Download - Macy's Undergraduate Marketing Competition
I d. I always will
Undergraduate Marketing Competition
Bryan Brindley, Allison Dodakian, Grace McGuire, Cassidy Moriarty, and Justin Pollock
AGENDA
THE CHALLENGE RESEARCH METHODS
SWOT ANALYSIS COMPETITOR ANALYSIS
PRIMARY RESEARCH FINDINGS INSIGHTS
PINTEREST THE IN-STORE EXPERIENCE
TARGET MARKETS THE BIG IDEA
THE CAMPAIGN IMPLEMENTATION & RESULTS
RESEARCH METHODS
IN-DEPTH INTERVIEWS (IDIs)
17
174
SURVEY
1
IN-STORE OBSERVATION
• Use innovative strategies and big ideas to drive sales and grow market share
• Make Macy’s #1 in Weddings and Wedding Registries
THE CHALLENGE
SWOT ANALYSIS
• Strategic partnership with wedding expert Clinton Kelly • Personalized responses to social media posts • Strong brand loyalty • Positive in-store experience
STRENGTHS
WEAKNESSES
• Doesn’t carry top ring brands • Lacks a consistent wedding presence in each store • No separate app for registries • "I do” campaign is not relatable
• Competitors have more social media followers • Competitors have lower priced products with similar perceived quality • New third-party registry services are emerging
OPPORTUNITIES
THREATS
• Most couples prefer an online experience to in-store • Millennials will dominate the wedding industry for the next 15 years • Millennials are passionate about giving back • New markets are growing, such as LGBT
SWOT ANALYSIS
COMPETITOR ANALYSIS
• Bed Bath & Beyond focuses on a personal consultant experience, offering customers guidance every step of the way
• Fun informative videos with real couples
• Suggestions from consultants and the ability to see consultants' sample registries
• Registry-related homepage of the app
• Target focuses on a wide selection of products at a flexible price range, suiting customer’s everyday needs
• Models featured in playful pictures; doesn’t feel as forced
• Models in “real-life” situations, like in the kitchen, rather than at weddings
• Separate app for wedding and baby registries
PRIMARY RESEARCH FINDINGS
Macy's should focus on product selection, ease of registering, and
discounts/perks.
Macy's should focus on online, social media, in-store promotions
and events.
Bloomingdale's is #1 followed by Bed Bath & Beyond and
Macy's.
What elements matter most to you when deciding where to register?
What types of advertising impact you the most?
Of the options below, which of the following are would you consider registering at?
ADVERTISEMENT INSIGHTS
Current advertisements for the “I do” campaign are not relatable to Millennials. The models
seem staged, and the wedding themes stray too far from traditional.
The small focus on LGBT weddings shadows the current trends.
IN-STORE INSIGHTS
There is inconsistency in what each Macy’s store offers in terms of the entire wedding-
process essentials.
Online wedding registrants are surpassing in-stores registrants, so the experiences
must both be stimulating.
SOCIAL MEDIA INSIGHTSSocial media platforms are very important for Millennials when it comes to marriage, and
Macy's must take advantage of their following and grow it in the future
Millennials must view Macy's overall brand and their wedding registries as synonymous on social media. In the past month, In January,
Macy’s made the following number of posts in reference to weddings:
2/36 Facebook Posts
2/61 Twitter Tweets
1/30 Instagram Posts
3/44 Pinterest Boards
Macy’s is #2 behind Target on Facebook, Twitter, and Instagram in number of likes and
followers
• Social media is the #1 way for brides to connect with wedding
brands/products during planning (75% in 2013)
• Pinterest is the largest wedding research opportunity (67%
pinned content)
• Macy’s trails both Target and Bed Bath & Beyond in followers
and boards
• Macy’s must be more digitally social on Pinterest and engage
with customers to position themselves above competitors
THE IN-STORE EXPERIENCE
Details we were told about the registry process:
Macy’s Metro Center Washington, D.C.
• Goal is to have newly registered couples scanning within 7 minutes of entering the store • Very few customers ask about jewelry or dresses — they don’t consider Macy’s as a provider of all-
things-wedding • At the registry counter, there were several “Our Guest Books,” which were wedding albums from real
couples
TARGET MARKETS
Julia & Luis The Millennial Marriage
Cindy and Molly The Modern Marriage
• First-time brides tend to be older, averaging at age 29 • All types of couples • Care about CSR • More casual lifestyles
Things we know about our target markets:
THE BIG IDEA
"I d. I always will " A wedding is one of the most important emotional experiences one person can have with another. Macy’s will be top-of-mind for Modern Millennial Marriages by being a part of the relationship. Macy's must introduce them to each other; Macy's must welcome them to their first home; Macy's must walk them down the aisle. Macy's must hold their hands through the entire process. Couples will go to Macy’s because it offers the options they need for every emotional experience. When Millennial couples think of Macy’s, they’ll say, "I do. I always will.”
