3. Market Analysis and Target Market
Primary Target Market:
Downtown Residents and Business
people
Downtown Pop.: 4,000+
Work Pop.: 15,000+
Age: 21-69
Secondary Target Market:
Church goers
Boomer-age (51-69): 32%
Gen X-age (35-69): 27%
Millennials (34 or younger) : 18%
4. Competitive Research
Juniper
Brunch
$8 Lunch Special
Monday Jazz Night
Gift Cards
High Social Media
presence
Lunch and Dinner
Phryme: Downtown
Steakhouse
● Monday/Tuesday
Half Priced Bar
Nights
● Food Specials
● Gift Cards
● High Social Media
presence
James E. McNellie’s
Public House
● Wednesday $5
Burger Night
● High Social Media
presence
● Lunch and Dinner +
Late Night
● Closed Sunday
5. Objectives and Positioning
Unique Qualities
Bank Building
Historic
TomTom Room
Organic/Local/Humane
Objectives
Increase brand awareness
Increase Monday-Thursday dinner
guests
Increase TomTom room
reservations
8. Media Campaign
Improve Facebook Page
New Profile Page
Improve “About” Page
Add menu online
Post more frequently
Online Promotions or Contests
Add more pictures
13. Vault Nickels
Multi-color wooden nickels with your logo and text on the back
500 = ~$185
1,000 = ~$240
10,000 = ~$1662
http://www.wooden-nickel.com/
14. Brunch
Possible Menu Items
Chicken and Waffles meal deal
Chocolate covered bacon
Omelets or eggs, “Golden Eggs”
French Toast
“Cash Browns”
Possible Drink Items
Champagne
Mimosas
Bloody Marys
Milk
16. In Closing
Increase Brand Awareness and Identity
Make The Vault an icon
Update the Facebook page
Increase Customer base
Happy Hour
Vault Nickels
Local Artists
Brunch
Editor's Notes
Kyle:
The Vault opened its doors in September of 2012, proclaiming itself as “classic American fare and craft cocktails in a mid-century modern setting.” It is one of the most unique restaurants downtown. BUT what is The Vault REALLY know for? Customers know the food is amazing, but how do we attract new customers to see for themselves?
Josiah:
Based on our research of downtown Tulsa and The Vault in particular, we’ve concluded that The Vault needs a better brand identity. The name itself sends a message, but what does it mean? Maybe it means cocktail classes, revealing the unrecognized talents of local mixologists. Maybe it means the Tom-Tom room, with its ties to Tulsa’s very personal history, or maybe it means the venue itself, standing out against the modern background. We’ve found the common threads between all of these “maybes” and woven together a clear image for The Vault to wear.
The Vault already has what people want.
A distinctive theme.
Historic charm.
High-quality food.
Specialty cocktails.
And A local interest.
The only question is how to let people know The Vault has all these great things? The first thing we need to do is to look at our target market.
Kate:
Our main target market is the downtown Tulsa population, both residential and business.
Downtown itself is 1.4 square miles, and within that small space we already have over 4,000 people living there, and over 40,000 people who work there daily. These are people who are old enough to know what they like. They look for that classic style with modern tastes to suit their needs.
As you can see there is a huge amount of potential customers. We would like to attract business people for lunch or dinner, and increase the general downtown population visiting the restaurant.We also know a majority of them eat out downtown multiple times per week because it’s convenient.
Our secondary market is the Sunday Church goers. Most church goers are in the 35-69 age range. These are people who know what they like and are willing to pay top dollar for it.
We want these people go want to go the The Vault, not “might as well” go to the Vault.
Erin:
People who “might as well” go to The Vault “might as well” go to any other restaurant downtown, and for good reason.
Other stores in the downtown area include:
Juniper, which has a Sunday brunch, $8 specials, and jazz nights.
Phryme: Downtown has half priced Monday/Tuesday bar nights. They also have many food specials.
And finally McNellie’s Public House. McNellie’s is known for their Wednesday $5 burger special and lively atmosphere.
And this is just Downtown. This is our competition.
But those places aren’t The Vault. WE are The Vault.
Kyle:
The Vault has so many amazing qualities we can showcase.
It stands out from its surroundings as a mid-century style building and a historic bank.
It has the TomTom room, a beautiful place to hold events of any kind, from business meetings to birthday parties.
The Vault also provides local history and food, something your competitors don’t have.
Our objectives are as follows:
We will increase brand awareness of The Vault. We want people to know what The Vault is and why they want to eat here.
We will focus on an increase in customers, especially on Mondays through Thursdays.
Lastly, we will increase the amount of reservations made for the Tom-Tom room, especially in off seasons, and by business companies for meetings.
The Vault’s iconic atmosphere, combined with its place in local history, tie in perfectly into downtowns image of being vibrant, outgoing, and history-in-the-making. Your target market is already sold on The Vault: we just need to tell them about it.
Josiah:
We have revamped the vault’s brand identity as “The Vault: Unlock the Taste of Tulsa”.
You already have a strong brand identity as a mid-century modern restaurant with a twist.
Josiah:
In order to complete our objectives we have come up with several strategies and campaigns to help The Vault.
Kate:
29% of Facebook users are ages 18-25! And 23% of users are ages 26-34! These are the people that will Google a restaurant before heading out. We would like then to be able to experience what The Vault has to offer even before stepping foot inside.
