Return on investment | 156% |
