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Pret a Manger

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by

Alexa Aron

on 20 November 2014

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Transcript of Pret a Manger


Marketing Plan 2013

Who are we?
Good, Natural Food
"Using natural ingredients and avoiding preservatives and obscure chemicals is sacred to Pret." -- Pret.com, 2013
So why do we need a change?
Situation Analysis: Macro Factors
P

E

S

Situation Analysis: Micro & 5 M's
Customers
Competitors
Suppliers
Employees
Men

Money

Machinery

Minutes

Materials
Situation Analysis: SWOT
Internal Strengths & Weaknesses
Mission Statement:
Strengths
Weaknesses
"Buying ingredients locally makes perfect sense for a multitude of reasons. Pret banned 'air miles' on all our ingredients some time ago and we are not in the least bit flippant about the strong feelings of our staff and customers about nurturing the environment." -- Pret.com, 2013
External Opportunities & Threats
Opportunities
Threats
What does the SWOT analysis tell us?
Segmentation
Demographics & Psychograhpics
Segmentation
How can we measure this?
Measurable

Accessible

Substantial

Differential


Actionable



Segmentation
Reaching out to local businesses
Target
Positioning
Where do we lie on the positioning map?
Positioning Statement:
Strategy
Part 1/2
Proposition:
Strategy
Part 2/2
Market Dominance
Model
Leader
Challenger
Follower
Niche
How are we going to fulfill our strategy?
Advertising
Interactive Marketing
Personal Selling
Strategy:
Actions
How are we going to do this?
KPI's
Demographics
Psychograhpics
Mission:
"Pret creates handmade natural food avoiding the obscure chemicals, additives and preservativevs common to so much of the 'prepared' and 'fast' food on the market today"
The Facts:
1986: began in London by two college grads (Sinclair & Julian)
Proper sandwiches avoiding obscure chemicals found in fast food
Developed with little business experience
Private company
335 shops worldwide (UK, US, Hong Kong)
£450 million / year
What makes us special?
No sell-by dates on sandwiches...made daily!
Unsold sandwiches given to the homeless
Recycle leftover food and packaging
Freshly made sandwiches
"We make them, we sell them!"
Don't keep products overnight
No sell-by date on products -- made fresh everyday
Avoid additives
Wasabi mustard is brown, not green
Ham is pale, not bright pink
We appreciate the value of fresh food
Sustainability
Sustainability Act of 2015
5 key sustainability strands to improve upon
1. Resources
2. Waste
3. Sustainable sourcing
4. Freshly prepared, good, natural food
5. Positive contribution to society
Trust
Mission:
Began in 1995
To alleviate poverty in the UK by focusing on the homeless
Offers employment opportunities to the less fortunate
Goal: to surpass last year's £1,000,000 amount
How is this funded?
Donations made from the sale of certain products
Collection boxes in shop
Annual auction
Events
Pret Charity Run
Simon Hargrave's Apprenticeship Scheme
Small grassroots homeless charities and projects
Why is this important?
Philanthropic outreach
Engage with local community
Build loyalty
Affordable Luxury
Starbucks can afford to raise prices and expand because of their loyal customers
"Starbucks’s fiscal third-quarter net income advanced 25 percent to $417.8 million" (Bloomberg, July 2013)
Starbucks: biggest competitor
Starbucks' mission statement: "to inspire and nurture the human spirit – one person, one cup and one neighbourhood at a time" (Starbucks website, 2013)
What does this mean for us?
We need to expand our customer base
Increase loyalty
Give customers the extra reason to come to Pret and not Starbucks
Starbucks
Pret
55 countries
2012: $13.29 bill.
3 countries
Total revenue 2012: £377.3 mill
Trading agreement policies
Coffee from Honduras and Ecuador: what if trading agreement policies change?
What if there is a national campaign against international coffee?
State of the economy
Pret is usually in major cities, major cities bring tourists. If the local or international economy is down, spending will be down, and therefore greatly affect our business.
How can we continue to encourage spending?
Social issues on sustainability
What happens when the trendy green revolution is no longer unique? Or people turn against it?
Ethics on sourcing abroad
What happens if it is socially unethical to get products from overseas?
App malfunction
How can we encourage interactivity with fast-paced technological age?
Unexpected blackout
How do we keep our business running?
Maintaining fair union of workers
What happens if union chooses to strike?
Hot coffee spill leads to suing Pret
How can you effectively minimize negative PR
Natural Disaster
Ruins international plantation where we get coffee (South America)
Poor season for local/sustainable food sources
How do we continue to maintain our values despite nature's unpredictability?
Leading Micro Factors
The 5 M's
Other easy lunch spots: EAT, Gregg's, now Starbucks
Must maintain loyalty amongst similar brands
Capitalize on our uniqueness
Less obvious competitors: supermarkets
Bringing in lunch
Taking away business during economic recession

