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Rent the Runway

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cara yakush

on 20 May 2015

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Transcript of Rent the Runway

&
Andras Freyler
Fiona Huang
Graham White
Cara Yakush

Company Background
Online designer clothing rental service
Founded 2009 by Jennifer Hyman & Jennifer Fleiss
250+ brands
65,000+ designer dresses & accessories
Was solely e-commerce until 2013
Advertising Plan
Budget
Effectiveness
S
W
O
T
Wide variety of items to choose from
250+ designer brands
Flexible rental time
Main focus e-commerce
Save operating cost by reducing space
Attractive promotions
Ease of renting and returning
Relatively new company
Only in US market
Only target one gender
Late returns can slow supply chain
Potential inventory damage given platform
Seasonal fluctuation
New funding needed/profitability not yet reached
Little weekday demand
Online shopping is profitable market
Consumer interest in sustaiability/item reuse
Affordable designer clothing
Social media promotion and growth
customer reviews can influence opinion
rental clothing is a new concept
pre-existing fashion preferences
customers desire to own items
How does it work?
Shoppers choose their designer fashions
(+1 backup size, just in case)
Place order before 3pm EST
Order arrives by 8pm the following day
Use & send back via prepaid mail envelope
Pre-market research: gather info about cust. Preference and behaviour
Inter-campaign research: Nielsen audience measurement reports
Post-testing research: gather info about the brand awareness and brand preference

Media Plan
IMC
“A beautiful product shouldn’t only be experienced by owning it.”
- Jennifer Hyman, Founder of RTR
Target Group

Fashion forward
Doesn't want to re-wear the same item twice
Can't afford to buy designer clothing
Women
Females in college 18 -25
Career women 25 - 50
any woman who is:
PR Tools: Organizing promotional events
Wardrobe provider for fashion shows & talk shows
Partner with professional photography studios
Sponsorship with fashion bloggers
Friends referral discount

Objectives for the Target Market
Frequency of 10 OTS/4 week period
GRP Weight 850
Pulsing schedule long term - first 3 months
Low CPT (Cost per Thousand) given use of
Social media marketing
PR events
85% Target reach
Events
Wedding takeover Malaga
Bachelorette party Ibiza
Birthday takeover Barcelona
Sponsor charity events
Outfit bridal parties for photographs
Provide wardrobe for talk show guests & hosts
15% discount referral promotions

Promote RTR to Spanish women
Raise brand awareness
Change consumer behavior from buying to renting
Message Strategy
Increase
Brand Awareness
Encourage
Repeat Purchases
Goals & Objectives
Enhance
Brand Image
Generate
Sales
Use PR: create buzz
Low cost efforts: deploy college "runway reps"
New format: brick & mortar stores
In the US
In Spain
Low cost efforts: deploy "runway reps"
Establish rapport with bloggers
Use PR: launch events & takeovers
In the US
In Spain
In the US
In Spain
In the US
In Spain
Rentals at low price
Exclusively luxury fashion/elitist appeal
Variety
Offer superior products
Sponsor philanthrophic events
Launch events to demonstrate affordability
Use positive reviews from the US
Referral discounts
Sales promotion
Shipping discounts
Ad cognitions ->
create attitude toward the
brand -> brand cognition ->
purchase intention
Referral discounts
Sales promotions
Shipping discounts
Launch Unlimited service
Monthly subscription
Monthly billing system
Flat fee of $99/month
Free shipping
Implement Unlimited service
Referral discount
References
A., N. (2015). Call to action: New EU VAT law could kill E-Commerce and affects everyone. Retrieved from https://www.joomlapolis.com/news/18480-call-to-action-new-eu-vat-law-could-kill-e-commerce-and-affects-everyone

Amazon - Statistics & Facts | Statista. (2014). Retrieved from http://www.statista.com/topics/846/amazon/

AMZN: Summary for Amazon.com, Inc.- Yahoo! Finance. (2015). Retrieved from http://finance.yahoo.com/q?s=AMZN

Bertoni, S. (2014, August 20). How Mixing Data And Fashion Can Make Rent The Runway Tech's Next Billion Dollar Star - Forbes. Retrieved from http://www.forbes.com/sites/stevenbertoni/2014/08/20/how-mixing-data-and-fashion-can-make-rent-the-runway-techs-next-billion-dollar-star/

Cauthen, C. E. (2014, April 16). 5 Websites To Rent Clothes From Right Now | THE STYLISH STANDOUT [Web log post]. Retrieved from http://thestylishstandout.com/2014/04/16/websites-to-rent-clothes-from/

Clifford, S. (2012, October 19). High Fashion, No Airbrushing. Retrieved March 31, 2015, from http://www.nytimes.com/2012/10/20/business/rent-the-runway-uses-real-women-to-market-high-fashion.html

Confederation Fiscal Europeenne. (2015). Labor Law in Spain | CFE portal. Retrieved from https://www.cfe-eutax.org/taxation/labor-law/spain

Euromonitor International. (2013). World consumer lifestyles databook 2013. London.

Fallon, N. (2014, January 21). Rental Businesses Make Leasing Clothes Fashionable | E-Commerce Trends. Retrieved from http://www.businessnewsdaily.com/544-avelle-clothing-rental-business.html

Post & Parcel. (2014, June 5). EU strengthens consumer rights over e-commerce returns « Post & Parcel. Retrieved from http://postandparcel.info/61420/news/markets/eu-strengthens-consumer-rights-over-e-commerce-returns/

Rent The Runway. (2015). Retrieved from https://www.renttherunway.com/how_it_works

Rent the Runway. (2015). The Shift [Web log post]. Retrieved from blog.renttherunway.com/

Salesforce.com, Inc. (2013). The Facebook Ads Benchmark Report. Retrieved from http://www.salesforcemarketingcloud.com/wp-content/uploads/2013/06/The-Facebook-Ads-Benchmark-Report.pdf

Sasha Galbraith. (2013). The Secret Behind Rent The Runway's Success - Forbes. Retrieved from http://www.forbes.com/sites/sashagalbraith/2013/12/03/the-secret-behind-rent-the-runways-success/

Simon Bowers & Nicholas Watt. (2014). Luxembourg tax files: Juncker ‘solved problems’ for Amazon move | World news | The Guardian. Retrieved from http://www.theguardian.com/world/2014/dec/10/juncker-amazon-luxembourg-eased-tax-expert-comfort

Spain: an attractive profile. (2014). Retrieved from http://www.investinspain.org/guidetobusiness/en/1/art_1_0.html

Staff Ecommerce News. (2014, September 4). Infographic: Unstoppable growth for Spanish ecommerce - Ecommerce News. Retrieved from http://ecommercenews.eu/infographic-unstoppable-growth-for-spanish-ecommerce/
The Nielsen Company. (2015). Solutions | Consumer Insights for Smarter Decisions | Nielsen. Retrieved from http://www.nielsen.com/eu/en/solutions.html

Trading Economics. (2015). Spain Inflation Rate | 1955-2015 | Data | Chart | Calendar | Forecast. Retrieved from http://www.tradingeconomics.com/spain/inflation-cpi

Trading Economics. (2015). Spain Inflation Rate | 1955-2015 | Data | Chart | Calendar | Forecast. Retrieved from http://www.tradingeconomics.com/spain/inflation-cpi
Unique Business Strategies. (2015). The Story of Zara – the Speeding Bullet. Retrieved from http://www.uniquebusinessstrategies.co.uk/pdfs/case%20studies/zarathespeedingbullet.pdf
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