Corporate Brand Audit: Teavana
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Corporate Brand Audit: Teavana

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In-depth analysis of Teavana Holdings Inc. including current brand analysis and suggestions for re-branding.

In-depth analysis of Teavana Holdings Inc. including current brand analysis and suggestions for re-branding.

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Corporate Brand Audit: Teavana Corporate Brand Audit: Teavana Presentation Transcript

  • TEAVANA By: Jake Smith, Rachel Ozios, Kenny Hall, Franki Reynolds & Logan Bronkema
  • Corporate Brand Audit By: Jake Smith, Rachel Ozios, Kenny Hall, Franki Reynolds & Logan Bronkema
  • //Tea Industry “The tea category is ripe for reinvention and rapid growth.” - Starbucks CEO Howard Schultz
  • //Industry Trends:  Premiumization  Health & Wellness  Artisan “Consumers are willing to pay more for high-quality teas and even pay a premium to purchase these products onpremise.” - Jonas
  • //Internal Audit
  • //Product Pricing:  Bulk teas range from $2 to $25 per 2oz  Merchandise ranges from $7 to $250  Higher than most competitors “As for Teavana, I went to one of their local retail locations and was blown away by the price difference. So much so I didn‟t purchase any tea while I was there.” – Web Review
  • //Packaging & Selection Packaging:  Color coded  Easy to read  Logo size Selection:  Broad range of teas – over 100 kinds  Variety of Tea merchandise – tea pots, infusers, presses, etc.
  • //Mission Statement “Establish Teavana as the most recognized and respected brand in the tea industry by expanding the culture of tea across the world.”
  • //Goals • Provide the highest quality loose-leaf teas in the world • Educate our guest in the health benefits of drinking tea and intriguing global culture of drinking tea. • Be known as one of the best retail organizations in the country to work for.
  • //Management & Employees
  • //Employee Training Process Learn about the Teas Learn to make the tea Learn to market the health benefits of the tea Learn about the tea pots sold in stores Learn top three teas in every category Learn the sampling method Learn topdown-selling technique Learn to sell the tea
  • //Beliefs Teavana Employees = “Partners” Corporate Office = “Support-center”
  • //Logo  Word mark –  Pictorial Mark-  Signature “Starbucks dropped the word „coffee‟ from its logo in 2011 in a move to expand beyond the coffee market and become a multiproduct company.”
  • //Locations NEW LOCATIONS Teavana Fine Teas + Tea Bar 1142 Madison Ave New York, NY 10028 United States Map It Teavana Fine Teas + Tea Bar 2625 NE University Village Street Seattle, Washington 98105 United States Map It  300 stores in malls  Located primarily in the U.S.  A few located in Canada & Mexico There is room for growth in the U.S. (Currently ranked #22 in tea consumption), as well as in the Middle East, where there is a high demand for tea.
  • //Store Layout Efficiency: Average store is about 920 square feet and the sales per gross square foot are around $980. Organization: Use glass shelves for merchandise and organize tea by color behind the counter.
  • //External Audit
  • //Website Structure “Their ordering system and customer service are abysmal, and the tea is not worth the trouble.” –Anonymous Customer NEGATIVITIES No site map Title is too long Lack of alternative text on images Load time is slow Domain name is only registered for 10 No conversation forum
  • //Advertising  Teavana doesn‟t do a lot of traditional advertising
  • //Social Media  Website o Teavana.com is a fully functional website that has all the bells and whistles.  Facebook  Twitter o Their most dynamic and involved platform  YouTube o Soft presence  Pinterest o Offers the high potential
  • //Twitter  15,000 Followers  14,000 tweets //Pinterest Pinterest account with over 13,500 followers, 18 boards and over 300 pins
  • They are #1 to come up when searching for: “tea store” “tea sale” “herbal tea” Plan to grow online sales which currently make up 8% of total sales. //SEO
