Target Threshold Presentation
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The document discusses a marketing strategy for Target's Threshold home decor brand. It identifies the target audience as "Aspiring Home Stylists" who are fashionable and looking to decorate on a budget. The strategy is to increase awareness and engagement of the Threshold brand through partnerships with fashion bloggers, a mobile fitting room, in-store promotions tied to fashion brands, a home decor mobile app, and a fashion show event to position Threshold as a stylish and affordable home decor option.
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Target Threshold Presentation
- 1. Team Seven Connie Cacace, Andrea Diano, Kultida Faye Juabsamai,
- 2. “I’m cheating on FASHION with FURNITURE” -Carrie Bradshaw
- 3. CURRENT TRENDS • Passion for Fashion • Growth in interest • Accessibility w/ Social Media • Bridging the gap • Everyone welcome to express their style
- 4. WOMEN ❤ FASHION • Females = 80% of consumer spending • $5 trillion dollars annually (U.S. Census Bureau) • “Stylish” Women spend 3x average on purchases
- 5. TARGET IS FASHION • Target guests are Style Conscious • Successful Collaborations • Missoni • Prabal Gurung • Phillip Lim 3.1
- 7. SWOT ANALYSIS STRENGTHS, WEAKNESSES, OPPORTUNITIES & THREATS
- 8. THE CURRENT SITUATION: INTERNAL Strengths •Affordable, stylish & functional products •Easily accessible (in-store & online) •“Quality and Design” •Developed with guests in mind Weaknesses •Low brand awareness compared to competitors •Target guests are uninformed of home décor options •Limited in-store display space
- 9. THE CURRENT SITUATION: EXTERNAL Opportunities •Many potential customers in existing Target Guests •Raise awareness and positive brand recognition •Reinforce a good brand association Threats •Lots of competition! •Many options that fall in similar price and quality ranges •Potential to get lost in the crowd or come across as a “me too” brand
- 10. OUR OPPORTUNITY Develop a brand experience that will both immediately increase awareness of the Threshold brand, and create a unique avenue for long-term engagement that will form loyalty and encourage guests to continue purchasing pieces for their collections.
- 11. TARGET AUDIENCE “ASPIRING HOME STYLISTS” •Fashionable •New homeowners •Loves to redecorate & refresh! •Takes pride in her personal style
- 12. RACHAEL • Age: 25 • Recent college grad • Moved into a onebedroom studio apartment in NYC • Deal-seeker
- 13. LAURA • Age: 28 • Young professional • Looking to redecorate her condo that she’s had for 3 years • On the search for affordable indulgence
- 14. CHLOE • Age: 33 • Young mom of 2 • First-time homeowner • Looking to make her space her own • Value-seeker
- 15. ASPIRING HOME STYLISTS The Threshold Guest
- 16. OUR MESSAGE Style Your Space. EXPECT MORE, PAY LESS.
- 17. MEDIA STRATEGY & CHANNELS Strategy •Increase Threshold brand awareness for new guests •Maintain current guests with improved engagement tactics Channels •Partnership with Fashion/Home Bloggers •Public Relations campaigns •Interactive App •In-store promotion •Social Media •Traditional TV Spots and Print Ads
- 18. PARTNER WITH FASHION BLOGGERS Emily Shuman
- 19. PARTNER WITH FASHION BLOGGERS Aimee Song
- 20. THRESHOLD FASHION SHOW Living showroom @ NY Fashion week • Use combination of fashion and furniture to target stylish guests • Nationally broadcast with celebrity guests and performers • High press coverage
- 21. MOBILE THRESHOLD FITTING ROOM On tour + outside local stores • Mobile truck used to supplement in-store display space – let guests experience products • Walk inside the “fitting room” to get an idea of how items would look styled in your home
- 22. IN STORE PROMOTION Tie-ins with fashion lines to target current guests Nice pick, trend-setter! Have you seen the coordinating patterns for throw pillows from Threshold? Dress your home like you dress yourself – in style! • Used to attract current Target guests over to view Threshold products • Feature fabric/design tie-ins to coordinate fashion brands with Threshold • Use in-store signage to direct guests
- 23. THRESHOLD HOME DÉCOR MOBILE APP See how it looks in your home • Another way to visualize products in your home • Snap pictures of your room and view Threshold pieces in your space before you buy • Links to website for instant purchase
- 24. IN SUMMARY Trend: Shoppers are seeking functional & fashionable Target: Aspiring Home Stylists Strategy: Increase awareness & engagement Message: “STYLE YOUR SPACE” Media Channels: •Social Media & Bloggers •Fashion Show •Mobile “Fitting Room” Bus •In-store Promotions via “Tie-Ins” •Interactive App •Traditional TV Spots & Print Ads
Editor's Notes
- The modern woman incorporates her style not only into her wardrobe but also into her home décor. Carrie Bradshaw, voice of the 21st century woman, once mused, “I’m cheating on fashion with furniture.” This quote inspired us to fuse clothing with how we approach our Threshold products in order to make them relevant and modern. Julie Guggemos, our Threshold designer, approaches our products each season with a theme in mind, much like how fashion designers approach each season.
