TOM FORD RESEARCH Harvard Case Solution & Analysis

TOM FORD RESEARCH Case Study Analysis

KPI of the marketing campaign

The key performance indicator of the marketing campaign in each phase of the RACE Framework would be

Reachthe number of unique customers, the value of each visitor to the website, and the number of followers.

Act: conversion to leads, time spend on the website, number of likes, comments, and shares

Convert: number of offline and online sales of a product, profit and revenue generated, the average value of purchase or order

Engagea number of repeat purchases, customer satisfaction, and customer lifetime value and customer advocacy.

STP Strategy

Segmentation: the company would segment the market based on age i.e. from 15 to 35 years of age, the customer who is apt to dress in ways that believe that would excel.

Targeting: as Gen Z and millennials make up 64% of the entire population of the world, the target audience would befashion followers and young female and male customers (Bakhtiari, 2019).

Positioning: it would the symbol of the modern style and it would create the style, elegant and value for the money product. A stylish item that is available at a reasonable price for customers who are looking for value.

Marketing Mix

Product: the company would offer long and light weight lasting ready to wear products with sub-categories such as; luxury, basic and exclusive pret. with improved quality, finished conditions and in standardized sizes. Offering the product that would make customers safer & secure in their decision.

Price: the company would charge a reasonable price for the RTW to attract the maximum number of Gen Z and millennials.

Place: the product would be offered in physical and online stores nationwide which offer a wide variety of budget friendly products alongwith easy access.

Promotion: the company would have its promotional activities on every social networking site especially Facebook and Twitter through ads, promotions, and official pages.

The budget of the marketing campaign

The budget of the marketing campaign would amount to $1500000 which includes various categories such as “how to style yourself” videos, advertise videos to online users, marketing & promotion via email, continue engagement with users, continue wish list promotion, use twitter account to engage with clients and create mobile app and maintenance. All these activities consume some considerable amount of time at the initial stage of the re-launch of products to increase brand awareness and to attract the customers. The budget can be seen in Appendix B.

Conclusion

With regard to analyse the customers in the market, the company is recommended to allocate budget to some digital activities to attract the tech savvy customers and offer them stylish RTW products at reasonable rates to gather the larger customer base and to increase the profits. It is because people are now moving quickly towards the online shopping experience. It will give the company a competitive edge over its competitors in the forthcoming years and will help in differentiating the brand name.

Recommendations

  1. Making its operations more efficient and increasing its reach amongst the audience as it is important for the overall growth of the company.
  2. The company has to pursue digital marketing efforts by offering its products on different online stores which would enable the customers to buy the productonline which will increase the sales of the company.
  3. It should collaborate with popular fashion bloggers and celebrities who are considered as beauty icons to further increase its brand image and reach amongst the audience.
  4. It should increase its budget and utilize it to launch an Android app as demanded by its customers. This will benefit the company by increasing its sales and will allow it to have access to the targeted customer by providing convenience to its customers.
  5. Ensure that people would see Tom Ford deals and ads on every social media platform and major websites.
  6. Communicate with its young generation on Twitter and Facebook pages ask questions about the product and increase their awareness.
  7. To retain its customers, itshould launch “Ask in” in order to gain feedback and to evaluate the engagement level of its customers. This provides an advantage to better evaluate its customer preferences and to accommodate them as per their need.
  8. Offer unique and stylish RTW items to customers at a reasonable price to gain a robust competitive edge
  9. Tom Ford should improve its engagement level by tracking the activities and the level of engagement of its customers towards the products it offers,by gaining the feedback of its customers directly.

It should invest a considerable amount of time and money to make the customer satisfied through following industry trends............................

 

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