Bartlett Street Antiques Jewellery might not be a customer-centred as their competitors; additionally, they are not constantly seeking to grow and make the most profit out of satisfying consumers’ needs better than their competitors. However, it is impretive that an individual/ business to examine what the customers want and needs as well as to think of a plan to satisfy this demand. Consequently, the purpose of this report is to create a guideline for a marketing plan for Bartlett Street Antiques Jewellery to focus on growing the business through different opportunity such as expanding their location base and increasing their online platform. A quantitaive method was chosen for this plan in form of interviews. Moreover, secondary data was collected in order to gain a wider and clearer understanding of this subject.
1.2 A brief outline of the brand
Bartlett Street Antiques Jewellery is one the most knowledgeable antique dealers shop in Bath. With over 60 showcases in Bath, they offer varieties of antique jewellery and collectables for sales. (BARTLETT STREET ANTIQUES CENTRE, 2017). Their target market ranges from 25- 39 years old male and female; who are interested in handmade and vintage jewellery.
The jewellery industry annual global sales are £148 billions which is expected to grow at 4 to 6 percent each year; totalling up to £250 billion by 2020. (Cbi.eu, 2017)
Consumers appetite for jewellery was weakened by the global recessions; however, it now appears to be the most appealing and growing in popularity in the market.
1.3 Perceptual Map
A perceptual map is a technique designed to show the target market understands the positioning of the competing products in the marketplace. It is a tool that attempts to map the consumers perceptions and understanding in a diagram. (Learnmarketing.net, 2017)
Looking at the Appendix 1 below two dimensions; price and visibility have been used. Pandora and Pia have a high visibility and high price products; so, they would be placed in the top right-hand box, while Barlett street antiques jewellery is an affordable but handmade antique jewellery store, which has been placed in the bottom left of low price and low visibility.
Perceptual maps can help identify (in the market) a business could postion a new brand. Looking into the appendix 1 this could be at the high visibility but low price postion, as there is a gap there. This can be an opportunity for barlett street antiques Jewellery to expand their location base for example to increase a high visibility of their brand and still keep their price strategies for their business.
2.Analysis of the brand current situation
Undertaking a SWOT analysis; an overall evaluation of the company’s strengths, weeknesses, opportunity and threats. The following SWOT analysis should capture the key strengths and weaknesses within the company and describe the opportunities and threats facing Barlett street antique and it markets.
As you can see from this SWOT analysis; we can identify the current situation the jewellery industry is facing today. One of the challenges the industry is facing today is the change of consumer buying pattern.
The consumer buying patterns studies how people buy, what and when they buy and why they buy. It allows organisations to understand the buyer decisions process both individually and in groups. In the jewellery industry, many of their consumers are influenced through different occasions for the product. As for a large jewellery business, they would be able to offer larger line of products to easily meet the needs and wants of the customers. However, “the retail sales of jewellery are decreasing globally as the younger generation of consumers appears to be less attached to traditional diamond jewellery than their parents and grandparents”, according to industry analysts. (Daniels, 2017)
Millennial consumers have a distinctive preference, which in many ways diverge from pervious genereation. “Millennials don’t want what all their friends have and don’t want what they’ve been told to have”. (Daniels, 2017). As young consumers, they tend to be more value conscious, more concerned with sustainability and value uniqueness within a product rather than standardized product.
2.2 Key issues facing this brand
Keeping up with trends: One the biggest issues facing this brand is not just luxury jewellers but attracting millennials to buy jewellery. Trends, taste are all changing. As a small business Bartlett Street Antiques Jewellery should be able follow the 21st century attributes; although the business is famous for its antique jewellery; expanding the brand demographics could be an improvement to their business overall.
Location: Undertaking a short interview with the owner of Bartlett Street Antiques; they believe that “their small company don’t typically have the brand recognition of a larger business that gain exposure through their location”. They believe “less visibility of their target audience makes it more challenging for them to attract their consumers.” It is important to believe as a business owner, location is important in all businesses as it can develop a company image and reputations.
