The today‘s world has changed a lot. In the past, people did not have the necessity to own big wallets as they only needed to carry cash and identity cards. Today increased use of paperless cash has necessitated the use of cards. It is becoming extremely difficult to carry all these cards in a traditional wallet. The wonder wallet is a great product that aims at solving some of the smallest challenges that people face in their day to day activities. This wallet can hold up to twenty-four cards and some cash and still appear slim. It is amazingly slim. It has some advantages that the users will not find in other wallet brands. The cards can be properly arranged in the wallet like photos in a photo album. The cards can be pulled out hassle-free as opposed to other wallets where one can easily hurt their nails. It should be noted that this product has a big potential. It has, however, not got enough attention and sales. The wallet has been advertised using the traditional channels of marketing over the past. It has been advertised through television adverts. These adverts have not reached enough clients. As a result, tit is inevitable for the business to adopt new marketing skills. With proper social marketing strategies, the company can increase the number of sales significantly.
The wonder wallet is currently being advertised on television. The advertising campaigns reach a small number of potential customers. Social media marketing can transform the advertisements to reach a large audience. The product targets people that have plenty of cards and gift cards, which need to be carried in a special wallet (Cader & Al Tenaiji 2013). The traditional wallet cannot hold all these cards without bulging. The characteristic of the wonder wallet are shown in the advertisement on television. The product has been endorsed by celebrities. This is a part of traditional marketing strategies. In order to change the business strategy, there is a need to adopting social media marketing. This will go a long way to ensure that it reaches more people across the world. The product is retailing on the Amazon at $19.99. It is widely sold in the United States and Europe. The retailers ship the product to customers both continents (Cader & Al Tenaiji 2013). The social media marketing will help the product to reach clients on other continents. There is an untapped market in Africa and Asia that can be accessed with the help of solid social media campaigns.
The advertisements seen on television can be also viewed on YouTube, but few people in the unexplored markets are aware of it. The product’s campaign on television reaches a small number of viewers. Social media marketing has the potential to achieve a large customer base. There are a lot of potential buyers on social sites. The sales can increase if there is awareness of the product in the untapped markets. The product can be used by people from different social classes. The middle-class and the youths are of a particular interest for social media campaigns (Kim & Ko 2012). The product should aim at attracting these two groups, which form an important market segment. The company should focus on complementing the traditional advertising techniques such as television commercials and celebrity endorsement with social media marketing. As previously noted, the effect of the campaign will create awareness of the product in the market. Many people in the target groups will be interested in knowing the product and purchasing it. In bloggers’ reviews, the product has been said to have satisfied the expectations of its buyers (Kim & Ko 2012). The features are the same as in the television commercial. The slim properly organised wallet that can hold up to 24 cards may enjoy increased sales if social media marketing is adopted.
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The Analysis of the Competition
The wonder wallet faces competition from other minimalist wallets. These wallets have almost all the features of the wonder wallet. The difference is the ability to hold more cards than its competitors. The cards are also organised more neatly than in other wallets. This characteristic has given it a competitive advantage. On the other hand, competitors have ventured in the social media marketing and have reached out to a wider audience.
Bellroy pty limited is the leading manufacturer of slim wallets. It manufactures a broad range of slim wallets with features to suit various users. Bellroy has a dense network of social media marketing. This enables the company to reach out to a wide audience around the world. It has used the information shared by its followers to develop products that suit different users. In Addition, it has used various messages in the advertisements to lure potential buyers. For example, one message says that “you can ride in the rain.” It means that the quality of the leather will allow you to ride in the rain with your wallet and documents safe and dry.
Bellroy is present on various social media platforms. They include Instagram, Pinterest, Facebook, and Twitter. These platforms have opened new horizons for its products. On Twitter, the company tweets various messages to its followers. For instance, the followers get messages how and where they can find new products. The company informs their followers about the availability of new products. It provides their customers and fans with examples of perfect combinations of their products. The site has over eight thousand followers. The company keeps them engaged by tweeting regularly. On Instagram, the company shares photos of its old and new products. They have a simple message on the bio segment that says “crafting better ways to carry”. The site has over forty-one thousand followers. The company also posts new products to inform the followers. They also give descriptions of how the followers can combine products. This way, customers can buy a couple of products instead of a single one. On Facebook, the company shares information with its users about its products too (Luo & Zhang 2013). The followers give information about their experience with Bellroy products. The company keeps them engaged by sharing various statuses. The company also welcomes its existing followers on Facebook to follow them on other social media platforms. Bellroy has over one hundred and seven likes on Facebook. The huge amount of followers enables it to communicate to a broad and diverse audience. Bellroy is also on Pinterest where it has over two thousand users. The company has different pins, which are in categories of Bellroy community, for example, videos of its products (Luo & Zhang 2013). They keep their followers updated about their new products and their existing ones. The company gets its message across on all social media platforms, and it is crafting better ways to inform its audience.
On the television commercial, the advertisement introduces the wonder wallet as an amazingly flat wallet that can hold twenty-four cards. They can be credit cards or gift cards. It is defined as twice as thin as the regular wallet even when holding all these cards. It is made from genuine leather. It has RFID block that prevents theft and fraud. A comparison is done on how a traditional wallet would look carrying all those cards. The wonder wallet does not occupy a lot of space in model handbags as opposed to traditional ones. The model is seen ditching an old scrambled wallet for the new supper slim wallet. The wonder wallet is stylish too. The cards are again placed neatly like photos in a photo album. The cards are safe and guarded against scratching. For ladies, the wallet also protects their nails. They do not break their nails while trying to pull cards from the wallet.