- -Fashion culture has been prominent over the past few years -Increase in attention to fashion trends due to social media and blogs -Ideas and inspiration have become more accessible to average consumer -Bridging gap between brand and consumer -No longer “exclusive,” everyone can confidently express style Ex. Lookbook.nu: Fashion minded community, Everyday users, post their looks, express personal stylehttp://www.cnn.com/2012/09/09/living/fashion-week-social-media-technology/ -Women love fashion -Females: 80% of consumer spending/$5 trillion dollars annually (U.S. Census Bureau) -Women who consider themselves "stylish" and follow the latest fashions spend three times the average on all apparel, accessory and beauty purchases
- Women who consider themselves "stylish" and follow the latest fashions spend three times the average on all apparel, accessory and beauty purchases http://www.practicalecommerce.com/articles/3222-Behavioral-Differences-Between-Men-and-Women-Influence-Shoppinghttp://www.thirdage.com/fashion-personal-style/why-she-shops-study-reveals-women-s-shopping-behaviors?page=1
- We know that target guests are fashion conscious Many consumers are already style minded They were aware of Designer Collaborations Successful ones: Missoni – “unprecedented demand,” Prabal Gurung – Sold out in a day, Phillip Lim 3.1 – Sold out Accessorieshttp://www.businessinsider.com/prabal-gurung-for-target-sold-out-2013-2
- All provide stylish, modern, relevant home décor options
- Thank you, Andrea. When looking at Threshold we performed a SWOT analysis to evaluate the brand’s strengths, weaknesses, opportunities and threats as they stand now. After examining these internal and external observations we were able to come up with, what we found to be, Threshold’s strongest marketing opportunity.
- Looking first at Threshold’s strengths, we found that the best part of Threshold truly is it’s collection. The pieces that are offered are affordable, trendy, unique and most importantly, designed with the consumer in mind. From absorbent, bleach-free towels to kid-friendly faux-china dishware, Threshold has managed to truly merge quality with design. A blogger remarked that ”it has the trendy unmatched feel that upscale designers offer, but at the Target ‘pay less’ price.” The products also have the benefit of being widely available at the nearly 1,800 Target locations in the USA as well as online. With products that are stylish, useable, affordable and convenient, Threshold’s value is undebatable. Now looking at some of the brand weaknesses, we see that Threshold is one of Target’s 16 sub-brands. While this association is positive, it also means that Threshold has to compete against outside competitors, as well as for attention within Target. In stores it is displayed next to the many other Target home décor lines that are offered, including the Nate Burkas line and their “best” line Fieldcrest. Due to space limitations, the in-store displays are limited and it’s difficult for customers to visualize some of the bigger products in terms of size and quality. Threshold items are scattered across the home goods sections of stores, and not located in such a way that guests can browse through the products together easily. While there is a positive brand association, there is relatively low brand awareness and recognition for Threshold, especially compared to its big-name competitors. Make sure we have ANSWERED EACH WEAKNESS! Don’t include things we don’t have answer to Combine Strengths & Weaknesses on one page Shorten - Affordable, stylish, functional
- Next we reviewed the opportunities that were present for the brand. Being that Threshold is a sub-brand of Target, there is the opportunity to tap into a huge existing customer base of Target guests. For these customers and others, there is the unique opportunity to raise awareness of an already positive brand image. There is a gap in the home goods market in appealing to busy, but style-conscious value-seekers. Because Threshold has affordable, trendy products in convenient locations, it is a brand perfectly poised to fill this gap. The main threat that Threshold faces in the market is the amount of competition that exists. There are many options for mid-range home décor and Target is just one of many stores offering multiple home good lines. Because of the numerous options that exist, there is the potential for Threshold to get lost in the crowd or come across as a “me too” brand in its marketing. For this reason, we recognized the need to think outside of the box and focus on more than just the superior product Threshold offers. is gap with the proper marketing.
- As discussed, Threshold’s biggest strength lies with its superior products. They are unprecedented examples of style, design, value and functionality. The struggle is in differentiating what Threshold has to offer in the crowded world of home décor, and even more importantly making the consumer aware of what it has to offer. For this reason, we decided that our biggest opportunity was in the lack of current awareness and the consumer power of our potential customers. We have decided to pursue a two-pronged plan focused on awareness for new customers and engagement to create loyal Threshold buyers. By focusing our target, there is the opportunity to create Threshold customers out of existing Target guests and Target guests out of new Threshold customers. Faye will now introduce the target audience that we will focus on.
