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The Paint Bar Consulting Project Presentation

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The Paint Bar Consulting Project Presentation

  1. 1. “Unleashing the creative potential within us all.”
  2. 2. Provide an engaging atmosphere where customers have the freedom to express creativity Portfolio Development: Reposition Corporate events as Team-building Product Development: Offer new products for current target market Capitalizing on Paint Bar’s Strengths in Inspiring Creative Confidence Leads to Growth Opportunities
  3. 3. Business Plan 1: Redefining Corporate Events
  4. 4. Currently, the Paint Bar Offers Corporate Events Positioned as Fun Events Q. How did you come about your decision? A. “…. for fun and something different to do.” - Emily Libby, BU MBA Director Q. How was the experience facilitate team building? A: “.. Get to have fun [with] yourself and friends…” - Focus Group Participant Source: The Paint Bar Website
  5. 5. Paint Nite $2.51m 41% Paint Bar $1.39m 22% Muse Paint Bar $1.16m 19% PCAB $0.50m 8% Others $0.62m 10% Estimated Paint-and-Sip Market Size in Boston Total Market Size: $6.2m With 1.7m full-time employees in Greater Boston, the total market size is over $400m in 2015 . Corporate Events Positioned as Team Building Have Upside Potential Estimated EE Training Market Size in Boston
  6. 6. - Dr. Fred Foulkes, Director of HRPI 50% Of HR Respondents View Culture and Engagement as “very important” “Decide your purpose and goals, and let them dictate the type of team building to try…” - David Jacobson, TrivWorks Founder “Look at goals [of events], is it a one time thing?” Corporate Events Positioned as Team Building Have Upside Potential Challenge HR Executives Face Today #1 Industries Rank Culture and Engagement as Their Biggest Organization Challenge5/9
  7. 7. Redefine Events that Meet Corporate Objectives Acquire Team Building Certification for Instructors Market with the Focus on Team Building Outcomes Reposition Paint Bar’s Corporate Events to Address Engagement and Culture
  8. 8. Reposition Paint Bar’s Corporate Events to Address Engagement and Culture Redefine Acquire Market Mission Statement • Cultivate Creativity at Every Stage of a Team • Foster Belief in Creative Capacity • Create Strong Engagement Amongst Participants Introducing...
  9. 9. Corporate Package 1 Redefined to Fit Organization Needs Redefine Acquire Market Customer Needs Type: New Teams, New Hires Challenges: Trust, Communication, Being Comfortable Reason: Getting Participants to Bond Skills: Self Expression, Communication Current Products Redefined Products
  10. 10. Redefine Acquire Market Customer Needs Current Products: Everyone Follows Along Redefined Products Corporate Package 1 Redefined to Fit Organization Needs
  11. 11. Redefine Acquire Market Customer Needs Current Product Redefined Products: Break the Ice Corporate Package 1 Redefined to Fit Organization Needs
  12. 12. Corporate Package 2 Redefined to Fit Organization Needs Redefine Acquire Market Customer Needs Type: Cross-Functional Teams Challenges: Coordination, Understanding Different Mindsets Reason: Work on Differences Across Team Skills: Understand Different Perspective Current Products Redefined Products
  13. 13. Redefine Acquire Market Customer Needs Current Products: Complementary Painting Redefined Products Corporate Package 2 Redefined to Fit Organization Needs
  14. 14. Redefine Acquire Market Customer Needs Current Products Redefined Products: Coordinated Mural Paintings Corporate Package 2 Redefined to Fit Organization Needs
  15. 15. Corporate Package 3 Redefined to Fit Organization Needs Redefine Acquire Market Customer Needs Type: Mature, Developed Challenges: Seeing Individual Impact to Organization Reason: Rejuvenate Team by Celebrating Hard work and Successes Skills: Navigate uncertainty, Team Identity Current Product Redefined Product
  16. 16. Redefine Acquire Market Customer Needs Current Product Working Together as a Group Redefine d Product Corporate Package 3 Redefined to Fit Organization Needs
  17. 17. Redefine Acquire Market Customer Needs Current Products Redefined Products: Build Your Cultural Artifact Build a Cultural Artifact Corporate Package 3 Redefined to Fit Organization Needs
  18. 18. Acquire Team Building Certification Provide Validity to Class Structure Redefine Acquire Market Why Get Certified? • Low Investment Cost • Establish Reputation • Access to Global Professionals
  19. 19. Website Redesign Sales LinkedIn Blogging Develop a Clear Marketing Language with a Team Building Focus is Key Redefine Acquire Market
  20. 20. Hiring a Salesperson with Extensive Experience in Both Team Building and Sales Redefine Acquire Market Salesperson Responsibilities: 1. Communicate Strengths LinkedIn Blogs Manage Client Relationships
  21. 21. Hiring a Salesperson with Extensive Experience in Both Team Building and Sales Redefine Acquire Market Salesperson Responsibilities: 1. Communicate Strengths 2. LinkedIn Blogs Manage Client Relationships
