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Copy of Copy of Untitled Prezi

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kristin naftzger

on 24 April 2013

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Transcript of Copy of Copy of Untitled Prezi

Kinsey Hartmann, Madison Lehnert, Kristin Naftzger, Anna Small Belk Innovation Challenge:
Targeting the Millennial Consumer Our Approach Various articles discussing Belk's brand renovation

Financial records provided by Belk

Article from the Journal of Business Research
What Drives College-Age Generation Y Consumers? Secondary Research Used Come Tour Our Closet -Various articles discussing Belk's brand renovation

-Financial records

-Article from the Journal of Business Research
-What Drives College-Age Generation Y Consumers? Secondary Research - Survey of college-aged peers
-95 Responses
-91 % College Students

- Undercover shopping

- Multiple store visits

- Peer Interviews Primary Research Conducted - Of the 91% of respondents who were familiar with Belk...

- 62% said they do not consider the retailer in their the decision of where to make a purchase

- 74% of respondents did not perceive Belk to be a retailer selling "modern, southern apparel" Key Findings -The college-aged consumer (18-23)

-Falls into Generation Y category
- Makes up 34% of Gen Y group

-Unique buying behaviors and preferences Target Market of Campaign: - Inspired by tour of local Christiansburg Belk store

- Recognized large gap between women & junior departments

- Creative concept focuses on:
Product selection
Creative promotional techniques Contemporary Department -Southern = Comfort

-Inviting comfortable atmosphere designed to feel like a girls own closet

-Seating & lounge areas Walk-In Closet Theme -Wall displays incorporate shelving to show off accessories and props

-More comfortable / "homey" shopping environment

-Makes the consumer feel like she could see the merchandise in her own closet Walk-In Closet Theme Merchandising Inspiration: Neiman Marcus-Cusp - Inspired by diversity on campus/fast paced, multifaceted lifestyle of the college student

- 70% of survey respondents indicated that styled mannequins and displays were "moderately" to "very important" when choosing a retail outlet

- Four main lifestyles categories:
Campus Style
Game Day Merchandising by Lifestyle -Head-to-toe styled mannequins/outfit displays
-Showcases how pieces can we worn together or incorporated in existing wardrobe Nightlife -Pull in pieces from multiple departments around the store
-Increased potential for cross-selling / impulse purchases Daily Campus Style Loungewear -Relevant to all college-aged consumers, no matter which category they fall into
-Improve consumers ability to relate to the product offering Game Day Branding -86% of survey respondents considered selection & merchandise assortment to be the most important factor

-Primary weakness = inconsistency of products and brands available from store to store & online
Apparent disconnect between perceptions of Belk across states

-Survey respondents showed high interested in:
-Free People - 55%
-BCBGeneration - 47%
-Jack by BB Dakota - 33% Brand Redistribution Small brands:
- Southern Tide
- Southern Proper
- Southern Marsh Collection
- The Frat Collection
- Geneologie/Morgan Row

National brands:
- Lilly Pulitzer
- Jack Rogers (39%)
- Patagonia (62%) Introduction of New Brands Geneologie & Morgan Row
-Incorporate as small-scale "boutiques"

-Offer Belk exclusive apparel designs (location or school specific)

-Pre-made items called "Geneologie Originals" - College consumers expect tailored offerings

- Shift from jerseys/athletic tees to custom apparel in school colors

-More personalized shopping experience
-Opportunity to create exclusive designs Customized Offerings Marketing - Campus reps
-Liaison between Belk & student body
-Promote contemporary department
-Contact fashion-related clubs to plan & implement "flash mob" fashion show

- Excitement & Word-of-mouth marketing Flash Mob Fashion Show - Promotional flyers distributed at fashion show
- Increase awareness & exposure to new brands
- Incentive to visit new department

- Advertise heavily on social media
- Specifically on Facebook (65%) & Twitter (24%)
- Promote products & upcoming featured events Marketing Flyer Concept -Increased relevance to college-age consumer

-Retail format tailored to the way modern college-age consumers shop

-Increased consistency of Belk's brand image Overall Value of Creative Ideas Questions -Address specific events that are relevant & continuously present in the college student’s social lifestyle:

- Carolina Cup, Foxfield, Keenland Races
- Formal Events
- Sorority Recruitment
- Spring Break
- Holidays
- Graduation Merchandising by Events Carolina Cup/ Fraternity Formals "The years of college life are like flowers fading. It is a beautiful thing; the essence of life. The transcendent thing about memories of college is though they disappear as quickly as sand slipping through your fingers, they last forever through the quiet reminders of all the items you collect along the way. Each pair of sunglasses, every beach towel, and all your t-shirts are tied to a memory."

- Geneologie Surprising Insight - 90% of survey respondents indicated that they would be “moderately” to “very likely” to shop at a contemporary department if one were introduced at Belk
- 9/10 Gen-Yers own a personal electronic device (GetSatisfaction.com)

- By the year 2016 the “mobile influence factor” (effect of smartphones on in-store sales) on purchases will account for 19% of total retail store sales (Deloitte, 2012) “There’s An App for That!” - 56 % of people believe mobile can make the shopping experience more enjoyable (Lightspeed Research, 2011)

- 64% of affluent app users say they view brands with mobile apps more favorably (Luxury Insitute, 2012)

- 80% of mobile users prefer locally relevant advertising and 75% are more likely to take an action after seeing a location-specific message (JiWire, 2012) The Hard Facts! There is a real and existing demand for a Belk specific application! The Message: -User will enter zip code to get location specific information

Highlighted features:
-Info about featured events at your local store

-Top seasonal trends and merchandise available relevant to these trends

-Basic information:
Store hours
Store maps
Store promotions/sales Mobile/ Tablet Application -Opportunity to vote on upcoming designs to be featured in your local Belk store

Geneologie/Morgan row, The Frat Collection, Campus Specific designs
Engage the customer
Merchandise assortments tailored the requirements of the millennial consumer Opportunity for Competitive Advantage Over Other Retail Apps Implementation Recruit & train campus reps
Continue market research on respective campuses to gauge interest in new department
Select three locations near large college campuses for trial department
Begin promoting department launch via Belk Facebook & Twitter accounts for each school
Based on research choose 4 small brands to introduce as well as national brands
Work with campus reps and merchandising teams to develop visual components Phase Begin planning for flash mob
Select merchandise to be featured based on feedback from student body
Select 3 seasonal trends to showcase
Print promotional fliers
Choose high traffic location on each campus for fashion show
Communicate with campus media about upcoming event
Send “campus kit” to each university
Develop in store display to showcase fashion show looks Phase Host fashion show
Conduct surveys at fashion show to get feedback from students
Distribute gift cards / fliers / raffle / t-shirts

Conduct post-launch research
Review media coverage of event
In store surveys to get feedback on merchandise selection
Campus reps continue to host promotional events & communicate with students via social media Phase
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