- Our target audience is “Aspiring Home Stylists.” Although previously it seemed as if Threshold had primarily focused upon young moms and redecorating efforts within their homes, we’re looking to move forward not only with moms but also reach the young, college graduate who just moved out of her parents’ house and looking to make her space her own. When we think of the quintessential Threshold guest, we’re thinking demographically: ages 25-40, female, and has an innate sense of style.
- “so lets meet some of these stylish homeowners….could be rachael, laura, chloe…”
- What do all of these women have in common? They are style-minded but budget conscious; they’re all looking to incorporate their own personal flair into their (sometimes limited) spaces. Despite all being at different stages in their lives, each of these women represent the quintessential Threshold guest who is always on the hunt for quality and design. And now Jackie will speak on the message we will utilize to reach our Threshold guests.
- Keeping in mind our target guest and brand opportunity, our goal was to create a message that incorporated both functionality and fashion forward thinking. Our message is “Style your space.” Through our campaign we hope that the idea of “style your space” encourages our guests to embrace the unique qualities and design that threshold has to offer.
- Strategy: Increase Threshold Brand Awareness for new guest, while encouraging our current guests to become more integrated with our products and new services with improved engagement tactics. Channels: Partnership with Fashion/Home Bloggers, Public Relations campaigns, Interactive App, In-store promotion, Social Media, Traditional TV Spots and Print Ads
- http://articles.latimes.com/2013/may/24/business/la-fi-himi-schuman-20130526Emily Shuman of Cupcakes and Cashmere, a fashion blog Has 120,000 daily visitors Features Fashion, Food, Beauty, Home Décor & DIY Projects Has a strong following We have to offer her free products, discussions with the designer, access to new lines & exclusive coverage to make her favorable to the brand
- http://fashionista.com/2013/05/song-of-styles-aimee-song-on-keeping-her-day-job-and-getting-burned-by-competitive-bloggers/ Aimee Song of Song of Style One of the most popular fashion bloggers – who happens to be an interior designer Has a strong following of her fashion and design ideas4 million monthly views We’ve singled out 2 fashion bloggers who we believe will appeal to the aspiring home stylist – to start creating buzz and awareness for Threshold – they have to be brought into Threshold (meet with designer, ect – be more favorable to Target)
- Based on the trends we observed, our team envisioned that the best way to display Threshold is with a Fashion show. We decided to give our furniture the “model treatment.” Our stylish display and runway will be nationally broadcasted and provide a platform for performances that will ensure high press coverage. This display is an innovative performance showcasing Threshold’s home décor line.
- And what better way to get to the Fashion Show then Driving our own Cross Country Fashion truck? We envision a portable showroom that will display a variety of Threshold pieces. The truck is intended to supplement in-store displays, which are limited due to floor space. This will give new guests the opportunity to truly experience Threshold and see the many ways they can incorporate the products into their home.
- This all ties into our interactive Threshold app that lets you take a photo of you space and style it with a Threshold product. Giving the App guest the opportunity to uniquely designing their homes without leaving their homes. Color, style, it’s up to you. We want our guests to step across the threshold and really get to experience our products. All these channels give us the opportunity to increase Brand recognition of Threshold for more fashion friendly consumers. This would create the connection between home goods and furnishing, shining a light on Threshold products. Presenting the Brand during Fashion Week will get people excited about the products’ availability and quality. While our cross country fashion truck and interactive App will get our guests excited about Threshold especially because each outlet will express messages leading up to the fashion show in the Spring.
- In summary, we discussed the upward trend of fashion-minded consumers looking to extend their style into home décor. Based off of this and the opportunity we established to create brand awareness, we decided to focus on a style-conscious consumer looking to claim their space. She is classy and refined, yet has a unique style completely her own and everyone who she entertains for, can see it. We are striving to both create awareness of Threshold pieces and increase engagement with guests that help them to envision those pieces in their own home. Our message is “Style your space” and we want to show guests how they can dress their home with Threshold pieces, just like they style themselves in the latest fashions. We believe that by utilizing several media channels, we will be able to do just that. We’ve proposed a unique PR campaign that ties together fashion and Threshold furniture while showcasing the latest pieces, an interactive app that lets guests visualize designs from the store or at home, and an integrated use of social and traditional media. Through these efforts, we are confidant that we can create widespread awareness of the Threshold brand within the target audience, as well as create lasting customers that stay connected to the brand. Thank you very much for your time, we will now address any questions.