We are launching an innovative and unique product in the market for the first time. We have developed this product after extensive market research. After market survey, it was concluded that customers face the trouble of not finding their desired color shade of nail polish. Besides this, the customers won’t waste nail colors. Many customers complained that when they buy multiple shades of nail colors, most of them become dry when they are not used over a long time periods. They have to buy multiple nail colors which are quite expensive for them. One of the key success factor and our major competitive advantage is that our customers will not face the trouble of buying multiple shades of nail colors. They can buy Glimmer and have a multiple range of colors just by using three primary colors. Another potential success factor is that customers have fun and creativity while customizing their nail colors. Women are now more conscious about their spending. With our product, our customers will come across value for money. They will purchase the Glimmer package and create their own nail colors.
Our total Glimmer packing box will consist of the following:
– Nail polish- This will be the base in which any two or three colors shall be mixed to form a new color. It will be in the form of transparent liquid.
– Color neutralizer- This is going to be the ‘ magic potion’ of the whole package. After using one color, the user might want to make some new color by combination of two or three colors. For this purpose, the color neutralizer would neutralize the base for new nail color.
– 3 primary colors- We are using the basic primary colors which include Yellow, Blue and Red. We have chosen these colors because it will facilitate customers to make various shades of nail polish according to their own likes and dislikes. For example, a customer can mix up red and blue to form purple color. Similarly, yellow and red can be used together to form orange color. Blue and yellow forms green color when they are used together in same quantities.
STARTUP OUTREACH PLAN
The startup outreach plan refers to the methods which may be used by us to spread awareness about our product. We want customers and stakeholders to take keen interest in our new product. We will not restrict our marketing plan to one aspect. We are going to use a combination of different advertising means. It comprises of personal selling, sales promotion, referrals, discount coupons and public relations.
Each aspect has been discussed in detail below:
It is a mode of communication which has been designed specifically to influence and convince the prospective customers to buy our product instead of buying from some competitor. A successful ad will convince public to purchase.
An effective advertisement will be based on the AIDA principle. It means that it involves attention, interest, desire and action. It should attract the attention of the target customer. It arouses keen interest and conveys the message clearly to the audience. It should create a yearning among the customers to learn more about the product. It will prompt the prospective customers to use the product.
It is considered as the best source because it is listened by all target groups. In the case of our product, Glimmer, we will make sound cues for radios. A short but appealing and amazing jingle can be formed to help in brand recognition. Many customers remember a brand name because of their successful ads. We are going to construct a 40-second radio advertisement which will be run habitually for about 5 times in a day at different timings.
Newspapers and Magazines
We will endorse our product through advertisements in the most important fashion magazines and newspapers. Young people and middle-aged women are generally a habitual reader of the fashion pages. This will facilitate them to know about our product. This choice for advertising will be quite affordable for us as it will have a larger market reach.
This includes a vast range of options. Online advertising can be in the form of creating own website, marketing on cosmetic-related websites, writing blogs about our creation and social networks.
A small booklet will be printed for advertising the message. It will be distributed in different colleges and universities. Our major market share is the young fashion conscious females. So this form of advertising will be aimed at this chunk of target market only.
It is another type of promotion. It involves a variety of incentives or personal interactions among retailers and customers. It is done to encourage and influence the customer’s decision to buy. It is also known as ‘ below the line’ activities.
Free Demonstration in Kiosks
Small kiosks will be displayed in some famous malls in the city. We will be providing free demonstrations over there to females who are interested in our product. Friendly salespersons will be appointed who possess the capability of convincing customers to buy Glimmer.
Discount Coupons in Magazines
We will consider partnering with some of the leading fashion magazines. Regular readers who have a subscription to the magazines shall be given discount coupons. They can cut the coupon and bring it along at the time of purchase to avail the discount.
Samplings at Salons
Free samples will be distributed in salons. The owners and employees at the salon will be given a demonstration on how to mix and make new colors. Then, they will be asked to offer this option to their clients who come for manicures. This will help Glimmer to grow as a brand in the cosmetic market.
We can co-brand with some leading cosmetic brand by offering their product along with our product. For example, we are currently working on an agreement with Neutrogena skin care brand. We are going to offer a small pack of hand cream with our Glimmer package. The tagline behind this will be ‘ Soft and glimmering hands’.
Nowadays, there is a growing trend in Facebook and Twitter marketing. We will appoint few social media coordinators who shall be responsible for managing our online product page. Customers will post reviews, feedback, complaints and any other queries regarding our product, Glimmer. Different promotions will also be announced through this page. It will be regularly updated.
Kotler, Philip, Kevin L., Keller., Marketing Management. Upper Saddle River, N. J: 2009. Pearson Prentice Hall.