Timescale – The marketing campaign would begin on the first week with the pre shoot plan. The plan should start as soon as possible to take advantage of the recent Record Store Date, 21st of April. Wax Production would have one week in order to come up with a storyboards, plans and etc. for the cinematic campaign. Then the following week can be spent on developing the campaign itself. A week time should be enough to find different locations, and settings to shoot a video that expresses the marketing message. The 3rd week of May can be used to do post production work like editing, light CGI, adding different lighting, adding music and etc. Once the cinematic campaign is done, the following week, it can be posted on Facebook with an advert boost so it reaches more people. This is important because this gives the potential customers a chance to find out what Wax Perfection is and to understand their marketing message. Then both Instagram boost and Facebook can be used when there are a lot of albums releasing, such as Christmas day, or Record Store Date of 2019. Outside these boosts, Wax Productions should update their social media pages regularly to keep its followers updated, In between these advert boosts, Wax Perfection can also do other form of marketing such as guerrilla to further attract customers.
Justification of Marketing Campaign – The rationale for my marketing campaign can be justified because the strategies that I have identified, which fits the timescale of 12 months. Using a Gantt chart, I have clearly showed how long different marketing campaign strategy would take, including the plan, shoot and development of the cinematic campaign, accordingly to the complexity of the stages. The marketing message that I considered is fit for the campaign and also for the intended target audience. The marketing message would be the core part of all marketing activities, and also it is made very simply in order to communicate with the customers effectively. The marketing mix was also used to help the marketing campaign of Wax Perfection. When it came to the use of media, I choose Facebook, Instagram Twitter but I mainly focused on Facebook and Twitter because its very cost effective and popular amongst the target audience. For budgeting, fixed payments and contingencies were calculated and kept at minimum in order to maximise profit.
Product – Products are the main reason why the business exists. In this case, Wax Perfections’ main products are vinyl records of different artists and other associated products such as record player. Wax Perfection should sell older titles and outmoded albums, as there are not a lot of competitors who do that. Most of the music sellers are focused on the newly released albums. Having music collection of old music can be a great unique selling point for Wax Perfection. And also selling old records would reinstate the marketing message of Wax Perfection. The company should find out which type of records people are interested in, and sell those types of records. This would send a message to the customers that the business takes their feedback, which would result in gaining customer loyalty. In addition to this, Wax Perfection should also give great customer service. Wax Perfections product is not just the vinyl records but also the type of customer service they provide. They should be able to help anyone who walks to their retail store or even online queries. Wax Perfection should not only fulfil the customer’s needs and wants that they expressed, but also the ones they didn’t mention.
Price – The price of all products in Wax Perfection should be seen as good value for money. This doesn’t necessarily mean a business has to give fir the cheapest price, because customers are happy to pay extra for something that they like. Prices in music industry fluctuates a lot, which can both be an advantage and disadvantage. Advantage is that Wax Perfection can add mark-up percentage to increase profit, however the disadvantage is that the download or streaming price would be cheaper, which can force customers to get those products and services. Wax Perfection should price their products according to the market. This can be challenging as the entertainment industry is ever changing, but in order to satisfy customers the business has to determine the price of their products by judging the market. Due to the recent increase in the vinyl sales, new technology is being tested to make vinyl records efficiently. Sycomen’s new injection moulded technology is an example of this, which could potentially reduce 65 % of the manufacturing costs. This could ultimately mean that, Wax Perfection would be able to sell their records for cheaper price in the future. Furthermore, Wax Perfection can also make weekly deals and discounts to encourage customers to spend more.
Place – Wax Perfection’s main place of distribution is their retail store. How their store looks and feels would have a direct impact on their customer’s experience while they are in the store. A store environment can make a customer buy something or make them go to a different store. Wax Perfection should give their customers a luxury retail experience before they even walk into the store. The customisation of the interior can be related to the marketing message, making it old school. This can create good experiences for the customers, which can make them revisit. Although currently Wax Perfection is limited to just the retail store, it can emerge in to the digital world by achieving the SMART objectives. Forming online website for purchases would help Wax Perfection a lot as it would increase the amount of potential customer, ways to purchase their products, and also gives the business a new opportunity to show its customer service.
Promotion – In addition to the marketing campaign, Wax Perfection can set up a website to have an online presence. They have to regularly update their webpage and social pages to promote themselves through online media. The website should provide information such as products, prices, trends, deals and many more. This will encourage the viewers to either buy the product or come down to the store and experience it themselves. Furthermore, Wax Perfection can start a recycle programme to help the environment to create a strong with potential and current customers, also to create a positive image.
People – Between customers and the company there are employees. These are the stakeholders who take the product and join it with the customers. Employees of Wax Perfection should be very knowledgeable in order to answer questions and make suggestions for the customers. They should be fully informed about the stock levels, features, product prices, guarantees and etc. Employees of Wax Perfection should also be aware of the marketing message and treat the customers accordingly. And in order to create and maintain online media platforms, Wax Perfection would need a technical team, to help both the business and customers.
Physical Environment – As mentioned earlier, the retail store environment sends an influential message to the customers, which can affect their behaviour at different levels. Store atmosphere, environment, layout of the products and the overall design of the store would have a significant impact on customer experience. Therefore Wax Perfection needs to take all of these in consideration while organising their retail store. When organising the record albums Wax Perfection do minor changes to the way the records are placed such as keeping old and new records separate, albums divided according to their genre and artists, and sorted by alphabetical order.
Process – In general this point describes the processes that deliver a certain service and how efficient those actions that deliver the service are performed. As already mentioned the focus of this work is on the marketing actions, so I do not take a look at other processes which are needed to get the service/product onto the market.
Budget – As mentioned earlier, budget is a constraint for a business like Wax Perfection due to its financial positon and business size. This is why it is advisable to use social media platforms such as Facebook and Instagram, which would cost less compared to other form of media.
In order to begin the cinematic marketing campaign, Wax Perfection would have to spend at least £1000 to £2500, to get a semi-professional level of cinematic campaign. This includes editing, light level of post-production work, which would result in a better quality, overall. The business can, if they wanted to, spend nothing by making a video using a do it yourself approach, but it would lack the professional quality that customers would expect from a business. And spending more for a premium service would increase the expenditure of the business, which makes it unnecessary at this point of the business. After the production of the cinematic video, comes the boosting and monitoring on social media pages. The prices for boosting adverts in social media apps like Facebook and Instagram vary depending on lots of factors. But on an overage cost per click (CPC) on Facebook is £0.20p and on Instagram £0.70p. Although the CPC is higher on Instagram, the return on investment (ROI) is higher on Instagram due to its high engagement rate, and high user interactions with adverts. Wax Perfection can put a daily biding amount as £100, for a week. And they can perform this ad boosting once or twice per quarter for a year. That would mean that approximately £700 a quarter and £2,800 for a whole financial year. Wax Perfection also can split the daily bid amount of £100 between Instagram and Facebook to better suit their target market, and to attract more customers. In addition to running the marketing campaign on social media, Wax Perfection can also focus on other form of marketing given that they have budget to spend. Since the target market includes middle aged and old people as well, posting adverts on a television would be a sensible idea as well. It would cost a daytime average of £3,500 to post an advert on Channel 4. These would run for a week or two max, on the channel. There are also cheaper options like flash mobs and other form of guerrilla marketing. These would cost between £0 to £1000, depending on the type of marketing and size of the marketing.