Buying habits that fuel our business
Most successful in cities -- more people to cater to -- greater need
Local businesses
Large orders drive greater profit
Pret is known for fast, sustainable, on the go food
Works in tandem with customers
Customers require this in every store, our employees make brand message consistent
Wednesday meetings
Held every week
Employees discuss ways to improve with staff
Sustainable food
Must be sure that our distributors match this
Evident through website
"We will always try to balance and consider all sustainability impacts, environmental, social and economic when selecting our products"
Work with evolving environmental times
2009: Tuna was banned from Pret's menu because of concern over the unsustainable fishing practices used to catch it. Only poleand line-caught tuna now sit on Pret's shelves. (Marketing Magazine, 2012)
Plans 500 new UK jobs as profits rise (BBC, 2013)
£7.70 per hour, with "weekly bonus after 10 days" (Pret.com, 2013)
"This year over 30% of our managers will be promoted from within" (Pret.com, 2013)
Make sandwiches at the top of everyday
"At Pret, the goal is to serve customers within 60 seconds." (NYT, 2012)
Sales rose 15% this year (The Guardian, 2012)
Revenue: £377 million (The Guardian, 2012)
Underlying profits: £52.4 million (The Guardian, 2012)
All takeaway prices are without VAT
Average sandwich = £3
Employees make sandwiches at the top of everyday
Employees responsible for turning over coffee in 60 sec.
Coffee maker and hot water boiler for tea
Employees have 60 seconds to serve their customers -- guarantees speedy service
We pride ourselves for our speedy service: food is prepared and ready for you to take
Website is easily accessible
Always comes up as #1 option for coffee/lunch place in current location
Definitive logo (star) and unique name (French exudes high class)
Active Facebook and Twitter
"Appetite" iPhone app: closest Pret, full menu, daily soup
"Pret creates handmade natural food avoiding the obscure chemicals, additives and preservativevs common to so much of the 'prepared' and 'fast' food on the market today"
--Pret A Manger's website, 2013--
Sustainable food
Keeping current with environmentally friendly processes
Inexpensive
Easily accessible in the US, UK and Hong Kong
Philanthropic outreach
Diverse lunch options
Effectively eliminates negative PR through website
AKA: how is our mission statement working for us?
Only available in 3 countries
Starbucks = available in 55
Not as healthy as advertised
High salt content
Condiments added beforehand
Inconsistent seating
Are we a grab and go or dine-in?
Do not promote loyalty
The Green Revolution
Take advantage of collaborating with local farmers
Prime chance to educate
Global warming is a huge issue -- Pret is working to help the environment!
Technological age
Take advantage of connecting with customers through technology
Ex. can we expand on our app to promote loyalty?
UK: striving for healthy lifestyle
To be discussed: Opportunity to collaborate with Jamie Oliver
Competitive Threats
Rise of Starbucks (major int'l franchise)
How can we make our sustainable food unique in an age where this is considered "hip"?
Competitor's pricing
Keeping prices low but not belittling value of our product
Economic decline
Pret: common in major cities
Economic decline in the US, $ is very weak
How can we continue to encourage spending?
Situation Analysis: SWOT
Objectives
S.M.A.R.T
Biggest competitor: Starbucks
It is clear we need to increase customers and loyalty to challenge Starbucks' upcoming expansion to the food market
Starbucks greatly outnumbers us in terms of size and international appeal
We need to increase these numbers and increase them fast
What we're missing: tangible reward for loyalty
We need to hold on to our customers so they don't switch to another brand
How can we do this with such a largely respected franchise creeping on our territory?
How can we accomplish this, stay true to our mission statement, and increase customer rates up 25% by the end of 2013?
S pecific
M easurable
A chievable
R ealistic
T imebound
Increase customer loyalty by 25% by the end of 2013.
...Let's break it down with SOSTAC...
[External factors we cannot control]
[Internal factors we can slightly control]
In order to increase loyalty, who are we trying to attract?
Emerging professional (18-35)
Business men and women, though majority are women
Average income, not necessarily first class
Looking for cheap lunch that is fast, easy to get, and environmentally friendly
Those who feel good about knowing their food is fresh
Convenience (many locations within cities) allows for easy social time during lunch break
Great way to interract with co-workers while not ruining your wallet
Pret's dominate busy cities, so finding ways to calculate groups can be done in several ways
Busy city life allows for more frequent and current updates as to how our target market is doing
Emerging professionals account for a majority of the workforce.
Works to our advantage: they take advantage of going out with coworkers during lunch to join the work family
Young emerging professional lifestyle differs from that of the adolescent or elderly market
Our target makes more frequent small purchases which is easy to calculate whereas teens/the elderly are more reliant on other's assistance
Can we get them to buy? YES.
Have grown into the sustainable revolution, eager for fast results, but need something filling
Easily persuaded by price and convenience, both of which Pret specializes in
Let us bring lunch to YOU!
Pret dominates busy cities: we need to build loyalty with businesses so we can become their #1 call to cater for lunches and events
(Goal: have each Pret align with at least one business in their neighborhood?)
Competitive Advantage:
Bulk catering with same day delivery promotes convenience makes it socially "cool" to love Pret!
IDEAS!
Loyalty Card
10 coffee gets you one for free
Measurable: how many of these cards do we give out daily?
Accessible: easy to count how many you give out each day, then count how many are returned
Encourages customers to keep buying, especially young professionals who need their caffeine
5 sandwiches gets you one half off
Promotes healthy eating
Actionable: young emerging professionals want to go out for lunch, and this encourages them to do so in an economic way
Young emerging professionals
We need to engage those who are looking for convenient, inexpensive and healthy option
Born of the technological age: Social media leads to network of engagement, another way to increase customer loyalty
Local businesses
Way to tap into the market who doesn't want to go out for lunch...so we'll come to you!
Easy way to engage with large group of people at once
High quality, low price
We want to capitalize on our sustainability, and still give customers more reason to come in with our unbeatable prices
Challenge: not to belittle the quality of our product with prices that are too low
What do we hope will come from this?
Encouragement from young professionals to their peers as to why Pret is the #1 place to go
The ideal catering service for local businesses who want to treat their employees without abusing their overhead budget
Gregg's
EAT
Starbucks
Free State Coffee
(Niche)
(Rising leader)
(Follower)
(Challenger)
(Current leader, will be challenger if we don't step up our game)
With the rise of Starbucks, we must maintain our market leader position by capitalizing on the values that make us unique
How can we use our target market to achieve this?
We need to increase loyalty
Must maintain our customers against the international appeal of Starbucks.
We currently hold the leadership position for our popularity in the sustainable, fast food market. We are customer's #1 choice when aiming for a speedy lunch and we aim to stay there.
The international fame of Starbucks could easily outdo our private company if we do not increase loyalty. We will not settle to be the challenger!
EAT has similar values to Pret with its cheap eats, lunch focus and quick service. However, it does not have the same int'l appeal as Pret. It is definitely Pret's closest competitor next to Starbucks as its similar values prove the fight for the top leader.
Gregg's does not actively pursue the top leadership position, but rather casually follows the trends. With similar cheap eats and a lunch focus as Pret / EAT, one does not actively seek out Gregg's like the others...but they don't get upset about it!
Free State is a very niche brand that only focuses on the elite segment. With higher priced and higher quality items, their one location is not looking to compete with such massive franchises. They have found their fans near Holborn station and are doing just fine.
...however...
To maintain our market leader position by capitalizing on the values that make us unique
Sales Promotion
Tactics
Strategy:
To maintain our market leader position by capitalizing on the values that make us unique
How are we going to fulfill our strategy?
Events & Experiences
PR & Publicity
Direct Marketing
Tactics
Control
Who are our target markets?
This persuades those who normally stay in to indulge in our product and hopefully gain their loyalty in the future
Look at all these catering options featured on our website!
Current campaign
"Play with your food" aspect
Food imitates life
Unique and interesting way to encourage sustainable eating
To meet strategy: Expand to TV ads
Print has been successful, but need to engage young, digital age consumers with more visuals
Ads can incorporate these food creations as characters -- builds upon making healthy eating more exciting and relatable
Loyalty Card
Biggest thing lacking from Pret that separates it from Starbucks
10 coffees land you a free one or 5 sandwiches makes your next one free
Encourages customers to keep coming back for a tangible goal
Improve the iPhone app: Appetite
Order sandwiches through your app in advance
Don't waste time if your sandwich isn't there -- important for busy lunch hour
Lets you keep a history of what you liked and didn't like
Works for ordering catering for local businesses
Check in on social media with the app
Linked to your FB, Twitter, Instagram
Each check-in or tag earns you points
Points amount to a free beverage or pastry

