Project Yachts for Millennials
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Transcript of Project Yachts for Millennials
•Chase Dekko
•Julieanne Hodgdon
•Samantha Ouimette
•Jessica Scites
•Gerasimos Zapantis
Table of ContentsPage#
Page#
• Part I • Strategy 21
• Industry Data 5 • Business Model 22
• Competition 6-10 • Part IV
• Millennials 11-13 • Persona 24
• Part II • Journey Map 25
• Mission and Vision Statement
15-16 • Part V
• Strengths & Weaknesses 17 • Millennial Marketing
• Opportunities & Treats 18 • Digital Strategies 27-34
• Part III • Targeted OutdoorCampaign
36-39
• Competitive Advantage 20 • Metrics 41
• Industry Data
• The Moorings
• Competitors
• Millennial Characteristics
Research:
Industry Data
Bonnier Corporation, publisher of Sailing World and Cruising World magazines produces a State of the Industry report each year, which is an annual study of the sailboat industry in North America. Findings from their 2014 research include (reflects info from September 2012- August 2013):
• Solid gains in all aspects for heart of the US market, sailboats 26’ to 55’.
• 2869 More Charter Weeks Booked Out of North American Source Market
• All seasons see increased business, but winter is the big winner up 23%
• Caribbean destinations enjoy 25% increase in charter weeks
The Moorings InformationConsumers Top 3 Competitors
Based on Social Media Presence
Golfers
13.1 Million Power Boaters
7.1 Million Sailors
1.9 Million Snow Skiers/Boarders
6.9 Million
Tennis Players 6.7 Million
Neilson
Horizon Yacht Charter
Kiriacoulis
Mobile Apps in the Yacht Charter Industry
Yes No
OCC Apple and Android Compatible
View local hotspots
Pitter Yachting Apple and Android Compatible
Sailing/Boating News
Above average rating (4 out of 5 stars)
The Moorings Med/Caribbean Only on Apple iPad
Navigate and Explore BVI
Provides boating regulations and precautions
Horizon Yacht Charters
Kiriacoulis
Nielson
Competitor-NeilsonWebsite
British oriented
Website currency is in Pounds
Easy to navigate
Offer many travel packages and bundles
Appealing layout
Social media buttons that follow you as you scroll up or down the webpage
Post social media excerpts on homepage
Competitor-Horizon Yacht ChartersWebsite Mission: Our company ethos is
simple- to offer immaculate yachts, first class customer service and a great value for money. Special Offers (last minute booking) Yacht Sales/Management Communicate via phone, fax, Skype
With 7 stunning locations and 100 immaculate yachts to choose from, bareboat, skippered or luxury crewed, we are the Caribbean and USA Charter specialists.
Facebook, Twitter, Google Plus
Competitor-KiriacoulisWebsite
Split into three sections Yacht Charters Yacht Sales Other Group Activities
According to Website Number 1 sailing company in
the Med Number 4 in the World
400 vessels from 25 bases Compete in the Med and
Caribbean markets Above average Social media connect buttons on
homepage
Millennial Characteristics
Target Customer: Millennials
Millennials tell us what makes their generation unique:
1. Technology use (24%)
2. Music/Pop Culture (11%)
3. Liberal/Tolerant (7%)
4. Smarter (6%)
5. Clothes (5%)
http://www.nielsen.com/content/dam/corporate/us/en/reports-downloads/2014%20Reports/nielsen-millennial-report-feb-2014.pdfhttp://www.pewsocialtrends.org/2010/02/24/millennials-confident-connected-open-to-change/
Millennials Read?
http://www.nielsen.com/content/dam/corporate/us/en/reports-downloads/2014%20Reports/nielsen-millennial-report-feb-2014.pdf
Where are the Affluent Millennials?
http://www.nielsen.com/content/dam/corporate/us/en/reports-downloads/2014%20Reports/nielsen-millennial-report-feb-2014.pdf
• Mission & Vision Statement• SWOT Analysis
Mission Statement
“To be a world-class yacht charter company providing exclusive, relaxing escapes to the most extraordinary locations.”
