This week, I finished the research for analysing the market and finalised my exact customer - it has been decided that I am going to aim the brand at 16-24 year old women.
A name was also decided; Nova. The name stems from the word 'renovate' - which came from the idea of updating/re-working the vintage garments. It is also short, easy to remember and has a modern sound to it; something appealing to my targeted audience.
It was also confirmed that I am going to start the business as an online business first - again to keep costs down and get an initial idea of it's viability. After 6 months, a physical store will be launched.
From the market research and finalisation of idea - I began the marketing section. I thought briefly about the costs and budget I would have and kept ideas to a minimum cost - due to my business being a new start-up - but still working just as well for my targeted audience.
The following list shows examples of the marketing activities I established and the idea behind them.
- Launch Event
A launch event for the press will enable the brand to get out there. It will consist of bloggers and local magazine editors. Further research is still to be conducted to analyse previous brand's launch parties and their success.
- Launch day
The day after, and the launch date of the physical store will consist of a launch day event - there will be promotions in-store. This will create a buzz for the company.
- Discounts
There will be seasonal sales promotions in order to bring in customers and potential customers.
- Social media
Social media will play a huge part in the promotion of Nova, due to the audience age and their presence on social media.
This has been confirmed so far, but further marketing activities are to be planned.
Next week I plan to finalise my marketing and look at different processes and staffing.
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