Recommendations
Every time you recommend someone to Pret you receive a discount on your next purchase
How to promote our sustainable resources?
Celebrate sustainable products and unique resources by offering discounts
Ex. Today is National Honduras Day! Enjoy a free cup of coffee on us with any purchase over £5!
Celebrity Chef -- Jamie Oliver
Importance: One of the UK's biggest proponents for healthy eating -- people trust him
Can go to schools and promote Pret's food -- why a sustainable eating lifestyle is a healthy one
Email blast
List serve that constantly reminds people of offers and deals
Include information about where today's fish was caught and what's in season
Daily map / chalkboard in each store
Being of the digital age we need visuals
Shows you where today's chicken is from or states who made the sandwiches + personal fact about them
Gives you a personal connection to keep investing
App software company
The advancement of the app will help to regulate customer's opinions, likes and dislikes
Will need to have constant communication with them to monitor if our loyalty increases
Will need to add direct social media links
Offer this in several languages to appeal to international customers
Include "pay as you go" tab which links to your credit card --> offer email receipt
Search history -- customers see what they enjoy and we analyze the traffic
Offer Friday lecture on bringing sustainability/recycling to the workplace
Fridays = slow for most businesses
Encourages healthy lifestyles and Pret as the ideal model
"Thank You" party in honor of customer loyalty
Every 1 year anniversary Pret says "thank you" to customers by staying open late and offering free mini appetizers to customers
Come help us give food to the homeless
Leftover sandwiches given out at end of day
Promotes philanthropy and empowerment to brand
Employees
Responsible for introducing these values
Ex. offering loyalty card at end of every purchase / asking if they want to sign up for emails / or reminding them of upcoming events
Reevaluate Budget
Plan on investing a significant amount for Jamie Oliver
Work closely with CFO to make sure we minimize spending to make this happen
Ex. cut condiments from sandwiches and put them on the side
This will eliminate over-using product, save money, and also promote healthier eating habits for customers
Purchase packets of condiments in bulk for customers to use as needed
Event planner
Responsible for promoting public events
More crucial to establish as we strive for customer loyalty
Remain active on social media
Connecting with our customers will mean connecting with them 24/7
Update Facebook, Twitter, Instagram and Pintrest daily
"To increase customer loyalty by 25% at the end of 2013"
Are we achieving our objectives?
Traffic
Updated app:
We can track exactly how many customers like which items
Email blasts
Which months were more popular than others. Could this be from emails or events?
Incremental Sales
Begin researching the day the app, email, event, etc. is launched!
Can be linked to events, loyalty cards or emails
Which months had increased sales?
Can we match this to particular high attendance at events, high response to promotions in email blasts or increase in loyalty card renewal?
Customer Complaints
Increase or decrease in customer complaints?
Are they mostly about the app? If so, we need to work closely with software company to remedy this.
Social Interactions
Vital in knowing if we increased in customer loyalty
Who is coming back? Who is bringing friends? How are we better engaging with our customers based on social interactions?
T