The first thing people look at on a Facebook page is the profile picture. Using your logo for a profile picture and using a high quality picture of your restaurant as your cover photo will draw people in.
The About section is the place to shine. Adding a little description in the “Page Info” will show people what you are all about.
Adding your menu will help customers see what you have available, and since you have an ever changing menu, they will be up to date and never miss a new item.
Letting everyone stay up to date with events going on and specials is a great way to connect with customers and help establish a more personal relationship.
Online promotions or deals will attract people to the restaurant as well. These deals could be seen by users who follow The Vault or visit the page. Promotion ideas such as “Secret phrases” or limited time offers will attract people who would previously not have thought of going to The Vault that night.
Posting high quality photographs of menu items or drinks can help promote a certain item itself, but is also a great way to show off the delicious food you have to offer. You could start an “Item of the Week” to photograph and then explain what goes into preparing such an item. This would also be a great way to show off your local and sustainable practices.
Kyle:
Everyone loves a happy hour! Providing a special “Drink of the Month” will keep people coming back to try something new.
By serving the drink in a commemorative glass they’ll have something they can take home and remember!
Every month you can give a new glass that corresponds with the Cocktail drink of the Month.
We also recommend having the drink special coincide with the cocktail classes. By having the opportunity to make the drink in their class, people will be interested in the happy hour, and vice verse.
But more importantly, what’’s the Vault’s “Two Dollar Puffy Tacos” deal? Right now it’s pork sliders, but we both know The Vault does other things much better. Like your awesome chicken and waffles! It’s a specialty everyone can enjoy, even those under 21: exciting, unique, and unexpectedly delicious! Obviously not for $2, but a price you can afford that’ll catch your customer's’ eyes.
Conceptual Idea of $X Chicken and Waffles night
Josiah:
Having a strong connection with local Tulsa is one of the great things about The Vault. The Music night at The Vault is already a thing, but we would like to go one step further with “The Vault: Unlock the Talent of Tulsa”. By making the Talent of Tulsa a more permanent event, and in convergence with the chicken and waffles special, patrons will want to stay to listen to great music while sipping on their fabulous drinks and eating delicious chicken waffles.
You could stick with one artist or even have an Artist of the Month that plays. We know you said it is cheaper to book one artist rather than a new one every week, with the second option you will be able to present new talent while also keeping costs lowered.
You could even open it up to more talent. Why stop at music?
magicians
comedians
bagpipes and scotch?
Kate:
The Vault has a beautiful entryway that is not being used to it’s full potential. People must pass through to reach the elevator. Why not spice it up with some local artwork? You would have your pick of local artist that would love to be featured at The Vault.
New signs have gone up around the building, which look amazing. But we would like to focus on one aspect of the building that has been stumping you. The Teller Booths. Cars can't drive through them, heck you can't even get into them. What can we do with them? Well, what we would like to do is icon-ize them. By adding The Vaults signature logo on them. By adding The V A U L T on each booth we can make it a great attraction, and a definite “Let's take an Insta here!”
Erin:
Who doesn't love free things? I sure do. We believe a simple yet effective way to increase customer return rates is a simple rewards credit. Now not any rewards card will do. In the 1930’s wooden nickels became a popular item for stores and banks to give to customers as promotional items. We believe this would fit perfectly with your them of not only money, but the mid-century time frame as well.
Imagine going to a Craft Cocktail event or Music night, after the event be sure to pick up a Vault Nickel. These coins would be a creative item for customer to collect, or later redeem for items. This is a fun and unique way for your customers interest to be piqued and be sure to come and see what these “nickels” are all about. The possibilities for promotions and interest are truly endless.
In addition to the Vault Nickels you could also hold monthly drawings, be it in combination with Facebook or in-store only.
.
Kyle:
Seven of the largest churches in Tulsa are right down the street. First Pres is practically right next door, and uses your parking on Sundays anyway! A Sunday brunch at The Vault would entice rich, older church-goers to spend some time with their families eating good food. Add a special menu to go with The Vault’s theme and you’ll keep them coming back for more!
Josiah:
Some small additions we recommend are adding table tents to the tables.
This way customers will be able to quickly see specials and going ons.
We would also like to display your delicious dessert menu.
While customers are waiting for their server, they will look through the table tent and see “Hey there's a special on Chicken and Waffles on Tuesday, we should come back then!” or “Look they have Key LIme Pie, that's my favorite.”
Also by offering gift cards, customers will be able to share their favorite restaurant with their friends and family. Perfect for the holidays.
We know you shop locally for your ingredients whenever possible. Im sure some of your sellers would love to see that you have turned their fresh produce into. By promoting at the Farmer’s Market you will have an audience that understands how much the food you choose means. You can ven give out Vault Nickels to vendors there to encourage them to come.
Kate:
To recap:
In order to increase awareness of The Vault we want to update the Facebook page for customer's convenience to see what is new and to create a more unique identity we want to iconi-size the restaurant itself.
Kyle:
To increase the Monday through Thursday crowd, we recommend a happy hour, but with a twist. Commemorative drinking glasses will be given out with a purchase of the “Drink of the Month” and “Vault nickels” to be used for promotions. Local artists to perform on Tuesday nights will also help being in people on an otherwise slow night. We also would like to include a brunch to optimize your location within downtown.
Erin:
The treasures of The Vault have been locked away too long. Hire us, and we will “Unlock the Taste of Tulsa.”