Vision Statement
“Our work will be guided and informed by our beliefs and commitments to tradition and service. With a firm foundation established by Charlie Cary and his wife Ginny in 1969, we will follow in their footsteps and continue to cultivate the sailing culture by providing customers with experiences they will treasure for a lifetime”
Strengths Weaknesses
Forward-looking
Have been in the industry for over 40 years
High bargaining power, along w/ having a sister company (SunSail)
Has operations in both the Caribbean & Med.
No comprehensive plan to address new core activities due to shifts in consumer demands
Disorganized campaign targeted towards millennials
Lack of diversity in social media presence
Opportunities Threats
Seasonal options
Catering towards wealthy individuals who share similar hobbies/interests
Luxury items are becoming more appealing
New companies entering the market
Customer base, consisting primarily of an older demographic, is evaporating
Developing technology
• Competitive Advantage• Identification & Analysis• Business Model Canvas
The Moorings StrategyFocused Differentiation
Concentrating on a narrow buyer segment or market niche:
• Millennials• ≈ DOB: 1983-2004
• Sailors
• Golfers
• Snow boarders
• Rock Climbers
• Surfers
• Hikers
• Hang Gliders
• Parasailers
Outcompeting rivals with a product offering that meets specific tastes and requirements of niche members:
• Yachts < 5 Years Old
• Exclusive Design by Robertson & Caine
• Several Exotic Locations
• Customized Experience
• Strategic Partnerships
• Self Service Enhancements
• Simplified booking process
• Simplified provisioning/planning process
• Social Media Interaction
The Moorings StrategyKeys to Creating a Differentiation Advantage
Source: Crafting & Executing Strategy: The Quest for Competitive Advantage (New York: McGraw-Hill/Irwin, 2014)
• Create the ability for customers to complete as much of the booking and planning process online with as little assistance possible and with digital assistance
• Incorporate social media into as much of the experience as possible
• Highlight strategic partnership with Go-Pro
-Website & phone bookings, direct or through brokers/travel agencies
-Have both traditional & Online solutions for sales & marketing
-Social Media presence
Primary Market:-Active customers:Baby Boomers (55+)-Niche market based on income ($150k+ annually)-Approx. 1.9 million sailors-Primarily married couples -Enjoy foreign travel, gourmet food, fine wine, skiing, & golf-Affluent customers w/ expendable incomeNew Market Segment(s):
-Millennial focus
-Building upon customer diversity (Black Boaters Association, Gay Armada, & LatAm Focus)-Reaching out to first-timers, as well as the advanced sailor-Targeting new customers through cross-markets
-Requires supplier of yachts/power boats-Boat storage and maintenance
-IT support for digital marketing
(website, iPad app development, database management & general software needs)
-Highly trained team of staff members
-Offices located globally-Marinas & dry/wet boat storage-Lease arrangements for dock slips-Licensing agreements with secondary providers (i.e., brokers, travel agencies)
-GoPro (digital/video advertising)
-Robertson & Cain (key supplier of catamarans since 1991)
-Icelantic Skis (co-produced series of 7 videos w/ The Moorings; helps w/ cross-market exposure)
-Yacht Charters-Yacht Sales
-Their pricing tactics are based on providing high value + making their customers feel affluent & exclusive
-Most important cost is having large & new enough yacht fleet
-Value driven operation = delivering a premium product
-Yacht charter pricing based on seasonality, boat size, duration of trip, and package options -High bargaining power with their supplier, allowing for greater control over potential variables in cost
The Business Model Canvas
-Customer loyalty program (“Captain’s Rewards”)
-Maintain contact with customers through direct mail, email & events -Combination of automated & in-person personal assistance-Expanding digital presence
-”A rewarding privilege.”-Creating luxurious travel experiences
-Flagship experience in the yacht chartering industry since 1969
-Make their customers feel exclusive & of high status-Put high value on their customer’s time, meeting all consumer needs they are capable of satisfying-Offers range of products/services, from sail-it-yourself packages, to all-inclusive, fully staffed trips-Key partnership w/ R & C allows for catamarans to be built specifically to The Mooring’s standards (customization)-New yachts used for chartered trips (<5 yrs. old)
Persona and Mock Itinerary & Journey Map
What kind of millennials are The Moorings looking to target?
