Tuesday, April 28, 2009

Our original business plan described SofTee t-shirt pillows as "a unique, huggable item that is sure to appeal to a wide range of consumers." With this vivid description in mind, we then analyzed survey data and presented four potential groups to market to: the Olin College Community, Local Residents in the Needham and Wellesley area, Students from Other Colleges, and the General Public. Initial calculations predicted sales well into the hundreds combined across all categories; needless to say, our actual transactions failed to live up to these now blatantly unrealistic forecasts. Blatant, because we have done and learned.

First and foremost, there was the Olin College Community. Selling to this group was convenient, familiar, and logistically undemanding. In addition to accosting our peers regularly, our team set up tables during lunch over a dozen times to advertise our product and make sales. Furthermore, it was easy to strike up conversation with people we knew, and make a sales pitch targeted towards making the SofTee a gift for their girlfriend, mother, them self, or significant other. At the end of eleven weeks, this group turned out to be our largest market, with approximately 48% of sales. The downside to marketing to this demographic was the limited population; after all, Olin College only has 300 students, plus the staff, faculty, and families to support them. In addition, college students often do not have extra cash on hand, a legitimate excuse which we heard often.

After making our sales this season, we found out that it was easier to group the next three categories into two -- that is, rather than consider Local Residents in the Needham and Wellesley area, Students from Other Colleges, and the General Public; it is more convenient to group them as "off-campus sales" and "sales at preschools". Our off-campus sales came from two main avenues: via our marketing campaign at Wellesley College, and via our website. Our sales at Wellesley included working closely with the "No-Nuts" group to setup co-sales, and our operations via our website frequently involved friends and family drawn by word-of-mouth. Difficulties involved the complicated logistics; for instance, obtaining permission to sell at Wellesley was more than a hassle, and selling out-of-state bears the question of how to bring the SofTee to the consumer. We made six off-campus sales (14% of sales).



Last of all, we consider sales made to preschools. After contacting twelve preschools / after school programs, we found one preschool with sixteen children who we were able to form a deal with. In addition to bringing the children a shirt, we purchased fabric markers and ran an art lesson. We provided the kids the opportunity to stuff their own shirts, and we gave them a talk on charity. Through this program, we sold sixteen shirts, or 38% of sales.

1 comment:

  1. Selling SofTees in bulk to the preschool was our most efficient sales strategy. We highly recommend hosting events for your FBE business to facilitate group orders, which save your sales team time and effort that can be directed towards other purposes.

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