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Sleep America Feedback

Final Report for MGT 445
by

Anthony Smith

on 3 May 2010

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Transcript of Sleep America Feedback

A J Smith Eric Rosado Matt Jackson Cody Roth Matt Brandon Mike Hesano Lauren Amarante MGT 445 - Final Presentation Lead of Field Study Industry Analysis Expert Consumer Behavior Expert Buying Process Analyst Online Business Expert Financial Guru Social Media Expert vs. Created by: Our contacts: Debbie Gaby Dean Ritchey Founder, President, Spokesperson Vice President ZZZZZZZZZZZZZZ Overview Recommendations Methodology Reaction & Feedback Learning Summary Introductions Thank you. Get your sleep on. Develop a marketing plan for Sleep America to reach "new" target market using an innovative approach. Target Market Age: 25-50 Sex: Female Emerging Market Current: Same demographics Changing psychographics Our Focus: Age: 20-24 Sex: Female Implications Minimum Expectation Multiple reminders from Dean... to maintain our focus on this goal. By the numbers: 10 50 10 10 15 in-depth interviews with potential customers in the emerging target market surveys distributed to potential customers in the emerging target market in-store observations of local competitors, using a mystery shop technique online observations of competitors' websites observations of potential customers in emerging target market going through their buying process Mattress Industry vs. Other Industries Not traditionally
sold online Purchased few
times in life Difficult to compare
using specifications Internet Research Understanding the dynamics of the industry. What consumer preferences need to be catered to. Where Sleep America fits in. 1. Minimum Expectation 2. Improve Marketing Opportunities
through Website 3. Increase Pool of Customers 4. Develop Perfect Mattress Matchmaker 5. Standardize the Sales Process 6. Focus on Referrals Develop trust, build relationship with
customers before they enter the store by
including: Pricing Reviews Product Guide Advantage Matchmaker Minimum Expectation Improve Marketing Opportunities Educational Campaign Social Media Offer consultative services and additional information to help people understand the VALUE of a good night sleep It's not your fault, it's your MATTRESS. Build the trust. More sleep = less fat. Most profitable customers = those that refer their friends and family. - Dean Ritchey Milestone: Compare traffic in stores from one quarter to the next. Milestone: Scan UPC generated on coupon related to Perfect Mattress Application. Milestone: Compare close rates across quarters. Milestone: Scan UPC generated on coupon related to referral. Overall Positive reaction Appreciative of recommendations Impressed by knowledge of industry Most Valuable Social media Buying process Website Unexpected Reactions Been done Educational campaign
Adding merch aids for sales experts Lack of interest in Perfect Mattress Application Less control Monday Morning Quarterback What we'd do differently In our case, we worked with an ESTABLISHED company, set in its way. Trying to be innovative, we approached it like a START UP. When improving the business model, we must understand exactly where the company is looking to go... are they WILLING to innovate? New business development process: Looking from the outside in offers a much cleaner perspective of the industry EX. Sleep America is convinced it offers better customer service,
lower prices, innovative guarantees, and better selection compared to its competitors. False. At some point, we must understand what has been tried and what has worked. More Learning Skills we used: Skills we could have used: Teamwork
Time Management
Communication
Written and Verbal Presentation Time Management
Patience
Take us seriously! (Credibility) We are satisfied with the result. Lots of time invested, real world solutions. We could have done more with more transparency from the company. What have you done already?
What will you absolutely not do?
What type of decision making power do you have?
Why is Debbie Gaby your spokesperson?
Why is there so much fluff on the website? Sleep America demonstrated its interest in not being left behind, NOT BLAZING THE TRAIL. "uneqivocally correct" "valuable insights" "very interesting"
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