3. Opportunities for Growth.
These are the potential opportunities growth
– Product development
– Social media
– Change of demographics
– Set up events (show cases)
– Emerging in other market
3.2 Using the 4PS to achieve growth.
The marketing mix of Bartlett Street Antiques Jewellery analyses the brand/company in which covers 4Ps (Product, Price, Place, Promotion).
4. Main growth opportunity for the business;
One of the propose opportunity we have for this brand is the location base: as the owner said;
“small companies don’t typically have the brand recognition as large businesses that gain exposure through their location”.
Bartlett Street Antiques Jewellery store is located in the centre of Bath City; which they are famous for their luxury spa and 2,000-year-old original roman Baths which are attracted by a lot of tourist. (Visitbath.co.uk, 2017)
Although the city is famous for its beautiful architecture and its iconic sights; the location base of this brand makes it unnoticeable from its new and current consumers.
So as a possible solution to this problem expanding location to Portobello Market would be positive step forward as an opportunity growth for the business.
Portobello market is the world’s largest antiques market with over 1,000 dealers selling every kind of antique and collectables. (Portobello Road Market, 2017)
With the high demand of similar products Bartlett Street Antiques may face some competition, however it is the best way to convert “foot traffic” into new customers. People who may never have heard of this brand or may never considered buying the product from this brand can be persuaded easier to try the business for the first time, just by the location base.
4.3: Expand into online platform;
As you can see from the SWOT analysis above; one of the threats the brand may face today is attracting millennials to buy jewellery. Expanding into an online platform for this brand can be another opportunity for growth for the business to keep up to trend and create more awarness of their brand.
Currently Bartlett Street Antiques Jewellery website does not meet the demand for online users. As young consumers, they tend to be more value conscious, more concerned with sustainability and value uniqueness within a product rather than standardized product. As a small business Bartlett Street Antiques should be able follow the 21st century attribute. This could be done through social media. Social media is the millennial home field; with 87% of Millennials, adults age 18 to 29 social networking it ca n improve the brand reputation overall. (Web Scribble, 2017)
Current and new consumers can find the brand through social media platforms they use most. Barleet street antiques Jewellery can choose to maintain a presence on particular social networks that are in line with young target audience. For example, if they choose to target a young demographic they could reach them through Snapchat or YouTube. This would not only expand the business demogaphic but also be able to communicate and market though different medium to their consumers.
5. Marketing Goals
5.2 The proposed outline marketing strategies
Using STPD strategies the proposed outline stratgies is to form a broad marketing strategy for achieving the marketing objective of this business. A business should be able to start its positioning by choosing segments, which can differentiate their business from their competitors. It is important for the business to remember that segment differ in their needs and wants. Barlett street antiques should focus on the segment that they could serve best, and create more value relative to their competitors. Barlett street can use differentiated marketing, which can direct different marketing offers towards distinct new target market for example millemials (younger demographic; age 18-29). The aim is to enhance the consumers overall recognition of the company as well as increase sales and have a stronger postion in the market.
In reference to (Kotler, P., Armstrong, G., Harris, L. and Piercy, N. (2013) a company can choose to differentiate itself or its products in different ways. However, the intention of differentiate is to offer the greatest value to its target market. This can be done though product development or given greater benefits, which justify higher prices, relative to its competitors. When barlett street antiques jewellery has found its differencing factors, they will need to communicate their advantage their consumers by product positioning.
Bartlett street antique will position itself as a creative and artistic antique jewellery store. Bartlett street antiques jewellery will leverage its competitive edge:
v The brand will incorporate an element of creative, unusual, eye-catching design that stands out from most antique jewellery/ meet the demands of its consumers.
Based on the secondary research undertaking the consumer group interested in Barleet street antique jewellery does exist and it is possible that it will get larger due to external factors. For the business to reach the directed level of profit and recognition in the market; the business may require activeness, customer-centred view and product in their brand. Consequently, the business, should start paying more attention to their potential customers needs and wanted even when design and developing new/collectable jewellery. They also should constantly be aware of changes in these wants in order to satisfy their consumers in the future. The business should concentre on finding the distribution channel that will enhance the wanted images of their antique jewellery as well as seek more visibility of the brand, for example through social media, magazines, events, which in turn increase the interest to among consumers.