L

E

Personality
Jessica
Jason
22 years old
Recent college grad
First year working at advertising firm
Does not have a long lunch break, so needs something close and convenient
Environmentally conscious, would rather choose sustainable food than not
At the same time, wants something inexpensive yet filling
Enjoys a lunch experience that is quick, easy, reliable, and won't cause a hassle when socializing briefly with friends
30 years old
Has been working at the same firm for about 6 years
Knows the area well, and still goes to Pret for most if not all lunch breaks
Trusts their efficiency, convenience, and the fact it fills him up for a low price (even though price is not necessarily his main objective)
Enjoys going to Pret as a way to take a breather from the heavy day
Will use the app to order for the office, but enjoys walking there for the friendly employee faces
A bit more on consumer behavior...
Looking for variety seeking customers
Low investment
Inexpensive products
Significant difference between brands:
Sustainability, speed, and philanthropy separates Pret from Starbucks
OCEAN Model
Jessica and Jason = Conscientious and Agreeable
Environmentally friendly and generally aware of spending
Not picky eaters, but do enjoy treating themselves to fulfilling food by going out on lunch breaks
Word of Mouth
Within the firm, it appears Jason recommended it to Jessica
While looking to increase customer loyalty, WOM is extremely important
Who are our opinion leaders?
Celebrity face of Pret?
The "Jason" to our "Jessica": passing down the torch in the corporate world -- way to fit in
B2B and B2C
B2B: allows for local businesses engaging with Pret -- increase long term loyalty
B2C: customer is thus inspired by business catering their lunch
Work in tandem to inspire loyalty
Conclusion
What can we take away from our plan?
1. Increase customer loyalty by targeting emerging professionals and local businesses
2. Always refer back to mission statement to confirm we are fulfilling our founding values
3. We continue to grow and will only improve by making a habit of thorough plans such as this
4. Continue to explore creative outlets to promote sustainable living in this ever-changing business
[Constructed by Alexa Aron - Oct. 2013]
Our goal is set for end of 2013...these target markets are essential if we want to reach that 25% increase!
Emphasis on the long-term
Full transcript