  • //Consumer Perception “I don‟t believe Teavana will ever grow into what the Starbucks brand has become for one simple reason: tea lacks the major caffeine count.” -Howard Shultz REPUTATION Inviting atmosphere Wonderful samples Poor customer service High prices Disrespectful management
  • //Community Outreach By 2015, Teavana hopes to contribute one million volunteer hours each year to its communities.
  • //Customer Reviews “I always feel like nobody‟s listening to me. It‟s like they have their own agenda, and I always walk out feeling bad about spending more than I had intended.” Opinions from around the web:  Aggressive salespeople  Upselling products  Overpriced teas  Misleading tea samples “For first-time, uninformed buyers, they make you think that the $6 or $7 tins are mandatory, and that only their tins will keep your tea fresh for longer than a week.”
  • //SWOT Analysis STRENGTHS: - Strong Product & packaging - Partnered with Starbucks - Store aesthetics - Strong Social Media Base - Location presence - Health benefits S OPPORTUNITIES: - Tea is a globally consumed product - Growing market for tea in U.S. - Opening tea bars - Starbucks rewards at Teavana - Create Teavana rewards O WEAKNESSES: - High prices & significant price range - Aggressive sales tactics - Misleading tea samples - Management sets high sales quotas - Inefficient online sales process W THREATS: - Mall policies & restrictions - Indirect Competitors: local tea shops, small chains, Amazon, etc. - Direct Competitors: David‟s Tea & TAZO - Caffeine Count T
  • //Solutions
  • TEA HEAVEN “Opening the doors to health, wisdom & happiness.” It‟s about experience. "When customers visit one of our stores, we want to immerse all of their senses in the tea experience. Our goal is to educate them about the pleasures of drinking tea, its history and the many health benefits it provides." - Andrew T. Mack, Founder
  • //Website Structure Solution s Reconstruct website Introduce minimalism Make seasonal products available online Create a discussion forum
  • //Customer Feedback Teavana can rebuild customer trust through intentional feedback methods.  Create feedback page on website that is clear and easy to find  Encourage postpurchase surveys  Ask questions like: “How would you rate our customer service?” “How would you rate the quality of our tea?”
  • //Social Media Introduce this new platform to post job listings, seek out excellent salespeople, and show their corporate culture. Use hashtags to steer traffic to their site, increase promotion through prizes, and stay connected with their customers.
  • //Customer Perception Solution s Improve customer service Develop consistency in tea brewing instructions Make samples available to old and new customers Create a rewards program
  • //Sales Methods  Remove top-down selling technique  Remove monthly sales quota  Implement incentive program to motivate employees
  • //Promote Wellness Use the health benefits of tea to promote Teavana Heart Health Diabetes Stress Skin Pregnancy
  • //Tea Consultant Become a Teavana Consultant:  Sell tea and merchandise to people you know  Host Teavana “tea parties”  Earn rewards for reaching sales goals
  • //Interactive Displays  Tell the story of tea  Give more information about the varieties carried  Tool for customers while they wait for a sales rep
  • //Sources • BOLTON, D. (2013). A HEALTHY TURN. Specialty Coffee Retailer, 20(1), 16-18. • O'Connor, C. (2013). Starbucks Opens Its First Tea Bar As CEO Schultz Bets On $90 Billion Market. Forbes.Com, 21. • Ebenkamp, B. (2008). Tea Brand's Blend Includes Just a Pinch of Starbucks. Brandweek, 49(10), 12. • Tea poised to be next 'hot' beverage. (2013). Beverage Industry, 104(7), SOI-8. • Teavana case study. (2008). Teavana Case Study: Capitalizing on the Rising Demand for Tea in the US, 1-9. • Wilson, M. (2003). Reading the Tea Leaves. Chain Store Age, 79(9), 48-51. • Wong, V., & Berfield, S. (2013). For Starbucks, Coffee Is So 1990s. Bloomberg Businessweek, (4353), 32.