Social Media Marketing Plan
This marketing campaign will have five goals. The first objective will be to improve the engagement of the existing audience. Current customers will be engaged on various social media platforms. They are important as they can express their views on the wonder wallet. The audience’s complains provide insights into areas that need to be improved (Erdoğmuş & Cicek 2012). Consumers are also given a platform to share their real life experiences that can attract other people. The existing audience is reached out with the help of traditional methods of marketing. The second goal is to extend the range. This targets a new audience that has heard nothing about the product. This goal aims at reaching the audience that cannot be reached using the traditional advertising channels. For instance, the wonder wallet has been in the United States and Europe. The television advertisements inform people in these geographical areas. With social media marketing, the product information can reach out to a broad audience in other geographical locations. Social media is spread all over the world. The information about the brand can grow easily to achieve a large number of readers. The third goal will be to enhance service experience (Luo & Zhang 2013). The company interacts with the audience on various platforms. The audience can make their claims on the platforms and get a response from the company, which keeps its audience engaged to make them feel part of the campaign (Papasolomou & Melanthiou 2012). On various platforms, the audience can comment, like, share, or retweet the company’s status to spread information among their friends. This goes a long way to enhance customer experience with the brand. The fourth goal will be to achieve indirect revenue. The company’s advertisement on the social media is by far cheaper compared to traditional means. This does not mean that the company would not spend on the advertisement; it will only reduce the costs. Social media marketing can bring down the costs of advertising considerably. Social media advertising enables the company to reach out to a large audience cheaply (Evans 2012). The company earns indirect revenue from the savings of the advertising in the traditional media. The fifth goal is to have direct revenue. With the help of social media marketing, the company reaches large groups of population. This can translate to increased sales. The company will make more sales, increasing its revenues (Papasolomou & Melanthiou 2012). With these goals set, the company would launch great social media marketing campaigns.
The wonder wallet is a crosscutting product. The product is designed to solve problems of people of different ages. It is, therefore, important for the company to target the middle aged and advance aged audiences. In many market setups, companies regard the young as an audience that likes products but lacks spending power (Papasolomou & Melanthiou 2012). The wonder wallet is not highly priced and the youth too can be incorporated in the target audience. The wonder wallet campaign in the social media would target the youth and middle aged working class audience. This segment is the most active in the society and they can be found or invited to the social media sites. It is the segment that has accepted technological advancements. They can easily understand messages conveyed on the advertisements about the wonder wallet. This is the segment of the population that is likely to hold a large number of cards (Evans 2012). They can be identity cards, gift cards, and credit cards. The segment is known to be stylish and always neat. This group would lead to the achievement of the goals of the social media marketing campaign.
Strategies and Tactics
The social media marketing for the wonder wallet would choose social media platforms that are mostly used by the target group. The strategy would, therefore, use Pinterest, Facebook, Instagram, and Twitter. The strategy would include filling all the necessary information on the accounts of these platforms. The company will have the same profile and cover photos to ensure consistency. Visitors will notice that the company is aimed at consistency and familiarity (Erdoğmuş & Cicek 2012). On Instagram, the company’s biography will include useful information about the wonder wallet. (Kumar & Mirchandani 2012). The information will include what the audience expects from the product. Research on the social media shows that the use of photos with a text gets more views than that without visual aids. The company will also dedicate a good number of hours to interact with the audience. It can be from three to five hours. Posting can be done depending on the prevailing conditions. If there are a large number of followers, the number of daily tweets can be as many as five or ten. Instagram can get two to three posts a day; Facebook can get one single post daily. Pinterest can be used to the maximum on weekends, but a single pin on weekdays keeps the conversation going. These strategies will ensure that the audience is constantly engaged (Kumar & Mirchandani 2012). Customers’ concerns will be addressed on a daily basis during three or five-hour-sessions. The company will need to assign this function to a group of skilful employees to ensure the engagement with the audience is active. Automation helps to keep the engagement live. It is important to respond to the followers as quickly as possible, especially when they seek answers.
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The content for the wonder wallet will target the readers and not the buyers. The readers easily share information with their friends and relatives. For instance, information about how a wallet was invented and the conditions that led to its inventory will reach not only buyers but the readers who can, in turn, share it actively (Tuten & Solomon 2014). The content will focus on the niche, sharing the benefits of this wallet in an indirect way. For example, one can demonstrate how a scratched card fails to work in a store, but with a wonder wallet that cannot happen as it protects cards from scratching. The content will use keywords in a form of hashtags so as to locate potential audience easily. A keyword such as amazingly slim can do. Constantly engaging with the audience will help to understand what kind of content they need. It is advisable to give the audience the content they look for. The topics that they overwhelmingly respond to means that they like that type of content (Kumar & Mirchandani 2012). Engaging the audience is important for further development. This includes asking them about various experiences that are similar to that of the company. One can seek to understand the experience of the audience while paying for gas using credit cards. How they feel taking out cards from the wonder wallet hassle free.
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Monitoring and evaluation
To monitor the plan, it will be important to check the progress of the sites at each stage. The company will need to tell the number of audiences it has reached. Engagement is another factor, it includes the number of likes, comments, retweets, clicks, video views, or sharing they have achieved. Another measure is sales conversion. This will be the difference in the sales volumes after the social media campaigns. The increase will be accredited to the social marketing campaign (Tuten & Solomon 2014). It is also important to measure the positive and negative comments. These are the sentiments of the audiences. The plan can adopt a cheap method. The tools need to be applicable for the social media platforms that the business is using. There are a considerable number of applications in the market that can be used to measure key performance indicators.