In a relationship with
COMMUNICATION MARKETING
OBJECTIVES
• To make the “I do” campaign relatable to Millennials planning a
wedding
• To convince couples that Macy’s will give them their dream wedding - from the ring to
everything that follows
• To incorporate Macy’s into every milestone in couples’
relationships, creating lifelong customers
• To encourage Millennials to share their passion for Macy’s wedding
registries
• To increase social media engagement of Macy’s wedding
registries by 50%
• To increase awareness of the Macy’s Wedding Registry
Program by 30%
“I DO” CAMPAIGN RECOMMENDATIONS
Current Issue: Advertisements for the "I do" campaign display models who seem too
young and whose love seems too staged.
Have newly engaged couples who register at Macy's post videos and pictures of their wedding planning progress on social media with the hashtag #IReallyDo. Macy's will narrow down the top 5 couples to be voted on by other Macy's customers. The winners of #IReallyDo will have professional photos of their wedding featured in the Macy's catalog and will have a spot on the Macy's float for the Thanksgiving Day Parade.
Solution Campaign IdeaMacy’s should feature REAL couples in advertisements with REAL stories.
Have REAL couples explain why they chose to register at Macy’s. Authenticity will appeal to consumers much more than staged marriages. This will feature couples from around the country with diverse ethnicities and sexual orientations.
"Why would you have your wedding registry at Macy's?"
What better way for Macy's to be a part of a relationship than for Macy's to spark it? Macy's will host events in their flagship stores for single men and women to meet, mingle, and maybe even find true love. Macy's wants to promote love for everyone and proceeds from these events will support the DreamTogether Fund
to help people in need have their own dream wedding.
Macy’s Presents: The "agic .f "eeting
THE MAGIC OF MEETINGIncorporate the integration of technology and dating
Hidden Benefits: Macy’s receives access to all Facebook information.
“Cheers” sends "become friends" signal to Facebook.
After that, singles choose their matches!
QR code reader integrates Facebook profile into digitally-enabled cup.
THE MAGIC OF MORE
We want Macy's to be the one-stop-shop wedding destination to fit with the Millennial lifestyle of ease, convenience and efficiency. To do so, Macy's will provide a holistic wedding package by partnering with different segments of the wedding industry, such as wedding and financial planners, travel agents, venues, caterers, etc. Customers can pick and choose the services they would like and will say "I do. I always will."
Perks• Offer discounts to couples who use
Macy’s partnerships • Designate Macy’s Wedding
Ambassadors for targeted regions who provide support for each wedding segment
THE MAGIC OF MORE
A strategic partnership between Macy's and Bloomingdale's will drive customer loyalty among both
brands. Our survey respondents were more likely to register at Bloomingdale's over all other wedding registries provided. Giving Macy’s registrants the option to add items from Bloomingdale's will create a greater selection and a wider range of high-end products from a store they love.
TACTICS
Millennials are passionate about giving back. 60% feel they are best represented by “things they do for other people.”
CSR: Paying it Forward• Increase wedding-related social
media posts by 50% during August and February, building awareness during peak wedding registry months (Sept, Oct, Mar)
Social Media Pushes
Online AdsIn addition to buying items for the couple or adding to the Dream Fund, guests will have the opportunity to donate to the DreamTogether Fund, Macy's new foundation. Proceeds support those who cannot afford their own dream wedding.
• Promote banner ads on wedding sites and blogs
• Include "click away only" pop-up ads on Macy's.com homepage about wedding registries
IMPLEMENTATION & RESULTSTimeline
February 2016
• Increase wedding-related social media posts to 50%
• Semi-Annual Magic of Meeting
• Pop-up ads resume
November 2015
• Pop-up ads end • Decrease
wedding-related social media posts by 25% to adjust for holidays
May 2015
• Research, team building, and planning for the DreamTogether Fund
• Design new print and pop-up ads
• Plan Magic of Meeting event
August 2015
• Pop-up ads begin • Semi-Annual
Magic of Meeting event
• Increase wedding posts on social media by 50%
• Launch DreamTogether Fund
• Increase in social media presence • Increase in awareness of the “I do” campaign• Increase in couples who register at Macy’s• Increase in life-long brand loyalty
Expected Results