Hip-ennialHilary
Gadget Guru Gabe
Clean & Green Curt
ValuesCautious consumer,
globally aware, information-hungry
Successful, wired, free spirited,
confident, at ease
Impressionable, positive,
adventurous, healthy
Demographics Female-dominated, usually between the
ages of 23-26
Male-dominated, above-average income, single
Male-dominated, youngest millennial
segment
Income $80,000/yr $250,000/yr $50,000/yr
Personal Quote“I love to work out,
travel, and constantly learn about new
things.”
“It’s a great day to be me.”
“I take care of myself and the world around me.”
Customer Journey
• Social Media Presence
• App Expansion
• Website Improvements
• Mobile Website
• Pandora Ads
Millennial Marketing: Digital Strategies
Increase Social Media Presence
Strike the Right Tone on Social Media
Manage Online Reputation
Track Key words
Social media monitoring tools
Set up alerts
Engage
Mobile App Expansion
http://www.nielsen.com/us/en/insights/news/2014/mobile-millennials-over-85-percent-of-generation-y-owns-smartphones.html
In second-quarter 2014, Android was once again the top operating system, with over half of U.S. smartphones (52%) running the operating system. Apple, meanwhile, remained the top smartphone manufacturer with 43% of mobile subscribers in the U.S. owning an iPhone.
Website Improvement Homepage Layout
Too formal Too much “White Space” Pictures lack action and
excitement
Social Networking Have feedback sections on
homepage Both social media and
direct feedback
Communication 24 Hour live chat with
support
Website for Millennials Need a page
specifically for
millennials
More vibrant
background color Colors catch the eye
Pictures of actual
travelers on vacation Want to see what
kind of fun they can
have
Social media handles
direct to specific page
Go Mobile Standard Mobile
Pandora Ads
http://investor.pandora.com/phoenix.zhtml?c=227956&p=irol-presentations
• 250 million registered users
• 76.4 million active users in a month
Pandora Ads
http://investor.pandora.com/phoenix.zhtml?c=227956&p=irol-presentations
• #2 in most
Monthly App Minutes per Visitor
• The Formula for Success
• Sponsoring an Event
• Targeted Advertisements
• Email Blast
Millennial Marketing :Targeted Outdoor Sports Campaign
Targeted Outdoor Sports Campaign
Sports Options
• Scuba Diving
• Rock Climbing
• Surfing
• Sponsor an Event
• Direct Mail
• Magazines
• Sport Websites/Blogs
• Sponsor an Event
Outlets
The Formula for Success
1. Select targeted sport
SCUBA Diving
2. Choose product to focus on
Crewed Yacht Charters
3. Identify event in ideal location
The SCUBA Show
Long Beach, CA
4. Identify Package to promote
Ultimate Dive BVI Package
Ultimate Dive Mini Package
5. Prepare targeted advertisements
Sponsoring an event
Be ready to hand out flyers and other promotional giveaways
Door prizes = contact list
Direct mail follow up
Email blast follow up
Testimonial from last year’s show when asked what their favorite part of the show was:
Millennial MarketingTargeted Advertisement
This ad could be used for:• Hand out at event• Content for smaller direct mail
piece• Content for email blast follow up• Also usable in SCUBA diving
magazines and websitesThis ad contains information about:• Packages – what this specific
segment would be most interested in
• Social media handles • Basic inclusions• Contact info – including distinct
url
Metrics
Metrics Three Main metrics
Number of visitors to new page before and after advertising
Number of sales before and after advertising
Number of visitors to new page
Can expand on above metrics by adding various parameters
Age
Location