  22. 22. Hiring a Salesperson with Extensive Experience in Both Team Building and Sales Redefine Acquire Market Salesperson Responsibilities: 1. Communicate Strengths 2. LinkedIn Blogs 3. Manage Client Relationships
  23. 23. Calendar Private Teambuilding Contact Package 2: Coordinated Painting “Communicate and Connect!” Teams of 3-6 people will collaborate on a 3 canvas mural. The team will have to use communication and coordination skills in order to create the finished product. Objectives Reinforce Diversity Promote Open Communication Ideal For Teams: Facing Coordination Issues Multi-Functional Teams Testimonials “The event was great for participants to have open dialogue and communicate their problems. It is VERY engaging!” Nancy T. Contact Us Download Details Group Size…………. 0-30 Time………………… 2 hours Price………………… $75/Person Develop Website that Clearly Communicates Teambuilding Focus
  24. 24. Year 5 ROI 390% Return on New Corporate Investments Costs Revenue Amount $132k $ 645k % Change 10% 45% Huge Opportunity for Growth in Revenue
  25. 25. Large Competitive Market Makes it High Risk, High Reward Move 1. Multiple Established Competitors 2. New Customer Base 3. High Initial Investment 1. High Value-Added Product 2. Large Potential for Growth RISK PROS
  26. 26. Business Plan 2: Developing New Products
  27. 27. 9% 74% 9% 1% 6% 1% Facebook Likes Breakdown F (13-24) F (25-54) F (55-65+) M (13-24) M (25-65+) Others SOURCE: FACEBOOK PAGE Today, the Paint Bar’s Main Product Mainly Attracts Females Between Age 25 to 54
  28. 28. “Sometimes I donate paintings because I have no space in my apartment.” “I’d like something smaller - like pottery.” Focus Group Participant: However, Main Customers Show Interest In New Things Besides Paintings
  29. 29. What do our target customers like? • Home décor • Cooking classes • Trendy fitness classes Understanding Customer Needs Gives Us Insights on Product Development SOURCE: Survey with 280 Responses 2.1 0.4 0.0 0.5 1.0 1.5 2.0 2.5 DIY: Vases, Candles, etc. Painting, Canvases Thousands Pinterest:
  30. 30. What do our target customers like? • Home décor • Cooking classes • Trendy fitness classes Understanding Customer Needs Gives Us Insights on Product Development SOURCE: Survey with 280 Responses Instagram: 8.2 2.1 0 2 4 6 8 10 DIY: Home Décor DIY: Painting Thousands
  31. 31. Research Shows That Compared with Paintings, People Are More Interested In Home Decoration 37% 10%10% 43% Preferred Decor Items for Women (25- 54) Decorative Pillow Floral Arrangment/Va se Painting Rug SOURCE: Survey with 89 Responses
  32. 32. “Primp-A-Pillow” New Products and Alignment with Paint Bar’s Core Strengths
  33. 33. “Centerpiece Sundays” New Products and Alignment with Paint Bar’s Core Strengths
  34. 34. Marketing Online is the Best Way to Reach the Paint Bar’s Target Customer Promotion Campaign Social Media Inbound Marketing
  35. 35. Use Facebook pay per click ads to target women: • Age .…..…………. 25-54 • Location………….. Greater Boston • Interests….............. DIY Marketing through Facebook and Instagram is the Easiest Way to Reach the Paint Bar’s Target Market Social Media Inbound Marketing Promotion Online
  36. 36. 1. Create content that is valuable to the target customer - “10 ways to dress up your home” - “5 Instagram DIY accounts” Use Inbound Marketing to Push Out More Content That Your Customer will Love Social Media Inbound Marketing Promotion Online
  37. 37. Use Inbound Marketing to Push Out More Content that Your Customer Will Love 1. Create content that is valuable to the target customer - “10 ways to dress up your home” - “5 Instagram DIY accounts we love” 2. Include Call-to-Action Social Media Inbound Marketing Promotion Online
  38. 38. Social Media Campaign • Low Cost • Specific to Paint Bar • Tracks Current Customers Encourage Customers to Display and Share their Products Online Through Promotions Social Media Inbound Marketing Promotion Online
  39. 39. ChristyVanGo Tina_Tourtellini 4 minutes ago KayBayBay PrincessMao OMG SO CUTE! Take me next time! Let’s go! I heard they do vases. ;) But first…BRUNCH! Making my home #PaintBarPretty with my custom pillows! #DIY #ThePaintBar HawaiiTom, FrankLinStein, MannieMouse OMG, Shall we brunch?
  40. 40. Year 5 ROI 60% Return on New Corporate Investments Costs Revenue Amount $120k $192k % Change 9% 14% Low Risk Volume Driven Strategy for Growth in Profit
  41. 41. The Product Development is a Risk and Opportunity to be a Leader in the Market 1. Products can be Easily Replicated 2. Increased storage and training 3. FAD Products 1. Reposition Products 2. Low Fixed Costs 3. Same Customer Base 4. Adjustable Strategy RISK PROS
  42. 42. Grow by Focusing on the Mission to Inspire Creative Confidence for All Deliver the Mission Corporate Events New Product Offerings

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