Downtown Norfolk Entertainment

Marketing Report

Rico U Garcia

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•Website restructured and cleaned •Social Media update and comb through •Improve ratings on social applications •3D tour Video

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•Strategic displays in outside businesses •Change relevant logos to new logo

•Website feature with additional analytic •SMS Blasts with immediate action deals •Two-Point Sales implementation •Salesforce implementation •Direct Mail

Tour Process and/or Close Turn Over

$4,000

$16,260  

$950  

Social Media Employee Added

New Market Funnel

I recommend increasing the budget for Brand Perception. Although this marketing is indirect and difficult to calculate a direct ROI, some of the most successful marketing models from new and emerging companies have a strong focus on its outermost funnel. I would recommend increasing the budget by 20%. This stage of the budgeting was originally meant to be a bit lower than the reflected budget. However, as I began working on some of the social media outlets, it became apparent to me that the overhaul would take a little more attention than I could handle. A two-day a week assistant was added.

Salesforce was recently added so that we can increase retention and bolster sold clients with additional sales. A simulation was run from January-March and the process increased current (January-March) sales by 40%. This does not include any sales possibly salvaged by two-point implementation. Direct Mail campaign needs more attention, still has a poor readership totals.

Acquiring the sale is the last step, however a “Process” marketing step (EBW & Projection Report) has been added to identify objections, cost, and general demographic information. This is a valuable tool for future sales and contract renewals for the following fiscal year.

 

 

  Metrics and Impact

Jan 2014 - April 15th 2015

Facebook Likes: 7581 = +82% Average Post Engagement: 6 = +300% Page Visits: average -27% External Referrals: Google some yahoo +/-0% Demographic Shift: Norfolk Demographic Dominance: Virginia Beach Website Page Visits: +average percent not calculable Reachable: Customer Database 5100

Current Facebook Demographic

In the beginning of 2014 Virginia Beach residents held over 50% market-share.

Although Virginia Beach still holds a lofty portion of our social media market with

44%, the surrounding cities (and Richmond) shares have substantially

increased. Due to strategic staffing and Satellite Sales & Partnership Initiation the

trend to bring in more geographical diversity is slowly increasing.

For smaller marketing campaigns that require quick turnaround (Political or High Profile) it is difficult to not reinvest marketing funds into Virginia Beach. This may sometimes exacerbate the disproportionate spread of followers. I believe additional funds should not be placed into this initiative, as it is slow to yield a return.

Since restructuring the site I do not believe we have turned over the features and tabs as quickly as possible. The next quarter will be spent making the website well-rounded enough to allow the customer to be fully informed for basic purchases. Budgeted funds will be put towards staffing a ground team for SMS codes.

 

 

The reported revenue grew exponentially from 2013 where this particular market’s sales are recorded at $17,404. Within 7 months of implementing the marketing plan, sales increased 490%. What’s more, this increase of $75,379 does not include the

$35,950 contracted for 2015. The sum of total bookings within the 7 month period from first initiating the marketing plan to September of 2014 is $111,329, which is an average contracted sales rate of $15,900 per month. At the end of September I

produced a forecasting and trend report, which reflected the aforementioned data and postulated that if the booking average remain constant, the next 12-month period

should produce $190,800,and $297,648 with a 70% corporate retention rate. Currently, the booking rate is an average of $21,500 a month in only a fraction of the time.

Referring back to the cycles produced in the Climate Report, we can easily assert that this fall we are on a trajectory to greatly exceed the forecasted sales goals.

Private Event Climate

Forecast Accuracy

 

 

References:

Social Media:

 

 

References:

Website:

This word cloud is comprised using a marketing analysis of the total “private event inquiry” email submissions of our last quarter. The purpose of this data is to gauge where our customers, in this particular quarter, have shown the most interest. From this we can ascertain the impact of our marketing efforts as well as better target our future January-March sales cycle. We can also gather what buzzwords will appeal most to our customers when creating promotions or addressing areas for improvement.

Wedding 38 Party 37 Reception 21 Looking 20 Venue 19 Cost/Rates 14 Pricing 12

Noteworthy

Options, Available, DJ, Daughter,

Information, Sweet

 

 

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Downtown Norfolk Entertainment Projection and Trajectory Summary

Private Event Market Downtown Norfolk Entertainment’s new private event segment has been steadily increasing in the seven months since its establishment. The new initiative to focus on private events has made a positive impact on the venue’s profits. Private events allow the venue the opportunity to level off any volatility in the nightlife market. In the year 2013, the Company had $17,404 in private event sales. In March of 2014, Downtown Norfolk Entertainment prioritized increasing private event sales. The venue began booking private events for the 2014 and 2015, with an emphasis on promoting residual sales through corporate partnerships. In 7 months, the company has booked a total of $75,379 in events to take place in the year 2014 and $35,950 to take place in the year 2015. This totals to $111,329 in private events sold in the seven-month period from March 2014 to September 2014. This averages to roughly $15,900 a month in total sales. At this rate, we would be projected to produce $190,800 in private events in a 12-month period of just new sales, ending in February of 2015. Of the $111,329 sold from the 7-month period between March and September, $77,541 was in corporate contracts; this equates to 70% of all sales being corporate sales. Corporate contracts are significant because it can allow the Company the ability to gain residual business in the years following by renewing contracts for said events. From this pattern we can deduce that of the proposed $190,800 the venue is set to book in a 12-month period, 70% would be in corporate contracts. That 70% equates to $133,560 in corporate event sales. The significance of corporate contracts is allowing the Company the opportunity to renew contracts for the following year. Thus it gives the company a new and ever increasing platform for growth in the private events market, by being able to book both new and residual contracts. Even if Downtown Norfolk Entertainment failed to increase above producing $15,900 a month, or $190,800 in yearly sales, by the time the venue begins its second 12-month term; it would still have residual corporate sales to help bolster the private events sector. For example, let’s assume in 12-months from March 2015-February 2016 Downtown Norfolk Entertainment had zero increase in the $15,900 monthly trend, but was able to retain 80% of its private event

References:

Previous Report: October 2014

 

 

 

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clients from the previous 12-month term, it would then be projected to have $297,648 in total sales for that 12-month period. Please see the breakdown below.

Forecasting

Projections using current $15,900 monthly average trend in new sales for first 12-months.

(March 2014-February 2015)

$57,240 + $133,560 = $190,800 corporate sales + non-corporate = yearly average for first 12- month term

Projections for the second 12-month term with only 70% retention of corporate sales from the first 12-month term. (March 2015-February 2016)

$106,848 + $190,800 = $297,648 residual corporate + yearly average = yearly average sales at 70% with zero increase retention

References:

Previous Report (continued):